Filing Flows › Varonis Systems (VRNS) › Q2 2026
Varonis Systems (VRNS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 29, 2026
Varonis Systems (VRNS) reported revenue of $180M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +4% from the quarter before. Operating margin was -22.6%, net loss $46.8M (26.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $180M | +4% | +18% |
| Operating profit | −$40.6M | — | — |
| Net earnings | −$46.8M | — | — |
| Operating cash flow | $25.1M | -54% | +17% |
| Free cash flow | $20.7M | -59% | +15% |
What changed
Revenue was $180.0M in Q2 2026, up 18% year over year and up 4% from the previous quarter. SaaS was the largest line at 95% of revenue. SaaS added $65.8M year over year (up 62%), 236% of the total change. Term license subscriptions declined 87%.
Gross margin was 75.3%, down 4.2 points from Q2 2025. Operating costs exceeded revenue by $40.6M, an operating margin of -22.6%. Operating expenses grew 12% against revenue growth of 18%. The fastest-growing cost line was Research & development (+30%). The quarter ended with a net loss of $46.8M, wider than the previous quarter's $36.9M loss.
Operating cash flow was $25.1M (up 17% year over year). Non-cash charges added back $7.2M of depreciation and amortization and $34.6M of share-based compensation. Working capital and other items added $30.1M. Capital expenditures of $4.4M left free cash flow of $20.7M.
Questions
What was Varonis Systems' revenue in the second quarter 2026?
Varonis Systems (VRNS) reported revenue of $180M for the second quarter 2026 (Q2 2026), +18% from a year earlier and +4% from the quarter before.
Was Varonis Systems profitable in the second quarter 2026?
Operating loss was $40.6M (-22.6% of revenue) and net loss $46.8M.
Source: Varonis Systems 10-Q on SEC EDGAR.