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Fastly vs Varonis Systems: FSLY and VRNS compared
Fastly is the larger company: $190M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026). Fastly is growing faster (+20% against +17% a year earlier). Fastly is more profitable, with an operating margin of -5.9% against -25.2%.
Where the money goes: FSLY and VRNS
Fastly (FSLY) · Q3 2026
Fastly, Q3 2026: revenue $190M (+20% year over year), operating margin -5.9%, net loss $11.3M, operating cash flow $40.0M. 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.
| Fastly (FSLY) | Varonis Systems (VRNS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $190M | $189M |
| Revenue growth, Y/Y | +20% | +17% |
| Operating margin | -5.9% | -25.2% |
| Net earnings | −$11.3M | −$41.6M |
| Net margin | -5.9% | -22.0% |
| Operating cash flow | $40.0M | $28.2M |
| Free cash flow | $25.2M | $26.6M |
| Market value | $4.2B | $5.6B |
| Analysts’ mean target | $27.64 | $50.14 |
Where the revenue comes from
Varonis Systems
- SaaS: $185M (98%)
- Maintenance and services: $3.1M (2%)
- Term license subscriptions: $1.2M (1%)
Questions
Which is bigger, Fastly or Varonis Systems?
Fastly is the larger company: $190M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026).
Is Fastly or Varonis Systems growing faster?
Fastly is growing faster (+20% against +17% a year earlier).
Which is more profitable, Fastly or Varonis Systems?
Fastly is more profitable, with an operating margin of -5.9% against -25.2%.
More: Fastly earnings · how Fastly 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 4, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.