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Varonis Systems

VRNS Q4 2025 Earnings

Reported Feb 3, 2026 at 4:10 PM ET · SEC Source

Q4 25 EPS

$0.08

BEAT +146.15%

Est. $0.03

Q4 25 Revenue

$173.4M

BEAT +2.79%

Est. $168.7M

vs S&P Since Q4 25

+64.3%

BEATING MARKET

VRNS +71.3% vs S&P +7.0%

Full Year 2025 Results

FY 25 EPS

$0.18

FY 25 Revenue

$623.5M

Market Reaction

Did VRNS Beat Earnings? Q4 2025 Results

Varonis Systems delivered a strong finish to fiscal 2025, posting Q4 non-GAAP diluted EPS of $0.08 against a consensus estimate of $0.03, a beat of 146.15%, while revenue of $173.37 million edged past the $168.66 million estimate by 2.79% and grew 9.… Read more Varonis Systems delivered a strong finish to fiscal 2025, posting Q4 non-GAAP diluted EPS of $0.08 against a consensus estimate of $0.03, a beat of 146.15%, while revenue of $173.37 million edged past the $168.66 million estimate by 2.79% and grew 9.4% year-over-year. The core driver was an accelerating shift to SaaS, with SaaS revenues nearly doubling to $142.32 million from $72.21 million a year ago and SaaS ARR reaching $638.50 million, representing approximately 86% of total ARR of $745.40 million. That transition, however, continues to compress near-term profitability; the company's GAAP operating loss widened to $30.26 million from $17.55 million, and the quarter unfolded against the backdrop of active securities litigation alleging prior misrepresentations around SaaS conversion prospects. Looking ahead, Varonis guided full-year 2026 revenue to $722.00 million to $730.00 million with breakeven to modest non-GAAP operating income, while management reaffirmed confidence in its 2027 targets, signaling that the transition pain is expected to be temporary.

Key Takeaways

  • • SaaS ARR grew 88% year-over-year (32% excluding conversions) to $638.5 million
  • • Total ARR increased 16% year-over-year to $745.4 million
  • • Successfully converted approximately one-third of remaining self-hosted customers to SaaS in Q4
  • • SaaS revenues nearly doubled to $142.3 million from $72.2 million year-over-year
24/7 Wall St

VRNS YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

VRNS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We are excited by the performance of our SaaS business, which saw ARR growth of 32%, excluding conversions, and is being driven by the automated value proposition we deliver to our customers. We look forward to continuing our momentum and ending 2026 as a fully SaaS company, which will unlock many more benefits as we capture our growing market opportunity. We continue to believe in the path to achieving our 2027 financial targets.”

— Yaki Faitelson, Q4 2025 Earnings Press Release

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