Clarivate PLC

clarivate.com

What Do They Do?

Provides research and learning information, workflow software and services to universities, libraries and government agencies.

How Do They Make Money?

Customers mainly pay annual subscription fees at the start of each coverage period; patent and trademark renewal services are invoiced when delivered, and product, data-set and project sales are billed upon delivery.

revenue

Segment	Share	How money arrives
A&G	52% FY2022: 48%
IP Recurring	33% FY2022: 35%	Recurring
Life Sciences & Healthcare	16% FY2022: 17%

Who Are Their Customers?

Serves education and research institutions, corporations and law firms, and government bodies and life-sciences companies with information, software and services.

Do Revenues Turn Into Profits?

Not on paper. It lost $201.1M in FY2025, but brought in more cash than it spent: $365.3M of free cash flow.

Operating income, FY2025

3% of revenue

▲ Now profitable vs FY2024 (−$275.6M, −11%)

Net income, FY2025

−8% of revenue

▼ −68% (Loss) vs FY2024 (−$636.7M, −25%)

Free cash flow, FY2025

15% of revenue

▲ +2% vs FY2024 ($357.5M, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $621.4M in Q2 FY2025
Net income: ▲ +273% (Loss); vs −$72M in Q2 FY2025

A&G share of revenue vs 51.3% in Q2 FY2025

Jul 29, 2026 Reaffirmed full-year 2026 financial outlook The second-quarter release retained a full-year revenue outlook of $2.30B to $2.42B.
Jul 29, 2026 Appointed Michael Easton as chief financial officer Easton was appointed to succeed Jonathan Collins as CFO.
Jul 6, 2026 Agreed to sell Life Sciences & Healthcare segment The agreement with Altaris values the segment at $600 million; closing was expected by year-end, subject to conditions.

Growing. Revenue grew 31% in 4 years, from $1.9B in FY2021 to $2.5B in FY2025, about 7% a year.

Subscription shift The older report describes a model built on subscriptions and recurring transactions; the latest says it is moving A&G and Life Sciences & Healthcare further from transactional sales toward subscriptions.

Portfolio changes The older report lists ScholarOne among A&G products; the latest says ScholarOne and Valipat were divested and Clarivate is completing product-group wind-downs in A&G and Life Sciences & Healthcare.

Revenue over time

A&G IP Life Sciences & Healthcare

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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