Guidewire Software, Inc. (NYSE: GWRE) provides core operating software, cloud services, analytics and AI capabilities to property-and-casualty insurers. Its products support underwriting, pricing, policy administration, billing and claims. The company reports one global operating segment.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jul 31, 20240001528396-24-000105 | Sep 16, 2024 | 10-K | Open 10-Ksec.gov |
| Jul 31, 20250001528396-25-000221 | Sep 11, 2025 | 10-K | Open 10-Ksec.gov |
| Jul 31, 20260001528396-26-000046 | Sep 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Guidewire’s cloud transition has progressed from narrowing losses to meaningful GAAP operating profitability. Fiscal 2026 revenue reached $1.475 billion and operating income reached $149.9 million as subscription revenue outpaced delivery costs. However, migration also reduces highly profitable license revenue, implementation services remain thin-margin, and contractual ramps complicate comparisons between ARR, revenue and cash. Operating cash flow reached $389.7 million, but $606.3 million of repurchases exceeded free cash flow and reduced liquidity. The $300 million revolver remained undrawn, while $690 million of convertible-note principal remained outstanding. A September 30, 2026 filing disclosed a significant customer agreement signed September 4, before the latest annual filing. Its fully ramped ARR ranking establishes contractual importance—not current revenue, collections or implementation completion—and management left its previously issued guidance unchanged.
Sources: 10-K · 2026-07-31 · 10-K · 2025-07-31 · 8-K · 2026-09-04
Guidewire sells systems insurers use to run their businesses, rather than discretionary office software. InsuranceSuite includes PolicyCenter, ClaimCenter, BillingCenter, PricingCenter and UnderwritingCenter; InsuranceNow serves less-complex insurers and managing general agents in the U.S. and Canada. Core subscription prices generally depend on direct written premium managed on the platform, while some products use consumption pricing. Direct sales are supported by implementation partners. At July 31, 2026, Guidewire reported approximately 550 customers in 44 countries. Cloud delivery gives Guidewire greater responsibility for infrastructure, security and availability, with AWS a central dependency.
Sources: 10-K · 2026-07-31
For the year ended July 31, 2026, revenue increased a reported 23% to $1,475.363 million and GAAP operating income reached $149.874 million, compared with $41.068 million in FY2025 and a $52.573 million loss in FY2024. Subscription revenue reached $915.792 million. Management attributes growth to provisioned cloud migrations, new agreements and renewals at fully ramped fees—not solely new customers. Migration reduced standalone support and license revenue. Subscription/support gross margin improved to approximately 73%, while services remained around 3%: its $50.672 million revenue increase produced only $1.538 million more gross profit.
Net income reached $139.283 million, but its comparison includes more than operating improvement. FY2025 contained a $53.565 million debt-retirement charge that did not recur. Conversely, FY2026 had foreign-exchange losses rather than gains, lower interest income and tax expense rather than a benefit. Non-GAAP results exclude substantial stock compensation and other costs; FY2026 also introduced an unrealized-currency adjustment and recast FY2025. These measures should not be treated as unchanged historical definitions or substitutes for GAAP earnings.
Sources: 10-K · 2026-07-31
FY2026 operating cash flow was $389.716 million and company-defined free cash flow was $358.657 million after equipment and capitalized software spending. Cash generation benefited from noncash compensation and deferred-revenue growth, partly offset by receivables and other working-capital uses; it is not equivalent to profit. Repurchase cash payments of $606.309 million exceeded free cash flow. Cash and equivalents fell to $372.887 million, while the broader cash-and-investment portfolio fell to $1,215.286 million. The remaining $31.9 million repurchase authorization was discretionary, not a commitment. Guidewire has not paid cash dividends and did not anticipate doing so.
Sources: 10-K · 2026-07-31
At July 31, 2026, the 1.25% convertible notes had $690 million principal and a November 1, 2029 maturity. Conditional conversion had not been triggered. Capped calls limit, but do not eliminate, conversion-related exposure and depend on counterparties. The $300 million secured revolver had no loan borrowings at either July 2026 or July 2025; an immaterial standby letter of credit was outstanding in 2026. Guidewire reported covenant compliance at those dates, but did not disclose quantitative headroom. Security, financial covenants, shareholder-distribution restrictions and conditional early maturity constrain the facility’s usefulness; it is not cash.
Sources: 10-K · 2026-07-31 · EX-10.1 · 2024-12-02
Implementations typically take six to 24 months or longer. Delays and difficult migrations have resulted in credits, reduced fees and renegotiations, and can cause revenue reversals. Large insurers can negotiate lower prices and longer ramps, while multi-year contracts may not absorb rising delivery costs. AWS dependence and purchase commitments make cloud economics sensitive to infrastructure usage and pricing. AI could improve implementation productivity, but savings are not assured; it also introduces security, confidentiality, intellectual-property and competing-product risks. No material pending litigation or material cyber impact was disclosed, but potentially uncapped indemnification exposure cannot be reliably quantified.
Sources: 10-K · 2026-07-31 · 10-K · 2025-07-31
The September 30, 2026 Form 8-K disclosed a September 4 agreement with an unnamed top-10 U.S.-based insurer for personal lines on Guidewire Cloud and PolicyCenter. Execution preceded the September 11 annual filing; only the disclosure came later. The customer ranks among Guidewire’s top ten by fully ramped ARR, including scheduled non-variable price increases within the contract’s first five years. Value, exact duration, current ARR, collections and implementation status were not disclosed. Management said the agreement did not require revising September 3 guidance, without explaining why. No later operating results are established by this update.
Sources: 8-K · 2026-09-04
USD 1.475363 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.475363 bn | 22.7% |
| 2025 | USD 1.202459 bn | 22.6% |
| 2024 | USD 980.497 m | 8.3% |
| 2023 | USD 905.341 m | 11.4% |
| 2022 | USD 812.614 m | — |
Consolidated revenue from subscription, support, licenses and services.
Sources: 10-K · 2024-07-31 · 10-K · 2026-07-31
USD -180.431 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency · comparability: Before ASU 2020-06 adoption; not retrospectively restated
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD -180.431 m | — |
Consolidated GAAP result after income taxes; negative denotes loss.
Sources: 10-K · 2024-07-31
USD -6.103 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD -6.103 m | Loss narrowed |
| 2023 | USD -111.855 m | — |
Consolidated GAAP result after income taxes; negative denotes loss.
Sources: 10-K · 2024-07-31
USD 139.283 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 139.283 m | 99.5% |
| 2025 | USD 69.804 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2026-07-31
USD 38.395 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 38.395 m | Turned positive |
| 2022 | USD -37.94 m | — |
Net cash provided by or used in operating activities.
Sources: 10-K · 2024-07-31
USD 389.716 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 389.716 m | 29.5% |
| 2025 | USD 300.867 m | 53.7% |
| 2024 | USD 195.748 m | — |
Net cash provided by operating activities.
Sources: 10-K · 2026-07-31
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