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Mar 31
CyberArk Q1 2025 Earnings Report
CyberArk reported strong Q1 2025 results with robust ARR growth and significant cash flow generation.
Key Takeaways
CyberArk started 2025 with strong momentum, achieving record recurring revenue and ARR growth, driven by its identity security platform and recent acquisitions. Profitability improved on a non-GAAP basis, and the company demonstrated healthy cash flow.
Total revenue reached $317,601,000 in Q1 2025.
Annual Recurring Revenue (ARR) hit $1.215 billion, with $1.028 billion from subscriptions.
Free cash flow was $95,522,000, representing a 30% margin.
Non-GAAP EPS increased to $0.98, driven by operating leverage and acquisition impact.
CyberArk
CyberArk
CyberArk Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comMaintenance & Services Revenue
CapyFin.com Forward Guidance
CyberArk anticipates continued revenue and profitability growth in Q2 and FY25, incorporating expected contributions from Venafi and Zilla acquisitions.
Positive Outlook
- Q2 revenue guidance between $312M–$318M.
- Full-year 2025 revenue projected at $1.313B–$1.323B.
- Non-GAAP EPS for full year expected at $3.73–$3.85.
- ARR projected to reach $1.41B–$1.42B by year-end.
- Free cash flow expected between $300M–$310M (excluding one-time items).
Challenges Ahead
- Includes one-time $42M tax cost for IP migration (excluded from FCF guidance).
- Estimated $15M in capex for new U.S. headquarters.
- GAAP operating loss still reported despite top-line growth.
- Decline in deferred revenue sequentially from December to March.
- Impact of acquisition-related expenses on short-term profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income