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Varonis Systems (VRNS)
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Varonis Systems Income Statement 2025-2011 | VRNS
Brief overview of financial results at Varonis Systems
This overview is based on financial performance over the past five years. Revenue at Varonis Systems moved from 293 million dollars in 2020 to 624 million dollars in 2025. Across the full period, sales moved by +113%; the average annual rate was 16.3%. Top-line growth remained consistently strong over the period.
Gross profit changed from $248 million to $492 million (+97.9%). Direct costs outpaced revenue, limiting the benefit of changes in sales. Gross margin moved from 84.9% to 78.8%. The business retained less gross profit from each unit of revenue.
EBITDA was −$68.2 million at the beginning and −$134 million at the end of the period (−96.6%). EBITDA lagged revenue, showing weaker operating momentum. The EBITDA share of revenue changed from −23.3% to −21.5%. The operating margin showed no pronounced shift.
The final result was −$94 million initially and −$129 million in the final year. The period ended with a larger loss than it began with.
The five-year change in capitalization reached −51.3%: from $5.6 billion to $2.7 billion. The decline in value indicates softer investor confidence.
Overall conclusion
The current trajectory does not yet confirm a sustainable recovery. The constructive conclusion rests on higher operating efficiency and a larger revenue base. The most visible risks are a low EBITDA margin, a weaker market valuation and lower net income. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Varonis Systems
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
2.7 B | 4.48 B | 5.25 B | 3.08 B | 3.92 B | 5.56 B | 2.57 B | 1.67 B | 1.5 B | 783 M | 474 M | 700 M | - | - | - |
Shares |
114 M | 112 M | 109 M | 109 M | 105 M | 94.3 M | 90.8 M | 87.1 M | 82.4 M | 79.2 M | 75.6 M | 63.7 M | - | - | - |
Historical Prices |
23.6 | 40.1 | 48.1 | 28.2 | 37.3 | 58.9 | 27.9 | 19.7 | 18.1 | 9.97 | 6.27 | 11 | - | - | - |
Net Income |
-129 M | -95.8 M | -101 M | -125 M | -117 M | -94 M | -78.8 M | -28.6 M | -13.7 M | -17.7 M | -21.3 M | -19.4 M | -7.48 M | -4.85 M | -3.8 M |
Revenue |
624 M | 551 M | 499 M | 474 M | 390 M | 293 M | 254 M | 270 M | 217 M | 164 M | 127 M | 101 M | 74.6 M | 53.4 M | 39.8 M |
Cost of Revenue |
132 M | 93.8 M | 71.8 M | 69.8 M | 59.4 M | 44.3 M | 35.1 M | 27.7 M | 20.7 M | 15.7 M | 12 M | 9.91 M | 6.48 M | 4.93 M | - |
Gross Profit |
492 M | 457 M | 427 M | 404 M | 331 M | 248 M | 219 M | 243 M | 196 M | 149 M | 115 M | 91.4 M | 68.1 M | 48.5 M | 36.3 M |
Operating Income |
-147 M | -118 M | -117 M | -121 M | -98.7 M | -78.4 M | -76 M | -29.1 M | -13.4 M | -12 M | -19.1 M | -17.3 M | -5.84 M | -1.55 M | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | - | - | - | - | 86 K | - |
EBITDA |
-134 M | -107 M | -106 M | -109 M | -87.8 M | -68.2 M | -60.6 M | -25 M | -10.3 M | -13.5 M | -17.5 M | -16 M | -5.05 M | -1.09 M | -2.95 M |
Operating Expenses |
638 M | 575 M | 545 M | 525 M | 429 M | 327 M | 295 M | 272 M | 210 M | 164 M | 134 M | 109 M | 74 M | 50 M | 39.7 M |
General and Administrative Expenses |
98.9 M | 89.2 M | 82.9 M | 72.1 M | 61.2 M | 47.6 M | 44.4 M | 33.5 M | 26.8 M | 19.8 M | 16.1 M | 11.9 M | 8.88 M | 4.97 M | 4.51 M |
All numbers in USD currency
Quarterly Income Statement Varonis Systems
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
115 M | 116 M | 118 M | 115 M | 112 M | 113 M | 113 M | 112 M | 112 M | 110 M | 109 M | 109 M | 110 M | 108 M | 108 M | 110 M | 110 M | 108 M | 108 M | 107 M | 106 M | 100 M | 95.5 M | 94.8 M | 94.5 M | 92.7 M | 30.6 M | 30.4 M | 30.3 M | 29.8 M | 29.6 M | 29.3 M | 28.9 M | 28.4 M | 28.1 M | 27.6 M | 27.3 M | 27 M | 26.8 M | 26.5 M | 26.3 M | 26.1 M | 26.1 M | 25.4 M | 24.9 M | 24.7 M | 24.7 M | 24.5 M | 24.5 M | 11.1 M | 3.95 M | 3.9 M | 3.88 M | 3.85 M | - | - | - | - | - | - | - | - |
Net Income |
-46.8 M | -36.9 M | - | -29.9 M | -35.8 M | -35.8 M | - | -18.3 M | -23.9 M | -40.5 M | - | -23 M | -38.7 M | -38.3 M | - | -28.7 M | -36.3 M | -48.8 M | - | -23.3 M | -32.9 M | -35.7 M | - | -19.2 M | -24.3 M | -31.4 M | - | -17 M | -24.5 M | -22.6 M | - | -7.32 M | -12.7 M | -15 M | - | -3.26 M | -5.74 M | -11.7 M | - | -4.39 M | -6.49 M | -10.4 M | - | -4.92 M | -6.32 M | -12.7 M | - | -19.4 M | -19.4 M | -19.4 M | - | -7.48 M | -7.48 M | -7.48 M | - | - | - | - | - | - | - | - |
Revenue |
180 M | 173 M | - | 162 M | 152 M | 136 M | - | 148 M | 130 M | 114 M | - | 122 M | 115 M | 107 M | - | 123 M | 111 M | 96.3 M | - | 100 M | 88.4 M | 74.8 M | - | 76.8 M | 66.6 M | 54.2 M | - | 65.6 M | 59.6 M | 56.4 M | - | 67.1 M | 62.2 M | 53.5 M | - | 53.4 M | 49.4 M | 39.6 M | - | 40.9 M | 38.6 M | 30.5 M | - | 31.2 M | 29.2 M | 23 M | - | 25.6 M | 24.6 M | 17.5 M | - | 18.5 M | 17.8 M | 12.6 M | - | - | - | - | - | - | - | - |
Cost of Revenue |
44.5 M | 41.6 M | - | 35.1 M | 31.2 M | 29 M | - | 24 M | 22.4 M | 21.3 M | - | 17.4 M | 17.4 M | 17.6 M | - | 17.2 M | 17.8 M | 17.8 M | - | 14.3 M | 14.2 M | 13.5 M | - | 11.3 M | 10.3 M | 10.2 M | - | 8.77 M | 8.4 M | 8.33 M | - | 7.05 M | 6.44 M | 6.44 M | - | 5.42 M | 4.88 M | 4.69 M | - | 4.12 M | 3.72 M | 3.5 M | - | 3.04 M | 2.86 M | 2.83 M | - | 2.59 M | 2.49 M | 2.04 M | - | 1.65 M | 1.51 M | 1.35 M | - | - | - | - | - | - | - | - |
Gross Profit |
136 M | 132 M | - | 126 M | 121 M | 107 M | - | 124 M | 108 M | 92.7 M | - | 105 M | 98 M | 89.7 M | - | 106 M | 93.6 M | 78.5 M | - | 86 M | 74.2 M | 61.3 M | - | 65.5 M | 56.2 M | 44 M | - | 56.9 M | 51.2 M | 48 M | - | 60 M | 55.8 M | 47.1 M | - | 47.9 M | 44.6 M | 34.9 M | - | 36.8 M | 34.9 M | 27 M | - | 28.2 M | 26.3 M | 20.2 M | - | 23 M | 22.1 M | 15.4 M | - | 16.9 M | 16.3 M | 11.2 M | - | - | - | - | - | - | - | - |
Operating Income |
-40.6 M | -44.5 M | - | -35.9 M | -36.6 M | -43.8 M | - | -23.6 M | -28.8 M | -47.6 M | - | -29.1 M | -39.7 M | -43.1 M | - | -25.6 M | -37.6 M | -48.1 M | - | -18.6 M | -28.2 M | -34.1 M | - | -16.5 M | -22.1 M | -32.7 M | - | -16 M | -24 M | -22 M | - | -6.83 M | -11.3 M | -15.5 M | - | -3.13 M | -6.11 M | -11.9 M | - | -3.93 M | -5.58 M | -10.8 M | - | -4.54 M | -6.54 M | -11.6 M | - | -5.11 M | -4.56 M | -7.93 M | - | -2.13 M | -1.26 M | -4.04 M | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -944 K | 74 K | -38 K | - | -387 K | -324 K | -679 K | - | - | - | - | - | - | - | - |
EBITDA |
-29.1 M | -40.1 M | - | -28 M | -36.4 M | -41.3 M | - | -23.3 M | -28.4 M | -44.7 M | - | -28.8 M | -39.3 M | -40.2 M | - | -24.4 M | -36.8 M | -45.4 M | - | -10.3 M | -27.8 M | -31.7 M | - | -9.13 M | -17.9 M | -30.6 M | - | -11.7 M | -21.2 M | -20.7 M | - | -4.35 M | -9.68 M | -14.7 M | - | -1.16 M | -4.82 M | -11.3 M | - | -2.32 M | -4.52 M | -10.3 M | - | -3.49 M | -5.85 M | -11.2 M | - | -4.26 M | -4.02 M | -7.68 M | - | -1.56 M | -912 K | -3.87 M | - | - | - | - | - | - | - | - |
Operating Expenses |
176 M | 176 M | - | 162 M | 157 M | 151 M | - | 148 M | 137 M | 140 M | - | 134 M | 138 M | 133 M | - | 132 M | 131 M | 127 M | - | 105 M | 102 M | 95.4 M | - | 81.9 M | 78.3 M | 76.7 M | - | 72.9 M | 75.2 M | 70 M | - | 66.8 M | 67.1 M | 62.6 M | - | 51.1 M | 50.7 M | 46.8 M | - | 40.8 M | 40.5 M | 37.8 M | - | 32.7 M | 32.8 M | 31.7 M | - | 28.1 M | 26.7 M | 23.3 M | - | 19 M | 17.6 M | 15.3 M | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
23.8 M | 25.9 M | - | 25.6 M | 24.6 M | 24.2 M | - | 22.9 M | 21.8 M | 21.3 M | - | 20.6 M | 21.3 M | 19.7 M | - | 17.4 M | 17.7 M | 18.2 M | - | 14 M | 14.2 M | 13.8 M | - | 11.8 M | 11.3 M | 11.4 M | - | 10.3 M | 13.9 M | 9.27 M | - | 8.77 M | 7.99 M | 7.07 M | - | 6.71 M | 6.58 M | 5.51 M | - | 5.05 M | 4.76 M | 4.56 M | - | 4.04 M | 3.76 M | 3.78 M | - | 3.03 M | 2.66 M | 2.66 M | - | 2.16 M | 2.22 M | 1.54 M | - | - | - | - | - | - | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Varonis Systems (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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