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Side-by-side financial comparison of C3.ai, Inc. (AI) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $57.6M, roughly 1.3× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -20.3%). C3.ai, Inc. produced more free cash flow last quarter ($-46.9M vs $-167.0M).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
AI vs PHAT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $57.6M |
| Net Profit | $-104.7M | — |
| Gross Margin | 40.4% | 86.7% |
| Operating Margin | -149.2% | — |
| Net Margin | -139.3% | — |
| Revenue YoY | -20.3% | 94.1% |
| Net Profit YoY | -58.7% | 71.6% |
| EPS (diluted) | $-0.75 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $57.6M | ||
| Q3 25 | $70.3M | $49.5M | ||
| Q2 25 | $108.7M | $39.5M | ||
| Q1 25 | $98.8M | $28.5M | ||
| Q4 24 | $94.3M | $29.7M | ||
| Q3 24 | $87.2M | $16.4M | ||
| Q2 24 | $86.6M | $7.3M | ||
| Q1 24 | $78.4M | — |
| Q4 25 | $-104.7M | — | ||
| Q3 25 | $-116.8M | $-30.0M | ||
| Q2 25 | $-79.7M | $-75.8M | ||
| Q1 25 | $-80.2M | $-94.3M | ||
| Q4 24 | $-66.0M | — | ||
| Q3 24 | $-62.8M | $-85.6M | ||
| Q2 24 | $-72.9M | $-91.4M | ||
| Q1 24 | $-72.6M | — |
| Q4 25 | 40.4% | 86.7% | ||
| Q3 25 | 37.6% | 87.5% | ||
| Q2 25 | 62.1% | 87.2% | ||
| Q1 25 | 59.1% | 86.9% | ||
| Q4 24 | 61.3% | 87.1% | ||
| Q3 24 | 59.8% | 85.6% | ||
| Q2 24 | 59.6% | 81.2% | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | — | ||
| Q3 25 | -177.7% | -30.8% | ||
| Q2 25 | -81.8% | -151.7% | ||
| Q1 25 | -88.7% | -276.5% | ||
| Q4 24 | -79.8% | — | ||
| Q3 24 | -83.2% | -433.0% | ||
| Q2 24 | -95.1% | -1055.4% | ||
| Q1 24 | -105.3% | — |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -166.2% | -60.5% | ||
| Q2 25 | -73.3% | -191.9% | ||
| Q1 25 | -81.2% | -330.7% | ||
| Q4 24 | -69.9% | — | ||
| Q3 24 | -72.0% | -523.3% | ||
| Q2 24 | -84.2% | -1248.6% | ||
| Q1 24 | -92.6% | — |
| Q4 25 | $-0.75 | — | ||
| Q3 25 | $-0.86 | $-0.41 | ||
| Q2 25 | $-0.60 | $-1.05 | ||
| Q1 25 | $-0.62 | $-1.31 | ||
| Q4 24 | $-0.52 | — | ||
| Q3 24 | $-0.50 | $-1.32 | ||
| Q2 24 | $-0.59 | $-1.56 | ||
| Q1 24 | $-0.60 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $771.9M | $-438.2M |
| Total Assets | $961.3M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $130.0M | ||
| Q3 25 | $711.9M | $135.2M | ||
| Q2 25 | $742.7M | $149.6M | ||
| Q1 25 | $724.3M | $212.3M | ||
| Q4 24 | $730.4M | $297.3M | ||
| Q3 24 | $762.5M | $334.7M | ||
| Q2 24 | $750.4M | $276.2M | ||
| Q1 24 | $723.3M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $771.9M | $-438.2M | ||
| Q3 25 | $798.8M | $-422.5M | ||
| Q2 25 | $838.3M | $-405.8M | ||
| Q1 25 | $860.2M | $-338.4M | ||
| Q4 24 | $859.0M | $-253.6M | ||
| Q3 24 | $874.9M | $-187.1M | ||
| Q2 24 | $873.4M | $-233.8M | ||
| Q1 24 | $898.0M | — |
| Q4 25 | $961.3M | $259.1M | ||
| Q3 25 | $968.7M | $240.3M | ||
| Q2 25 | $1.0B | $250.2M | ||
| Q1 25 | $1.1B | $294.2M | ||
| Q4 24 | $1.0B | $378.3M | ||
| Q3 24 | $1.1B | $387.0M | ||
| Q2 24 | $1.0B | $319.4M | ||
| Q1 24 | $1.1B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $-166.8M |
| Free Cash FlowOCF − Capex | $-46.9M | $-167.0M |
| FCF MarginFCF / Revenue | -62.4% | -290.0% |
| Capex IntensityCapex / Revenue | 0.5% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $-166.8M | ||
| Q3 25 | $-33.5M | $-14.1M | ||
| Q2 25 | $11.3M | $-62.7M | ||
| Q1 25 | $-22.0M | $-84.9M | ||
| Q4 24 | $-38.7M | $-266.8M | ||
| Q3 24 | $8.0M | $-63.6M | ||
| Q2 24 | $21.3M | $-70.7M | ||
| Q1 24 | $-39.1M | — |
| Q4 25 | $-46.9M | $-167.0M | ||
| Q3 25 | $-34.3M | $-14.1M | ||
| Q2 25 | $10.3M | $-62.8M | ||
| Q1 25 | $-22.4M | $-84.9M | ||
| Q4 24 | $-39.5M | $-266.9M | ||
| Q3 24 | $7.1M | $-63.6M | ||
| Q2 24 | $18.8M | $-70.8M | ||
| Q1 24 | $-45.1M | — |
| Q4 25 | -62.4% | -290.0% | ||
| Q3 25 | -48.8% | -28.6% | ||
| Q2 25 | 9.5% | -159.0% | ||
| Q1 25 | -22.7% | -297.9% | ||
| Q4 24 | -41.9% | -899.8% | ||
| Q3 24 | 8.2% | -389.0% | ||
| Q2 24 | 21.7% | -966.2% | ||
| Q1 24 | -57.6% | — |
| Q4 25 | 0.5% | 0.4% | ||
| Q3 25 | 1.1% | 0.1% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 0.9% | 0.5% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 2.9% | 0.6% | ||
| Q1 24 | 7.8% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
PHAT
Segment breakdown not available.
