Varonis Systems, Inc. (VRNS) Revenue History
Annual and quarterly revenue from 2011 to present
VRNS Revenue Over Time (2011–2025)
VRNS Revenue Growth History
13 of 14 years with positive growth- FY2011 revenue growth
- N/A
- FY2012 revenue growth
- +34.3%
- FY2013 revenue growth
- +39.7%
- FY2014 revenue growth
- +35.8%
- FY2015 revenue growth
- +25.5%
- FY2016 revenue growth
- +29.3%
- FY2017 revenue growth
- +32.2%
- FY2018 revenue growth
- +24.3%
- FY2019 revenue growth
- -6.0%
- FY2020 revenue growth
- +15.1%
- FY2021 revenue growth
- +33.3%
- FY2022 revenue growth
- +21.4%
- FY2023 revenue growth
- +5.4%
- FY2024 revenue growth
- +10.4%
- FY2025 revenue growth
- +13.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $173.1M | +26.9% |
| Q4 2025 | $173.4M | +9.4% |
| Q3 2025 | $161.6M | +9.1% |
| Q2 2025 | $152.2M | +16.7% |
| Q1 2025 | $136.4M | +19.6% |
| Q4 2024 | $158.5M | +2.9% |
| Q3 2024 | $148.1M | +21.1% |
| Q2 2024 | $130.3M | +12.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
VRNS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
VRNS Revenue Analysis (2011–2025)
Current Revenue & Growth
As of June 28, 2026, Varonis Systems, Inc. (VRNS) generated trailing twelve-month (TTM) revenue of $660.2 million, reflecting exceptional growth of +26.9% year-over-year. The most recent quarter (Q1 2026) recorded $173.1 million in revenue, down 0.1% sequentially.
Historical Growth Trajectory
VRNS's 5-year compound annual growth rate (CAGR) stands at +16.3%, indicating consistent double-digit revenue growth. The 3-year CAGR of +9.6% is below the 5-year average, signalling a growth deceleration in recent years. Varonis Systems, Inc.'s highest annual revenue of $623.5 million was recorded in 2025, an all-time high.
Revenue by Segment
VRNS's revenue is primarily driven by Software as a Service (74%), Subscription and Circulation (18%), and Maintenance (8%). With over half of revenue concentrated in Software as a Service, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Technology sector peers — including CYBR (+36.0% YoY), SAIL (+23.4% YoY), and DDOG (+29.5% YoY) — VRNS has outperformed the peer group in revenue growth. Compare VRNS vs CYBR →
VRNS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VRNSCurrent | $660M | +26.9% | +16.3% | -23.5% | |
 CYBR | $1.4B | +36.0% | +24.0% | -7.7% | |
 SAIL | $1.1B | +23.4% | +30.0% | -28.7% | |
 DDOG | $3.4B | +29.5% | +41.5% | -1.3% | |
 QLYS | $669M | +10.2% | +13.0% | 33.2% | |
 TENB | $999M | +10.7% | +17.8% | 0.1% |
VRNS Historical Revenue Data (2011–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $623.5M | +13.2% | $493.4M | 79.1% | $-146,514,000 | -23.5% |
| 2024 | $551.0M | +10.4% | $457.1M | 83.0% | $-106,810,000 | -19.4% |
| 2023 | $499.2M | +5.4% | $427.4M | 85.6% | $-131,479,000 | -26.3% |
| 2022 | $473.6M | +21.4% | $403.8M | 85.3% | $-117,410,000 | -24.8% |
| 2021 | $390.1M | +33.3% | $330.7M | 84.8% | $-107,595,000 | -27.6% |
| 2020 | $292.7M | +15.1% | $248.4M | 84.9% | $-78,415,000 | -26.8% |
| 2019 | $254.2M | -6.0% | $219.0M | 86.2% | $-75,987,000 | -29.9% |
| 2018 | $270.3M | +24.3% | $242.6M | 89.8% | $-29,135,000 | -10.8% |
| 2017 | $217.4M | +32.2% | $196.5M | 90.4% | $-13,419,000 | -6.2% |
| 2016 | $164.5M | +29.3% | $148.6M | 90.4% | $-15,694,000 | -9.5% |
| 2015 | $127.2M | +25.5% | $115.2M | 90.6% | $-19,074,000 | -15.0% |
| 2014 | $101.3M | +35.8% | $91.4M | 90.2% | $-17,308,000 | -17.1% |
| 2013 | $74.6M | +39.7% | $68.1M | 91.3% | $-5,845,000 | -7.8% |
| 2012 | $53.4M | +34.3% | $48.5M | 90.8% | $-1,554,000 | -2.9% |
| 2011 | $39.8M | - | $36.3M | 91.1% | $-3,403,000 | -8.6% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
15+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
VRNS — Frequently Asked Questions
Quick answers to the most common questions about buying VRNS stock.
Is VRNS's revenue growth accelerating or slowing?
VRNS revenue growth is accelerating. TTM revenue reached $660M, up +26.9% year-over-year — ahead of the 5-year CAGR of +16.3%. This indicates the business is expanding faster than its historical baseline.
What is VRNS's revenue history from 2011 to 2026?
Varonis Systems, Inc. (VRNS) revenue history spans 2011 to 2026. TTM revenue as of 2026 is $660M, growing at +26.9% YoY. The 5-year CAGR is +16.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is VRNS's long-term revenue growth rate (CAGR)?
Varonis Systems, Inc.'s 5-year revenue CAGR of +16.3% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +26.9% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for VRNS.
Why does VRNS's quarterly revenue fluctuate?
VRNS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Varonis Systems, Inc.'s revenue data from 2011 to 2026 shows full historical quarterly detail on this page.
How is VRNS's revenue distributed by segment?
VRNS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does VRNS's revenue compare to industry peers?
Varonis Systems, Inc. (VRNS) with TTM revenue of $660M and +26.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.