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Varonis Systems vs Marqeta: VRNS and MQ compared
Varonis Systems is the larger company: $189M of revenue in its latest quarter (Q3 2026) against $176M for Marqeta (Q3 2026). Varonis Systems is growing faster (+17% against +8% a year earlier). Marqeta is more profitable, with an operating margin of 3.6% against -25.2%.
Where the money goes: VRNS and MQ
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.
Marqeta (MQ) · Q3 2026
Marqeta, Q3 2026: revenue $176M (+8% year over year), operating margin 3.6%, net earnings $115M, operating cash flow $26.3M. The chart follows the revenue to costs, profit and cash.
| Varonis Systems (VRNS) | Marqeta (MQ) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $189M | $176M |
| Revenue growth, Y/Y | +17% | +8% |
| Gross margin | — | 69.3% |
| Operating margin | -25.2% | 3.6% |
| Net earnings | −$41.6M | $115M |
| Net margin | -22.0% | 65.5% |
| Operating cash flow | $28.2M | $26.3M |
| Free cash flow | $26.6M | $26.0M |
| Market value | $5.6B | — |
| Analysts’ mean target | $50.14 | — |
Where the revenue comes from
Varonis Systems
- SaaS: $185M (98%)
- Maintenance and services: $3.1M (2%)
- Term license subscriptions: $1.2M (1%)
Marqeta
- Platform services revenue, net: $166M (94%)
- Other services revenue: $10.4M (6%)
Questions
Which is bigger, Varonis Systems or Marqeta?
Varonis Systems is the larger company: $189M of revenue in its latest quarter (Q3 2026) against $176M for Marqeta (Q3 2026).
Is Varonis Systems or Marqeta growing faster?
Varonis Systems is growing faster (+17% against +8% a year earlier).
Which is more profitable, Varonis Systems or Marqeta?
Marqeta is more profitable, with an operating margin of 3.6% against -25.2%.
More: Varonis Systems earnings · how Varonis Systems makes money · Marqeta earnings · how Marqeta makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.