C3.Ai, Inc. Financials
C3.Ai, Inc. (AI) reported $250.3M in revenue for fiscal year 2026, down 35.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Development-heavy spending is colliding with a sharp FY2026 revenue and gross-margin contraction at C3.ai.
In FY2026, revenue fell35.7% from FY2025 while gross margin dropped to30.9% , indicating the downturn was not merely lower volume: less revenue also carried materially less gross profit. Operating cash flow of-$190M nearly matched free cash flow of-$192M , so the cash deterioration came primarily from operations rather than unusually heavy capital spending.
FY2026 R&D reached
The reported balance sheet combines a high current ratio of 6.6x with a low debt-to-equity ratio of 0.2x, pointing to limited dependence on debt for its current structure. Yet total equity fell from
Financial Health Signals
C3.Ai, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
C3.Ai, Inc. scores 1.57, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5B) relative to total liabilities ($162.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
C3.Ai, Inc. passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
C3.Ai, Inc. reported a net loss of $470.4M while operations used $190.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
C3.Ai, Inc. generated $250.3M in revenue in fiscal year 2026. This represents a decrease of 35.7% from the prior year.
C3.Ai, Inc.'s EBITDA was -$484.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 55.5% from the prior year.
C3.Ai, Inc. reported -$470.4M in net income in fiscal year 2026. This represents a decrease of 62.9% from the prior year.
C3.Ai, Inc. earned -$3.35 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 49.6% from the prior year.
Cash & Balance Sheet
C3.Ai, Inc. recorded an outflow of $192.1M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents a decrease of 332.3% from the prior year.
C3.Ai, Inc. held $66.2M in cash as of fiscal year 2026; long-term debt is not reported for that period.
Not reported for fiscal year 2026.
Margins & Returns
C3.Ai, Inc.'s gross margin was 30.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 29.7 percentage points from the prior year.
C3.Ai, Inc.'s ROE was -72.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 37.5 percentage points from the prior year.
Not shown for fiscal year 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
C3.Ai, Inc. invested $229.1M in research and development in fiscal year 2026. This represents an increase of 1.2% from the prior year.
C3.Ai, Inc. invested $1.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 37.2% from the prior year.
Not reported for fiscal year 2026.
AI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $51.6M-3.1% | $53.3M-29.1% | $75.1M+7.0% | $70.3M-35.4% | $108.7M+10.1% | $98.8M+4.7% | $94.3M+8.2% | $87.2M |
| Cost of Revenue | $40.3M-8.5% | $44.0M-1.7% | $44.8M+2.2% | $43.8M+6.3% | $41.2M+1.9% | $40.4M+10.8% | $36.5M+4.1% | $35.0M |
| Gross Profit | $11.3M+22.6% | $9.2M-69.6% | $30.4M+14.9% | $26.4M-60.8% | $67.5M+15.7% | $58.3M+0.9% | $57.8M+10.9% | $52.2M |
| R&D Expenses | $47.3M-19.7% | $58.8M+0.8% | $58.4M-9.7% | $64.7M+10.7% | $58.4M-1.6% | $59.4M+6.5% | $55.7M+5.3% | $52.9M |
| SG&A Expenses | $25.1M+6.0% | $23.6M-8.4% | $25.8M+7.1% | $24.1M-12.0% | $27.4M+7.9% | $25.4M+16.6% | $21.8M+10.5% | $19.7M |
| Operating Income | -$121.2M+13.7% | -$140.4M-25.2% | -$112.1M+10.2% | -$124.8M-40.3% | -$89.0M-1.6% | -$87.6M-16.3% | -$75.3M-3.7% | -$72.6M |
| Income Tax | $111K-36.2% | $174K-26.6% | $237K-21.0% | $300K+170.3% | $111K-67.0% | $336K+30.7% | $257K-5.5% | $272K |
| Net Income | -$115.6M+13.3% | -$133.4M-27.4% | -$104.7M+10.4% | -$116.8M-46.5% | -$79.7M+0.6% | -$80.2M-21.6% | -$66.0M-5.0% | -$62.8M |
| EPS (Diluted) | -$0.79+16.0% | -$0.94-25.3% | -$0.75+12.8% | -$0.86-43.3% | -$0.60+3.2% | -$0.62-19.2% | -$0.52-4.0% | -$0.50 |
Not reported in any period shown, so not listed: Interest Expense.
AI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $816.3M-8.9% | $895.8M-6.8% | $961.3M-0.8% | $968.7M-5.6% | $1.0B-2.8% | $1.1B+0.8% | $1.0B-1.1% | $1.1B |
| Current Assets | $708.0M-9.5% | $782.7M-7.5% | $845.9M-0.6% | $851.1M-5.9% | $904.3M-2.9% | $930.9M+1.4% | $917.8M-0.9% | $926.4M |
| Cash & Equivalents | $66.2M-25.5% | $88.8M-13.9% | $103.2M+27.5% | $80.9M-50.8% | $164.4M+31.4% | $125.1M+3.1% | $121.3M-9.4% | $133.8M |
| Accounts Receivable | $100.5M-18.6% | $123.6M-9.2% | $136.1M+19.4% | $113.9M-17.0% | $137.2M-23.9% | $180.4M+12.7% | $160.0M+14.2% | $140.1M |
| Goodwill | $625K0.0% | $625K0.0% | $625K0.0% | $625K0.0% | $625K0.0% | $625K0.0% | $625K0.0% | $625K |
| Total Liabilities | $162.5M-7.8% | $176.3M-6.9% | $189.4M+11.5% | $169.9M-9.4% | $187.6M-3.8% | $195.0M+4.1% | $187.3M+2.5% | $182.7M |
| Current Liabilities | $106.6M-10.4% | $118.9M-9.1% | $130.8M+17.6% | $111.3M-15.6% | $131.9M-4.5% | $138.0M+13.1% | $122.0M+3.5% | $117.9M |
| Total Equity | $653.8M-9.1% | $719.5M-6.8% | $771.9M-3.4% | $798.8M-4.7% | $838.3M-2.5% | $860.2M+0.1% | $859.0M-1.8% | $874.9M |
| Retained Earnings | -$1.8B-6.7% | -$1.7B-8.3% | -$1.6B-7.0% | -$1.5B-8.5% | -$1.4B-6.1% | -$1.3B-6.6% | -$1.2B-5.7% | -$1.2B |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
AI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$54.4M+2.4% | -$55.8M-19.9% | -$46.5M-38.6% | -$33.5M-397.7% | $11.3M+151.2% | -$22.0M+43.1% | -$38.7M-581.1% | $8.0M |
| Capital Expenditures | $323K-26.4% | $439K+13.7% | $386K-49.2% | $760K-19.0% | $938K+159.1% | $362K-55.6% | $815K-11.8% | $924K |
| Free Cash Flow | -$54.8M+2.6% | -$56.2M-19.9% | -$46.9M-36.7% | -$34.3M-432.1% | $10.3M+146.1% | -$22.4M+43.3% | -$39.5M-655.0% | $7.1M |
| Investing Cash Flow | $23.9M-40.5% | $40.2M-35.2% | $62.1M+221.3% | -$51.2M-323.1% | $22.9M+85.4% | $12.4M-45.3% | $22.6M+154.5% | -$41.5M |
| Financing Cash Flow | $7.9M+577.8% | $1.2M-82.6% | $6.7M+417.6% | $1.3M-74.5% | $5.1M-62.4% | $13.5M+283.5% | $3.5M+1829.7% | $182K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.9%+4.6pp | 17.3%-23.1pp | 40.4%+2.8pp | 37.6%-24.4pp | 62.1%+3.0pp | 59.1%-2.2pp | 61.3%+1.5pp | 59.8% |
| Operating Margin | -234.8% | -263.6% | -149.2% | -177.7% | -81.8%+6.8pp | -88.7%-8.9pp | -79.8%+3.4pp | -83.2% |
| Net Margin | -224.0% | -250.4% | -139.3% | -166.2% | -73.3%+7.9pp | -81.2%-11.3pp | -69.9%+2.1pp | -72.0% |
| Return on Equity | -17.7%+0.9pp | -18.5%-5.0pp | -13.6%+1.1pp | -14.6%-5.1pp | -9.5%-0.2pp | -9.3%-1.6pp | -7.7%-0.5pp | -7.2% |
| Return on Assets | -14.2%+0.7pp | -14.9%-4.0pp | -10.9%+1.2pp | -12.0%-4.3pp | -7.8%-0.2pp | -7.6%-1.3pp | -6.3%-0.4pp | -5.9% |
| Current Ratio | 6.64+0.1x | 6.58+0.1x | 6.47-1.2x | 7.65+0.8x | 6.86+0.1x | 6.74-0.8x | 7.52-0.3x | 7.86 |
| Debt-to-Equity | 0.250.0x | 0.240.0x | 0.250.0x | 0.210.0x | 0.220.0x | 0.230.0x | 0.220.0x | 0.21 |
| FCF Margin | -106.1% | -105.5% | -62.4%-13.6pp | -48.8%-58.3pp | 9.5%+32.2pp | -22.7%+19.2pp | -41.9%-50.0pp | 8.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where C3.Ai, Inc. Ranks
Frequently Asked Questions
What is C3.Ai, Inc.'s annual revenue?
C3.Ai, Inc. (AI) reported $250.3M in total revenue for fiscal year 2026. This represents a -35.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is C3.Ai, Inc.'s revenue growing?
C3.Ai, Inc. (AI) revenue declined by 35.7% year-over-year, from $389.1M to $250.3M in fiscal year 2026.
Is C3.Ai, Inc. profitable?
No, C3.Ai, Inc. (AI) reported a net income of -$470.4M in fiscal year 2026.
What is C3.Ai, Inc.'s EBITDA?
C3.Ai, Inc. (AI) had EBITDA of -$484.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is C3.Ai, Inc.'s gross margin?
C3.Ai, Inc. (AI) had a gross margin of 30.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is C3.Ai, Inc.'s return on equity (ROE)?
C3.Ai, Inc. (AI) has a return on equity of -72.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is C3.Ai, Inc.'s free cash flow?
C3.Ai, Inc. (AI) recorded an outflow of $192.1M in free cash flow during fiscal year 2026. This represents a -332.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is C3.Ai, Inc.'s operating cash flow?
C3.Ai, Inc. (AI) recorded an outflow of $190.2M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are C3.Ai, Inc.'s total assets?
C3.Ai, Inc. (AI) had $816.3M in total assets as of fiscal year 2026, including both current and long-term assets.
What are C3.Ai, Inc.'s capital expenditures?
C3.Ai, Inc. (AI) invested $1.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does C3.Ai, Inc. spend on research and development?
C3.Ai, Inc. (AI) invested $229.1M in research and development during fiscal year 2026.
What is C3.Ai, Inc.'s current ratio?
C3.Ai, Inc. (AI) had a current ratio of 6.64 as of fiscal year 2026, which is generally considered healthy.
What is C3.Ai, Inc.'s debt-to-equity ratio?
C3.Ai, Inc. (AI) had a debt-to-equity ratio of 0.25 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is C3.Ai, Inc.'s return on assets (ROA)?
C3.Ai, Inc. (AI) had a return on assets of -57.6% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
How does C3.Ai, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, C3.Ai, Inc. (AI) held $575.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $190.2M over that year. Dividing the one by the other, the reported balance equals about 36 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is C3.Ai, Inc.'s Altman Z-Score?
C3.Ai, Inc. (AI) has an Altman Z-Score of 1.57, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is C3.Ai, Inc.'s Piotroski F-Score?
C3.Ai, Inc. (AI) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are C3.Ai, Inc.'s earnings high quality?
C3.Ai, Inc. (AI) reported a net loss of $470.4M while operations used $190.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.