Varonis Systems Cash Flow 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
Net Income	-129.32	-95.77	-100.92	-124.52	-116.86
Depreciation & Amortization	12.31	11.13	11.7	12.18	10.89
Stock-Based Compensation	130.24	126.68	139.82	142.86	109.78
Other Adjustments	66.97	60.03	54.7	59.79	29.25
Change in Receivables	-52.55	-23.72	-33.14	-18.8	-22.95
Changes in Accounts Payable	1.23	3.64	-2.29	-2.36	4.47
Changes in Accrued Expenses	52.83	17.32	-5.28	-9.12	5.85
Changes in Unearned Revenue	148.07	110.39	69.88	5.27	5.42
Changes in Other Operating Activities	-82.34	-94.5	-75.07	-53.43	-18.67
Operating Cash Flow	147.43	115.2	59.42	11.87	7.18
Operating Cash Flow Growth	27.98%	93.89%	400.51%	65.38%	-
Capital Expenditures	-12.63	-6.69	-5.1	-11.4	-10.49
Sale of Property, Plant & Equipment	-	-	-	0.02	-
Purchases of Intangible Assets	-2.89	-	-	-	-
Purchases of Investments	-480.03	-974.1	-653.77	-420.44	-50
Proceeds from Sale of Investments	618.22	455.19	515.79	57.56	114.87
Payments for Business Acquisitions	-123.51	-6.65	-	-	-
Investing Cash Flow	-0.84	-532.26	-143.08	-374.25	54.38
Long-Term Debt Issued	-	449.64	-	-	-
Long-Term Debt Repaid	-0.14	-	-	-	-
Net Long-Term Debt Issued (Repaid)	-0.14	449.64	-	-	-
Issuance of Common Stock	14.35	16.08	11.54	11.94	511.16
Repurchase of Common Stock	-144.16	-38.3	-64.94	-87.52	-1.04
Net Common Stock Issued (Repurchased)	-129.81	-22.21	-53.4	-75.58	510.11
Other Financing Activities	0.25	-55.52	-	-	-
Financing Cash Flow	-129.7	371.9	-53.4	-75.58	510.11
Net Cash Flow	16.9	-45.16	-137.06	-437.96	571.67
Free Cash Flow	134.8	108.51	54.32	0.48	-3.31
Free Cash Flow Growth	24.24%	99.76%	11335.16%	-	-
FCF Margin	21.62%	19.69%	10.88%	0.10%	-0.85%
Free Cash Flow Per Share	1.18	0.97	0.50	0.00	-0.03
Levered Free Cash Flow	-9.99	395.15	-107.07	-183.38	-119.39
Unlevered Free Cash Flow	-43.42	-94.45	-142.25	-195.08	-106.59

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.