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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Clearwater Analytics (CWAN) investor relations material
Clearwater Analytics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $205.1M, up 77% year-over-year, with ARR at $807.5M, also up 77% year-over-year, driven by acquisitions and organic growth.
Adjusted EBITDA was $70.7M (34.5% margin), up from $58.3M in Q2 and 84% year-over-year; non-GAAP net income was $40.6M.
Integration of Enfusion, Beacon, and Bistro completed ahead of schedule, expanding TAM to $23.3B and driving growth.
Generative AI adoption accelerated, delivering significant operational efficiencies, including 90% reduction in manual reconciliation and 80% faster reporting.
Net loss for Q3 2025 was $10.3M–$11M, compared to net income in Q3 2024.
Financial highlights
Q3 2025 revenue was $205.1M, up from $115.8M–$116M in Q3 2024, exceeding guidance.
Adjusted EBITDA for Q3 2025 was $70.7M–$71M (34–34.5% margin), up from $38M (33%) in Q3 2024.
Gross margin for Q3 was 78.5% (non-GAAP) and 65.6–66% (GAAP), meeting 2027 targets ahead of schedule.
Free cash flow for the nine months ended Sept 30, 2025, was $112M (22% of revenue); operating cash flow was $120.6M.
Net debt to annualized Q3 EBITDA leverage ratio was 2.7x, below the 3x target.
Outlook and guidance
Q4 2025 revenue expected at $216M–$217M (71–72% year-over-year growth); full-year 2025 revenue guidance is $730M–$731M (62% growth).
Q4 EBITDA expected at $73M (34% margin); full-year EBITDA expected at $247M (34% margin), 180 basis points above 2024.
FY 2025 non-GAAP gross margin guidance is ~77.5%, with targets of ~78% in FY 2026 and ~78.5% in FY 2027.
Margin synergy targets have been exceeded, shifting focus to growth.
R&D expense as a percentage of revenue expected to decline to ~20% long-term.
Quantify Gen AI's impact on client operations
Assess organic ARR growth trajectory
Given debt levels, what is the capital allocation priority?
GenAI's role in client product adoption
Enfusion commercial model impact on 2026 growth
Path to 115% NRR: cross-sell and upsell
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Next Clearwater Analytics earnings date
Q4 202526 Feb, 2026
Next Clearwater Analytics earnings date
Q4 202526 Feb, 2026
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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.
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