VRNS

MKT CAP:$3B

Varonis Systems, Inc.

Market Cap

$3B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$25.13-$6.91 (-21.57%)

Apr 22, 2026

Company Details

Varonis Systems, Inc. provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterpri...

CEO

Yakov Faitelson

IPO Date

Feb 28, 2014

Website

www.varonis.com

Key Metrics TTM

Revenue

$624M

+13.2% YoY

Net Income

-$129M

EPS (Diluted)

-$1.13

Free Cash Flow

$135M

Revenue / Share

$4.83

Gross Margin

78.8%

Operating Margin

-23.2%

Net Margin

-20.7%

FCF Margin

21.6%

P/S

4.6x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Feb 4, 2026

$173M+9.4%EPS -$0.23

Q3 2025

Oct 29, 2025

$162M+9.1%EPS -$0.26

Q2 2025

Jul 30, 2025

$152M+16.7%EPS -$0.32

Q1 2025

May 7, 2025

$136M+19.6%EPS -$0.32

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$96M	$78M	-$49M
Q2 22	$111M	$94M	-$37M
Q3 22	$123M	$106M	-$24M
Q4 22	$143M	$126M	-$8M
Q1 23	$107M	$90M	-$46M
Q2 23	$115M	$98M	-$43M
Q3 23	$122M	$105M	-$33M
Q4 23	$154M	$135M	-$10M
Q1 24	$114M	$93M	-$51M
Q2 24	$130M	$108M	-$32M
Q3 24	$148M	$124M	-$25M
Q4 24	$159M	$132M	-$14M
Q1 25	$136M	$107M	-$44M
Q2 25	$152M	$121M	-$35M
Q3 25	$162M	$126M	-$35M
Q4 25	$173M	$137M	-$30M

Valuation

Quarter	P/S	P/E
Q1 22	7.0x	—
Q2 22	6.6x	—
Q3 22	6.3x	—
Q4 22	6.1x	—
Q1 23	5.9x	—
Q2 23	5.9x	—
Q3 23	5.9x	—
Q4 23	5.7x	—
Q1 24	5.7x	—
Q2 24	5.5x	—
Q3 24	5.2x	—
Q4 24	5.2x	—
Q1 25	5.0x	—
Q2 25	4.8x	—
Q3 25	4.7x	—
Q4 25	4.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$25M	$21M
Q2 22	-$14M	-$17M
Q3 22	-$2M	-$3M
Q4 22	$3M	-$328.0K
Q1 23	$37M	$36M
Q2 23	$6M	$4M
Q3 23	$6M	$6M
Q4 23	$10M	$8M
Q1 24	$57M	$56M
Q2 24	$12M	$11M
Q3 24	$22M	$21M
Q4 24	$24M	$20M
Q1 25	$68M	$65M
Q2 25	$21M	$18M
Q3 25	$33M	$30M
Q4 25	$25M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$3M
Q3 22	$2M
Q4 22	$4M
Q1 23	$1M
Q2 23	$1M
Q3 23	$342.0K
Q4 23	$2M
Q1 24	$297.0K
Q2 24	$819.0K
Q3 24	$1M
Q4 24	$4M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+28.7%	+33.0%
Q2 22	+26.0%	+27.0%
Q3 22	+22.9%	+23.5%
Q4 22	+12.7%	-1.1%
Q1 23	+11.5%	+5.8%
Q2 23	+3.6%	+6.5%
Q3 23	-0.8%	+5.2%
Q4 23	+8.1%	+9.3%
Q1 24	+6.2%	+7.7%
Q2 24	+12.9%	+2.4%
Q3 24	+21.1%	+11.4%
Q4 24	+2.9%	+5.2%
Q1 25	+19.6%	+9.7%
Q2 25	+16.7%	+15.4%
Q3 25	+9.1%	+13.5%
Q4 25	+9.4%	+18.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$32M	20.5%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$33M	20.5%
Q1 25	$32M	23.6%
Q2 25	$34M	22.3%
Q3 25	$32M	19.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$44M	—	—	$83M
Q2 22	$45M	—	—	$86M
Q3 22	$44M	—	—	$86M
Q4 22	$45M	—	—	$88M
Q1 23	$45M	—	—	$91M
Q2 23	$46M	—	—	$95M
Q3 23	$45M	—	—	$93M
Q4 23	$48M	—	—	$97M
Q1 24	$48M	—	—	$96M
Q2 24	$45M	—	—	$95M
Q3 24	$53M	—	—	$95M
Q4 24	$51M	—	—	$96M
Q1 25	$54M	—	—	$98M
Q2 25	$56M	—	—	$100M
Q3 25	$63M	—	—	$98M
Q4 25	$65M	$24M	$78M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	28.7%	-44.0%	-15.3
Q2 22	26.0%	-26.7%	-0.7
Q3 22	22.9%	-14.5%	8.4
Q4 22	12.7%	0.5%	13.1
Q1 23	11.5%	-28.0%	-16.5
Q2 23	3.6%	-22.5%	-18.9
Q3 23	-0.8%	-12.5%	-13.3
Q4 23	8.1%	2.0%	10.1
Q1 24	6.2%	-31.7%	-25.5
Q2 24	12.9%	-13.6%	-0.7
Q3 24	21.1%	-7.2%	13.9
Q4 24	2.9%	-4.6%	-1.8
Q1 25	19.6%	-21.5%	-1.9
Q2 25	16.7%	-19.1%	-2.3
Q3 25	9.1%	-15.6%	-6.4
Q4 25	9.4%	-11.8%	-2.4

Rule of 40

Revenue Segments

Quarter	Maintenance	Subscription and Circulation	Software as a Service
Q1 22	$27M	$69M	—
Q2 22	$27M	$84M	—
Q3 22	$27M	$96M	—
Q4 22	$26M	$117M	—
Q1 23	$24M	$83M	—
Q2 23	$24M	$91M	—
Q3 23	$25M	$98M	—
Q4 23	$25M	$129M	—
Q1 24	$24M	$56M	$34M
Q2 24	$23M	$63M	$45M
Q3 24	$22M	$69M	$58M
Q4 24	$20M	$67M	$72M
Q1 25	$16M	$31M	$89M
Q2 25	$14M	$32M	$106M
Q3 25	$11M	$25M	$126M
Q4 25	$10M	$21M	$142M

Revenue by Geography

Quarter	Emea	North America	Rest of World
Q1 22	$24M	$69M	$3M
Q2 22	$27M	$81M	$3M
Q3 22	$22M	$98M	$3M
Q4 22	$34M	$104M	$4M
Q1 23	$23M	$81M	$3M
Q2 23	$27M	$85M	$4M
Q3 23	$24M	$95M	$4M
Q4 23	$35M	$113M	$5M
Q1 24	$24M	$86M	$4M
Q2 24	$29M	$96M	$6M
Q3 24	$28M	$115M	$5M
Q4 24	$33M	$104M	$22M
Q1 25	$28M	$96M	$12M
Q2 25	$32M	$109M	$12M
Q3 25	$31M	$118M	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$776M	$28M	$804M
Q2 22	$753M	$36M	$789M
Q3 22	$754M	$36M	$790M
Q4 22	$368M	$365M	$732M
Q1 23	$249M	$508M	$756M
Q2 23	$399M	$355M	$754M
Q3 23	$111M	$414M	$525M
Q4 23	$231M	$303M	$534M
Q1 24	$147M	$401M	$548M
Q2 24	$155M	$472M	$627M
Q3 24	$282M	$597M	$879M
Q4 24	$186M	$383M	$568M
Q1 25	$153M	$456M	$609M
Q2 25	$199M	$608M	$807M
Q3 25	$157M	$551M	$708M
Q4 25	$202M	$718M	$921M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	108M	+0.7%	+7.9%
Q2 22	110M	+1.4%	+3.1%
Q3 22	110M	+0.3%	+2.8%
Q4 22	109M	-0.7%	+1.7%
Q1 23	108M	-0.8%	+0.2%
Q2 23	110M	+1.2%	+0.1%
Q3 23	109M	-0.3%	-0.5%
Q4 23	109M	-0.4%	-0.2%
Q1 24	110M	+0.9%	+1.5%
Q2 24	112M	+1.7%	+2.0%
Q3 24	112M	+0.3%	+2.6%
Q4 24	112M	+0.2%	+3.2%
Q1 25	113M	+0.1%	+2.4%
Q2 25	112M	-0.3%	+0.4%
Q3 25	113M	+0.8%	+0.9%
Q4 25	129M	+14.0%	+14.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$46.6K	2K
Q2 22	$54.0K	2K
Q3 22	$59.7K	2K
Q4 22	$66.6K	2K
Q1 23	$50.1K	2K
Q2 23	$53.9K	2K
Q3 23	$57.1K	2K
Q4 23	$69.0K	2K
Q1 24	$51.1K	2K
Q2 24	$58.4K	2K
Q3 24	$66.3K	2K
Q4 24	$65.9K	2K
Q1 25	$56.7K	2K
Q2 25	$63.2K	2K
Q3 25	$67.2K	2K
Q4 25	$65.2K	3K

Revenue / Employee