Filing Flows › Varonis Systems (VRNS) › Q2 2026 › vs Q1 2026
Varonis Systems (VRNS) Q2 2026 vs Q1 2026 (quarter over quarter)
Varonis Systems's revenue rose $6.9M (+4%) from $173M in Q1 2026 to $180M in Q2 2026. The biggest changes: SaaS +$10.7M (+7%); Term license subscriptions −$2.7M (-40%); Maintenance and services −$1.0M (-20%).
Varonis Systems, Q2 2026: revenue $180M (+18% year over year), operating margin -22.6%, net loss $46.8M, operating cash flow $25.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 11.5% | 28.9% | -17.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| SaaS | $172M | $161M | $10.7M | +7% |
| Term license subscriptions | $4.2M | $6.9M | −$2.7M | -40% |
| Maintenance and services | $4.1M | $5.2M | −$1.0M | -20% |
| Revenue | $180M | $173M | $6.9M | +4% |
| Net loss | $46.8M | $36.9M | $10.0M | +27% |
| Costs & expenses | $227M | $218M | $9.2M | +4% |
| Operating costs | $221M | $218M | $3.0M | +1% |
| Interest & other, net | $763K | −$4.4M | $5.2M | — |
| Income tax | $5.4M | −$3.2M | $8.6M | — |
| Cost of revenue | $44.5M | $41.6M | $2.9M | +7% |
| Research & development | $73.3M | $69.8M | $3.6M | +5% |
| Sales & marketing | $79.0M | $80.3M | −$1.4M | -2% |
| General & admin | $23.8M | $25.9M | −$2.1M | -8% |
| Operating cash sources | $71.9M | $91.9M | −$20.0M | -22% |
| Depreciation & amortization | $7.2M | $4.4M | $2.8M | +65% |
| Share-based compensation | $34.6M | $33.7M | $880K | +3% |
| Working capital & other | $30.1M | $53.8M | −$23.7M | -44% |
| Net loss absorbed | $46.8M | $36.9M | $10.0M | +27% |
| Operating cash flow | $25.1M | $55.0M | −$30.0M | -54% |
| Free cash flow (OCF − capex) | $20.7M | $50.1M | −$29.4M | -59% |
| Capital expenditures | $4.4M | $5.0M | −$590K | -12% |
Questions
How much did Varonis Systems's revenue grow quarter over quarter in Q2 2026?
Varonis Systems's revenue rose $6.9M (+4%) from $173M in Q1 2026 to $180M in Q2 2026.
What drove Varonis Systems's revenue change in Q2 2026?
SaaS +$10.7M (+7%); Term license subscriptions −$2.7M (-40%); Maintenance and services −$1.0M (-20%).