Clearwater Analytics Holdings (CWAN) Research & Development (2020 - 2026)
Clearwater Analytics Holdings' Research & Development was $57.05 million in Q1 2026, up 52.5% from $37.4 million a year earlier and up 0.1% from the prior quarter.
Powered by 
Analysis
Clearwater Analytics Holdings (CWAN) Research & Development (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Clearwater Analytics Holdings' Research & Development was $215.88 million through Mar 31, 2026, up 43.6% year-over-year; for FY2025, it came in at $196.23 million, up 30.3% from FY2024.
- Research & Development has now increased for six consecutive years, with a five-year compound annual growth rate of 28.8% (FY2020 to FY2025).
- In earlier years, Research & Development was $150.56 million in FY2024 (+21.5%), $123.93 million in FY2023 (+31.7%), $94.12 million in FY2022 (+29.5%) and $72.69 million in FY2021 (+31.5%).
- The Q1 2026 figure marks the highest quarterly Research & Development in data going back to Q3 2020.
- Compared with a year earlier, Research & Development has increased for four straight quarters, with growth averaging 28.4% over the last eight quarters.
- The best year-over-year quarter for Research & Development over five years was Q1 2026 (growth of 52.5%); the worst was Q1 2025 (a decline of 0.7%).
- Per Business Quant data, CWAN's Research & Development in the three quarters before Q1 2026 was $57.01 million (Q4 2025), $52.07 million (Q3 2025) and $49.76 million (Q2 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Palantir Technologies | 450.50 Bn | 419.56 Bn | 1.64 Bn | 192.51 Mn |
| 2 | Oracle | 401.01 Bn | 273.57 Bn | - | 2.40 Bn |
| 3 | Sap Se | 257.03 Bn | 178.11 Bn | 8.40 Bn | -2.14 Bn |
| 4 | Salesforce | 187.04 Bn | 142.92 Bn | 8.70 Bn | 1.69 Bn |
| 5 | ServiceNow | 135.91 Bn | 114.37 Bn | 2.82 Bn | 915.00 Mn |
| 6 | Automatic Data Processing | 104.14 Bn | 86.27 Bn | 2.51 Bn | 265.90 Mn |
| 7 | Intuit | 72.30 Bn | 51.65 Bn | 3.44 Bn | 857.00 Mn |
| 8 | Relx | 60.17 Bn | 57.14 Bn | - | - |
| 9 | Strategy | 55.31 Bn | 48.30 Bn | 81.55 Mn | 23.10 Mn |
| 10 | Clearwater Analytics Holdings | 7.30 Bn | 7.00 Bn | 145.55 Mn | 57.05 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 57.05 Mn |
| Dec 31, 2025 | 57.01 Mn |
| Sep 30, 2025 | 52.07 Mn |
| Jun 30, 2025 | 49.76 Mn |
| Mar 31, 2025 | 37.40 Mn |
| Dec 31, 2024 | 40.90 Mn |
| Sep 30, 2024 | 36.62 Mn |
| Jun 30, 2024 | 35.36 Mn |
| Mar 31, 2024 | 37.68 Mn |
| Dec 31, 2023 | 33.73 Mn |
| Sep 30, 2023 | 32.25 Mn |
| Jun 30, 2023 | 29.85 Mn |
| Mar 31, 2023 | 28.10 Mn |
| Dec 31, 2022 | 24.55 Mn |
| Sep 30, 2022 | 25.44 Mn |
| Jun 30, 2022 | 22.84 Mn |
| Mar 31, 2022 | 21.29 Mn |
| Dec 31, 2021 | 21.70 Mn |
| Sep 30, 2021 | 18.42 Mn |
| Jun 30, 2021 | 16.74 Mn |
API Access
Clearwater Analytics Holdings Research & Development 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=research-and-development&ticker=CWAN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=CWAN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();