Growth & profitability
- Revenue has grown 16.3% per year over the past 5 years.
- Operating margin has expanded, at -23.5% in the latest year.
VRNS Financials Varonis
14 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $624M | -$129M | 78.8% | -23.5% | $135M | — | $202M |
| 2024 | $551M | -$96M | 83.0% | -21.4% | $109M | — | $186M |
| 2023 | $499M | -$101M | 85.6% | -23.5% | $54M | — | $231M |
| 2022 | $474M | -$125M | 85.3% | -25.6% | $475000 | — | $368M |
| 2021 | $390M | -$117M | 84.8% | -25.3% | -$3M | — | $806M |
| 2020 | $293M | -$94M | 84.9% | -26.8% | -$16M | — | $234M |
| 2019 | $254M | -$79M | 86.2% | -29.9% | -$36M | — | $69M |
| 2018 | $270M | -$29M | 89.8% | -10.8% | $14M | — | $49M |
| 2017 | $215M | -$14M | 90.4% | -6.2% | $11M | — | $57M |
| 2016 | $166M | -$14M | 90.5% | -7.2% | $4M | — | $48M |
| 2015 | — | -$21M | — | — | -$7M | — | $49M |
| 2014 | — | -$19M | — | — | — | — | $77M |
| 2013 | — | -$7M | — | — | — | — | $10M |
| 2012 | — | -$5M | — | — | — | — | $14M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $173M | -$37M | 76.0% | -25.7% | $50M | — | $179M |
| Dec '25 | $173M | -$28M | 78.9% | -17.5% | $21M | — | $202M |
| Sep '25 | $162M | -$30M | 78.2% | -22.2% | $30M | — | $157M |
| Jun '25 | $152M | -$36M | 79.5% | -24.0% | $18M | — | $199M |
| Mar '25 | $136M | -$36M | 78.7% | -32.1% | $66M | — | $153M |
| Dec '24 | $159M | -$13M | 83.6% | -11.1% | $20M | — | $186M |
| Sep '24 | $148M | -$18M | 83.8% | -16.0% | $21M | — | $282M |
| Jun '24 | $130M | -$24M | 82.8% | -22.1% | $11M | — | $155M |
| Mar '24 | $114M | -$40M | 81.3% | -41.8% | $56M | — | $147M |
| Dec '23 | $154M | -$898000 | 87.4% | -3.4% | $8M | — | $231M |
| Sep '23 | $122M | -$23M | 85.8% | -23.8% | $6M | — | $111M |
| Jun '23 | $115M | -$39M | 84.9% | -34.4% | $4M | — | $399M |
| Mar '23 | $107M | -$38M | 83.6% | -40.2% | $36M | — | $249M |
| Dec '22 | $143M | -$11M | 88.1% | -7.0% | -$328000 | — | $368M |
| Sep '22 | $123M | -$29M | 86.1% | -20.7% | -$3M | — | $754M |
| Jun '22 | $111M | -$36M | 84.0% | -33.7% | -$17M | — | $753M |
| Mar '22 | $96M | -$49M | 81.5% | -50.0% | $21M | — | $776M |
| Dec '21 | $127M | -$25M | 86.3% | -14.1% | -$6M | — | $806M |
| Sep '21 | $100M | -$23M | 85.7% | -18.5% | -$6M | — | $803M |
| Jun '21 | $88M | -$33M | 83.9% | -31.9% | -$10M | — | $781M |
Valuation over time
How the market has priced VRNS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 6.3× (Mar '23) to 7.1× (Jun '26).
P/S
Frequently asked questions
Is VRNS growing its revenue and profit?
Over the past 5 years, Varonis's revenue has grown 16.3% per year. These are computed facts, not advice.
How much debt does VRNS have?
As of FY2025, Varonis reported — of total debt against $202M of cash.
What is VRNS's profit margin?
In FY2025, gross margin was 78.8%, operating margin -23.5%, and net margin -20.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.