Filing Flows › Varonis Systems (VRNS) › Q4 2025
Varonis Systems (VRNS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 4, 2026
Varonis Systems (VRNS) reported revenue of $173M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +7% from the quarter before. Operating margin was -17.5%, net loss $27.8M (16.0% of revenue).
Varonis Systems, Q4 2025: revenue $173M (+9% year over year), operating margin -17.5%, net loss $27.8M, operating cash flow $24.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $173M | +7% | +9% |
| Operating profit | −$30.3M | — | — |
| Net earnings | −$27.8M | — | — |
| Operating cash flow | $24.7M | -26% | +2% |
| Free cash flow | $20.7M | -32% | +4% |
What changed
Revenue was $173.4M in Q4 2025, up 9% year over year and up 7% from the previous quarter. SaaS was the largest line at 82% of revenue.
Gross margin was 78.9%, down 4.6 points from a year earlier. Operating costs exceeded revenue by $30.3M, an operating margin of -17.5%. Operating expenses grew 11% against revenue growth of 9%. The fastest-growing cost line was Research & development (+28%). The quarter ended with a net loss of $27.8M, narrower than the previous quarter's $29.9M loss. Non-operating items added $5.5M, -22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $24.7M (up 2% year over year). Non-cash charges added back $4.3M of depreciation and amortization and $32.6M of share-based compensation. Working capital and other items added $15.5M. Capital expenditures of $3.9M left free cash flow of $20.7M.
Questions
What was Varonis Systems' revenue in the fourth quarter 2025?
Varonis Systems (VRNS) reported revenue of $173M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +7% from the quarter before.
Was Varonis Systems profitable in the fourth quarter 2025?
Operating loss was $30.3M (-17.5% of revenue) and net loss $27.8M.
Source: Varonis Systems 10-K on SEC EDGAR.