Fundamentals Hub
▼ FY 2026 Summary Analysis
Annual report ending Apr 30, 2026Overview and Growth
C3.ai, Inc. generated $250.27M of revenue in fiscal 2026, with net loss of $470.37M and an operating cash outflow of $190.23M. At $250.27M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 35.7% from $389.06M in fiscal 2025; this top-line contraction left the company with a smaller revenue base. Diluted earnings per share were -$3.35, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $816.27M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.31x, showing the sales generated relative to the resources carried on the balance sheet.Profitability
After reported cost of revenue, the company retained $77.38M as gross profit before recognizing operating expenses and other items. Gross margin was 30.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $498.50M, reflecting costs that exceeded gross profit. The operating loss equaled 199.2% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $470.37M, extending the operating result through all remaining items. Net margin was -187.9%, reflecting a loss equal to 187.9% of reported revenue. Negative EBITDA totaled $484.94M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $469.55M, bridging the operating result to the final net loss. Pretax margin was -187.6%, reflecting a pre-tax loss equal to 187.6% of revenue. The company recognized $822.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 71.9%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 57.6%. Compared with a $288.70M net loss in fiscal 2025, the current loss increased to $470.37M.Liquidity and Capital Structure
Total assets were $816.27M, supported by $162.52M of liabilities and $653.75M of shareholder equity. Current assets were $707.96M against $106.57M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 6.64x, leaving a positive buffer for near-term obligations. The company held $66.20M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 62.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 80.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 19.9% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 8.1% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 20.4% lower than fiscal 2025 assets of $1.03B, measuring the company’s own balance-sheet change. Against $838.30M of equity in fiscal 2025, the current book-equity balance moved 22.0% and ended lower. Compared with $164.36M in fiscal 2025, the current cash balance moved 59.7% and finished lower.Cash Flow and Earnings Quality
Operating activities used $190.23M of cash, resulting in an operating cash outflow for the year. Capital spending of $1.91M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $192.14M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 76.8% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 23.5% of total assets, placing the cash shortfall against the company’s resource base.
Based on the annual report for the fiscal year ending Apr 30, 2026.
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