Varonis Systems Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	623.53	550.95	499.16	473.63	390.13
Revenue Growth (YoY)	13.17%	10.38%	5.39%	21.40%	33.29%
Cost of Revenue	131.97	93.85	71.75	69.84	59.4
Gross Profit	491.56	457.1	427.41	403.8	330.74
Selling, General & Admin	400.26	377.99	360.79	347.15	291.55
Research & Development	237.81	196.77	183.84	177.88	137.88
Operating Expenses	638.07	574.75	544.63	525.03	429.43
Operating Income	-146.51	-117.65	-117.22	-121.23	-98.69
Interest Expense	-11.81	-6.72	-4.71	-4.65	-10.04
Interest & Investment Income	49.95	30.36	25.21	10.07	0.16
Currency Exchange Gain (Loss)	-7.15	-0.83	0.92	5.15	-1.7
Other Non Operating Income (Expenses)	-0.79	-0.86	-0.46	-0.5	-0.57
EBT Excluding Unusual Items	-116.32	-95.7	-96.27	-111.16	-110.84
Gain (Loss) on Sale of Investments	-	12.69	9.35	0.34	-
Pretax Income	-116.32	-83.01	-86.92	-110.82	-110.84
Income Tax Expense	13	12.76	14	13.7	6.02
Net Income	-129.32	-95.77	-100.92	-124.52	-116.86
Net Income to Common	-129.32	-95.77	-100.92	-124.52	-116.86
Shares Outstanding (Basic)	114	112	109	109	105
Shares Outstanding (Diluted)	114	112	109	109	105
Shares Change (YoY)	2.46%	2.31%	-0.13%	3.77%	11.63%
EPS (Basic)	-1.13	-0.86	-0.92	-1.14	-1.11
EPS (Diluted)	-1.13	-0.86	-0.92	-1.14	-1.11
Free Cash Flow	134.8	108.51	54.32	0.48	-3.31
Free Cash Flow Per Share	1.18	0.97	0.50	0.00	-0.03
Gross Margin	78.83%	82.97%	85.63%	85.26%	84.78%
Operating Margin	-23.50%	-21.35%	-23.48%	-25.60%	-25.30%
Profit Margin	-20.74%	-17.38%	-20.22%	-26.29%	-29.95%
Free Cash Flow Margin	21.62%	19.69%	10.88%	0.10%	-0.85%
EBITDA	-134.21	-106.53	-105.52	-109.05	-87.81
EBITDA Margin	-21.52%	-19.34%	-21.14%	-23.02%	-22.51%
D&A For EBITDA	12.31	11.13	11.7	12.18	10.89
EBIT	-146.51	-117.65	-117.22	-121.23	-98.69
EBIT Margin	-23.50%	-21.35%	-23.48%	-25.60%	-25.30%
Revenue as Reported	623.53	550.95	499.16	473.63	390.13

Source: S&P Global Market Intelligence. Standard template. Financial Sources.