C3 Ai (AI) financial statements
C3 Ai reported revenue of $250M in fiscal 2026, up 15.4% a year over 7 years.
Net income was -$470M and the operating margin -199.2%, against -39.3% in 2019.
Free cash flow was -$192M.
The diluted share count rose 35% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from C3 Ai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $157M | $183M | $253M | $267M | $311M | $389M | $250M |
| Cost of revenue | $30M | $39M | $45M | $64M | $86M | $132M | $153M | $173M |
| Gross profit | $61M | $118M | $139M | $189M | $180M | $179M | $236M | $77M |
| Research and development | $37M | $65M | $69M | $151M | $211M | $201M | $226M | $229M |
| Selling, general and admin | $60M | $125M | $130M | $235M | $260M | $296M | $334M | $336M |
| Operating income | -$36M | -$71M | -$60M | -$196M | -$290M | -$318M | -$324M | -$498M |
| Pre-tax income | -$33M | -$69M | -$55M | -$191M | -$268M | -$279M | -$288M | -$470M |
| Income tax | $266,000 | $380,000 | $704,000 | $789,000 | $675,000 | $792,000 | $976,000 | $822,000 |
| Net income | -$33M | -$69M | -$56M | -$192M | -$269M | -$280M | -$289M | -$470M |
| EPS (diluted) | — | — | — | -$1.84 | -$2.45 | -$2.34 | -$2.24 | -$3.35 |
| Diluted shares | — | — | — | 104M | 110M | 119M | 129M | 141M |
| 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% |
| Net margin | -36.4% | -44.3% | -30.4% | -76.0% | -100.8% | -90.1% | -74.2% | -187.9% |
Balance sheet
Fiscal years, from C3 Ai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $99M | $245M | $1.1B | $960M | $731M | $750M | $743M | $575M |
| Receivables | — | $31M | $65M | $80M | $135M | $130M | $137M | $101M |
| Total current assets | — | $281M | $1.2B | $1.1B | $889M | $904M | $904M | $708M |
| Property, plant and equipment | — | $9M | $6M | $15M | $85M | $89M | $79M | $67M |
| Goodwill | — | $625,000 | $625,000 | $625,000 | $625,000 | $625,000 | $625,000 | $625,000 |
| Total assets | — | $305M | $1.2B | $1.2B | $1.1B | $1.0B | $1.0B | $816M |
| Total current liabilities | — | $81M | $124M | $150M | $136M | $102M | $132M | $107M |
| Total liabilities | — | $94M | $135M | $181M | $173M | $165M | $188M | $163M |
| Shareholders' equity | -$165M | -$183M | $1.1B | $989M | $930M | $873M | $838M | $654M |
| Net debt | -$99M | -$33M | -$115M | -$340M | -$285M | -$167M | -$164M | -$66M |
Cash flow
Fiscal years, from C3 Ai's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$35M | -$61M | -$38M | -$86M | -$116M | -$62M | -$41M | -$190M |
| Capital spending | $7M | $3M | $2M | $4M | $72M | $28M | $3M | $2M |
| Free cash flow | -$42M | -$64M | -$39M | -$91M | -$187M | -$90M | -$44M | -$192M |
| Stock-based compensation | $4M | $8M | $22M | $113M | $217M | $216M | $231M | $264M |
| Share buybacks (net) | — | $0 | $0 | -$15M | $0 | $0 | — | — |
| Free cash flow margin | -45.5% | -41.0% | -21.4% | -35.9% | -70.2% | -29.1% | -11.4% | -76.8% |
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Open AI in InvestinglyQuestions
What was C3 Ai's revenue in 2026?
$250M in fiscal 2026, from its 10-K filing.
How much free cash flow does C3 Ai generate?
-$192M in fiscal 2026 (operating cash flow minus capital spending).
From C3 Ai's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.