Clearwater Analytics Holdings, Inc. (CWAN) Revenue History
Annual and quarterly revenue from 2019 to 2025
Compound Annual Growth Rate (CAGR)
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CWAN Revenue Growth
Revenue Breakdown (FY 2025)
CWAN's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
CWAN Revenue Analysis (2019–2025)
As of May 7, 2026, Clearwater Analytics Holdings, Inc. (CWAN) generated trailing twelve-month (TTM) revenue of $731.4 million, reflecting explosive growth of +72.0% year-over-year. The most recent quarter (Q4 2025) recorded $217.5 million in revenue, up 6.0% sequentially.
Looking at the longer-term picture, CWAN's 5-year compound annual growth rate (CAGR) stands at +29.2%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $731.4 million in 2025, representing a new all-time high.
Revenue diversification analysis shows CWAN's business is primarily driven by Reportable Segment (100%). With over half of revenue concentrated in Reportable Segment, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including VRNT (-2.3% YoY), MKTX, and ICE, CWAN has outperformed the peer group in terms of revenue growth. Compare CWAN vs VRNT →
CWAN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CWANCurrent | $731M | +72.0% | +29.2% | -1.1% | |
 VRNT | $909M | -2.3% | -7.0% | 11.7% | |
 MKTX | $817M | - | - | 41.7% | |
 ICE | $12.6B | - | - | 38.7% | |
 MSCI | $3.1B | - | - | 54.7% | |
 VRSK | $3.1B | +5.9% | +6.2% | 44.6% |
CWAN Historical Revenue Data (2019–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $731.4M | +61.9% | $492.1M | 67.3% | $-7,686,000 | -1.1% |
| 2024 | $451.8M | +22.7% | $328.8M | 72.8% | $12.2M | 2.7% |
| 2023 | $368.2M | +21.3% | $261.0M | 70.9% | $-16,745,000 | -4.5% |
| 2022 | $303.4M | +20.4% | $215.6M | 71.1% | $5.1M | 1.7% |
| 2021 | $252.0M | +24.0% | $184.2M | 73.1% | $28.5M | 11.3% |
| 2020 | $203.2M | +21.0% | $150.0M | 73.8% | $-20,418,000 | -10.0% |
| 2019 | $168.0M | - | $120.9M | 71.9% | $25.7M | 15.3% |
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Start ComparisonCWAN — Frequently Asked Questions
Quick answers to the most common questions about buying CWAN stock.
Is CWAN's revenue growth accelerating or slowing?
CWAN revenue is accelerating at +72.0% year-over-year, exceeding the 5-year CAGR of +29.2%. TTM revenue reached $731M. Growth momentum has increased versus prior periods.
What is CWAN's long-term revenue growth rate?
Clearwater Analytics Holdings, Inc.'s 5-year revenue CAGR of +29.2% reflects the sustained expansion pattern. Current YoY growth of +72.0% is above this long-term average.
How is CWAN's revenue distributed by segment?
CWAN reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2019-2025 are available for download. Segment mix reveals concentration and diversification trends.