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Blackline vs Varonis Systems: BL and VRNS compared
Blackline is the larger company: $193M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026). Varonis Systems is growing faster (+17% against +8% a year earlier). Blackline is more profitable, with an operating margin of 8.6% against -25.2%.
Where the money goes: BL and VRNS
Blackline (BL) · Q3 2026
Blackline, Q3 2026: revenue $193M (+8% year over year), operating margin 8.6%, net earnings $10.6M, operating cash flow $67.1M. The chart follows the revenue to costs, profit and cash.
Varonis Systems (VRNS) · Q3 2026
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.
| Blackline (BL) | Varonis Systems (VRNS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $193M | $189M |
| Revenue growth, Y/Y | +8% | +17% |
| Gross margin | 75.7% | — |
| Operating margin | 8.6% | -25.2% |
| Net earnings | $10.6M | −$41.6M |
| Net margin | 5.5% | -22.0% |
| Operating cash flow | $67.1M | $28.2M |
| Free cash flow | $57.5M | $26.6M |
| Market value | $2.0B | $5.6B |
| P/E | 58.7× | — |
| Analysts’ mean target | $37.60 | $50.14 |
Where the revenue comes from
Blackline
- Subscription and support: $183M (95%)
- Professional services: $10.3M (5%)
Varonis Systems
- SaaS: $185M (98%)
- Maintenance and services: $3.1M (2%)
- Term license subscriptions: $1.2M (1%)
Questions
Which is bigger, Blackline or Varonis Systems?
Blackline is the larger company: $193M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026).
Is Blackline or Varonis Systems growing faster?
Varonis Systems is growing faster (+17% against +8% a year earlier).
Which is more profitable, Blackline or Varonis Systems?
Blackline is more profitable, with an operating margin of 8.6% against -25.2%.
More: Blackline earnings · how Blackline makes money · Varonis Systems earnings · how Varonis Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.