Varonis Systems (VRNS) Financial Statements & Analysis

Varonis Systems (VRNS) Income Statement

Varonis Systems reported revenue of $623.53M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 13.2% from $550.95M a year earlier. Varonis Systems posted a net loss of $129.32M, compared with a net loss of $95.77M a year earlier. Gross margin was 79.1% and operating margin -23.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $180.02M, up 18.3% from the same quarter a year earlier.

Varonis Systems Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Varonis Systems, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	623.53	550.95	499.16	473.63	390.13	292.69	254.19	270.29	217.36
Cost of Revenue	130.09	93.85	71.75	69.84	59.40	44.26	35.14	27.68	20.87
Gross Profit	493.44	457.10	427.41	403.80	330.74	248.43	219.05	242.61	196.49
Operating Expenses
Research & Development	237.81	196.77	183.84	177.88	137.88	99.36	80.76	69.97	47.37
Selling, General & Administrative	400.26	377.99	375.05	347.15	291.55	227.48	214.27	201.77	160.73
Operating Expenses	638.07	574.75	558.89	525.03	429.43	326.84	295.03	271.74	208.10
Operating Income	-146.51	-117.65	-131.48	-121.23	-98.69	-78.42	-75.99	-29.14	-13.42
Other Income/Expense
Interest Income	49.95	30.36	34.56	10.07	0.16	0.67	2.03	1.74	0.75
Interest Expense	12.90	-6.72	4.66	-4.65	-10.04	5.29	0.21	0.20	0.19
Other Income/Expense	30.19	34.64	44.56	10.41	-12.15	-7.48	-0.39	0.97	2.36
Income
Income Before Tax	-116.32	-83.01	-86.92	-110.82	-110.84	-85.90	-76.38	-28.17	-11.24
Income Tax Expense	13.00	12.76	14.00	13.70	6.02	8.11	2.39	0.41	2.79
Net Income	-129.32	-95.77	-100.92	-124.52	-116.86	-94.01	-78.76	-28.58	-13.84
Net Income - Continuous Operations	-129.32	-95.77	-100.92	-124.52	-116.86	-94.01	-78.76	-28.58	-13.84
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-104.01	-106.53	-70.55	-109.05	-87.81	-61.71	-60.83	-23.81	-7.54
EBIT	-109.75	-117.65	-117.22	-121.23	-98.69	-	-	-	-
Depreciation & Amortization	12.31	11.13	11.70	12.18	10.89	18.90	15.34	4.16	3.33
Earnings Per Share
Basic EPS	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-	-
Diluted EPS	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-1.00	-	-
Basic Shares Outstanding	129.17	111.66	109.14	109.28	105.31	94.34	90.77	87.06	82.40
Diluted Shares Outstanding	129.17	111.66	109.14	109.28	105.31	94.34	90.77	87.06	82.40

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Varonis Systems Financial Statements

What was Varonis Systems's revenue in fiscal 2025?

Varonis Systems reported revenue of $623.53M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 13.2% from $550.95M a year earlier.

Is Varonis Systems profitable?

No. Varonis Systems reported a net loss of $129.32M in fiscal 2025. In fiscal 2024 it lost $95.77M.

What is Varonis Systems's operating margin?

Varonis Systems's operating income was −$146.51M on revenue of $623.53M in fiscal 2025, an operating margin of -23.5%, compared with -21.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition