Revenue declined 5.5% year-over-year to $587.3M in 2026Q2, with gross margin improving to 68.4% but operating income swinging to -$200.2M, reflecting SG&A costs that failed to scale down.
Clarivate Plc (CLVT) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 2.41B | 2.46B | 2.56B | 2.63B | 2.66B | 1.88B | 1.25B | 974.35M | 968.47M | 917.63M |
| Revenue Growth % | -3.5% | -3.97% | -2.74% | -1.17% | 41.71% | 49.66% | 28.71% | 0.61% | 5.54% | - |
| Cost of Goods Sold | 800.6M | 833.6M | 869.2M | 906.4M | 954M | 626.1M | 438.8M | 352M | 396.5M | 394.21M |
| COGS % of Revenue | - | 33.95% | 34% | 34.48% | 35.87% | 33.36% | 34.99% | 36.13% | 40.94% | 42.96% |
| Gross Profit | 1.61B | 1.62B | 1.69B | 1.72B | 1.71B | 1.25B | 815.3M | 622.35M | 571.97M | 523.42M |
| Gross Margin % | 66.82% | 66.05% | 66% | 65.52% | 64.13% | 66.64% | 65.01% | 63.87% | 59.06% | 57.04% |
| Gross Profit Growth % | - | -3.91% | -2.03% | 0.97% | 36.38% | 53.42% | 31% | 8.81% | 9.28% | - |
| Operating Expenses | 1.7B | 1.55B | 1.96B | 2.46B | 5.63B | 1.34B | 851.6M | 704.83M | 613.94M | 589.51M |
| OpEx % of Revenue | - | 63.14% | 76.78% | 93.47% | 211.72% | 71.28% | 67.91% | 72.34% | 63.39% | 64.24% |
| Selling, General & Admin | 707M | 708.6M | 727.6M | 739.7M | 729.9M | 643M | 544.7M | 475.01M | 383.09M | 360.81M |
| SG&A % of Revenue | - | 28.86% | 28.46% | 28.14% | 27.44% | 34.26% | 43.43% | 48.75% | 39.56% | 39.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 841.5M | 1.24B | 1.72B | 4.9B | 694.8M | 306.9M | 229.82M | 230.85M | 0 |
| Operating Income | -84.6M | 71.5M | -275.6M | -734.7M | -3.93B | -87M | -36.3M | -82.49M | -105.71M | -147.03M |
| Operating Margin % | -3.51% | 2.91% | -10.78% | -27.95% | -147.59% | -4.64% | -2.89% | -8.47% | -10.91% | -16.02% |
| Operating Income Growth % | - | 125.94% | 62.49% | 81.28% | -4412.18% | -139.67% | 55.99% | 21.97% | 28.1% | - |
| EBITDA | 480.3M | 828.7M | 451.4M | -26.4M | -3.22B | 450.8M | 266.9M | 118.06M | 131.52M | 81.44M |
| EBITDA Margin % | 19.91% | 33.75% | 17.66% | -1% | -120.88% | 24.02% | 21.28% | 12.12% | 13.58% | 8.87% |
| EBITDA Growth % | -29.88% | 83.58% | 1809.85% | 99.18% | -813.2% | 68.9% | 126.08% | -10.24% | 61.5% | - |
| D&A (Non-Cash Add-back) | 564.9M | 757.2M | 727M | 708.3M | 710.5M | 537.8M | 303.2M | 200.54M | 237.22M | 228.46M |
| EBIT | -84.5M | 172.1M | -270.4M | -718.8M | -3.72B | -5.7M | -241.4M | -90.74M | -105.71M | -147.03M |
| Net Interest Income | -253.9M | -265.4M | -283.4M | -293.7M | -270.3M | -252.5M | -111.9M | -157.69M | -130.81M | -138.2M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 253.9M | 265.4M | 283.4M | 293.7M | 270.3M | 252.5M | 111.9M | 157.69M | 130.81M | 138.2M |
| Other Income/Expense | -253.9M | -265.4M | -278.2M | -277.8M | -63.5M | -171.2M | -317M | -165.95M | -130.81M | -138.2M |
| Pretax Income | -338.5M | -193.9M | -553.8M | -1.01B | -3.99B | -258.2M | -353.3M | -248.43M | -236.51M | -285.22M |
| Pretax Margin % | -14.03% | -7.9% | -21.66% | -38.52% | -149.98% | -13.76% | -28.17% | -25.5% | -24.42% | -31.08% |
| Income Tax | -4.5M | 7.2M | 82.9M | -101.3M | -28.9M | 12.3M | -2.7M | 10.2M | 5.65M | -21.29M |
| Effective Tax Rate % | 1.33% | -3.71% | -14.97% | 10% | 0.72% | -4.76% | 0.76% | -4.11% | -2.39% | 7.47% |
| Net Income | -334M | -201.1M | -636.7M | -911.2M | -3.96B | -270.5M | -350.6M | -258.63M | -242.16M | -263.93M |
| Net Margin % | -13.84% | -8.19% | -24.9% | -34.66% | -148.89% | -14.41% | -27.96% | -26.54% | -25% | -28.76% |
| Net Income Growth % | 22.92% | 68.42% | 30.13% | 76.99% | -1364.03% | 22.85% | -35.56% | -6.8% | 8.25% | - |
| Net Income (Continuing) | -334M | -201.1M | -636.7M | -911.2M | -3.96B | -270.5M | -350.6M | -258.63M | -242.16M | -263.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -0.30 | -0.96 | -1.47 | -6.24 | -0.61 | -0.63 | -0.39 | -0.79 | -0.86 |
| EPS Growth % | 16.26% | 68.75% | 34.69% | 76.44% | -922.95% | 3.17% | -61.54% | 50.63% | 8.14% | - |
| EPS (Basic) | - | -0.30 | -0.96 | -1.47 | -6.26 | -0.62 | -0.63 | -0.39 | -0.79 | -0.86 |
| Diluted Shares Outstanding | 639.4M | 673.3M | 693.6M | 671.6M | 678.6M | 640.77M | 428.6M | 273.88M | 305.25M | 305.25M |
| Basic Shares Outstanding | 639.4M | 673.3M | 693.6M | 671.6M | 676.1M | 630.98M | 428.6M | 273.88M | 305.25M | 305.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CLVT stock.
For fiscal year 2025, Clarivate Plc (CLVT) reported total revenue of $2.46B. This represents a 167.6% increase compared to $917.6M in 2017.
Clarivate Plc (CLVT) reported a net loss of $201.1M for the fiscal year ending 2025.
Clarivate Plc (CLVT) reported an operating income of $71.5M, resulting in an operating profit margin of 2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Clarivate Plc (CLVT) generated $1.62B in gross profit for the year, representing a gross profit margin of 66.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses and negative operating income
Metrics are mathematically derived from official filings.
Revenue Contraction Persists
Clarivate's revenue declined 5.5% year-over-year in 2026Q2 to $587.3M, marking the fourth consecutive quarter of negative growth, as reported in the latest income statement data.
The revenue decline has been consistent, with quarterly growth rates ranging from -6.9% to -1.3% over the past two years. This suggests a structural slowdown rather than a temporary dip, possibly reflecting churn or pricing pressures in its information services. Investors should monitor whether the company can stabilize revenue, as the trend shows no sign of reversal.
Gross Margin Resilience Amidst Weakness
Gross margin improved to 68.4% in 2026Q2, up from 65.0% a year earlier, according to reported figures, indicating cost of goods sold management is offsetting revenue declines.
Despite revenue contraction, gross margin has expanded by over 300 basis points year-over-year, suggesting the company is benefiting from cost efficiencies or a shift to higher-margin products. However, this improvement has not translated to profitability, as operating and net margins remain deeply negative, implying that operating expenses are not being controlled effectively.
Operating Leverage Inverted
Operating income swung to -$200.2M in 2026Q2 from a positive $6.9M in 2025Q2, as reported, indicating that SG&A costs are not scaling down with revenue.
The operating margin collapsed from 1.1% to -34.1% in the same period, driven by a sharp increase in SG&A expenses relative to revenue. This suggests that the company's cost structure is not flexible enough to adapt to lower revenue, and the negative operating leverage is a major concern. The absence of R&D expenses in the data may indicate a shift in cost classification, but the overall trend points to deteriorating operational efficiency.
Net Losses and SBC Distortions
Net income was -$268.6M in 2026Q2, with EPS of -$0.42, while stock-based compensation was $15.2M, as per the income statement, highlighting the gap between operating and net performance.
The net loss is significantly larger than the operating loss, suggesting substantial non-operating charges, possibly from impairments or interest expenses. The negative EPS trend is consistent, with losses in most quarters, and the positive EPS growth in some periods is misleading due to base effects. The SBC, though modest, adds to the dilution and cash flow burden, and investors should be cautious about the quality of any future earnings.
SG&A Overhead Out of Sync
SG&A expenses rose to $181.6M in 2026Q2 from $181.1M in 2025Q2, despite a 5.5% revenue decline, as reported, indicating a lack of cost discipline.
While COGS has decreased in absolute terms, SG&A has remained relatively flat, causing operating losses to widen. This suggests that management has not been able to adjust overhead costs in line with revenue, which is a red flag for profitability. The company's cost structure appears to be a primary drag on earnings, and without significant cost reductions, the path to profitability remains elusive.
2024Q2: A Turning Point
In 2024Q2, operating income plunged to -$240.0M from a positive $5.0M in the prior quarter, as per the data, marking a severe deterioration that has not fully recovered.
This quarter represents a clear inflection point where the company's operating performance took a sharp turn for the worse, likely due to one-time charges or a strategic misstep. Although there was a partial recovery in subsequent quarters, the company has not returned to consistent profitability, and the latest quarter shows another significant drop. This suggests that the underlying issues are persistent and not just a one-off event.
What Could Invalidate the Base Case
Despite gross margin expansion, the persistent operating losses and negative net income in most quarters, as reported, suggest that the company's cost structure may be unsustainable.
Short-sellers might argue that the company's inability to convert revenue growth into profitability, coupled with high SG&A and non-operating charges, indicates a broken business model. The lack of R&D investment could also signal a lack of innovation, potentially leading to further market share losses. If revenue continues to decline and costs remain sticky, the company may face liquidity issues, making the equity worthless. Investors should closely monitor cash flow and debt covenants.