Filing Flows › Varonis Systems (VRNS) › Q3 2026
Varonis Systems (VRNS) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Varonis Systems (VRNS) reported revenue of $189M for the third quarter 2026 (Q3 2026), +17% from a year earlier and +5% from the quarter before. Operating margin was -25.2%, net loss $41.6M (22.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $189M | +5% | +17% |
| Operating profit | −$47.7M | — | — |
| Net earnings | −$41.6M | — | — |
| Operating cash flow | $28.2M | +12% | -16% |
| Free cash flow | $26.6M | +29% | -13% |
What changed
Revenue was $189.5M in Q3 2026, up 17% year over year and up 5% from the previous quarter. SaaS was the largest line at 98% of revenue. SaaS added $59.3M year over year (up 47%), 213% of the total change. Term license subscriptions declined 95%.
Gross margin was 75.3%, down 3.0 points from Q3 2025. Operating costs exceeded revenue by $47.7M, an operating margin of -25.2%. Operating expenses grew 17% against revenue growth of 17%. The fastest-growing cost line was Research & development (+25%). The quarter ended with a net loss of $41.6M, narrower than the previous quarter's $46.8M loss. Non-operating items added $9.2M, -24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $28.2M (down 16% year over year). Non-cash charges added back $6.4M of depreciation and amortization and $41.2M of share-based compensation. Working capital and other items added $22.2M. Capital expenditures of $1.6M left free cash flow of $26.6M.
Questions
What was Varonis Systems' revenue in the third quarter 2026?
Varonis Systems (VRNS) reported revenue of $189M for the third quarter 2026 (Q3 2026), +17% from a year earlier and +5% from the quarter before.
Was Varonis Systems profitable in the third quarter 2026?
Operating loss was $47.7M (-25.2% of revenue) and net loss $41.6M.
Source: Varonis Systems 10-Q on SEC EDGAR.