Clearwater Analytics Holdings (CWAN) Operating Expenses (2020 - 2026)
Clearwater Analytics Holdings' Operating Expenses came in at $136.56 million for Q1 2026, up 59.0% from $85.86 million a year earlier but down 10.7% from the prior quarter.
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Analysis
Clearwater Analytics Holdings (CWAN) Operating Expenses (2020 - 2026) Analysis & Trends
Over the trailing twelve months to Mar 31, 2026, Clearwater Analytics Holdings reported Operating Expenses of $550.53 million, up 68.0% year-over-year; for FY2025, it came in at $499.83 million, up 57.9% from FY2024.
- Operating Expenses has increased in each of the last four years, with a five-year compound annual growth rate of 24.0% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $316.58 million in FY2024 (+14.0%), $277.79 million in FY2023 (+31.9%), $210.53 million in FY2022 (+35.2%) and $155.7 million in FY2021 (-8.6%).
- The five-year range for quarterly Operating Expenses is $36.74 million (Q2 2021) to $152.96 million (Q4 2025).
- Year-over-year, Operating Expenses has increased for 17 consecutive quarters, with growth averaging 41.6% over the last eight quarters.
- The fastest year-over-year change in Operating Expenses over five years came in Q2 2025 (growth of 82.2%), and the weakest in Q4 2021 (a decline of 52.1%).
- Business Quant data shows CWAN's Operating Expenses at $152.96 million (Q4 2025), $127.92 million (Q3 2025) and $133.09 million (Q2 2025) in the three quarters before Q1 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palantir Technologies | 450.50 Bn | 419.56 Bn | 1.64 Bn | 726.59 Mn |
| 2 | Oracle | 401.01 Bn | 273.57 Bn | - | 12.62 Bn |
| 3 | Sap Se | 257.03 Bn | 178.11 Bn | 8.40 Bn | -8.41 Bn |
| 4 | Salesforce | 187.04 Bn | 142.92 Bn | 8.70 Bn | 6.37 Bn |
| 5 | ServiceNow | 135.91 Bn | 114.37 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Automatic Data Processing | 104.14 Bn | 86.27 Bn | 2.51 Bn | 4.34 Bn |
| 7 | Intuit | 72.30 Bn | 51.65 Bn | 3.44 Bn | 3.88 Bn |
| 8 | Relx | 60.17 Bn | 57.14 Bn | - | - |
| 9 | Strategy | 55.31 Bn | 48.30 Bn | 81.55 Mn | 8.41 Bn |
| 10 | Clearwater Analytics Holdings | 7.30 Bn | 7.00 Bn | 145.55 Mn | 136.56 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 136.56 Mn |
| Dec 31, 2025 | 152.96 Mn |
| Sep 30, 2025 | 127.92 Mn |
| Jun 30, 2025 | 133.09 Mn |
| Mar 31, 2025 | 85.86 Mn |
| Dec 31, 2024 | 91.69 Mn |
| Sep 30, 2024 | 77.13 Mn |
| Jun 30, 2024 | 73.06 Mn |
| Mar 31, 2024 | 74.71 Mn |
| Dec 31, 2023 | 68.09 Mn |
| Sep 30, 2023 | 73.54 Mn |
| Jun 30, 2023 | 70.05 Mn |
| Mar 31, 2023 | 66.10 Mn |
| Dec 31, 2022 | 55.84 Mn |
| Sep 30, 2022 | 55.00 Mn |
| Jun 30, 2022 | 51.36 Mn |
| Mar 31, 2022 | 48.33 Mn |
| Dec 31, 2021 | 48.93 Mn |
| Sep 30, 2021 | 39.44 Mn |
| Jun 30, 2021 | 36.74 Mn |
API Access
Clearwater Analytics Holdings Operating Expenses 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=operating-expenses&ticker=CWAN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=CWAN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();