Filing Flows › Varonis Systems (VRNS) › Q3 2026 › vs Q2 2026
Varonis Systems (VRNS) Q3 2026 vs Q2 2026 (quarter over quarter)
Varonis Systems's revenue rose $9.4M (+5%) from $180M in Q2 2026 to $189M in Q3 2026. The biggest changes: SaaS +$13.4M (+8%); Term license subscriptions −$2.9M (-71%); Maintenance and services −$1.0M (-24%).
Varonis Systems, Q3 2026: revenue $189M (+17% year over year), operating margin -25.2%, net loss $41.6M, operating cash flow $28.2M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 14.0% | 11.5% | +2.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| SaaS | $185M | $172M | $13.4M | +8% |
| Maintenance and services | $3.1M | $4.1M | −$1.0M | -24% |
| Term license subscriptions | $1.2M | $4.2M | −$2.9M | -71% |
| Revenue | $189M | $180M | $9.4M | +5% |
| Other income, net | $9.2M | −$763K | $10.0M | — |
| Net loss | $41.6M | $46.8M | −$5.2M | -11% |
| Costs & expenses | $240M | $227M | $13.5M | +6% |
| Operating costs | $237M | $221M | $16.5M | +7% |
| Income tax | $3.1M | $5.4M | −$2.3M | -42% |
| Cost of revenue | $46.9M | $44.5M | $2.4M | +5% |
| Research & development | $78.7M | $73.3M | $5.3M | +7% |
| Sales & marketing | $80.9M | $79.0M | $2.0M | +2% |
| General & admin | $30.7M | $23.8M | $6.8M | +29% |
| Operating cash sources | $69.8M | $71.9M | −$2.1M | -3% |
| Depreciation & amortization | $6.4M | $7.2M | −$759K | -11% |
| Share-based compensation | $41.2M | $34.6M | $6.5M | +19% |
| Working capital & other | $22.2M | $30.1M | −$7.8M | -26% |
| Net loss absorbed | $41.6M | $46.8M | −$5.2M | -11% |
| Operating cash flow | $28.2M | $25.1M | $3.1M | +12% |
| Free cash flow (OCF − capex) | $26.6M | $20.7M | $5.9M | +29% |
| Capital expenditures | $1.6M | $4.4M | −$2.8M | -65% |
Questions
How much did Varonis Systems's revenue grow quarter over quarter in Q3 2026?
Varonis Systems's revenue rose $9.4M (+5%) from $180M in Q2 2026 to $189M in Q3 2026.
What drove Varonis Systems's revenue change in Q3 2026?
SaaS +$13.4M (+8%); Term license subscriptions −$2.9M (-71%); Maintenance and services −$1.0M (-24%).