Filing Flows › Varonis Systems (VRNS) › Q2 2026 › vs Q2 2025
Varonis Systems (VRNS) Q2 2026 vs Q2 2025 (year over year)
Varonis Systems's revenue rose $27.9M (+18%) from $152M in Q2 2025 to $180M in Q2 2026. The biggest changes: SaaS +$65.8M (+62%); Term license subscriptions −$28.2M (-87%); Maintenance and services −$9.8M (-70%).
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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 11.5% | 11.8% | -0.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| SaaS | $172M | $106M | $65.8M | +62% |
| Term license subscriptions | $4.2M | $32.4M | −$28.2M | -87% |
| Maintenance and services | $4.1M | $13.9M | −$9.8M | -70% |
| Revenue | $180M | $152M | $27.9M | +18% |
| Net loss | $46.8M | $35.8M | $11.0M | +31% |
| Costs & expenses | $227M | $193M | $33.9M | +18% |
| Operating costs | $221M | $189M | $31.9M | +17% |
| Interest & other, net | $763K | −$5.0M | $5.7M | — |
| Income tax | $5.4M | $4.2M | $1.2M | +28% |
| Cost of revenue | $44.5M | $31.2M | $13.3M | +42% |
| Research & development | $73.3M | $56.2M | $17.1M | +30% |
| Sales & marketing | $79.0M | $76.6M | $2.4M | +3% |
| General & admin | $23.8M | $24.6M | −$816K | -3% |
| Operating cash sources | $71.9M | $57.2M | $14.7M | +26% |
| Depreciation & amortization | $7.2M | $2.6M | $4.6M | +180% |
| Share-based compensation | $34.6M | $33.9M | $760K | +2% |
| Working capital & other | $30.1M | $20.7M | $9.3M | +45% |
| Net loss absorbed | $46.8M | $35.8M | $11.0M | +31% |
| Operating cash flow | $25.1M | $21.3M | $3.7M | +17% |
| Free cash flow (OCF − capex) | $20.7M | $18.0M | $2.7M | +15% |
| Capital expenditures | $4.4M | $3.4M | $1.0M | +30% |
Questions
How much did Varonis Systems's revenue grow year over year in Q2 2026?
Varonis Systems's revenue rose $27.9M (+18%) from $152M in Q2 2025 to $180M in Q2 2026.
What drove Varonis Systems's revenue change in Q2 2026?
SaaS +$65.8M (+62%); Term license subscriptions −$28.2M (-87%); Maintenance and services −$9.8M (-70%).