Revenue growth has decelerated to 18.5% in 2025Q4, while gross margins have contracted to 71.7% from historical levels above 80%.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.36B | 1B | 751.89M | 591.71M | 502.92M | 464.43M | 433.89M | 343.2M | 261.7M | 216.61M | 160.81M | 103M | 66.16M | 47.21M |
| Revenue Growth % | 36.01% | 33.1% | 27.07% | 17.66% | 8.29% | 7.04% | 26.43% | 31.14% | 20.82% | 34.7% | 56.13% | 55.69% | 40.14% | - |
| Cost of Goods Sold | 350.48M | 208.38M | 156.13M | 126.05M | 93.31M | 82.57M | 62.62M | 48.46M | 41.85M | 30.15M | 22.66M | 14.71M | 9.08M | 6.92M |
| COGS % of Revenue | 25.75% | 20.82% | 20.77% | 21.3% | 18.55% | 17.78% | 14.43% | 14.12% | 15.99% | 13.92% | 14.09% | 14.28% | 13.72% | 14.67% |
| Gross Profit | 1.01B | 792.37M | 595.76M | 465.66M | 409.61M | 381.86M | 371.28M | 294.74M | 219.85M | 186.46M | 138.15M | 88.29M | 57.08M | 40.28M |
| Gross Margin % | 74.25% | 79.18% | 79.23% | 78.7% | 81.45% | 82.22% | 85.57% | 85.88% | 84.01% | 86.08% | 85.91% | 85.72% | 86.28% | 85.33% |
| Gross Profit Growth % | 27.55% | 33% | 27.94% | 13.68% | 7.27% | 2.85% | 25.97% | 34.06% | 17.91% | 34.97% | 56.47% | 54.68% | 41.7% | - |
| Operating Expenses | 1.12B | 865.17M | 712.23M | 618.11M | 487.95M | 375.85M | 309M | 247.45M | 199.53M | 150.51M | 104.93M | 67.84M | 48M | 32.65M |
| OpEx % of Revenue | 81.96% | 86.45% | 94.73% | 104.46% | 97.02% | 80.93% | 71.21% | 72.1% | 76.24% | 69.48% | 65.25% | 65.86% | 72.56% | 69.16% |
| Selling, General & Admin | 827.89M | 622.11M | 500.78M | 427.79M | 345.83M | 280.43M | 236.48M | 190.33M | 157.14M | 115.89M | 83.2M | 53.44M | 37.6M | 25.38M |
| SG&A % of Revenue | 60.82% | 62.17% | 66.6% | 72.3% | 68.76% | 60.38% | 54.5% | 55.46% | 60.04% | 53.5% | 51.73% | 51.88% | 56.83% | 53.76% |
| Research & Development | 343.86M | 243.06M | 211.44M | 190.32M | 142.12M | 95.43M | 72.52M | 57.11M | 42.39M | 34.61M | 21.73M | 14.4M | 10.4M | 7.27M |
| R&D % of Revenue | 25.26% | 24.29% | 28.12% | 32.16% | 28.26% | 20.55% | 16.71% | 16.64% | 16.2% | 15.98% | 13.52% | 13.98% | 15.73% | 15.41% |
| Other Operating Expenses | -56.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -104.88M | -72.8M | -116.47M | -152.45M | -78.34M | 6.01M | 62.28M | 47.29M | 20.33M | 35.96M | 33.22M | 20.45M | 9.08M | 7.63M |
| Operating Margin % | -7.71% | -7.27% | -15.49% | -25.76% | -15.58% | 1.29% | 14.35% | 13.78% | 7.77% | 16.6% | 20.66% | 19.86% | 13.72% | 16.17% |
| Operating Income Growth % | -44.06% | 37.49% | 23.6% | -94.61% | -1404.31% | -90.36% | 31.7% | 132.67% | -43.47% | 8.23% | 62.42% | 125.29% | 18.94% | - |
| EBITDA | 23.38M | -30.82M | -99.29M | -136.25M | -64.11M | 21.48M | 106.78M | 85.18M | 28.18M | 42.44M | 35.48M | 21.2M | 9.55M | 7.96M |
| EBITDA Margin % | 1.72% | -3.08% | -13.21% | -23.03% | -12.75% | 4.63% | 24.61% | 24.82% | 10.77% | 19.59% | 22.06% | 20.58% | 14.44% | 16.87% |
| EBITDA Growth % | 175.87% | 68.96% | 27.13% | -112.52% | -398.45% | -79.88% | 25.37% | 202.24% | -33.6% | 19.64% | 67.34% | 121.9% | 19.99% | - |
| D&A (Non-Cash Add-back) | 128.26M | 41.98M | 17.18M | 16.2M | 14.23M | 15.47M | 44.5M | 37.88M | 7.86M | 6.49M | 2.25M | 746K | 475K | 329K |
| EBIT | -69.13M | -13.31M | -60.95M | -133.77M | -73.29M | 16.79M | 72.32M | 52.02M | 24.43M | 36.34M | 33.22M | 14.47M | 9.08M | 7.64M |
| Net Interest Income | 62.03M | 54.35M | 51.65M | 13.87M | -12.48M | -7.08M | 8.6M | 5.6M | 2.37M | 1.21M | 244K | 138K | 15K | 59K |
| Interest Income | 62.03M | 58.42M | 52.24M | 17.12M | 5.56M | 10.38M | 10.84M | 5.78M | 2.53M | 1.36M | 330K | 201K | 77K | 106K |
| Interest Expense | 0 | 4.07M | 598K | 3.25M | 18.04M | 17.46M | 2.24M | 177K | 158K | 144K | 86K | 63K | 62K | 47K |
| Other Income/Expense | 35.75M | 56.84M | 53.21M | 15.43M | -12.99M | -6.39M | 7.8M | 4.55M | 4.1M | 245K | -1.48M | -5.99M | -1.12M | 4K |
| Pretax Income | -69.13M | -15.97M | -63.26M | -137.02M | -91.33M | -389K | 70.08M | 51.84M | 24.43M | 36.2M | 31.74M | 14.47M | 7.96M | 7.64M |
| Pretax Margin % | -5.08% | -1.6% | -8.41% | -23.16% | -18.16% | -0.08% | 16.15% | 15.11% | 9.33% | 16.71% | 19.74% | 14.04% | 12.02% | 16.18% |
| Income Tax | 77.78M | 77.5M | 3.25M | -6.65M | -7.38M | 5.37M | 7.02M | 4.77M | 8.41M | 8.08M | 5.95M | 4.51M | 1.32M | -225K |
| Effective Tax Rate % | -112.51% | -485.38% | -5.13% | 4.85% | 8.08% | -1380.21% | 10.02% | 9.2% | 34.44% | 22.31% | 18.74% | 31.19% | 16.59% | -2.95% |
| Net Income | -146.91M | -93.46M | -66.5M | -130.37M | -83.95M | -5.76M | 63.06M | 47.07M | 16.02M | 28.12M | 25.79M | 9.95M | 6.63M | 7.86M |
| Net Margin % | -10.79% | -9.34% | -8.84% | -22.03% | -16.69% | -1.24% | 14.53% | 13.72% | 6.12% | 12.98% | 16.04% | 9.66% | 10.03% | 16.65% |
| Net Income Growth % | -57.19% | -40.53% | 48.99% | -55.3% | -1357.9% | -109.13% | 33.97% | 193.92% | -43.06% | 9.03% | 159.13% | 50.02% | -15.61% | - |
| Net Income (Continuing) | -146.91M | -93.46M | -66.5M | -130.37M | -83.95M | -5.76M | 63.06M | 47.07M | 16.02M | 28.12M | 25.79M | 9.95M | 6.63M | 7.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.93 | -2.12 | -1.60 | -3.21 | -2.12 | -0.15 | 1.62 | 1.27 | 0.44 | 0.78 | 0.73 | 0.34 | 0.06 | 0.11 |
| EPS Growth % | -38.21% | -32.5% | 50.16% | -51.42% | -1313.33% | -109.26% | 27.56% | 188.64% | -43.59% | 6.85% | 114.71% | 472.39% | -46% | - |
| EPS (Basic) | -2.93 | -2.12 | -1.60 | -3.21 | -2.12 | -0.15 | 1.68 | 1.30 | 0.46 | 0.83 | 0.80 | 0.33 | 0.06 | 0.11 |
| Diluted Shares Outstanding | 50.19M | 44.18M | 41.66M | 40.58M | 39.65M | 38.63M | 38.89M | 37.07M | 36.18M | 35.84M | 35.32M | 29.7M | 29.58M | 29.58M |
| Basic Shares Outstanding | 50.14M | 44.18M | 41.66M | 40.58M | 39.65M | 38.63M | 37.59M | 36.17M | 34.82M | 33.74M | 32.12M | 29.7M | 29.58M | 29.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent GAAP Operating Losses
According to the latest quarterly filings, CyberArk's revenue growth has decelerated to 18.5% in 2025Q4, a notable decline from the 46.0% peak observed in 2025Q2, suggesting that the initial tailwinds from the subscription model transition are beginning to normalize against a more challenging enterprise spending environment.
The deceleration in top-line expansion warrants caution, as it indicates that the company may be reaching a saturation point within its core privileged access management niche. Investors should monitor whether the recent acquisition of Venafi can successfully re-accelerate growth by capturing the broader machine identity market or if competitive pressures are permanently tempering demand.
As reported in recent financial statements, the company's gross margin has contracted to 71.7% in 2025Q4, down from the 80% levels maintained throughout 2024, which may indicate rising costs associated with cloud infrastructure delivery or a shift in the product mix toward lower-margin professional services.
This structural decline in gross profitability is concerning for a software-centric business model that relies on high-margin recurring revenue to offset heavy R&D and S&M investments. If this margin erosion persists, it suggests that the company's pricing power may be weakening in the face of aggressive competition from broader identity platform providers.
Based on the provided income statement data, operating expenses continue to outpace gross profit growth, resulting in a marginal 0.5% operating margin in 2025Q4, which highlights the company's ongoing struggle to achieve meaningful scale despite significant top-line expansion over the last ten quarters.
The persistent reliance on heavy sales and marketing spend to drive growth suggests that the company has not yet achieved the operating leverage typical of mature SaaS leaders. Investors should scrutinize whether management can effectively pivot toward expense discipline without sacrificing the market share gains necessary to justify its current valuation.
Analysis of the income statement reveals that stock-based compensation reached $67.4 million in 2025Q4, a figure that consistently exceeds the company's reported operating income, suggesting that GAAP net income figures are heavily distorted by the dilutive cost of talent retention and aggressive equity-based incentive programs.
The reliance on equity to compensate for cash-based operating losses raises questions regarding the true economic profitability of the business. Analysts should adjust for these non-cash charges to determine if the underlying operations are generating sufficient value or if the company remains structurally dependent on external capital to fund its growth trajectory.
While management frames the $1.54 billion Venafi acquisition as a strategic expansion, the historical data suggests that the company's inability to maintain consistent GAAP profitability makes this large-scale capital allocation a high-risk endeavor that could further strain the balance sheet if integration synergies fail to materialize.
Short-sellers may focus on the potential for 'integration fatigue,' where the complexity of merging two distinct security architectures leads to operational inefficiencies and increased churn. The lack of a clear path to sustained GAAP profitability makes the company particularly vulnerable to any downturn in enterprise security budgets or a shift in investor sentiment toward immediate cash flow generation.
Quick answers to the most common questions about buying CYBR stock.
For fiscal year 2025, CyberArk Software Ltd. (CYBR) reported total revenue of $1.36B. This represents a 2783.2% increase compared to $47.2M in 2012.
CyberArk Software Ltd. (CYBR) reported a net loss of $146.9M for the fiscal year ending 2025.
CyberArk Software Ltd. (CYBR) reported an operating income of $-104.9M, resulting in an operating profit margin of -7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
CyberArk Software Ltd. (CYBR) generated $1.01B in gross profit for the year, representing a gross profit margin of 74.3%. This demonstrates the company's core pricing power and production efficiency.