Varonis Systems, Inc.
varonis.comWhat Do They Do?
Sells data-security software that helps organizations discover sensitive information, control access to it, and detect and respond to threats across cloud and on-premises systems.
10-K for FY2025, filed Feb 4, 2026Varonis software helps organizations of all sizes and industries protect sensitive data stored in the cloud and on-premises, including…View ↗
Building on this foundation, the Varonis Data Security Platform is designed to automate outcomes across data protection, threat detection…View ↗
The same model is used to detect and respond to threats. By analyzing data access patterns – user and entity behavior and system activity…View ↗
How Do They Make Money?
Customers buy hosted software subscriptions and on-premises term licenses; hosted subscriptions and maintenance are provided across their contract periods, while term-license software is delivered at one point. Invoices are typically due within 30 to 60 calendar days.
10-K for FY2025, filed Feb 4, 2026The Company generates revenues primarily in the form of SaaS revenues, term license subscriptions and maintenance and services fees. SaaS…View ↗
SaaS revenue is recognized ratably over the associated contract period, as this service has a consistent and continuous pattern of transfer…View ↗
Term license subscription software sold on-premises is recognized at the point in time when the software license has been delivered and the…View ↗
The Company recognizes revenues from maintenance agreements ratably over the term of the underlying maintenance contract, as these services…View ↗
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10-K for FY2025, filed Feb 4, 2026
FY2025 revenue by product or service ↗
$623.5M
-
10-K for FY2025, filed Feb 4, 2026
$623.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
SaaS
Recurring
10-K for FY2025, filed Feb 4, 2026 |
74%
FY2022: 0.5%
|
SaaS, FY2025
$462.6M Sources
|
Recurring |
|
Term license subscriptions
Mix
10-K for FY2025, filed Feb 4, 2026 |
18%
FY2022: 77%
|
Term license subscriptions, FY2025
$109.6M Sources
|
Mix |
|
Maintenance and services
Recurring
|
8.2%
FY2022: 23%
|
Maintenance and services, FY2025
$51.3M Sources
|
Recurring |
Who Are Their Customers?
Organizations across industries, from smaller businesses to large multinational enterprises, use the platform. Varonis sells mostly through distributors and resellers, who sell to end customers.
10-K for FY2025, filed Feb 4, 2026We serve a global customer base across more than 95 countries, supporting organizations that operate in different environments and face…View ↗
Our platform is used by organizations ranging from small and mid-sized businesses to large multinational enterprises with hundreds of…View ↗
We sell our products and services through a global network of resellers and distributors, which we refer to as our channel partners. These…View ↗
We sell substantially all of our products and services through channel partners, including distributors and resellers, which sell to…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $129.3M in FY2025, but brought in more cash than it spent: $134.8M of free cash flow.
10-K for FY2025, filed Feb 4, 2026
−$146.5MView ↗
10-K for FY2025, filed Feb 4, 2026
−$129.3MView ↗
10-K for FY2025, filed Feb 4, 2026
$134.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
−$46.8MView ↗
- ▲ +31% (Loss)
- vs −$35.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
Growing. Revenue grew 60% in 4 years, from $390.1M in FY2021 to $623.5M in FY2025, about 12% a year.
From self-hosted to SaaS
The older report described self-hosted licenses as the main offering and the flagship SaaS launch as a new option; the latest report centers the platform on SaaS and plans to end self-hosted subscriptions.
10-K for FY2022, filed Feb 7, 2023 10-K for FY2025, filed Feb 4, 2026Enterprises now use many different combinations of data stores and require varying levels of automated protection. We believe our offering…View ↗
In the first quarter of 2019, we began offering subscription licenses whereby the customer has the right to install our software on…View ↗
To date, a small portion of our sales were derived from our SaaS offerings that allow customers to use hosted software. As we transition to…View ↗
Broader platform coverage
The platform's stated scope has grown from files, email, cloud data stores and SaaS applications to include identity repositories and AI applications.
10-K for FY2022, filed Feb 7, 2023 10-K for FY2025, filed Feb 4, 2026Enterprises today rely on many combinations of data stores, cloud services and SaaS applications, making it difficult to understand data…View ↗
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