10-Q · October 29, 2025
Varonis Systems reported Q3 2025 revenues of $161.577 million, a decline from $148.068 million in Q3 2024, yet a growth from $152 million in the previous quarter. The gross margin decreased slightly to 78.3% while the…
Earnings analysis · 10-Q
VRNS earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Varonis Systems reported Q1 2026 results with revenues of $173.126 million, beating Wall Street estimates of $165.522 million. The company posted a GAAP EPS of $0.06, surpassing the forecasted loss of $0.11, reflecting…
Read full summary
Varonis Systems reported Q1 2026 results with revenues of $173.126 million, beating Wall Street estimates of $165.522 million. The company posted a GAAP EPS of $0.06, surpassing the forecasted loss of $0.11, reflecting improved operational efficiency and cash generation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.06
- Segment
- SaaS
- Segment
- MDDR
What stood out
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Revenue Exceeds Expectations
Q1 revenue of $173.126M surpassed estimates of $165.522M, representing a 10.7% increase from Q4 2025's $173M.
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Positive EPS Surprise
Reported EPS of $0.06 beat the anticipated loss of $0.11, marking a significant turnaround from a prior loss of $(0.32) per share.
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SaaS Revenue Growth
SaaS revenue reached $161.065M, contributing to a total ARR of $683.2M, indicating robust demand in a key segment.
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Operating Cash Flow Improvement
Varonis generated $55M in operating cash flow, reflecting effective financial management during the quarter.
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Increased Free Cash Flow
Free cash flow recorded at $49.023M, up from $30M in Q4 2025, highlighting enhanced cash generation capabilities.
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Raised SaaS ARR Growth Targets
Management increased full-year ARR growth guidance to a range of 27%-32%, a positive outlook for sustaining revenue growth.
What to watch
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Ongoing GAAP Losses
Despite improvements, Varonis reported an operating loss of $(44.481)M, which remains a significant area of concern.
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Acquisition-Related Costs
Increased acquisition-related charges are anticipated as Varonis continues to integrate new businesses into its operations.
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Market Risks from Economic Uncertainty
The potential for prolonged economic downturns could lead to reduced IT spending by customers, impacting revenue.
Management's outlook
Management anticipates Q2 revenue between $175M-$178M and reaffirmed full-year revenue guidance.
Earlier filings 4
10-Q · July 30, 2025
Varonis reported Q2 revenue of $152.163M, up from $130.346M in Q2 2024, driven by strong SaaS growth, but GAAP results show a wider net loss of $35.824M (EPS -$0.32) and an operating loss of $36.552M. The balance sheet…
10-K · February 6, 2025
Varonis reported full-year 2024 revenue of $550.95 million, up 10.4% year-over-year, driven by a 370% increase in SaaS revenue to $208.78 million and ARR growth to $641.9 million. The company is mid-transition to a SaaS…
10-Q · July 30, 2024
Varonis reported strong results in Q2 2024, exceeding revenue and EPS expectations, driven by growth in SaaS and term license subscriptions. Despite an overall net loss, operational metrics showed improvement compared…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.