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Varonis Systems (VRNS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Varonis Systems (VRNS) Q3 2026 earnings results →
Q3 2026 Revenue up 17% year over year to $189M · 22¢ of every $1 of revenue lost · operating margin -25.2%
Varonis Systems made $189M in Q3 2026 (+17% Y/Y): SaaS $185M, Maintenance and services $3.1M, Term license subscriptions $1.2M. Operating margin -25.2%, net loss $41.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $189.5M in Q3 2026, up 17% year over year and up 5% from the previous quarter. SaaS was the largest line at 98% of revenue. SaaS added $59.3M year over year (up 47%), 213% of the total change. Term license subscriptions declined 95%.
Gross margin was 75.3%, down 3.0 points from Q3 2025. Operating costs exceeded revenue by $47.7M, an operating margin of -25.2%. Operating expenses grew 17% against revenue growth of 17%. The fastest-growing cost line was Research & development (+25%). The quarter ended with a net loss of $41.6M, narrower than the previous quarter's $46.8M loss. Non-operating items added $9.2M, -24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $28.2M (down 16% year over year). Non-cash charges added back $6.4M of depreciation and amortization and $41.2M of share-based compensation. Working capital and other items added $22.2M. Capital expenditures of $1.6M left free cash flow of $26.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $189M | +17% | -25.2% | −$41.6M | $28.2M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $180M | +18% | -22.6% | −$46.8M | $25.1M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $173M | +27% | -25.7% | −$36.9M | $55.0M |
| Q4 2025 | 10-K | Feb 4, 2026 | $173M | +9% | -17.5% | −$27.8M | $24.7M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $162M | +9% | -22.2% | −$29.9M | $33.4M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $152M | +17% | -24.0% | −$35.8M | $21.3M |
| Q1 2025 | 10-Q | May 7, 2025 | $136M | +20% | -32.1% | −$35.8M | $68.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Varonis Systems
Varonis (Nasdaq: VRNS) secures AI and the data that powers it. The Varonis platform gives organizations automated visibility and control over their critical data wherever it lives and helps ensure safe and trustworthy AI from code to runtime. Backed by 24x7x365 managed detection and response, Varonis gives thousands of organizations worldwide the confidence to adopt AI, reduce data exposure, and stop AI-powered threats.
In its own words, from its 8-K, filed Jul 28, 2026.
Varonis Systems against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +17%. Operating margin: -25.2% against the peers' median 15.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VRNS Varonis Systems | Q3 2026 | $189M | +17% | -25.2% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: Varonis Systems 10-Q on SEC EDGAR · CIK 1361113 · Services-Prepackaged Software
Guidance and outlook
13F: who owns VRNS and who is buying
More on VRNS
- How Varonis Systems makes money: revenue by segment
- Varonis Systems next earnings date and what analysts expect
- Varonis Systems stock forecast, price target and fair value
- Who owns Varonis Systems stock: holders, funds and Congress trades
- Varonis Systems guidance and outlook
- Is Varonis Systems a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Varonis Systems guidance history: guided vs reported
- Varonis Systems free cash flow by quarter
- Varonis Systems R&D spending by quarter
- Varonis Systems capital expenditures by quarter
- Varonis Systems SaaS revenue by quarter
- Varonis Systems Maintenance and services revenue by quarter
- Varonis Systems Term license subscriptions revenue by quarter