Clearwater Analytics demonstrated significant momentum in 2025, posting a 62% revenue increase to $731 million and a 77% surge in annualized recurring revenue (ARR) to $841 million. Despite an operating loss of $7.7 million and a net loss of $38.8 million, the company grew adjusted EBITDA by 70%, reflecting improved operational leverage. The company’s platform strength is underscored by exceptional revenue retention rates, while its capital allocation includes an ongoing $100 million buyback program. Clearwater is currently navigating a pending acquisition led by Permira, which creates near-term integration risks alongside the long-term opportunity to refine profitability.