vs
Side-by-side financial comparison of Axos Financial, Inc. (AX) and Clearwater Analytics Holdings, Inc. (CWAN). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $217.5M, roughly 1.8× Clearwater Analytics Holdings, Inc.). Axos Financial, Inc. runs the higher net margin — 31.8% vs -5.4%, a 37.2% gap on every dollar of revenue. Over the past eight quarters, Clearwater Analytics Holdings, Inc.'s revenue compounded faster (45.5% CAGR vs 16.1%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
Clearwater Analytics Holdings, Inc. is an American software-as-a-service (SaaS) fintech company that provides automated investment accounting, performance, compliance, and risk reporting worldwide. Clearwater is a publicly traded company headquartered in Boise, Idaho, with additional offices in London, Edinburgh, New York City and Noida.
AX vs CWAN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $217.5M |
| Net Profit | $124.7M | $-11.8M |
| Gross Margin | — | 67.2% |
| Operating Margin | — | -3.1% |
| Net Margin | 31.8% | -5.4% |
| Revenue YoY | — | 72.0% |
| Net Profit YoY | 18.5% | -102.8% |
| EPS (diluted) | $2.15 | $-0.04 |
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.
| Q1 26 | $392.2M | — | ||
| Q4 25 | $385.1M | $217.5M | ||
| Q3 25 | $323.4M | $205.1M | ||
| Q2 25 | $321.4M | $181.9M | ||
| Q1 25 | $308.8M | $126.9M | ||
| Q4 24 | $307.9M | $126.5M | ||
| Q3 24 | $320.7M | $115.8M | ||
| Q2 24 | $290.9M | $106.8M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $-11.8M | ||
| Q3 25 | $112.4M | $-10.3M | ||
| Q2 25 | $110.7M | $-23.2M | ||
| Q1 25 | $105.2M | $6.5M | ||
| Q4 24 | $104.7M | $419.3M | ||
| Q3 24 | $112.3M | $3.6M | ||
| Q2 24 | $104.9M | $-430.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 65.6% | ||
| Q2 25 | — | 65.1% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | 73.5% | ||
| Q3 24 | — | 72.9% | ||
| Q2 24 | — | 72.0% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | -3.1% | ||
| Q3 25 | 46.3% | 3.2% | ||
| Q2 25 | 48.5% | -8.0% | ||
| Q1 25 | 47.9% | 5.6% | ||
| Q4 24 | 48.8% | 1.0% | ||
| Q3 24 | 49.6% | 6.3% | ||
| Q2 24 | 49.6% | 3.6% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | -5.4% | ||
| Q3 25 | 34.7% | -5.0% | ||
| Q2 25 | 34.4% | -12.8% | ||
| Q1 25 | 34.1% | 5.1% | ||
| Q4 24 | 34.0% | 331.5% | ||
| Q3 24 | 35.0% | 3.1% | ||
| Q2 24 | 36.0% | -0.4% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $-0.04 | ||
| Q3 25 | $1.94 | $-0.04 | ||
| Q2 25 | $1.89 | $-0.09 | ||
| Q1 25 | $1.81 | $0.03 | ||
| Q4 24 | $1.80 | $1.65 | ||
| Q3 24 | $1.93 | $0.02 | ||
| Q2 24 | $1.75 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $91.2M |
| Total DebtLower is stronger | — | $822.6M |
| Stockholders' EquityBook value | $3.1B | $2.0B |
| Total Assets | $29.2B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.41× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $91.2M | ||
| Q3 25 | $2.6B | $64.1M | ||
| Q2 25 | $1.9B | $71.9M | ||
| Q1 25 | $2.0B | $282.9M | ||
| Q4 24 | $2.4B | $255.5M | ||
| Q3 24 | $2.6B | $305.8M | ||
| Q2 24 | $2.0B | $257.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $822.6M | ||
| Q3 25 | — | $838.9M | ||
| Q2 25 | $312.7M | $878.1M | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | $43.3M | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $2.0B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.7B | $2.0B | ||
| Q1 25 | $2.6B | $1.1B | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.4B | $403.2M | ||
| Q2 24 | $2.3B | $380.6M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $3.0B | ||
| Q3 25 | $27.4B | $3.0B | ||
| Q2 25 | $24.8B | $3.0B | ||
| Q1 25 | $24.0B | $1.3B | ||
| Q4 24 | $23.7B | $1.2B | ||
| Q3 24 | $23.6B | $623.5M | ||
| Q2 24 | $22.9B | $585.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.41× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | 0.12× | 0.45× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | 0.04× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
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 | — | $55.3M |
| Free Cash FlowOCF − Capex | — | $52.3M |
| FCF MarginFCF / Revenue | — | 24.0% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $164.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $55.3M | ||
| Q3 25 | $118.4M | $49.0M | ||
| Q2 25 | $490.3M | $47.1M | ||
| Q1 25 | $73.7M | $24.5M | ||
| Q4 24 | $162.5M | $-29.2M | ||
| Q3 24 | $70.8M | $49.6M | ||
| Q2 24 | $305.5M | $43.9M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $52.3M | ||
| Q3 25 | $109.3M | $44.9M | ||
| Q2 25 | $436.1M | $44.1M | ||
| Q1 25 | $65.1M | $23.0M | ||
| Q4 24 | $156.4M | $-30.0M | ||
| Q3 24 | $53.0M | $48.1M | ||
| Q2 24 | $269.5M | $42.4M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 24.0% | ||
| Q3 25 | 33.8% | 21.9% | ||
| Q2 25 | 135.7% | 24.2% | ||
| Q1 25 | 21.1% | 18.2% | ||
| Q4 24 | 50.8% | -23.7% | ||
| Q3 24 | 16.5% | 41.5% | ||
| Q2 24 | 92.6% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 1.4% | ||
| Q3 25 | 2.8% | 2.0% | ||
| Q2 25 | 16.9% | 1.6% | ||
| Q1 25 | 2.8% | 1.2% | ||
| Q4 24 | 2.0% | 0.6% | ||
| Q3 24 | 5.5% | 1.3% | ||
| Q2 24 | 12.4% | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | 3.76× | ||
| Q4 24 | 1.55× | -0.07× | ||
| Q3 24 | 0.63× | 13.66× | ||
| Q2 24 | 2.91× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
CWAN
Segment breakdown not available.
