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Other financials

Income statement

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Revenue$180.0M+18.3%
Gross profit$135.5M+12.1%
Operating income-$40.6M-11.2%
Net income-$46.8M-30.7%
EPS (diluted)-$0.41-28.1%

Balance sheet

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Cash & equivalents$165.9M-16.7%
Total debt$75.1M-75.2%
Total equity$444.5M+30.2%
Total assets$1.7B+2.4%

Cash flow

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Operating cash flow$25.1M+17.5%
CapEx$4.4M+29.7%
Free cash flow$20.7M+15.2%

Valuation

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Market cap$4.87B-21.9%
Enterprise value$4.78B-24.6%
P/S7.1×-3.4×

Profitability

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Gross margin77.1%-4.4pp
Operating margin-22%+1.8pp
Net margin-20.5%+4.8pp
FCF margin17.7%-3.2pp

Returns & leverage

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Return on equity-36%+23.8pp
Debt / equity0.2×-0.7×
Current ratio1.6×+0.3×

Where this comes from

Reported directly by Varonis Systems in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Varonis Systems’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:20 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-050630
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Cost of revenues44,51231,24986,08260,267
Gross profit135,511120,914267,067228,319
Operating expenses:
Research and development73,33956,247143,100110,457
Sales and marketing78,97876,578159,314149,341
General and administrative23,82524,64149,76548,839
Total operating expenses176,142157,466352,179308,637
Operating loss(40,631)(36,552)(85,112)(80,318)

Item 1. Financial Statements

FAQ

What is Varonis Systems's R&D?
Varonis Systems (VRNS) reported R&D of $73.34M in Q2 2026.
How has Varonis Systems's R&D changed year-over-year?
Varonis Systems's R&D increased by 30.4% year-over-year, from $56.25M to $73.34M.
What is the long-term trend for Varonis Systems's R&D?
Over 4 years (2021 to 2025), Varonis Systems's R&D has grown at a 14.6% compound annual growth rate (CAGR), from $137.88M to $237.81M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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