v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 731,368 $ 451,803 $ 368,168
Cost of revenue [1] 239,220 122,987 107,127
Gross profit 492,148 328,816 261,041
Operating expenses:      
Research and development [1] 196,228 150,558 123,925
Sales and marketing [1] 149,180 67,254 60,365
General and administrative [1] 154,426 98,770 93,496
Total operating expenses 499,834 316,582 277,786
Income (loss) from operations (7,686) 12,234 (16,745)
Interest expense 45,664 4,325 4,729
Tax receivable agreement expense 0 53,181 14,396
Other income, net (3,678) (15,209) (13,004)
Loss before income taxes (49,672) (30,063) (22,866)
Provision for (benefit from) income taxes (9,418) (457,648) 217
Net income (loss) (40,254) 427,585 (23,083)
Less: Net income (loss) attributable to non-controlling interests (1,447) 3,207 (1,456)
Net income (loss) attributable to Clearwater Analytics Holdings, Inc. $ (38,807) $ 424,378 $ (21,627)
Net earnings (loss) per share attributable to Class A and Class D common stock (Note 13):      
Basic (in USD per share) $ (0.14) $ 1.93 $ (0.11)
Diluted (in USD per share) $ (0.14) $ 1.68 $ (0.11)
Weighted average shares of Class A and Class D common stock outstanding:      
Basic (in shares) 271,323,558 219,316,625 199,691,873
Diluted (in shares) 271,323,558 254,362,539 199,691,873
[1] Amounts include equity-based compensation as follows:
Cost of revenue$16,445 $13,634 $12,215 
Operating expenses:
Research and development33,835 36,093 24,739 
Sales and marketing37,369 15,304 15,843 
General and administrative40,247 38,170 51,650 
Total equity-based compensation expense$127,896 $103,201 $104,447