Varonis Systems, Inc. (VRNS) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 173.13M | 173.37M | 161.58M | 152.16M | 136.42M | 158.51M | 148.07M | 130.35M | 114.02M | 154.1M | 122.31M | 115.42M | 107.33M | 142.62M | 123.31M | 111.45M | 96.26M | 126.58M | 100.35M | 88.42M |
| Revenue Growth % | 26.9% | 9.37% | 9.12% | 16.74% | 19.65% | 2.86% | 21.06% | 12.93% | 6.23% | 8.05% | -0.81% | 3.56% | 11.5% | 12.67% | 22.87% | 26.05% | 28.72% | 32.96% | 30.75% | 32.83% |
| Cost of Goods Sold | 41.57M | 36.56M | 35.15M | 31.25M | 29.02M | 26.05M | 24.01M | 22.44M | 21.35M | 19.35M | 17.38M | 17.39M | 17.64M | 17.03M | 17.2M | 17.8M | 17.81M | 17.38M | 14.34M | 14.2M |
| COGS % of Revenue | 24.01% | 21.09% | 21.75% | 20.54% | 21.27% | 16.44% | 16.21% | 17.21% | 18.72% | 12.55% | 14.21% | 15.06% | 16.43% | 11.94% | 13.95% | 15.97% | 18.5% | 13.73% | 14.29% | 16.06% |
| Gross Profit | 131.56M | 136.81M | 126.43M | 120.91M | 107.41M | 132.46M | 124.06M | 107.91M | 92.67M | 134.75M | 104.93M | 98.03M | 89.7M | 125.59M | 106.11M | 93.65M | 78.45M | 109.2M | 86.02M | 74.22M |
| Gross Margin % | 75.99% | 78.91% | 78.25% | 79.46% | 78.73% | 83.56% | 83.79% | 82.79% | 81.28% | 87.45% | 85.79% | 84.94% | 83.57% | 88.06% | 86.05% | 84.03% | 81.5% | 86.27% | 85.71% | 83.94% |
| Gross Profit Growth % | 22.49% | 3.29% | 1.91% | 12.05% | 15.9% | -1.7% | 18.24% | 10.08% | 3.32% | 7.3% | -1.11% | 4.68% | 14.33% | 15.01% | 23.36% | 26.18% | 27.97% | 31.99% | 31.39% | 31.99% |
| Operating Expenses | 176.04M | 167.07M | 160.93M | 156.13M | 151.83M | 146.58M | 148.72M | 139.88M | 143.55M | 144.76M | 137.62M | 141.05M | 135.46M | 133.15M | 130.18M | 130.92M | 126.96M | 134.54M | 105.01M | 102.86M |
| OpEx % of Revenue | 101.68% | 96.37% | 99.6% | 102.61% | 111.3% | 92.47% | 100.44% | 107.32% | 125.9% | 93.94% | 112.52% | 122.21% | 126.2% | 93.36% | 105.57% | 117.48% | 131.89% | 106.29% | 104.64% | 116.33% |
| Selling, General & Admin | 106.28M | 102.45M | 98.19M | 99.88M | 97.62M | 96.03M | 95.26M | 94.95M | 95.72M | 96.61M | 92.8M | 94.91M | 90.73M | 88.13M | 85.7M | 86.11M | 83.39M | 94.39M | 70.67M | 69.53M |
| SG&A % of Revenue | 61.39% | 59.1% | 60.77% | 65.64% | 71.56% | 60.58% | 64.34% | 72.84% | 83.95% | 62.69% | 75.88% | 82.23% | 84.53% | 61.79% | 69.5% | 77.26% | 86.63% | 74.57% | 70.42% | 78.63% |
| Research & Development | 69.76M | 64.62M | 62.74M | 56.25M | 54.21M | 50.55M | 53.46M | 44.93M | 47.83M | 48.14M | 44.82M | 46.14M | 44.73M | 45.02M | 44.48M | 44.81M | 43.57M | 40.14M | 34.34M | 33.33M |
| R&D % of Revenue | 40.29% | 37.27% | 38.83% | 36.96% | 39.74% | 31.89% | 36.1% | 34.47% | 41.95% | 31.24% | 36.64% | 39.98% | 41.68% | 31.57% | 36.07% | 40.21% | 45.26% | 31.71% | 34.22% | 37.7% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -44.48M | -30.26M | -34.5M | -35.22M | -44.43M | -14.12M | -24.66M | -31.97M | -50.88M | -10M | -32.69M | -43.02M | -45.76M | -7.56M | -24.07M | -37.27M | -48.51M | -25.34M | -18.99M | -28.64M |
| Operating Margin % | -25.69% | -17.46% | -21.35% | -23.14% | -32.57% | -8.91% | -16.66% | -24.53% | -44.62% | -6.49% | -26.73% | -37.27% | -42.64% | -5.3% | -19.52% | -33.45% | -50.39% | -20.02% | -18.93% | -32.39% |
| Operating Income Growth % | -0.12% | -114.3% | -39.9% | -10.15% | 12.67% | -41.15% | 24.56% | 25.68% | -11.17% | -32.33% | -35.82% | -15.41% | 5.65% | 70.16% | -26.72% | -30.15% | -42.35% | -251.97% | -15.45% | -29.63% |
| EBITDA | -44.48M | -25.92M | -31.53M | -32.65M | -42.01M | -11.54M | -21.89M | -29.11M | -47.97M | -7.04M | -27.41M | -37.74M | -40.51M | -1.18M | -18.79M | -32.46M | -43.5M | -20.69M | -14.19M | -23.95M |
| EBITDA Margin % | -25.69% | -14.95% | -19.51% | -21.45% | -30.79% | -7.28% | -14.78% | -22.34% | -42.07% | -4.57% | -22.41% | -32.7% | -37.74% | -0.83% | -15.24% | -29.12% | -45.19% | -16.35% | -14.14% | -27.09% |
| EBITDA Growth % | -5.88% | -124.62% | -44.05% | -12.14% | 12.42% | -63.96% | 20.15% | 22.85% | -18.42% | -497.37% | -45.83% | -16.27% | 6.88% | 94.31% | -32.45% | -35.53% | -49.48% | -628.52% | -27.77% | -41.26% |
| D&A (Non-Cash Add-back) | 0 | 4.34M | 2.98M | 2.57M | 2.42M | 2.58M | 2.78M | 2.86M | 2.91M | 2.97M | 5.29M | 5.28M | 5.26M | 6.38M | 5.28M | 4.82M | 5M | 4.65M | 4.8M | 4.69M |
| EBIT | 0 | -24.79M | -28.13M | -31.59M | -31.82M | -9.95M | -13.39M | -20.58M | -39.09M | 189K | -20.51M | -31.25M | -35.34M | -5.72M | -23.15M | -34.59M | -47.34M | -17.78M | -18.18M | -28.47M |
| Net Interest Income | 0 | 5.47M | 7.81M | 4.97M | 11.95M | 7.61M | 10.24M | 8.31M | 9.34M | 6.37M | 8.05M | 8.32M | 8.07M | 5.61M | 1.5M | 1.16M | -5K | -4.14M | -3.6M | -3.56M |
| Interest Income | 0 | 5.47M | 7.81M | 4.97M | 11.95M | 7.61M | 10.24M | 8.31M | 9.34M | 6.37M | 8.05M | 8.32M | 8.07M | 5.61M | 1.5M | 1.16M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 4.14M | 3.6M | 3.56M |
| Other Income/Expense | 4.45M | 5.47M | 6.38M | 3.63M | 12.61M | 4.17M | 11.27M | 11.39M | 11.79M | 10.19M | 12.18M | 11.77M | 10.42M | 1.84M | 919K | 2.68M | 1.16M | 3.42M | -2.79M | -3.39M |
| Pretax Income | -40.03M | -24.79M | -28.13M | -31.59M | -31.82M | -9.95M | -13.39M | -20.58M | -39.09M | 189K | -20.51M | -31.25M | -35.34M | -5.72M | -23.15M | -34.59M | -47.35M | -21.92M | -21.79M | -32.03M |
| Pretax Margin % | -23.12% | -14.3% | -17.41% | -20.76% | -23.32% | -6.28% | -9.05% | -15.79% | -34.28% | 0.12% | -16.77% | -27.08% | -32.93% | -4.01% | -18.77% | -31.04% | -49.19% | -17.32% | -21.71% | -36.23% |
| Income Tax | 3.18M | 2.98M | 1.81M | 4.24M | 3.97M | 3.05M | 4.94M | 3.37M | 1.4M | 1.09M | 2.5M | 7.45M | 2.96M | 5.03M | 5.57M | 1.7M | 1.41M | 3.02M | 1.52M | 915K |
| Effective Tax Rate % | -7.95% | -12.03% | -6.45% | -13.42% | -12.47% | -30.63% | -36.86% | -16.38% | -3.59% | 575.13% | -12.21% | -23.83% | -8.38% | -87.8% | -24.04% | -4.91% | -2.99% | -13.79% | -7% | -2.86% |
| Net Income | -43.22M | -27.77M | -29.94M | -35.82M | -35.78M | -12.99M | -18.33M | -23.95M | -40.49M | -898K | -23.02M | -38.7M | -38.3M | -10.75M | -28.72M | -36.29M | -48.76M | -24.94M | -23.31M | -32.95M |
| Net Margin % | -24.96% | -16.02% | -18.53% | -23.54% | -26.23% | -8.2% | -12.38% | -18.37% | -35.51% | -0.58% | -18.82% | -33.53% | -35.69% | -7.54% | -23.29% | -32.56% | -50.66% | -19.71% | -23.23% | -37.26% |
| Net Income Growth % | -20.77% | -113.75% | -63.32% | -49.59% | 11.63% | -1346.99% | 20.35% | 38.11% | -5.71% | 91.64% | 19.85% | -6.63% | 21.45% | 56.91% | -23.17% | -10.14% | -36.76% | -31.06% | -21.27% | -35.46% |
| Net Income (Continuing) | -43.22M | -27.77M | -29.94M | -35.82M | -35.78M | -12.99M | -18.33M | -23.95M | -40.49M | -898K | -23.02M | -38.7M | -38.3M | -10.75M | -28.72M | -36.29M | -48.76M | -24.94M | -23.31M | -32.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.32 | -0.23 | -0.26 | -0.32 | -0.32 | -0.12 | -0.16 | -0.21 | -0.37 | 0.05 | -0.21 | -0.35 | -0.35 | -0.10 | -0.26 | -0.33 | -0.45 | -0.23 | -0.22 | -0.31 |
| EPS Growth % | 0% | -91.67% | -62.5% | -52.38% | 13.51% | -340.96% | 23.81% | 40% | -5.71% | 150.61% | 19.23% | -6.06% | 22.22% | 57.22% | -18.18% | -6.45% | -25% | -15% | -10% | -19.23% |
| EPS (Basic) | -0.32 | -0.23 | -0.26 | -0.32 | -0.32 | -0.12 | -0.16 | -0.21 | -0.37 | 0.05 | -0.21 | -0.35 | -0.35 | -0.10 | -0.26 | -0.33 | -0.45 | -0.23 | -0.22 | -0.31 |
| Diluted Shares Outstanding | 115.79M | 129.17M | 113.25M | 112.35M | 112.65M | 112.49M | 112.27M | 111.89M | 109.99M | 109.01M | 109.43M | 109.74M | 108.39M | 109.21M | 110M | 109.68M | 108.2M | 107.41M | 107.03M | 106.39M |
| Basic Shares Outstanding | 115.79M | 129.17M | 113.25M | 112.35M | 112.65M | 112.49M | 112.27M | 111.89M | 109.99M | 109.01M | 109.43M | 109.74M | 108.39M | 109.21M | 110M | 109.68M | 108.2M | 107.41M | 107.03M | 106.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |