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Dec 31, 2025
Varonis Q4 2025 Earnings Report
Varonis reported strong SaaS ARR growth and overall revenue increase in Q4 2025.
Key Takeaways
Varonis Systems, Inc. announced strong financial results for the fourth quarter and full-year ended December 31, 2025, driven by significant growth in its SaaS business. The company reported a 16% year-over-year increase in annual recurring revenues and a 32% increase in SaaS ARR, excluding conversions. Total revenues for Q4 2025 reached $173.4 million, up from $158.5 million in Q4 2024, with SaaS revenues more than doubling.
Total revenues for Q4 2025 were $173.4 million, an increase from $158.5 million in Q4 2024.
SaaS revenues for Q4 2025 were $142.3 million, significantly up from $72.2 million in Q4 2024.
GAAP operating loss for Q4 2025 was ($30.3) million, compared to ($17.6) million in Q4 2024.
Non-GAAP operating income for Q4 2025 was $4.6 million, compared to $15.3 million in Q4 2024.
Revenue by Segment
Forward Guidance
For Q1 2026, Varonis expects SaaS ARR year-over-year growth of 27% to 28% (excluding conversions), revenues between $164.0 million and $166.0 million, and a non-GAAP operating loss of ($11.0) million to ($10.0) million. For the full year 2026, the company anticipates SaaS ARR of $805.0 million to $840.0 million, revenues of $722.0 million to $730.0 million, and non-GAAP operating income of $0.0 to $4.0 million.
Positive Outlook
- Expected SaaS ARR year-over-year growth of 27% to 28% for Q1 2026, excluding conversions.
- Anticipated revenue growth of 20% to 22% for Q1 2026.
- Projected SaaS ARR of $805.0 million to $840.0 million for full year 2026.
- Expected full year 2026 revenue growth of 16% to 17%.
- Forecasted non-GAAP operating income of $0.0 to $4.0 million for full year 2026.
Challenges Ahead
- Expected non-GAAP operating loss of ($11.0) million to ($10.0) million for Q1 2026.
- Projected non-GAAP net loss per basic and diluted share in the range of ($0.06) to ($0.05) for Q1 2026.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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