FY2019 – FY2025 · AI · CIK 1577526 · FY ends April 30
C3.ai Financials
Annual revenue, subscription vs. professional services mix, customer concentration including the Baker Hughes anchor, year-end headcount, R&D spending, and the February 2026 26% workforce-reduction restructuring — every chart point sourced to a 10-K or 8-K filing. EDGAR XBRL pulled live.
Subscription % of revenue (FY2025)
84%
From the FY2025 10-K income statement.
Year-end headcount (FY2025)
1,181
As of 2025-04-30, before the Feb 2026 26% reduction.
R&D as % of revenue (FY2025)
58%
R&D $226M / revenue $389M.
Stock price (AI)
Live current price plus a five-year history. Updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget. The bars on this chart are end-of-day; intraday prices live in TradingView's iframe and are not pulled into this site's data. Note: the ticker is the literal letters “AI” — one of the most attention-getting tickers on the NYSE, and a frequent magnet for investor confusion with the broader AI sector.
Most recent C3.ai SEC filings
The freshness frontier — the latest filing of each material form type, fetched live from EDGAR. The 10-K marked “Anchors this page” is the source of the income-statement values below; the others are surfaced for transparency and feed the “Post-FY2025 events” section.
15 material filings have been filed since the anchor 10-K above (3 10-Q, 10 8-K, 1 DEF 14A, 1 ARS). The annual financial metrics on this page (revenue, R&D, operating loss, headcount) are still anchored to the 10-K because those values are filed annually; subsequent 10-Qs disclose interim quarterly cuts, and the 8-Ks cover material events surfaced in the “Post-FY2025 events” section above.
Annual revenue
As reported on the consolidated statement of operations in each year's 10-K. Pulled live from SEC EDGAR XBRL; the underlying tag is RevenueFromContractWithCustomerExcludingAssessedTax. C3.ai's fiscal year ends April 30, so “FY2025” is the year that ended April 30, 2025.
Show table
| Fiscal year | Revenue | Source |
|---|---|---|
| FY2019 | $92M | 10-K filed 2021-06-25 |
| FY2020 | $157M | 10-K filed 2022-06-23 |
| FY2021 | $183M | 10-K filed 2023-06-22 |
| FY2022 | $253M | 10-K filed 2024-06-18 |
| FY2023 | $267M | 10-K filed 2025-06-23 |
| FY2024 | $311M | 10-K filed 2025-06-23 |
| FY2025 | $389M | 10-K filed 2025-06-23 |
Subscription vs. professional services revenue
C3.ai reports two revenue lines on the income statement: subscription (the C3 Agentic AI Platform, C3 AI Applications, C3 Generative AI, COE support — recognized ratably for multi-year subscriptions and on a usage basis for consumption-based arrangements) and professional services (paid implementation, prioritized engineering, consulting). Subscription has been 80%+ of revenue in every year since IPO. Hand-curated from each year's 10-K income statement; FY2019–FY2022 from the FY2022 / FY2021 10-Ks, FY2023–FY2025 from the FY2025 10-K. Each row's source link points to the underlying 10-K filing.
Show table
| FY | Subscription | Services | Sub % | Source |
|---|---|---|---|---|
| FY2019 | $77M | $14M | 85% | 10-K filed 2021-06-25 |
| FY2020 | $135M | $21M | 86% | 10-K filed 2022-06-23 |
| FY2021 | $157M | $26M | 86% | 10-K filed 2022-06-23 |
| FY2022 | $207M | $46M | 82% | 10-K filed 2022-06-23 |
| FY2023 | $230M | $36M | 86% | 10-K filed 2025-06-23 |
| FY2024 | $278M | $32M | 90% | 10-K filed 2025-06-23 |
| FY2025 | $328M | $61M | 84% | 10-K filed 2025-06-23 |
The consumption-pricing transition
In Q1 FY2023, C3.ai introduced a consumption-based pricing model alongside its legacy multi-year subscription contracts. New customers can begin with a paid 'Initial Production Deployment' phase of generally up to six months, then either pay a monthly fee plus consumption charges measured in vCPU/vGPU hours or enter a time-certain multi-period commitment that may include consumption charges. The transition is structurally reshaping how revenue is recognized and how 'subscription' is defined in the income statement: consumption-based revenue is reported within the subscription line, but the contract economics differ materially from traditional multi-year subscriptions. The transition is the single most important framing for reading C3.ai's revenue trajectory — absolute subscription dollars have continued to grow, but the per-customer revenue mix has shifted away from large, ratable multi-year subscriptions toward smaller, consumption-priced footprints that scale with usage.
Source: 10-K filed 2025-06-23. Paraphrased from the 'Consumption Pricing Model' subsection of the Business section and the Revenue Recognition note in the FY2025 10-K filed 2025-06-23.
Operating loss & operating cash flow
Operating loss is the single most-watched number on a pre-profitable software company's income statement. C3.ai has not produced a positive annual operating result since the company became publicly disclosed; the February 24, 2026 restructuring plan is explicitly framed as positioning the company to attain profitability. Operating cash flow tracks the same direction as operating loss but with non-cash items (stock-based compensation, depreciation, working-capital movements) removed. Both pulled live from SEC EDGAR XBRL.
Show table (operating loss + operating cash flow)
| FY | Operating loss | Operating cash flow |
|---|---|---|
| FY2019 | -$36M | -$35M |
| FY2020 | -$71M | -$61M |
| FY2021 | -$60M | -$38M |
| FY2022 | -$196M | -$86M |
| FY2023 | -$290M | -$116M |
| FY2024 | -$318M | -$62M |
| FY2025 | -$324M | -$41M |
Year-end headcount
Full-time employees as of each fiscal year-end (April 30), as disclosed in the “Human Capital” section of each year's 10-K. EDGAR companyfacts XBRL does not structure this field; values are parsed from the 10-K narrative.
Note: the chart shows year-end full-time headcount as filed in each 10-K. The February 24, 2026 restructuring plan announced a 26% global workforce reduction (see “Post-FY2025 events” below); that drawdown is post-FY2025 and will land in the FY2026 10-K when it is filed.
Show table
| FY end | Employees | Source |
|---|---|---|
| FY2021 | 574 | 10-K filed 2021-06-25 |
| FY2022 | 704 | 10-K filed 2022-06-23 |
| FY2023 | 914 | 10-K filed 2023-06-22 |
| FY2024 | 891 | 10-K filed 2024-06-18 |
| FY2025 | 1,181 | 10-K filed 2025-06-23 |
R&D spending
Annual research-and-development expense as reported on the consolidated income statement. Bar height is absolute dollars; the percentage in each label is R&D as a share of revenue that fiscal year. Live from SEC EDGAR XBRL (ResearchAndDevelopmentExpense). C3.ai's R&D-as-percent-of-revenue runs in the 50–80% range — a fingerprint of a pre-profitable enterprise software company that is investing aggressively in product breadth.
Show table
| FY | R&D | Revenue | % of revenue |
|---|---|---|---|
| FY2019 | $37M | $92M | 40.7% |
| FY2020 | $65M | $157M | 41.2% |
| FY2021 | $69M | $183M | 37.6% |
| FY2022 | $151M | $253M | 59.6% |
| FY2023 | $211M | $267M | 79.0% |
| FY2024 | $201M | $311M | 64.8% |
| FY2025 | $226M | $389M | 58.2% |
Net income & stock-based compensation
Net loss closely tracks operating loss but is offset by interest income on the IPO-cash treasury — so net loss has consistently been smaller in absolute terms than operating loss. Stock-based compensation has been the largest non-cash expense on the income statement; it climbed sharply through FY2023 as new equity grants offset C3.ai's flat headcount, then plateaued. Live from SEC EDGAR XBRL.
| Metric | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Net Income (Loss) | -$33M | -$69M | -$56M | -$192M | -$269M | -$280M | -$289M |
| Stock-Based Compensation | $4M | $8M | $22M | $113M | $217M | $216M | $231M |
Customer concentration
From Note 2 (Concentration of Credit Risk and Significant Customers) and Note 12 (Related Party Transactions — Baker Hughes Company) of the most recent 10-K. C3.ai's customer concentration is the single most-cited line item on the company by skeptical analysts; the page reproduces the disclosure verbatim from the underlying note rather than the marketing version.
C3.ai discloses its customer concentration in terms of 'Customer-Entities' (the ultimate parent of any party contracting with C3.ai). For FY2025, two separate Customer-Entities accounted for 19% and 12% of revenue. For FY2024, two Customer-Entities accounted for 27% and 14%. For FY2023, a single Customer-Entity accounted for 35% of total revenue — the high-water mark for top-customer concentration since IPO. The largest customer relationship is with Baker Hughes, which has been C3.ai's strategic vertical-industry partner in oil and gas since June 2019 and was C3.ai's exclusive reseller in that industry until the partnership was renewed and restructured in April 2025; under the April 2025 renewal, Baker Hughes is no longer C3.ai's exclusive reseller.
Source: 10-K covering FY ending 2025-04-30, filed 2025-06-23. Paraphrased from Note 2 (Concentration of Credit Risk and Significant Customers) and Note 12 (Related Party Transactions — Baker Hughes Company) of the FY2025 10-K filed 2025-06-23.
Post-FY2025 events
Material events that occurred after the FY2025 fiscal year-end (April 30, 2025) and are therefore not reflected in the FY2025 10-K's primary financial statements. SEC-filing-sourced events cite the 8-K accession; product-launch events cite the company press release because product launches are typically not 8-K-disclosed. These will land in the FY2026 10-K's MD&A and Subsequent Events sections when it is filed in mid-2026.
On September 1, 2025, the C3.ai board appointed Stephen Ehikian as Chief Executive Officer. Founder Thomas M. Siebel (CEO since founding in 2009) became Executive Chairman. Ehikian was previously co-founder and CEO of Airkit.ai (acquired by Salesforce in November 2023), VP of AI Products at Salesforce after that acquisition, and most recently served as Acting Administrator and Deputy Administrator of the U.S. General Services Administration (January – July 2025).
Source: 8-K filed 2025-09-05 (accession 0001577526-25-000026).
On February 24, 2026, the C3.ai board approved a restructuring plan that includes a 26% reduction in the company's global workforce (substantially completed at the time of disclosure) and a roughly 30% reduction in annualized non-employee costs (expected to be completed by the second half of fiscal year 2027). C3.ai estimated $10.0 to $12.0 million in pre-tax restructuring charges. The plan's stated objective is to materially improve operating efficiency and position the company for profitability.
Source: 8-K filed 2026-02-25 (accession 0001577526-26-000013).
On April 8, 2026, C3.ai announced general availability of C3 Code, an Enterprise AI development platform that combines autonomous agentic coding with the C3 Agentic AI Platform. C3 Code lets users describe requirements in natural language; autonomous agents then design, configure, test, and deploy production-grade AI applications. CEO Stephen Ehikian framed it as the company's pivot from 'assisted development' to 'AI designing and building Enterprise AI.' Pre-built domain assets for manufacturing, energy, financial services, defense, utilities, and healthcare ship with the platform. C3 Code is the first major product release since the February 2026 restructuring; outside coverage (Constellation Research) characterized it as the first installment of the post-restructuring turnaround plan.
Source: Press release dated 2026-04-08.
Methodology & data sources
Live data. Annual revenue, R&D, operating income, net income, stock-based compensation, and operating cash flow are sourced live from C3.ai's SEC EDGAR XBRL company-facts endpoint. If EDGAR is unreachable when the page is being prepared, the page is not updated, so visitors never see stale fallback numbers.
Hand-curated, source-tagged. The subscription / professional-services revenue split, year-end headcount, customer-concentration paragraph, consumption-pricing callout, and post-FY2025 8-K-disclosed events are not exposed in the EDGAR companyfacts JSON. Each value is hand-curated from the underlying 10-K or 8-K filing's text, and tagged with the filing's accession number. When a newer 10-K is filed than the one a value was last verified against, a “Verification due” banner appears next to the affected section.
Fiscal-year handling. C3.ai's fiscal year ends April 30. So “FY2025” on this page is the year that ended April 30, 2025 — the most recently reported annual period. The chart axis labels say “FY2025” rather than “2025” to avoid the impression that the data lags by 8 months. The FY2026 10-K is expected in mid-2026 and will be incorporated automatically once filed.
Refresh cadence. Hand-curated values are re-verified monthly aligned with C3.ai's filing cadence (10-Q in early September / December / March, 10-K in late June, plus 8-Ks any time material events warrant disclosure). The recurring refresh task discovers new filings via the EDGAR submissions endpoint and updates the page accordingly.
What's intentionally not here. Live market cap (the page builds periodically; a real-time market-cap calc would be misleading). Forward earnings guidance, analyst estimates, and price targets (out of scope — the page is reported actuals). Editorial framing about whether the stock is over- or under-valued. The TradingView stock-chart widget at the top of the page is the only live-market data on the page; it loads directly into your browser from TradingView's CDN, not redistributed by this site.
Cross-references. AI Orgs for the broader US-listed AI-pure-play roster that includes C3.ai. Tech Filings for every C3.ai SEC filing in chronological order.
Last updated: 2026-04-30 17:08 UTC. Latest 10-K on EDGAR: 0001628280-25-032604 filed 2025-06-23. Hand-curated source-tag anchor: 0001628280-25-032604.