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Varonis Systems cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$26.6M in Q3 2026 · $118M over twelve months

Operating cash flow$28.2M
Capital spending−$1.6M
Free cash flow+$26.6M
Cash conversion cycle57 days

Analysis

In Q3 2026, Varonis Systems generated $28.2M of operating cash flow and spent $1.6M on capital projects, leaving free cash flow of $26.6M. That is $3.8M less than in Q3 2025 ($30.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $133M; the largest uses were buybacks ($150M), taxes on employees’ shares ($23.6M), capital spending ($14.8M); besides operations, cash came from other investing ($155M), shares issued ($14.0M); the cash balance rose by $114M.

Operating cash flow was $28.2M against net income of −$41.6M. The largest differences: stock-based pay +$41.2M, prepaid and other assets +$25.3M, accrued liabilities +$18.8M.

Its cash conversion cycle was 57 days (receivables 77 + inventory 0 − payables 21).

Free cash flow

Varonis Systems: free cash flow by quarterVaronis Systems: free cash flow by quarter$19.9MQ4 2024$65.7MQ1 2025$18.0MQ2 2025$30.4MQ3 2025$20.7MQ4 2025$50.1MQ1 2026$20.7MQ2 2026$26.6MQ3 2026
Operating cash flow less capital spending.
Varonis Systems: operating cash flow against capital spendingVaronis Systems: operating cash flow against capital spendingOperating cash flowCapital spending$24.3M$4.4MQ4 2024$68.0M$2.3MQ1 2025$21.3M$3.4MQ2 2025$33.4M$3.0MQ3 2025$24.7M$3.9MQ4 2025$55.0M$5.0MQ1 2026$25.1M$4.4MQ2 2026$28.2M$1.6MQ3 2026
Latest (Q3 2026): Operating cash flow $28.2M, Capital spending $1.6M.

Capital allocation, year by year

Varonis Systems: where the cash came from (up) and went (down), by fiscal yearVaronis Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $7.2MFY2021: Shares issued $510MFY2021: Capital spending −$10.5M$517MFY2021FY2022: Operating cash flow $11.9MFY2022: Shares issued $11.9MFY2022: Asset sales $21KFY2022: Capital spending −$11.4MFY2022: Buybacks −$56.4M$23.8MFY2022FY2023: Operating cash flow $59.4MFY2023: Shares issued $11.5MFY2023: Capital spending −$5.1MFY2023: Buybacks −$43.5M$71.0MFY2023FY2024: Operating cash flow $115MFY2024: Net borrowing $450MFY2024: Shares issued $16.1MFY2024: Capital spending −$6.7M$581MFY2024FY2025: Operating cash flow $147MFY2025: Net borrowing −$137KFY2025: Shares issued $14.3MFY2025: Capital spending −$12.6MFY2025: Buybacks −$115M$162MFY2025
Over these 5 years operating cash flow totalled $341M; the largest uses were buybacks ($215M) and capital spending ($46.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$594M
Debtnone
Net cash$594M

Varonis Systems funds itself: free cash flow was $118M over the last twelve months, with $594M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Varonis Systems: sources (+) and uses (−) of cash, Q3 2026Varonis Systems: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$37.3MOperating cash flow$28.2MOther investing$6.7MShares issued$6.0MTaxes on employees’ shares−$2.0MCapital spending−$1.6M
Varonis Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Varonis Systems: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$155MBuybacks−$150MOperating cash flow$133MCash drawn (+) / kept (−)−$114MTaxes on employees’ shares−$23.6MCapital spending−$14.8MShares issued$14.0MOther financing−$349K

From profit to cash

Varonis Systems: net income to operating cash flow, Q3 2026Varonis Systems: net income to operating cash flow, Q3 2026Net income−$41.6MDepreciation & amortization$6.4MStock-based pay$41.2MReceivables−$16.1MPayables−$3.7MAccrued liabilities$18.8MDeferred revenue$3.4MPrepaid and other assets$25.3MOperating cash flow$28.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202677—2157
Q2 202678—2454
Q1 2026104—1886
Q4 2025102—1488
Q3 202583—1667
Q2 202582—1962
Q1 2025104—1688
Q4 202491—1080

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$28.2M−$1.6M———$6.0M−$37.3M$26.6M
Q2 2026$25.1M−$4.4M————−$54.3M$20.7M
Q1 2026$55.0M−$5.0M—−$135M—$8.0M$23.1M$50.1M
Q4 2025$24.7M−$3.9M—−$15.0M——−$45.1M$20.7M
Q3 2025$33.4M−$3.0M———$7.2M$41.9M$30.4M
Q2 2025$21.3M−$3.4M—−$38.7M——−$46.1M$18.0M
Q1 2025$68.0M−$2.3M−$18.6M−$61.3M—$7.2M$32.5M$65.7M
Q4 2024$24.3M−$4.4M——−$464K—$96.6M$19.9M

Varonis Systems: income statement and cash flow

Varonis Systems, Q3 2026: revenue $189M (+17% year over year), operating margin -25.2%. The chart follows the revenue to costs, profit and cash.

Varonis Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.