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C3.ai Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Dec, 2025
Executive summary
Q2 revenue was $75.1 million, up 7% quarter-over-quarter but down 20% year-over-year, with 46 agreements signed and strong federal sector growth; subscription revenue comprised 93% of total revenue.
Federal, defense, and aerospace bookings rose 89% year-over-year, accounting for 45% of total bookings, with major new and expansion agreements across multiple U.S. government agencies.
Partner ecosystem contributed to 89% of bookings, with significant growth in joint pipelines and alliances with Microsoft and AWS, generating over $130 million in bookings.
Recognized as a leader in industrial AI analytics by Verdantix and launched C3 AI Agentic Process Automation, expanding the addressable market.
CEO transition occurred in September 2025, with Stephen Ehikian appointed as CEO, succeeding Thomas Siebel.
Financial highlights
Total revenue: $75.1 million; subscription revenue: $70.2 million (93% of total); professional services revenue: $4.9 million (7% of total).
Non-GAAP gross profit: $40.9 million (54% margin); GAAP gross profit: $30.4 million (40% margin).
Non-GAAP operating loss: $42.2 million; non-GAAP net loss: $34.8 million ($0.25/share); GAAP net loss: $104.7 million ($0.75/share).
Free cash flow: negative $46.9 million; cash, cash equivalents, and marketable securities: $675 million at quarter end.
Operating expenses increased 7% year-over-year to $142.5 million, driven by higher payroll and stock-based compensation.
Outlook and guidance
Q3 FY26 revenue guidance: $72–$80 million; full-year FY26: $289.5–$309.5 million.
Q3 non-GAAP operating loss guidance: $44–$52 million; FY26: $180.5–$210.5 million.
Management expects continued operating losses and negative cash flows in the near term, with a path to non-GAAP profitability.
Expect higher sales and marketing expenses in Q3 and Q4 due to major events.
Cash, cash equivalents, and marketable securities are expected to be sufficient to support operations for at least the next 12 months.
How did Federal bookings accelerate despite shutdown?
Quantify partner ecosystem's operating leverage
Explain growth in prioritized engineering services
Demo license revenue impact on subscription growth
Timeline for FCF positive and non-GAAP profit
Gross margin pressure: duration and mitigation
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Frequently asked questions
C3.ai, Inc. develops and delivers enterprise artificial intelligence software platform for accelerating digital transformation. It offers C3 AI Suite, a unified platform to develop and deploy enterprise scale AI applications; C3 AI Applications, which are enterprise AI software as a service applications for various vertical industries, including energy, supply chain, asset management, and customer service; and apps store comprising pre-built AI applications available in SaaS mode. The company was founded in 2009 and is headquartered in Redwood City, California.
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