Varonis Systems (VRNS) financial statements
Varonis Systems reported revenue of $624M in fiscal 2025, up 15.9% a year over 9 years.
Net income was -$129M and the operating margin -23.5%, against -7.2% in 2016.
Free cash flow was $132M, and the company returned $115M in net buybacks.
The diluted share count rose 333% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Varonis Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $166M | $215M | $270M | $254M | $293M | $390M | $474M | $499M | $551M | $624M |
| Cost of revenue | $16M | $21M | $28M | $35M | $44M | $59M | $70M | $72M | $94M | $132M |
| Gross profit | $150M | $195M | $243M | $219M | $248M | $331M | $404M | $427M | $457M | $492M |
| Research and development | $37M | $47M | $70M | $81M | $99M | $138M | $178M | $184M | $197M | $238M |
| Selling, general and admin | $125M | $161M | $202M | $214M | $227M | $292M | $347M | $361M | $378M | $400M |
| Operating income | -$12M | -$13M | -$29M | -$76M | -$78M | -$99M | -$121M | -$117M | -$118M | -$147M |
| Interest expense | — | — | $0 | $0 | $2M | $3M | — | — | — | — |
| Pre-tax income | -$13M | -$11M | -$28M | -$76M | -$86M | -$111M | -$111M | -$87M | -$83M | -$116M |
| Income tax | $1M | $3M | $413,000 | $2M | $8M | $6M | $14M | $14M | $13M | $13M |
| Net income | -$14M | -$14M | -$29M | -$79M | -$94M | -$117M | -$125M | -$101M | -$96M | -$129M |
| EPS (diluted) | -$0.54 | -$0.50 | -$0.98 | -$2.60 | -$1.00 | -$1.11 | -$1.14 | -$0.92 | -$0.86 | -$1.13 |
| Diluted shares | 26M | 27M | 29M | 91M | 94M | 105M | 109M | 109M | 112M | 114M |
| Gross margin | 90.5% | 90.4% | 89.8% | 86.2% | 84.9% | 84.8% | 85.3% | 85.6% | 83.0% | 78.8% |
| Operating margin | -7.2% | -6.2% | -10.8% | -29.9% | -26.8% | -25.3% | -25.6% | -23.5% | -21.4% | -23.5% |
| Net margin | -8.6% | -6.4% | -10.6% | -31.0% | -32.1% | -30.0% | -26.3% | -20.2% | -17.4% | -20.7% |
Balance sheet
Fiscal years, from Varonis Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $97M | $119M | $110M | $268M | $806M | $604M | $484M | $529M | $884M |
| Receivables | $54M | $76M | $83M | $75M | $94M | $117M | $136M | $169M | $193M | $243M |
| Total current assets | $171M | $226M | $259M | $215M | $420M | $959M | $906M | $767M | $878M | $1.3B |
| Property, plant and equipment | $10M | $12M | $17M | $36M | $37M | $38M | $39M | $34M | $31M | $36M |
| Goodwill | — | — | — | $0 | $23M | $23M | $23M | $23M | $23M | $135M |
| Total assets | $182M | $246M | $285M | $318M | $555M | $1.1B | $1.0B | $1.1B | $1.7B | $1.8B |
| Total current liabilities | $88M | $117M | $146M | $160M | $183M | $212M | $229M | $307M | $710M | $659M |
| Total liabilities | $86M | $131M | $160M | $225M | $461M | $512M | $542M | $614M | $1.2B | $1.2B |
| Shareholders' equity | $96M | $115M | $125M | $94M | $94M | $597M | $502M | $490M | $456M | $599M |
| Net debt | -$48M | -$57M | -$49M | -$69M | -$234M | -$806M | -$368M | -$231M | -$186M | -$202M |
Cash flow
Fiscal years, from Varonis Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7M | $16M | $24M | -$11M | -$6M | $7M | $12M | $59M | $115M | $147M |
| Capital spending | $4M | $5M | $10M | $25M | $10M | $10M | $11M | $5M | $7M | $16M |
| Free cash flow | $4M | $11M | $14M | -$36M | -$16M | -$3M | $475,000 | $54M | $109M | $132M |
| Stock-based compensation | $13M | $20M | $35M | $46M | $69M | $110M | $143M | $140M | $127M | $130M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$56M | -$44M | $0 | -$115M |
| Free cash flow margin | 2.1% | 5.1% | 5.2% | -14.2% | -5.5% | -0.8% | 0.1% | 10.9% | 19.7% | 21.2% |
Questions
What was Varonis Systems's revenue in 2025?
$624M in fiscal 2025, from its 10-K filing.
How much free cash flow does Varonis Systems generate?
$132M in fiscal 2025 (operating cash flow minus capital spending).
From Varonis Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.