Filing Flows › Varonis Systems (VRNS) › Q2 2025
Varonis Systems (VRNS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Varonis Systems (VRNS) reported revenue of $152M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +12% from the quarter before. Operating margin was -24.0%, net loss $35.8M (23.5% of revenue).
Varonis Systems, Q2 2025: revenue $152M (+17% year over year), operating margin -24.0%, net loss $35.8M, operating cash flow $21.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $152M | +12% | +17% |
| Operating profit | −$36.6M | — | — |
| Net earnings | −$35.8M | — | — |
| Operating cash flow | $21.3M | -69% | +82% |
| Free cash flow | $18.0M | -73% | +65% |
What changed
Revenue was $152.2M in Q2 2025, up 17% year over year and up 12% from the previous quarter. SaaS was the largest line at 70% of revenue. SaaS added $61.1M year over year (up 136%), 280% of the total change. Term license subscriptions declined 48%.
Gross margin was 79.5%, down 3.3 points from a year earlier. Operating costs exceeded revenue by $36.6M, an operating margin of -24.0%. Operating expenses grew 15% against revenue growth of 17%. The fastest-growing cost line was Research & development (+25%). The quarter ended with a net loss of $35.8M, wider than the previous quarter's $35.8M loss.
Operating cash flow was $21.3M (up 82% year over year). Non-cash charges added back $2.6M of depreciation and amortization and $33.9M of share-based compensation. Working capital and other items added $20.7M. Capital expenditures of $3.4M left free cash flow of $18.0M.
Questions
What was Varonis Systems' revenue in the second quarter 2025?
Varonis Systems (VRNS) reported revenue of $152M for the second quarter 2025 (Q2 2025), +17% from a year earlier and +12% from the quarter before.
Was Varonis Systems profitable in the second quarter 2025?
Operating loss was $36.6M (-24.0% of revenue) and net loss $35.8M.
Source: Varonis Systems 10-Q on SEC EDGAR.