Clearwater Analytics Holdings, Inc. (CWAN) Cost of Revenue (2020 - 2026)
Clearwater Analytics Holdings' Cost of Revenue was $75.68 million in Q1 2026, up 123.1% from $33.92 million a year earlier and up 6.2% from the prior quarter.
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Clearwater Analytics Holdings, Inc. (CWAN) Cost of Revenue (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Clearwater Analytics Holdings' Cost of Revenue was $280.98 million through Mar 31, 2026, up 118.3% year-over-year; for FY2025, it was $239.22 million, up 94.5% from FY2024.
- Cost of Revenue has now increased for six consecutive years, with a five-year compound annual growth rate of 35.0% (FY2020 to FY2025).
- In earlier years, Cost of Revenue was $122.99 million in FY2024 (+14.8%), $107.13 million in FY2023 (+22.0%), $87.78 million in FY2022 (+29.4%) and $67.86 million in FY2021 (+27.4%).
- The Q1 2026 figure marks the highest quarterly Cost of Revenue in data going back to Q3 2020.
- Compared with a year earlier, Cost of Revenue has increased for 19 straight quarters, with growth averaging 67.3% over the last eight quarters.
- Over the past five years, the year-over-year growth in Cost of Revenue ranged from 10.9% (Q2 2024) to 125.3% (Q3 2025).
- Per Business Quant data, CWAN's Cost of Revenue in the three quarters before Q1 2026 was $71.24 million (Q4 2025), $70.64 million (Q3 2025) and $63.42 million (Q2 2025).
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Peer Comparison
Historic Data
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Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 75.68 Mn |
| Dec 31, 2025 | 71.24 Mn |
| Sep 30, 2025 | 70.64 Mn |
| Jun 30, 2025 | 63.42 Mn |
| Mar 31, 2025 | 33.92 Mn |
| Dec 31, 2024 | 33.56 Mn |
| Sep 30, 2024 | 31.36 Mn |
| Jun 30, 2024 | 29.89 Mn |
| Mar 31, 2024 | 28.18 Mn |
| Dec 31, 2023 | 28.34 Mn |
| Sep 30, 2023 | 27.01 Mn |
| Jun 30, 2023 | 26.95 Mn |
| Mar 31, 2023 | 24.83 Mn |
| Dec 31, 2022 | 22.97 Mn |
| Sep 30, 2022 | 22.72 Mn |
| Jun 30, 2022 | 20.92 Mn |
| Mar 31, 2022 | 21.17 Mn |
| Dec 31, 2021 | 20.18 Mn |
| Sep 30, 2021 | 17.79 Mn |
| Jun 30, 2021 | 15.58 Mn |
API Access
Clearwater Analytics Holdings, Inc. Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CWAN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "CWAN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CWAN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();