Radware (RDWR) financial statements
Radware reported revenue of $302M in fiscal 2025, up 4.9% a year over 9 years.
Net income was $20M and the operating margin 3.8%, against -6.5% in 2016.
Free cash flow was $42M, and the company returned $10M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Radware's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197M | $211M | $234M | $252M | $250M | $286M | $293M | $261M | $275M | $302M |
| Cost of revenue | $36M | $40M | $42M | $45M | $45M | $52M | $54M | $52M | $53M | $58M |
| Gross profit | $161M | $172M | $193M | $207M | $205M | $234M | $240M | $210M | $222M | $244M |
| Research and development | $52M | $59M | $58M | $62M | $67M | $74M | $87M | $83M | $75M | $79M |
| Selling, general and admin | $122M | $126M | $128M | $128M | $132M | $142M | $156M | $159M | $151M | $153M |
| Operating income | -$13M | -$7M | $8M | $17M | $6M | $18M | -$3M | -$32M | -$4M | $11M |
| Pre-tax income | -$7M | -$2M | $15M | $26M | $14M | $23M | $5M | -$18M | $13M | $29M |
| Income tax | $2M | $6M | $3M | $3M | $4M | $15M | $5M | $4M | $7M | $9M |
| Net income | -$9M | -$7M | $12M | $23M | $10M | $8M | -$166,000 | -$22M | $6M | $20M |
| EPS (diluted) | -$0.20 | -$0.17 | $0.25 | $0.47 | $0.20 | $0.16 | $0.00 | -$0.50 | $0.14 | $0.45 |
| Diluted shares | 44M | 43M | 48M | 49M | 48M | 48M | 45M | 43M | 43M | 45M |
| Gross margin | 81.8% | 81.3% | 82.2% | 82.1% | 82.0% | 81.7% | 81.6% | 80.2% | 80.6% | 80.7% |
| Operating margin | -6.5% | -3.2% | 3.2% | 6.7% | 2.5% | 6.4% | -1.1% | -12.1% | -1.4% | 3.8% |
| Net margin | -4.4% | -3.5% | 5.0% | 9.0% | 3.9% | 2.7% | -0.1% | -8.3% | 2.2% | 6.7% |
Balance sheet
Fiscal years, from Radware's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $100M | $108M | $61M | $78M | $119M | $132M | $90M | $157M | $172M | $121M |
| Receivables | $19M | $16M | $17M | $23M | $17M | $13M | $18M | $20M | $17M | $35M |
| Inventory | $17M | $19M | $18M | $14M | $14M | $12M | $11M | $16M | $14M | $13M |
| Total current assets | $267M | $250M | $359M | $222M | $348M | $321M | $334M | $376M | $321M | $317M |
| Property, plant and equipment | $26M | $24M | $24M | $23M | $23M | $20M | $21M | $18M | $16M | $16M |
| Goodwill | $30M | $32M | $32M | $41M | $41M | $41M | $68M | $68M | $68M | $68M |
| Total assets | $430M | $471M | $533M | $595M | $623M | $635M | $644M | $572M | $619M | $671M |
| Total current liabilities | $85M | $107M | $118M | $126M | $144M | $166M | $164M | $155M | $168M | $194M |
| Total liabilities | $131M | $156M | $169M | $200M | $235M | $265M | $275M | $249M | $262M | $280M |
| Shareholders' equity | $300M | $315M | $364M | $395M | $388M | $370M | $332M | $284M | $316M | $349M |
| Net debt | -$80M | -$65M | -$45M | -$41M | -$55M | -$93M | -$46M | -$71M | -$99M | -$105M |
Cash flow
Fiscal years, from Radware's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $38M | $31M | $49M | $53M | $64M | $72M | $32M | -$4M | $72M | $50M |
| Capital spending | $9M | $7M | $9M | $8M | $9M | $6M | $9M | $5M | $5M | $9M |
| Free cash flow | $29M | $24M | $40M | $45M | $55M | $66M | $23M | -$9M | $66M | $42M |
| Stock-based compensation | $12M | $13M | $13M | $13M | $17M | $18M | $27M | $34M | $26M | $24M |
| Share buybacks (net) | -$22M | -$413,000 | -$4M | -$25M | -$45M | -$52M | -$59M | -$63M | -$839,000 | -$10M |
| Free cash flow margin | 14.8% | 11.5% | 17.2% | 17.7% | 22.1% | 23.1% | 8.0% | -3.4% | 24.1% | 13.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for RDWR.
Open RDWR in InvestinglyQuestions
What was Radware's revenue in 2025?
$302M in fiscal 2025, from its 10-K filing.
How much free cash flow does Radware generate?
$42M in fiscal 2025 (operating cash flow minus capital spending).
From Radware's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.