C3.ai, Inc.
AI NYSE Services-Prepackaged Software Financials FY2019–FY2026
Revenue
Total sales reported in the income statement.
$250M
35.7%
vs prior year
Operating margin
Operating income as a share of revenue.
−199.2%
115.8 pts
Net income
Profit after all expenses, interest and tax.
−$470M
Free cash flow
Cash from operations minus capital spending.
−$192M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$3.09 EPS (TTM)
What C3.ai, Inc. does
No business description yet.
- Legal name
- C3.ai, Inc.
- Fiscal year ends
- April 30, 2026
- Latest annual report
- 10-K · Jun 24, 2026
- Accession · CIK
- 0001577526-26-000078
0001577526
Revenue and margins
C3.ai, Inc. had $250M of revenue in fiscal 2026, down 35.7% on the year before.
FY19
Revenue $91.6M
FY20
Revenue $157M
FY21
Revenue $183M
FY22
Revenue $253M
FY23
Revenue $267M
FY24
Revenue $311M
FY25
Revenue $389M
FY26
Revenue $250M
Q2 '24
Revenue $73.2M
Q3 '24
Revenue $78.4M
Q4 '24
Revenue $86.6M
Q1 '25
Revenue $87.2M
Q2 '25
Revenue $94.3M
Q3 '25
Revenue $98.8M
Q4 '25
Revenue $109M
Q1 '26
Revenue $70.3M
Q2 '26
Revenue $75.1M
Q3 '26
Revenue $53.3M
Q4 '26
Revenue $51.6M
Q1 '27
Revenue $52.4M
FY19
Gross 66.8%
Operating −39.3%
Net −36.4%
FCF −45.5%
FY20
Gross 75.2%
Operating −45.6%
Net −44.3%
FCF −40.6%
FY21
Gross 75.7%
Operating −32.9%
Net −30.4%
FCF −21.4%
FY22
Gross 74.8%
Operating −77.6%
Net −76.0%
FCF −35.7%
FY23
Gross 67.6%
Operating −108.9%
Net −100.8%
FCF −69.8%
FY24
Gross 57.5%
Operating −102.5%
Net −90.1%
FCF −28.2%
FY25
Gross 60.6%
Operating −83.4%
Net −74.2%
FCF −11.4%
FY26
Gross 30.9%
Operating −199.2%
Net −187.9%
FCF −76.8%
Gross
Operating
Net
FCF
Q2 '24
Gross 56.1%
Operating −108.4%
Net −95.3%
FCF −73.6%
Q3 '24
Gross 57.8%
Operating −105.3%
Net −92.6%
FCF −57.6%
Q4 '24
Gross 59.6%
Operating −95.1%
Net −84.2%
FCF 21.7%
Q1 '25
Gross 59.8%
Operating −83.2%
Net −72.0%
FCF 8.2%
Q2 '25
Gross 61.3%
Operating −79.8%
Net −69.9%
FCF −41.9%
Q3 '25
Gross 59.1%
Operating −88.7%
Net −81.2%
FCF −22.7%
Q4 '25
Gross 62.1%
Operating −81.8%
Net −73.3%
FCF 9.5%
Q1 '26
Gross 37.6%
Operating −177.7%
Net −166.2%
FCF −48.8%
Q2 '26
Gross 40.4%
Operating −149.2%
Net −139.3%
FCF −62.4%
Q3 '26
Gross 17.3%
Operating −263.6%
Net −250.4%
FCF −105.5%
Q4 '26
Gross 21.9%
Operating −234.8%
Net −224.0%
FCF −106.1%
Q1 '27
Gross 31.8%
Operating −187.6%
Net −177.2%
FCF 3.9%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$33.3M
FY20
Net income −$69.4M
FY21
Net income −$55.7M
FY22
Net income −$192M
FY23
Net income −$269M
FY24
Net income −$280M
FY25
Net income −$289M
FY26
Net income −$470M
Q2 '24
Net income −$69.8M
Q3 '24
Net income −$72.6M
Q4 '24
Net income −$72.9M
Q1 '25
Net income −$62.8M
Q2 '25
Net income −$66.0M
Q3 '25
Net income −$80.2M
Q4 '25
Net income −$79.7M
Q1 '26
Net income −$117M
Q2 '26
Net income −$105M
Q3 '26
Net income −$133M
Q4 '26
Net income −$116M
Q1 '27
Net income −$92.8M
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS −$1.84
FY23
Diluted EPS −$2.45
FY24
Diluted EPS −$2.34
FY25
Diluted EPS −$2.24
FY26
Diluted EPS −$3.35
Q2 '24
Diluted EPS −$0.59
Q3 '24
Diluted EPS −$0.60
Q4 '24
Diluted EPS −$0.59
Q1 '25
Diluted EPS −$0.50
Q2 '25
Diluted EPS −$0.52
Q3 '25
Diluted EPS −$0.62
Q4 '25
Diluted EPS −$0.60
Q1 '26
Diluted EPS −$0.86
Q2 '26
Diluted EPS −$0.75
Q3 '26
Diluted EPS −$0.94
Q4 '26
Diluted EPS −$0.80
Q1 '27
Diluted EPS −$0.60
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −22.7%
FY21
Return on capital —
Return on equity −12.7%
Return on assets −7.4%
FY22
Return on capital —
Return on equity −18.7%
Return on assets −16.2%
FY23
Return on capital —
Return on equity −28.0%
Return on assets −23.6%
FY24
Return on capital —
Return on equity −31.0%
Return on assets −26.1%
FY25
Return on capital —
Return on equity −33.7%
Return on assets −28.0%
FY26
Return on capital —
Return on equity −63.0%
Return on assets −51.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$192M in fiscal 2026, −76.8% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$41.7M
FY20
Free cash flow −$63.6M
FY21
Free cash flow −$39.2M
FY22
Free cash flow −$90.3M
FY23
Free cash flow −$186M
FY24
Free cash flow −$87.6M
FY25
Free cash flow −$44.4M
FY26
Free cash flow −$192M
Q2 '24
Free cash flow −$53.9M
Q3 '24
Free cash flow −$45.1M
Q4 '24
Free cash flow $18.8M
Q1 '25
Free cash flow $7.1M
Q2 '25
Free cash flow −$39.5M
Q3 '25
Free cash flow −$22.4M
Q4 '25
Free cash flow $10.3M
Q1 '26
Free cash flow −$34.3M
Q2 '26
Free cash flow −$46.9M
Q3 '26
Free cash flow −$56.2M
Q4 '26
Free cash flow −$54.8M
Q1 '27
Free cash flow $2.1M
FY19
Cash from operations −$34.9M
Capital spending $6.8M
FY20
Cash from operations −$61.3M
Capital spending $2.3M
FY21
Cash from operations −$37.6M
Capital spending $1.6M
FY22
Cash from operations −$86.5M
Capital spending $3.8M
FY23
Cash from operations −$116M
Capital spending $70.5M
FY24
Cash from operations −$62.4M
Capital spending $25.3M
FY25
Cash from operations −$41.4M
Capital spending $3.0M
FY26
Cash from operations −$190M
Capital spending $1.9M
Cash from operations
Capital spending
Q2 '24
Cash from operations −$48.6M
Capital spending $5.3M
Q3 '24
Cash from operations −$39.1M
Capital spending $6.1M
Q4 '24
Cash from operations $21.3M
Capital spending $2.5M
Q1 '25
Cash from operations $8.0M
Capital spending $0.9M
Q2 '25
Cash from operations −$38.7M
Capital spending $0.8M
Q3 '25
Cash from operations −$22.0M
Capital spending $0.4M
Q4 '25
Cash from operations $11.3M
Capital spending $0.9M
Q1 '26
Cash from operations −$33.5M
Capital spending $0.8M
Q2 '26
Cash from operations −$46.5M
Capital spending $0.4M
Q3 '26
Cash from operations −$55.8M
Capital spending $0.4M
Q4 '26
Cash from operations −$54.4M
Capital spending $0.3M
Q1 '27
Cash from operations $2.1M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
C3.ai, Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 8.8%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $15.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares 0.10B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.12B
FY25
Diluted shares 0.13B
FY26
Diluted shares 0.14B
Balance sheet
Cash, debt and the ratios that show how comfortably C3.ai, Inc. can carry it.
FY19
Cash $98.6M
Debt —
FY20
Cash $245M
Debt —
FY21
Cash $1.1B
Debt —
FY22
Cash $960M
Debt —
FY23
Cash $731M
Debt —
FY24
Cash $750M
Debt —
FY25
Cash $743M
Debt —
FY26
Cash $575M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $960M | $731M | $750M | $743M | $575M |
| Current ratio | 7.1x | 6.5x | 8.8x | 6.9x | 6.6x |
| Quick ratio | 7.1x | 6.5x | 8.8x | 6.9x | 6.6x |
| Total assets | $1.2B | $1.1B | $1.0B | $1.0B | $816M |
| Total liabilities | $181M | $173M | $165M | $188M | $163M |
| Shareholders' equity | $989M | $930M | $873M | $838M | $654M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 4 / 7 | 2 / 7 | 2 / 8 | 3 / 8 | 3 / 8 | 1 / 8 |
| Accruals ratio | — | −2.7% | −2.4% | −8.9% | −13.5% | −20.3% | −24.0% | −30.4% |
| Altman Z'' | — | −2.45 | 12.69 | 8.19 | 5.94 | 5.15 | 3.13 | −2.43 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $91.6M | $157M | $183M | $253M | $267M | $311M | $389M | $250M |
| Gross profit | $61.2M | $118M | $139M | $189M | $180M | $179M | $236M | $77.4M |
| Research and development | $37.3M | $64.5M | $68.9M | $151M | $211M | $201M | $226M | $229M |
| Operating income | −$36.0M | −$71.5M | −$60.3M | −$196M | −$290M | −$318M | −$324M | −$498M |
| Pretax income | −$33.1M | −$69.0M | −$55.0M | −$191M | −$268M | −$279M | −$288M | −$470M |
| Income tax | $0.3M | $0.4M | $0.7M | $0.8M | $0.7M | $0.8M | $1.0M | $0.8M |
| Net income | −$33.3M | −$69.4M | −$55.7M | −$192M | −$269M | −$280M | −$289M | −$470M |
| Diluted EPS | — | — | — | −$1.84 | −$2.45 | −$2.34 | −$2.24 | −$3.35 |
| Diluted shares | — | — | — | 0.10B | 0.11B | 0.12B | 0.13B | 0.14B |
| Cash flow | ||||||||
| Cash from operations | −$34.9M | −$61.3M | −$37.6M | −$86.5M | −$116M | −$62.4M | −$41.4M | −$190M |
| Capital expenditure | $6.8M | $2.3M | $1.6M | $3.8M | $70.5M | $25.3M | $3.0M | $1.9M |
| Free cash flow | −$41.7M | −$63.6M | −$39.2M | −$90.3M | −$186M | −$87.6M | −$44.4M | −$192M |
| Depreciation and amortization | $0.6M | $1.3M | $4.3M | $5.2M | $6.1M | $12.7M | $12.6M | $13.6M |
| Stock-based compensation | $4.3M | $8.3M | $21.7M | $113M | $217M | $216M | $231M | $264M |
| Share buybacks | — | $0.0M | $0.0M | $15.0M | $0.0M | $0.0M | — | — |
| Dividends and buybacks | — | $0.0M | $0.0M | $15.0M | $0.0M | $0.0M | — | — |
| Balance sheet | ||||||||
| Cash and short-term investments | $98.6M | $245M | $1.1B | $960M | $731M | $750M | $743M | $575M |
| Current assets | — | $281M | $1.2B | $1.1B | $889M | $904M | $904M | $708M |
| Current liabilities | — | $81.0M | $124M | $150M | $136M | $102M | $132M | $107M |
| Property and equipment, net | — | $8.7M | $6.1M | $14.5M | $84.6M | $88.6M | $79.3M | $66.9M |
| Goodwill | — | $0.6M | $0.6M | $0.6M | $0.6M | $0.6M | $0.6M | $0.6M |
| Total assets | — | $305M | $1.2B | $1.2B | $1.1B | $1.0B | $1.0B | $816M |
| Total liabilities | — | $93.8M | $135M | $181M | $173M | $165M | $188M | $163M |
| Shareholders' equity | −$165M | −$183M | $1.1B | $989M | $930M | $873M | $838M | $654M |
| Margins | ||||||||
| Gross margin | 66.8% | 75.2% | 75.7% | 74.8% | 67.6% | 57.5% | 60.6% | 30.9% |
| Operating margin | −39.3% | −45.6% | −32.9% | −77.6% | −108.9% | −102.5% | −83.4% | −199.2% |
| EBITDA margin | −38.7% | −44.8% | −30.5% | −75.5% | −106.6% | −98.4% | −80.1% | −193.8% |
| Net margin | −36.4% | −44.3% | −30.4% | −76.0% | −100.8% | −90.1% | −74.2% | −187.9% |
| FCF margin | −45.5% | −40.6% | −21.4% | −35.7% | −69.8% | −28.2% | −11.4% | −76.8% |
| Returns | ||||||||
| Return on capital employed | — | −31.9% | −5.6% | −19.2% | −30.0% | −34.0% | −36.3% | −70.2% |
| Return on equity | — | — | −12.7% | −18.7% | −28.0% | −31.0% | −33.7% | −63.0% |
| Return on assets | — | −22.7% | −7.4% | −16.2% | −23.6% | −26.1% | −28.0% | −51.1% |
| Return on tangible equity | — | — | −5.3% | −19.4% | −28.9% | −32.0% | −34.5% | −72.0% |
| Growth | ||||||||
| Revenue growth | — | 71.0% | 16.9% | 38.0% | 5.6% | 16.4% | 25.3% | −35.7% |
| Share count change | — | — | — | — | 5.2% | 8.7% | 8.1% | 8.8% |
| Financial health | ||||||||
| Current ratio | — | 3.5x | 9.4x | 7.1x | 6.5x | 8.8x | 6.9x | 6.6x |
| Quick ratio | — | 3.5x | 9.4x | 7.1x | 6.5x | 8.8x | 6.9x | 6.6x |
| Capital allocation | ||||||||
| Capex / revenue | 7.4% | 1.5% | 0.9% | 1.5% | 26.4% | 8.1% | 0.8% | 0.8% |
| Stock comp / revenue | 4.7% | 5.3% | 11.9% | 44.9% | 81.2% | 69.5% | 59.4% | 105.4% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 4.0 | 2.0 | 2.0 | 3.0 | 3.0 | 1.0 |
| Altman Z'' | — | −2.5 | 12.7 | 8.2 | 5.9 | 5.1 | 3.1 | −2.4 |
| Accruals ratio | — | −2.7% | −2.4% | −8.9% | −13.5% | −20.3% | −24.0% | −30.4% |
Source: SEC EDGAR XBRL filings (CIK 0001577526). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.