Revenue has declined in most recent periods, with 2026Q3 sales down 22.7% to $481.6M despite a resilient gross margin of 71.1%, while operating margin swung volatilely from -34.1% in 2026Q2 to 8.3% in 2026Q3, not yet showing durable operating leverage.
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 | 2.27B | 2.46B | 2.56B | 2.63B | 2.66B | 1.88B | 1.25B | 974.35M | 968.47M | 917.63M |
| Revenue Growth % | -9.19% | -3.97% | -2.74% | -1.17% | 41.71% | 49.66% | 28.71% | 0.61% | 5.54% | - |
| Cost of Goods Sold | 721.4M | 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 | 1.55B | 1.62B | 1.69B | 1.72B | 1.71B | 1.25B | 815.3M | 622.35M | 571.97M | 523.42M |
| Gross Margin % | 68.24% | 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 | 1.64B | 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 | 671.6M | 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 | -88.5M | 71.5M | -275.6M | -734.7M | -3.93B | -87M | -36.3M | -82.49M | -105.71M | -147.03M |
| Operating Margin % | -3.9% | 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 | 632.6M | 828.7M | 451.4M | -26.4M | -3.22B | 450.8M | 266.9M | 118.06M | 131.52M | 81.44M |
| EBITDA Margin % | 27.85% | 33.75% | 17.66% | -1% | -120.88% | 24.02% | 21.28% | 12.12% | 13.58% | 8.87% |
| EBITDA Growth % | -12.37% | 83.58% | 1809.85% | 99.18% | -813.2% | 68.9% | 126.08% | -10.24% | 61.5% | - |
| D&A (Non-Cash Add-back) | 721.1M | 757.2M | 727M | 708.3M | 710.5M | 537.8M | 303.2M | 200.54M | 237.22M | 228.46M |
| EBIT | -89.1M | 172.1M | -270.4M | -718.8M | -3.72B | -5.7M | -241.4M | -90.74M | -105.71M | -147.03M |
| Net Interest Income | -246.4M | -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 | 246.4M | 265.4M | 283.4M | 293.7M | 270.3M | 252.5M | 111.9M | 157.69M | 130.81M | 138.2M |
| Other Income/Expense | -246.4M | -265.4M | -278.2M | -277.8M | -63.5M | -171.2M | -317M | -165.95M | -130.81M | -138.2M |
| Pretax Income | -334.9M | -193.9M | -553.8M | -1.01B | -3.99B | -258.2M | -353.3M | -248.43M | -236.51M | -285.22M |
| Pretax Margin % | -14.74% | -7.9% | -21.66% | -38.52% | -149.98% | -13.76% | -28.17% | -25.5% | -24.42% | -31.08% |
| Income Tax | -2.8M | 7.2M | 82.9M | -101.3M | -28.9M | 12.3M | -2.7M | 10.2M | 5.65M | -21.29M |
| Effective Tax Rate % | 0.84% | -3.71% | -14.97% | 10% | 0.72% | -4.76% | 0.76% | -4.11% | -2.39% | 7.47% |
| Net Income | -386.5M | -201.1M | -636.7M | -911.2M | -3.96B | -270.5M | -350.6M | -258.63M | -242.16M | -263.93M |
| Net Margin % | -17.02% | -8.19% | -24.9% | -34.66% | -148.89% | -14.41% | -27.96% | -26.54% | -25% | -28.76% |
| Net Income Growth % | 2.4% | 68.42% | 30.13% | 76.99% | -1364.03% | 22.85% | -35.56% | -6.8% | 8.25% | - |
| Net Income (Continuing) | -332.1M | -201.1M | -636.7M | -911.2M | -3.96B | -270.5M | -350.6M | -258.63M | -242.16M | -263.93M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.60 | -0.30 | -0.96 | -1.47 | -6.24 | -0.61 | -0.63 | -0.39 | -0.79 | -0.86 |
| EPS Growth % | -6.24% | 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 | 639.7M | 673.3M | 693.6M | 671.6M | 678.6M | 640.77M | 428.6M | 273.88M | 305.25M | 305.25M |
| Basic Shares Outstanding | 639.7M | 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 Revenue Contraction Pressure
Metrics are mathematically derived from official filings.
Revenue Shrinking Across Recent Quarters
Based on reported figures, Clarivate's quarterly revenue has declined year over year in most recent periods, with 2026Q3 revenue falling 22.7% to $481.6M, pointing to a contracting top line rather than a temporary soft patch.
The 2026Q3 decline of 22.7% is far steeper than the mid-single-digit contraction seen through 2024 and 2025, which suggests either a sharp deterioration in subscription demand, portfolio divestitures, or a shift in revenue recognition that the reported figures alone cannot fully disentangle. Investors should monitor whether the sequential drop from $587.3M in 2026Q2 persists, since a continued slide would imply the company is not yet stabilizing its core information services base.
Gross Margin Resilient Despite Revenue Decline
As reported in financial statements, Clarivate's gross margin held near 67% to 71% across the last several quarters, with 2026Q3 reaching 71.1%, indicating that cost of revenue is contracting in step with or faster than sales.
Gross margin expansion during a period of falling revenue is an unusual pattern that may reflect mix shifts toward higher-margin data subscriptions or reduced delivery costs following restructuring. The stability of the gross margin relative to peers such as Thomson Reuters at 75.8% and Verisk at 67.3% suggests the company retains a reasonable cost structure, though the gap to MSCI and S&P Global indicates limited pricing power versus the strongest information franchises.
Operating Losses Reveal Fragile Scale Economics
Based on Clarivate's reported figures, operating margin swung from a negative 34.1% in 2026Q2 to a positive 8.3% in 2026Q3, a volatile profile that does not yet demonstrate durable operating leverage on a shrinking revenue base.
The large operating loss in 2026Q2 of $200.2M, with SG&A of $181.6M, indicates that overhead did not flex down with revenue, and the subsequent recovery to $40.1M operating income appears driven more by cost timing than structural efficiency. Relative to the peer group, where Verisk and MSCI generate operating margins above 44%, Clarivate's margin profile warrants further investigation into whether restructuring charges or impairments are distorting the quarterly pattern.
Net Income Driven by Non-Operating Swings
According to reported quarterly figures, net income diverged sharply from operating income in several periods, with 2026Q2 showing an operating loss of $200.2M alongside a net loss of $268.6M and 2026Q3 showing a $40.1M operating profit against an $80.8M net loss.
The persistent gap between operating and net results suggests material non-operating charges, likely including interest expense, impairments, or other items, though the supplied data does not itemize them and no conclusion about their nature can be drawn. Diluted EPS of -$0.13 in 2026Q3 against positive operating income indicates that earnings quality is weak and that headline per-share results may not represent the underlying operating trajectory.
Bear Case Centers on Sustained Contraction
Short-sellers would likely point to Clarivate's revenue decline of 22.7% in 2026Q3 and recurring net losses across the ten-quarter window as evidence that the franchise is structurally shrinking rather than cyclically pausing.
The bear argument rests on the observation that gross margin strength has not translated into sustained operating profit, with multiple quarters of operating losses and a net loss in most periods, which may indicate that the cost base is not adjusting quickly enough to a smaller revenue pool. Investors should monitor whether margin expansion is driven by genuine efficiency or by cost deferrals that could reverse, since the reported figures do not establish that the current gross margin level is durable under continued top-line pressure.