Gross Retention excludes expansion - it shows pure churn / contraction loss. The gap between NRR and GRR is the expansion lift.
Peak NRR of 116% in FY2024-Q4. Latest is 108% - that's -8pp from peak.
Clearwater Analytics is above the Fintech SaaS Public median by +0pp (cell median: 108%)
Clearwater Analytics (CWAN) is a fintech saas company at the public stage. As of its most recent disclosure (FY2026-Q1), Clearwater Analytics reported a Net Revenue Retention rate of 108% - a mid-pack result for B2B SaaS at this segment.
Clearwater Analytics's NRR peaked at 116% in FY2024-Q4, 8pp above today's level.
Within its peer set (fintech saas companies at public stage in the $100k-$500k acv band), Clearwater Analytics's NRR is roughly in line with the cell median of 108%. Compare against the full peer cell aggregate for distribution and top performers.
Contract shape and forward-booked revenue.
Health scores, usage, and time-to-value when disclosed.
Logo flow per period (count-side complement to dollar-based NRR).
Revenue, ARR, and team-size denominators for the productivity ratios.
CS team segments: asset owners · asset managers · hedge funds · insurance companies
CSM model: hybrid
Education programs: Clearwater Connect
Top customer exec: Subi Sethi - Chief Client Officer (since 2020)
Computed from the data above. Shows where value comes from and where leakage hides.
Named CS initiatives across recent disclosures (newest first).
Acquisition of SaaS solutions for investment management and hedge fund industry to create a unified front-to-back platform.
"On April 21, 2025, the Company completed its previously announced acquisition of all outstanding stock of Enfusion"
Acquisition of cross-asset class modeling and risk analytics for derivatives and alternative assets.
"On April 30, 2025, the Company completed its acquisition of all outstanding stock of Beacon Platform Inc."
Acquisition of Blackstone’s proprietary portfolio visualization software platform.
"On March 31, 2025, the Company completed its previously announced acquisition of Bistro"
Acquired Enfusion and Beacon to create a unified front-to-back platform solution.
"These acquisitions accelerate CWAN’s vision of creating a unified, real-time portfolio view across all asset types"
Embedded operations layer spanning accounting, trading, compliance, performance, and reporting.
"The CWAN GenAI offering operates as a 24/7 embedded operations layer within its unified platform"
Acquisition of SaaS solutions for investment management to create a unified front-to-back platform.
"On April 21, 2025, the Company completed its previously announced acquisition of all outstanding stock of Enfusion"
Deployment of over 800 AI agents to automate internal and client processes like reconciliation and reporting.
"Our platform hosts over 800 AI agents created by internal teams and clients"
Aligning price with value for the Enfusion platform, starting with new clients in Jan 2026.
"target of that program is to roll out the new pricing model for all new clients starting January 1, 2026"
Challenges acknowledged by management. Useful peer signals - your team is probably not alone.
Revenue is subject to fluctuations based on economic conditions and market value of assets on the platform.
"our revenue is subject to fluctuations based on economic conditions, including market conditions"
Revenue is subject to fluctuations based on economic conditions and market value of assets on the platform.
"our revenue is subject to fluctuations based on economic conditions, including market conditions"
Revenue is vulnerable to market volatility and fluctuations in the value of assets on the platform.
"our revenue and earnings may decline... due to market volatility, a downturn in economic conditions"
Net retention rate decreased due to lower AUM growth and asset-based upsell compared to the prior year.
"current quarter net retention rate is lower primarily due to lower AUM growth and asset-based upsell"
NRR in the hedge fund market weighed on the company's combined net expansion rate.
"Our current NRR in the hedge fund market weighed on the company's combined net expansion rate."
Significant accounting and designation changes requiring rapid client support and third-party resources.
"The NAIC made the most significant set of accounting and designation changes in over a decade"
Curated quotes about customer outcomes, retention, renewals.
"The key to consistently improving both of these metrics starts with a focus on client satisfaction and ensuring consistency and reliability in our operations."
"The key elements to drive to NRR 115 remain strong, with new product growth, low churn, and price increases remaining steady."
"We want to make client servicing excellent. That's sort of a pillar of this."
"maintaining a 98% gross retention rate while including all acquired businesses is meaningful."
"The foundation of our continued growth and profitability is industry-leading retention and NPS."
"Our NPS is really high, and our clients want us to solve problems which are adjacent with products we can provide."
Side-by-side NRR, customer cohorts, commercial structure, and CS motion.
Clearwater Analytics appears on 3 of our retention leaderboards.
Free to embed on your blog or board deck. Includes a small backlink to cust.co.
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| Period | NRR | GRR | Source type | Filing |
|---|---|---|---|---|
| FY2026-Q1 | 108% | 97% | 10-Q-mdna | source ↗ |
| FY-2025 | 108% | 98% | 10-Q-mdna | source ↗ |
| FY2025-Q4 | 114% | - | 10-K | source ↗ |
| FY2025-Q3 | 108% | 98% | earnings-call-transcript | source ↗ |
| FY2025-Q2 | 98% | 98% | 10-K | source ↗ |
| FY2025-Q1 | 98% | 98% | 10-Q-mdna | source ↗ |
| FY2024-Q4 | 116% | 98% | earnings-call-transcript | source ↗ |
| FY2024-Q3 | 114% | 99% | earnings-call-transcript | source ↗ |
| FY2024-Q2 | 110% | - | earnings-call-transcript | source ↗ |
| FY2023-Q4 | 107% | - | earnings-call-transcript | source ↗ |
Generate a live retention report against Clearwater Analytics and your full peer cell. Ungated. Downloadable as PDF.