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Varonis Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Annual recurring revenue (ARR) reached $745.4 million, up 16% year-over-year, with SaaS ARR at $638.5 million, up 88% year-over-year and now 86% of total ARR; SaaS ARR grew 32% year-over-year excluding conversions.
The company is targeting a full transition to 100% SaaS by the end of 2026 or 2027, aiming to unlock further growth and operational efficiencies.
Free cash flow for 2025 was $131.9 million, up from $108.5 million in 2024.
Acquisition of Altru/AllTrue.ai enhances AI security capabilities, reinforcing the data-first strategy and expanding the platform's reach.
Full-year revenues increased 13% year-over-year to $623.5 million, driven by SaaS growth and customer conversions from term licenses.
Financial highlights
Q4 total revenues were $173.4 million, up 9% year-over-year; SaaS revenues were $142.3 million.
Q4 gross profit was $138.7 million (80% gross margin), down from 84.4% in Q4 2024.
Q4 non-GAAP operating income was $4.6 million (2.6% margin), down from $15.3 million (9.7% margin) last year; GAAP operating loss was $30.3 million.
Q4 non-GAAP net income was $11.1 million ($0.08 per diluted share); GAAP net loss was $27.8 million.
Ended 2025 with $1.1 billion in cash, cash equivalents, and marketable securities.
Outlook and guidance
2026 SaaS ARR expected at $805 million–$840 million (26%–32% growth); SaaS ARR growth excluding conversions guided at 18%–20%.
2026 total revenues expected at $722 million–$730 million (16%–17% growth); free cash flow expected at $100 million–$105 million.
2026 non-GAAP operating income expected to be break-even to $4 million.
Q1 2026 SaaS ARR growth (ex-conversions) guided at 27%–28%; total revenues $164 million–$166 million.
No non-SaaS ARR expected by end of 2026; federal and state government customers may not convert.
How will 2026 SaaS conversions affect revenue?
Drivers for 2026 non-GAAP operating income target?
AllTrue.ai acquisition's impact on AI security
What is the expected SaaS NRR trend for 2026?
How will AllTrue acquisition impact 2026 revenue?
Explain the $30-50M FCF headwind in 2026.
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Net investment income was $36.7M ($0.42/share) as NAV fell to $16.30 and a $0.40 dividend was declared.
Next Varonis Systems earnings date
Q1 20265 May, 2026
Varonis Systems
Next Varonis Systems earnings date
Q1 20265 May, 2026
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Frequently asked questions
Varonis Systems, Inc. provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data. The company's products include Varonis DatAdvantage for data discovery and protection, Varonis DatAdvantage for DLP to secure confidential data, Varonis System for big-data analysis of Enterprise File Data and File Sharing Data, Varonis Encryption Gateway for data encryption at rest and in transit, Varonis SIEM integration, and Varonis Enterprise File Synchronization and ShareFile to sync and share large amounts of files on a file server. The company also provides support subscriptions. It serves technology sector.
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