Filing Flows › Varonis Systems (VRNS) › Q3 2026 › vs Q3 2025
Varonis Systems (VRNS) Q3 2026 vs Q3 2025 (year over year)
Varonis Systems's revenue rose $27.9M (+17%) from $162M in Q3 2025 to $189M in Q3 2026. The biggest changes: SaaS +$59.3M (+47%); Term license subscriptions −$23.6M (-95%); Maintenance and services −$7.8M (-71%).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 14.0% | 18.8% | -4.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| SaaS | $185M | $126M | $59.3M | +47% |
| Maintenance and services | $3.1M | $10.9M | −$7.8M | -71% |
| Term license subscriptions | $1.2M | $24.8M | −$23.6M | -95% |
| Revenue | $189M | $162M | $27.9M | +17% |
| Other income, net | $9.2M | $7.8M | $1.4M | +18% |
| Net loss | $41.6M | $29.9M | $11.7M | +39% |
| Costs & expenses | $240M | $199M | $41.0M | +21% |
| Operating costs | $237M | $198M | $39.7M | +20% |
| Income tax | $3.1M | $1.8M | $1.3M | +72% |
| Cost of revenue | $46.9M | $35.1M | $11.7M | +33% |
| Research & development | $78.7M | $62.7M | $15.9M | +25% |
| Sales & marketing | $80.9M | $74.0M | $6.9M | +9% |
| General & admin | $30.7M | $25.6M | $5.1M | +20% |
| Operating cash sources | $69.8M | $63.3M | $6.5M | +10% |
| Depreciation & amortization | $6.4M | $3.0M | $3.4M | +116% |
| Share-based compensation | $41.2M | $31.6M | $9.6M | +30% |
| Working capital & other | $22.2M | $28.8M | −$6.6M | -23% |
| Net loss absorbed | $41.6M | $29.9M | $11.7M | +39% |
| Operating cash flow | $28.2M | $33.4M | −$5.2M | -16% |
| Free cash flow (OCF − capex) | $26.6M | $30.4M | −$3.8M | -13% |
| Capital expenditures | $1.6M | $3.0M | −$1.4M | -48% |
Questions
How much did Varonis Systems's revenue grow year over year in Q3 2026?
Varonis Systems's revenue rose $27.9M (+17%) from $162M in Q3 2025 to $189M in Q3 2026.
What drove Varonis Systems's revenue change in Q3 2026?
SaaS +$59.3M (+47%); Term license subscriptions −$23.6M (-95%); Maintenance and services −$7.8M (-71%).