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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Clearwater Analytics
Clearwater Analytics (CWAN) investor relations material
Clearwater Analytics has been acquired
Clearwater Analytics Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Q1 2026 revenue was $221.2 million, up 74% year-over-year, driven by organic growth, acquisitions, and GenAI adoption.
Net loss attributable to shareholders was $2.8 million, compared to net income of $6.5 million in Q1 2025, mainly due to acquisition-related expenses and increased amortization.
Major acquisitions of Enfusion, Beacon, and Bistro in 2025 expanded product offerings and client base.
Shareholders approved a definitive merger agreement in May 2026, with closing expected in Q2 2026, pending final regulatory approval.
Annualized recurring revenue grew 77% year-over-year to $872 million as of March 31, 2026.
Financial highlights
Gross profit increased to $145.5 million from $92.9 million year-over-year; non-GAAP gross profit was $172.7 million with a 78.1% margin.
Adjusted EBITDA was $77.4 million (35% margin), up 72% year-over-year.
Operating expenses rose to $136.6 million, reflecting higher payroll, amortization, and equity-based compensation.
Cash, cash equivalents, and investments totaled $81.5 million as of March 31, 2026; total debt was $806.4 million.
Operating cash flow was $17.7 million; free cash flow was $11.2 million in Q1 2026.
Outlook and guidance
The merger with an investor group led by Permira and Warburg Pincus is expected to close in Q2 2026, pending final regulatory clearance.
No forward-looking guidance provided due to the pending acquisition.
Management expects continued growth from cross-selling, international expansion, and onboarding of new clients.
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Latest events from Clearwater Analytics
- Acquisitions and global expansion position the platform for end-to-end investment management growth.CWAN
The 1st Annual D.A. Davidson Technology & Consumer Conference - Shareholders to vote on acquisition by Permira and Warburg Pincus at May 2026 Special Meeting.CWANProxy filing
- Shareholders to vote on a $24.55 per share cash merger, unanimously recommended by the board.CWANProxy filing
- Shareholders to vote on a $24.55 per share cash merger, offering a 47% premium and full liquidity.CWANProxy filing
- Shareholders to vote on a $24.55 per share cash merger, unanimously recommended as fair.CWANProxy Filing
- Q4 revenue up 72% YoY, $8.4B acquisition announced, and AI-driven growth accelerates.CWANQ4 2025
- Shareholders will vote on a merger to create a wholly owned subsidiary, closing expected Q2 2026.CWANProxy Filing
- Q2 2024 revenue up 19% to $106.8M, ARR up 22%, and EBITDA margin reached 31%.CWANQ2 2024
- Beacon and Bistro acquisitions create a unified, real-time investment platform across asset classes.CWANM&A Announcement
Clearwater Analytics
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Frequently asked questions
Clearwater Analytics Holdings Inc. provides cloud-based software solutions for investment accounting, reporting, and analytics. Its platform automates data aggregation, reconciliation, and reporting processes, enabling institutional investors, insurers, asset managers, and corporations to manage their investment portfolios efficiently. The company’s services support a range of asset classes and offer transparency and compliance capabilities tailored to client needs. The company is headquartered in Boise, Idaho, and its shares are listed on the NYSE.