Clearwater Analytics Holdings, Inc.

Q3 2025 revenue was $205.1 million, up 77% year over year, and adjusted EBITDA was $70.7 million, up from $58.3 million in Q2. ARR ended the quarter at a record $807.5 million, also up 77% year over year; organic ARR was $534.4 million, up $22 million from June 2025. Gross margin was 78.5%, flat year over year, and EBITDA margin was 34.5%, 140 basis points better than Q3 2024. Gross revenue retention was 98% and net revenue retention was 108%. For Q4 2025, management guided to revenue of $216 million to $217 million, or 71% to 72% growth, and adjusted EBITDA of $73 million. For full-year 2025, revenue is expected to be $730 million to $731 million and EBITDA $247 million, implying a 34% margin.

Sandeep Sahai struck a highly upbeat tone, calling Q3 a very strong quarter and saying the company is building the “investment management platform of the future.” He emphasized that the combined platform is already showing strategic and financial benefits: better-than-expected margins, strong retention, and a much larger TAM around $23 billion. He also highlighted GenAI as a differentiator, saying CWAN is already deploying production-grade AI at scale and that the company’s architecture gives it a multiyear moat.

Jim Cox focused on the first full quarter contribution from Enfusion, Beacon, and Bistro and highlighted the hard numbers behind the integration progress. He cited 98% gross retention for 26 of the last 27 quarters, 108% net retention, 78.5% gross margin, and $70.7 million of adjusted EBITDA, which was more than $5 million above guidance. He also pointed out that CWAN used the strong EBITDA to pay down $40 million of debt, repurchase more than 800,000 shares, and end with net debt to annualized Q3 EBITDA leverage of 2.7x, below the targeted 3x.

Analysts pressed management on the strength of the pipeline, the gap between core ARR growth and booking momentum, and the timing of Enfusion pricing changes. Management said demand was broad-based across verticals and geographies, but called out especially strong momentum in alternatives, risk, insurance in Europe, and hedge funds, with Q4 shaping up well. On Enfusion, management said the new pricing model starts with new clients on January 1, 2026 and then rolls through the existing base over 2026, while also noting that larger deals create quarter-to-quarter ARR lumpiness.