Radware Ltd. (RDWR) Income Statement
RDWR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsRDWR revenue and net income
Where RDWR's revenue goes
2025Each bar shows an amount and its share of revenue. RDWR kept 6.7% of revenue as net income.
RDWR profit margins
RDWR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.8% | +0.9% | +3.8% | +3.4% |
| Gross profit | +9.9% | +0.5% | +3.5% | +3.2% |
| Operating income | — | — | +13.1% | −4.5% |
| Net income | +235.5% | — | +16.0% | +0.9% |
| EPS (diluted) | +33.7% | +18.0% | +11.7% | +5.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
RDWR quarterly EPS vs estimates
Radware beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.29).
RDWR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $301.9M | $274.9M | $261.3M | $293.4M | $286.5M | $250.0M | $252.1M | $234.4M | $211.4M | $196.6M |
| Cost of revenue | $58.3M | $53.3M | $51.7M | $53.9M | $52.4M | $45.1M | $45.2M | $41.7M | $39.6M | $35.7M |
| Gross profit | $243.5M | $221.6M | $209.6M | $239.5M | $234.1M | $204.9M | $206.9M | $192.7M | $171.8M | $160.9M |
| Research & development | $79.0M | $74.7M | $82.6M | $86.6M | $74.1M | $66.8M | $61.8M | $57.7M | $59.0M | $51.7M |
| Sales, general & admin | $153.1M | $150.8M | $158.6M | $156.3M | $141.7M | $131.9M | $128.1M | $127.5M | $17.6M | $121.9M |
| Total operating expenses | $232.1M | $225.5M | $241.3M | $242.9M | $215.8M | $198.8M | $190.0M | $185.2M | $178.4M | $173.6M |
| Operating income | $11.4M | −$3.9M | −$31.7M | −$3.3M | $18.2M | $6.2M | $16.9M | $7.5M | −$6.7M | −$12.7M |
| Interest income | $21.4M | $18.0M | $11.5M | $6.9M | $6.0M | $7.8M | $7.0M | $5.3M | $3.5M | $2.9M |
| Interest expense | — | $236,000 | $197,000 | $207,000 | $200,000 | $189,000 | $124,000 | $113,000 | $89,000 | $116,000 |
| Income before taxes | $29.3M | $12.7M | −$17.8M | $4.7M | $22.6M | $14.0M | $25.7M | $14.8M | −$1.8M | −$7.0M |
| Income taxes | $9.1M | $6.6M | $3.8M | $4.9M | $14.8M | $4.3M | $3.1M | $3.1M | $5.7M | $1.7M |
| Net income | $20.3M | $6.0M | −$21.6M | −$166,000 | $7.8M | $9.6M | $22.6M | $11.7M | −$7.5M | −$8.7M |
| EBITDA | $41.0M | $24.7M | −$5.3M | $16.6M | $33.0M | $16.7M | $28.2M | $17.3M | $4.6M | −$2.4M |
| EPS (diluted) | $1.15 | $0.86 | $0.44 | $0.70 | $0.81 | $0.66 | $0.84 | $0.55 | $0.18 | $0.21 |
| Gross margin | 80.7% | 80.6% | 80.2% | 81.6% | 81.7% | 82.0% | 82.1% | 82.2% | 81.3% | 81.8% |
| Operating margin | 3.8% | −1.4% | −12.1% | −1.1% | 6.4% | 2.5% | 6.7% | 3.2% | −3.2% | −6.5% |
| Net margin | 6.7% | 2.2% | −8.3% | −0.1% | 2.7% | 3.9% | 9.0% | 5.0% | −3.5% | −4.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $82.3M | $79.8M | $80.2M | $75.3M | $74.2M | $72.1M | $73.0M | $69.5M | $67.3M | $65.1M | $65.0M | $61.6M |
| Cost of revenue | $15.8M | $15.1M | $15.5M | $14.6M | $14.3M | $14.0M | $14.0M | $13.4M | $13.1M | $12.8M | $12.8M | $12.8M |
| Gross profit | $66.5M | $64.7M | $64.8M | $60.7M | $59.9M | $58.1M | $59.0M | $56.1M | $54.2M | $52.3M | $52.2M | $48.8M |
| Research & development | $23.8M | $21.1M | $21.1M | $19.7M | $19.4M | $18.8M | $18.5M | $18.7M | $18.7M | $18.9M | $19.7M | $20.6M |
| Sales, general & admin | $40.2M | $39.1M | $39.7M | $37.9M | $37.6M | $37.7M | $39.6M | $37.3M | $36.5M | $36.8M | $39.9M | $38.4M |
| Total operating expenses | $64.0M | $59.9M | $60.8M | $57.6M | $57.0M | $56.5M | $58.0M | $56.1M | $55.2M | $55.7M | $59.6M | $59.0M |
| Operating income | $2.5M | $4.8M | $3.9M | $3.2M | $2.8M | $1.6M | $991,000 | −$6,000 | −$1.2M | −$3.7M | −$7.4M | −$10.2M |
| Interest income | $3.5M | $3.8M | $8.1M | $4.8M | $3.7M | $4.9M | — | — | $4.4M | $3.6M | $3.5M | $3.8M |
| Interest expense | — | — | — | — | — | — | — | $86,000 | — | — | $197,000 | $197,000 |
| Income before taxes | $6.0M | $8.3M | $8.5M | $7.9M | $6.5M | $6.4M | $4.6M | $5.0M | $3.2M | −$55,000 | −$4.2M | −$6.4M |
| Income taxes | $2.1M | $2.2M | $2.5M | $2.2M | $2.2M | $2.1M | $2.1M | $1.8M | $1.5M | $1.2M | $1.7M | $433,000 |
| Net income | $1.7M | $3.5M | $6.0M | $5.7M | $4.2M | $4.3M | $2.5M | $3.1M | $1.7M | −$1.2M | −$5.8M | −$6.9M |
| EBITDA | $5.4M | $10.9M | $11.4M | $10.7M | $9.3M | $9.6M | $7.5M | $7.9M | $6.2M | $2.9M | −$939,000 | −$3.4M |
| EPS (diluted) | $0.13 | $0.25 | $0.32 | $0.28 | $0.28 | $0.27 | $0.27 | $0.23 | $0.20 | $0.16 | $0.13 | $0.07 |
| Gross margin | 80.8% | 81.1% | 80.7% | 80.7% | 80.7% | 80.6% | 80.8% | 80.7% | 80.6% | 80.3% | 80.3% | 79.2% |
| Operating margin | 3.0% | 6.0% | 4.9% | 4.2% | 3.8% | 2.2% | 1.4% | −0.0% | −1.8% | −5.6% | −11.4% | −16.5% |
| Net margin | 2.1% | 4.4% | 7.5% | 7.5% | 5.7% | 6.0% | 3.4% | 4.5% | 2.5% | −1.9% | −9.0% | −11.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in RDWR's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
RDWR financial results
In fiscal year 2025 (ended December 31, 2025), Radware reported revenue of $301.9 million, up 9.8% from the year before. It had net income of $20.3 million (up 235.5%), a net profit margin of 6.7%. Diluted earnings per share came to $1.15. Over five years revenue grew at an average rate of 3.8% a year.
See the RDWR stock overview for the latest quote and news, or the RDWR chart for price history and technical indicators.
RDWR income statement FAQ
What is Radware's annual revenue?
Radware reported total revenue of $301.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 9.8% from $274.9 million the previous year.
Is Radware profitable?
Yes. Radware reported net income of $20.3 million in fiscal 2025, a net profit margin of 6.7%; its operating margin was 3.8%.
What is Radware's gross margin?
Radware's gross margin was 80.7% in fiscal 2025: for every $100 of revenue, Radware kept $81 after the direct cost of its products and services.
How much does Radware spend on research and development?
Radware spent $79.0 million on research and development in fiscal 2025, 26.2% of revenue.
How fast is Radware growing?
Revenue grew 3.8% a year on average over the last five fiscal years, from $250.0 million to $301.9 million.
What are Radware's earnings per share?
Radware earned $1.15 per diluted share in fiscal 2025, compared with $0.86 a year earlier.
When will Radware report its next earnings?
Radware is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Radware's fiscal year end?
Radware's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.