CyberArk Software (CYBR) investor relations material

Executive summary

• Achieved record net new ARR of $99M in Q4 2025, up 20% year-over-year, and total ARR of $1.44B, up 23% year-over-year.

• Subscription ARR grew 30% year-over-year to $1.267B, representing 88% of total ARR.

• Total revenue for Q4 2025 was $373M, a 19% increase year-over-year; full year 2025 revenue was $1.361B, up 36% year-over-year.

• Announced definitive agreement to be acquired by Palo Alto Networks, expected to close in Q3 of PANW's fiscal 2026.

• Acquisitions of Venafi (October 2024) and Zilla Security (February 2025) contributed to ARR and revenue growth.

Financial highlights

• Q4 2025 subscription revenue was $310.5M, up 28% year-over-year; recurring revenue comprised 94% of total revenue, growing 22% year-over-year.

• Non-GAAP operating margin was 20% in Q4 2025; adjusted free cash flow margin was 34%.

• Q4 2025 GAAP operating loss was $(24.5)M; non-GAAP operating income was $75M.

• Q4 2025 GAAP net loss was $(17.1)M; non-GAAP net income was $72.6M.

• Cash, cash equivalents, deposits, and marketable securities totaled $2.095B as of December 31, 2025.

Segment performance

• Q4 2025 subscription revenue was $310.5M, up 28% year-over-year; SaaS revenue up 40%, self-hosted subscription revenue up 12%.

• Full year 2025 subscription revenue was $1.105B, up 51% year-over-year; SaaS up 46%, self-hosted up 58%.

• Recurring revenue in Q4 2025 was $356M, up 22% year-over-year; full year recurring revenue was $1.29B, up 39%.

• Maintenance portion of ARR was $173M at year-end 2025, down from $192M in 2024.

• 81% of FY 2025 revenue was from subscription, compared to 73% in FY 2024.