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SPS Commerce vs Varonis Systems: SPSC and VRNS compared
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026). Varonis Systems is growing faster (+17% against +4% a year earlier). SPS Commerce is more profitable, with an operating margin of 20.2% against -25.2%.
Where the money goes: SPSC and VRNS
SPS Commerce (SPSC) · Q3 2026
SPS Commerce, Q3 2026: revenue $198M (+4% year over year), operating margin 20.2%, net earnings $30.7M, operating cash flow $64.0M. 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.
| SPS Commerce (SPSC) | Varonis Systems (VRNS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $198M | $189M |
| Revenue growth, Y/Y | +4% | +17% |
| Gross margin | 71.1% | — |
| Operating margin | 20.2% | -25.2% |
| Net earnings | $30.7M | −$41.6M |
| Net margin | 15.5% | -22.0% |
| Operating cash flow | $64.0M | $28.2M |
| Free cash flow | $58.5M | $26.6M |
| Market value | $3.3B | $5.6B |
| P/E | 40.7× | — |
| Analysts’ mean target | $84.82 | $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, SPS Commerce or Varonis Systems?
SPS Commerce is the larger company: $198M of revenue in its latest quarter (Q3 2026) against $189M for Varonis Systems (Q3 2026).
Is SPS Commerce or Varonis Systems growing faster?
Varonis Systems is growing faster (+17% against +4% a year earlier).
Which is more profitable, SPS Commerce or Varonis Systems?
SPS Commerce is more profitable, with an operating margin of 20.2% against -25.2%.
More: SPS Commerce earnings · how SPS Commerce makes money · Varonis Systems earnings · how Varonis Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.