Varonis Systems, Inc. (VRNS) Income Statement
VRNS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVRNS revenue and net income
Where VRNS's revenue goes
2025Each bar shows an amount and its share of revenue. VRNS kept −20.7% of revenue as net income.
VRNS profit margins
VRNS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.2% | +9.6% | +16.3% | +17.2% |
| Gross profit | +8.0% | +6.9% | +14.7% | +15.7% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | −40.0% | +1.9% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VRNS quarterly EPS vs estimates
Varonis Systems beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $-0.24).
VRNS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $623.5M | $551.0M | $499.2M | $473.6M | $390.1M | $292.7M | $254.2M | $270.3M | $217.4M | $164.5M |
| Cost of revenue | $130.1M | $93.8M | $71.8M | $69.8M | $59.4M | $44.3M | $35.1M | $27.7M | $20.9M | $15.8M |
| Gross profit | $493.4M | $457.1M | $427.4M | $403.8M | $330.7M | $248.4M | $219.0M | $242.6M | $196.5M | $148.6M |
| Research & development | $237.8M | $196.8M | $183.8M | $177.9M | $137.9M | $99.4M | $80.8M | $70.0M | $47.4M | $36.7M |
| Sales, general & admin | $400.3M | $378.0M | $360.8M | $347.1M | $291.5M | $227.5M | $214.3M | $201.8M | $162.7M | $127.6M |
| Total operating expenses | $638.1M | $563.9M | $544.6M | $525.0M | $438.3M | $326.8M | $295.0M | $271.7M | $208.1M | $164.3M |
| Operating income | −$146.5M | −$106.8M | −$117.2M | −$121.2M | −$107.6M | −$78.4M | −$76.0M | −$29.1M | −$13.4M | −$15.7M |
| Interest income | $49.9M | $30.4M | $34.6M | $10.4M | $164,000 | $674,000 | $2.0M | $1.7M | $747,000 | $520,000 |
| Interest expense | $12.9M | $8.3M | $3.2M | $3.2M | $11.6M | $5.3M | $205,000 | $195,000 | $185,000 | $149,000 |
| Income before taxes | −$116.3M | −$83.0M | −$86.9M | −$110.8M | −$110.8M | −$85.9M | −$76.4M | −$28.2M | −$11.2M | −$16.6M |
| Income taxes | $13.0M | $12.8M | $14.0M | $13.7M | $6.0M | $8.1M | $2.4M | $413,000 | $2.8M | $1.1M |
| Net income | −$129.3M | −$95.8M | −$100.9M | −$124.5M | −$116.9M | −$94.0M | −$78.8M | −$28.6M | −$13.8M | −$17.7M |
| EBITDA | −$104.0M | −$63.6M | −$117.2M | −$109.1M | −$80.2M | −$61.7M | −$60.8M | −$23.8M | −$7.5M | −$14.2M |
| EPS (diluted) | $0.18 | $0.30 | $0.01 | $0.17 | $0.12 | −$0.11 | −$0.31 | $0.10 | $0.07 | −$0.07 |
| Gross margin | 79.1% | 83.0% | 85.6% | 85.3% | 84.8% | 84.9% | 86.2% | 89.8% | 90.4% | 90.4% |
| Operating margin | −23.5% | −19.4% | −23.5% | −25.6% | −27.6% | −26.8% | −29.9% | −10.8% | −6.2% | −9.5% |
| Net margin | −20.7% | −17.4% | −20.2% | −26.3% | −30.0% | −32.1% | −31.0% | −10.6% | −6.4% | −10.8% |
| 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 | $180.0M | $173.1M | $173.4M | $161.6M | $152.2M | $136.4M | $158.5M | $148.1M | $130.3M | $114.0M | $154.1M | $122.3M |
| Cost of revenue | $44.5M | $41.6M | $36.6M | $35.1M | $31.2M | $29.0M | $26.1M | $24.0M | $22.4M | $21.3M | $19.3M | $17.4M |
| Gross profit | $135.5M | $131.6M | $136.8M | $126.4M | $120.9M | $107.4M | $132.5M | $124.1M | $107.9M | $92.7M | $134.8M | $104.9M |
| Research & development | $73.3M | $69.8M | $64.6M | $62.7M | $56.2M | $54.2M | $50.5M | $53.5M | $44.9M | $47.8M | $48.1M | $44.8M |
| Sales, general & admin | $102.8M | $105.2M | $102.5M | $99.6M | $101.2M | $96.4M | $23.3M | $94.2M | $91.8M | $92.5M | $91.9M | $89.3M |
| Total operating expenses | $176.1M | $176.0M | $167.1M | $162.4M | $157.5M | $151.2M | $146.6M | $148.7M | $139.9M | $143.5M | $144.8M | $137.6M |
| Operating income | −$40.6M | −$44.5M | −$30.3M | −$35.9M | −$36.6M | −$43.8M | −$14.1M | −$24.7M | −$32.0M | −$50.9M | −$10.0M | −$32.7M |
| Interest income | — | $4.4M | $25.2M | $7.8M | $5.0M | $12.0M | $3.3M | $10.2M | $8.2M | $8.5M | — | $8.6M |
| Interest expense | $763,000 | — | — | — | — | — | — | — | — | — | $7.8M | — |
| Income before taxes | −$41.4M | −$40.0M | −$24.8M | −$28.1M | −$31.6M | −$31.8M | −$9.9M | −$13.4M | −$20.6M | −$39.1M | $189,000 | −$20.5M |
| Income taxes | −$5.4M | −$3.2M | $3.0M | $1.8M | $4.2M | $4.0M | $3.0M | $4.9M | $3.4M | $1.4M | $1.1M | $2.5M |
| Net income | −$46.8M | −$36.9M | −$27.8M | −$29.9M | −$35.8M | −$35.8M | −$13.0M | −$18.3M | −$23.9M | −$40.5M | −$898,000 | −$23.0M |
| EBITDA | −$33.5M | −$35.7M | −$20.4M | −$25.2M | −$29.0M | −$29.4M | −$7.4M | −$10.6M | −$17.7M | −$36.2M | $3.2M | −$15.2M |
| EPS (diluted) | −$0.26 | $0.06 | $0.08 | $0.06 | $0.03 | $0.01 | $0.18 | $0.10 | $0.05 | −$0.03 | $0.27 | $0.08 |
| Gross margin | 75.3% | 76.0% | 78.9% | 78.2% | 79.5% | 78.7% | 83.6% | 83.8% | 82.8% | 81.3% | 87.4% | 85.8% |
| Operating margin | −22.6% | −25.7% | −17.5% | −22.2% | −24.0% | −32.1% | −8.9% | −16.7% | −24.5% | −44.6% | −6.5% | −26.7% |
| Net margin | −26.0% | −21.3% | −16.0% | −18.5% | −23.5% | −26.2% | −8.2% | −12.4% | −18.4% | −35.5% | −0.6% | −18.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VRNS's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VRNS financial results
In fiscal year 2025 (ended December 31, 2025), Varonis Systems reported revenue of $623.5 million, up 13.2% from the year before. It had a net loss of $129.3 million, a net profit margin of −20.7%. Diluted earnings per share came to $0.18. Over five years revenue grew at an average rate of 16.3% a year.
See the VRNS stock overview for the latest quote and news, or the VRNS chart for price history and technical indicators.
VRNS income statement FAQ
What is Varonis Systems's annual revenue?
Varonis Systems reported total revenue of $623.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 13.2% from $551.0 million the previous year.
Is Varonis Systems profitable?
No. Varonis Systems reported a net loss of $129.3 million in fiscal 2025, a net profit margin of −20.7%; its operating margin was −23.5%.
What is Varonis Systems's gross margin?
Varonis Systems's gross margin was 79.1% in fiscal 2025: for every $100 of revenue, Varonis Systems kept $79 after the direct cost of its products and services.
How much does Varonis Systems spend on research and development?
Varonis Systems spent $237.8 million on research and development in fiscal 2025, 38.1% of revenue.
How fast is Varonis Systems growing?
Revenue grew 16.3% a year on average over the last five fiscal years, from $292.7 million to $623.5 million.
What are Varonis Systems's earnings per share?
Varonis Systems earned $0.18 per diluted share in fiscal 2025, compared with $0.30 a year earlier.
When will Varonis Systems report its next earnings?
Varonis Systems is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Varonis Systems's fiscal year end?
Varonis Systems's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.