Clarivate (CLVT): 2Q First Take: Revenue and EBITDA underperform consensus, dampened by transactional revenue declines

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Equity Research

29 July 2026 | 5:33AM PDT

Clarivate (CLVT): 2Q First Take: Revenue and EBITDA underperform

consensus, dampened by transactional revenue declines

We expect investors to have a negative reaction to Clarivate’s 2Q 2026 earnings

release, with EPS outperforming consensus expectations and the full year guide

reaffirmed, offset by a shortfall in revenue and EBITDA vs the Street. In 2Q, organic

revenue decreased 1.5% y/y, worsening from a 0.6% increase in the prior quarter,

with 0.7% subscription revenue growth and flat re-occurring revenue offset by a

15.7% decline in transactional revenue. Organic ACV grew 1.5% y/y in 2Q,

decelerating 10 bps sequentially. EBITDA margins were flat y/y at 42.1%, reflecting

cost discipline offset by negative operating leverage. The company is guiding to 2026

organic ACV growth in the lower half of the 2-3% range as LS&H moves to

discontinued operations in 2H, recurring organic revenue growth of 1.5% at the

midpoint and reported revenue down 4% due to disposals, with 2026 being the final

year of decline. CLVT also expects 2026 EBITDA margins to expand 200 bps to

42.8% at the midpoint, with EPS growth of 9% to $0.75 at the midpoint and FCF

growth to come in the lower end of the $365-435mn range due to one-time costs to

close the LS&H transaction and achieve cost savings. During the quarter, CLVT

continued to execute its Value Creation Plan to drive an organic revenue growth

acceleration and announced the divestiture of its Life Sciences & Healthcare

segment. CLVT also announced that Jonathan Collins is stepping down as CFO to

pursue another opportunity and will be replaced by Michael Easton, previously SVP

and Chief Accounting Officer at the company. On the earnings call, we expect

investors to be focused on the timing of when transactional revenue will inflect to

positive growth, client purchasing behaviors and sales cycles in an uncertain macro

backdrop, further initiatives of the Value Creation Plan to improve operating

performance, key areas of investments and efficiency gains, and process updates on

the sale of the LS&H business.

George K. Tong, CFA

+1(415)249-7421 |

Goldman Sachs & Co. LLC

Sami Nasir, CFA

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