Guidewire Software, Inc.GWRE
Guidewire Software, Inc. Revenue Disclosure
Revenue
Disaggregation of Revenue
Revenue by product type is as follows (in thousands):
| Fiscal years ended July 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Subscription and support | |||||||||||||||||
| Subscription | $ | 667,436 | $ | 477,461 | $ | 352,145 | |||||||||||
| Support | 63,860 | 71,626 | 77,522 | ||||||||||||||
| License | |||||||||||||||||
| Term license | 251,817 | 248,849 | 265,389 | ||||||||||||||
| Perpetual license | 118 | 1,327 | 204 | ||||||||||||||
| Services | 219,228 | 181,234 | 210,081 | ||||||||||||||
| Total revenue | $ | 1,202,459 | $ | 980,497 | $ | 905,341 | |||||||||||
Revenue by product type and by geography is as follows (in thousands):
| Fiscal year ended July 31, 2025 | |||||||||||||||||||||||
| Subscription and support | License | Services | Total | ||||||||||||||||||||
| United States | $ | 485,593 | $ | 133,994 | $ | 151,272 | $ | 770,859 | |||||||||||||||
| Canada | 102,465 | 18,620 | 20,296 | 141,381 | |||||||||||||||||||
| Other Americas | 7,057 | 3,043 | 1,560 | 11,660 | |||||||||||||||||||
| Total Americas | 595,115 | 155,657 | 173,128 | 923,900 | |||||||||||||||||||
| Total EMEA | 84,991 | 63,947 | 34,646 | 183,584 | |||||||||||||||||||
| Total APAC | 51,190 | 32,331 | 11,454 | 94,975 | |||||||||||||||||||
| Total revenue | $ | 731,296 | $ | 251,935 | $ | 219,228 | $ | 1,202,459 | |||||||||||||||
| Fiscal year ended July 31, 2024 | |||||||||||||||||||||||
| Subscription and support | License | Services | Total | ||||||||||||||||||||
| United States | $ | 373,675 | $ | 133,310 | $ | 125,583 | $ | 632,568 | |||||||||||||||
| Canada | 77,414 | 19,704 | 8,643 | 105,761 | |||||||||||||||||||
| Other Americas | 6,009 | 3,330 | 2,154 | 11,493 | |||||||||||||||||||
| Total Americas | 457,098 | 156,344 | 136,380 | 749,822 | |||||||||||||||||||
| Total EMEA | 59,968 | 59,274 | 35,192 | 154,434 | |||||||||||||||||||
| Total APAC | 32,021 | 34,558 | 9,662 | 76,241 | |||||||||||||||||||
| Total revenue | $ | 549,087 | $ | 250,176 | $ | 181,234 | $ | 980,497 | |||||||||||||||
| Fiscal year ended July 31, 2023 | |||||||||||||||||||||||
| Subscription and support | License | Services | Total | ||||||||||||||||||||
| United States | $ | 289,152 | $ | 141,465 | $ | 143,243 | $ | 573,860 | |||||||||||||||
| Canada | 71,039 | 16,677 | 17,965 | 105,681 | |||||||||||||||||||
| Other Americas | 5,891 | 3,323 | 3,090 | 12,304 | |||||||||||||||||||
| Total Americas | 366,082 | 161,465 | 164,298 | 691,845 | |||||||||||||||||||
| Total EMEA | 40,661 | 66,743 | 35,238 | 142,642 | |||||||||||||||||||
| Total APAC | 22,924 | 37,385 | 10,545 | 70,854 | |||||||||||||||||||
| Total revenue | $ | 429,667 | $ | 265,593 | $ | 210,081 | $ | 905,341 | |||||||||||||||
No country or region other than those listed above accounted for more than 10% of revenue during the fiscal years ended July 31, 2025, 2024, and 2023.
Customer Contract – Related Balance Sheet Amounts
Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as follows (in thousands):
| July 31, 2025 | July 31, 2024 | ||||||||||
| Unbilled accounts receivable, net | $ | 131,629 | $ | 91,188 | |||||||
Contract acquisition costs, net | $ | 67,922 | $ | 54,689 | |||||||
Costs to fulfill a contract, net | $ | 9,415 | $ | 10,710 | |||||||
| Deferred revenue, net | $ | 344,786 | $ | 285,483 | |||||||
Unbilled accounts receivable
Unbilled accounts receivable, net increased by $40.4 million primarily due to the impact of subscription orders with ramped billing schedules where billings occur later than revenue recognition and, to a lesser extent, due to the timing of billing on services projects.
As of July 31, 2025 and 2024, there was no allowance for credit losses associated with unbilled accounts receivable.
Contract acquisition costs
The current portion of contract acquistion costs of $21.1 million and $17.7 million is included in prepaid and other current assets on the consolidated balance sheets as of July 31, 2025 and 2024, respectively. The non-current portion of contract acquisition costs of $46.8 million and $37.0 million is included in other assets on the consolidated balance sheets as of July 31, 2025 and 2024, respectively. The Company amortized $20.1 million, $17.8 million, and $18.0 million of contract acquisition costs during the fiscal years ended July 31, 2025, 2024, and 2023, respectively.
Costs to fulfill a contract
The current portion of costs to fulfill a contract of $5.9 million and $6.0 million is included in prepaid and other current assets in the consolidated balance sheets as of July 31, 2025 and July 31, 2024, respectively. The non-current portion of costs to fulfill a contract of $3.5 million and $4.7 million is included in other assets in the consolidated balance sheets as of July 31, 2025 and July 31, 2024, respectively. The Company amortized $10.8 million, $10.6 million, and $9.0 million of costs to fulfill a contract during the fiscal years ended July 31, 2025, 2024, and 2023, respectively.
Deferred revenue
During the fiscal year ended July 31, 2025, the Company recognized revenue of $275.4 million related to the Company’s deferred revenue balance as of July 31, 2024.
Remaining Performance Obligations
The aggregate amount of consideration allocated to remaining performance obligations either not satisfied or partially satisfied, was approximately $3.1 billion as of July 31, 2025. During the fiscal year ended July 31, 2025, there was an increase in the number of cloud arrangements that were longer in duration than the typical five year initial term. Support services and professional services are generally satisfied within one year. Professional services under time and material contracts are not included in the remaining performance obligations calculation as these arrangements can be cancelled at any time.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 11, 2025 | Showing above |
| 2024 | Sep 16, 2024 | |
| 2023 | Sep 18, 2023 | |
| 2022 | Sep 26, 2022 | |
| 2021 | Sep 24, 2021 | |
| 2020 | Sep 28, 2020 | |
| 2019 | Sep 30, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.