VARONIS SYSTEMS, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $623.5M | $551.0M | $499.2M | $473.6M | $390.1M | $292.7M | $254.2M | $270.3M |
| Cost of Revenue | $132.0M | $93.8M | $71.8M | $69.8M | $59.4M | $44.3M | $35.1M | $27.7M |
| Gross Profit | $491.6M | $457.1M | $427.4M | $403.8M | $330.7M | $248.4M | $219.0M | $242.6M |
| Gross Margin | 78.8% | 83.0% | 85.6% | 85.3% | 84.8% | 84.9% | 86.2% | 89.8% |
| Operating Expenses | ||||||||
| Research & Development | $237.8M | $196.8M | $183.8M | $177.9M | $137.9M | $99.4M | $80.8M | $70.0M |
| SG&A Expense | $98.9M | $89.2M | $82.9M | $72.1M | $61.2M | $47.6M | $44.4M | $33.5M |
| Operating Income | $-146.5M | $-117.7M | $-117.2M | $-121.2M | $-98.7M | $-78.4M | $-76.0M | $-29.1M |
| Operating Margin | -23.5% | -21.4% | -23.5% | -25.6% | -25.3% | -26.8% | -29.9% | -10.8% |
| Interest Expense | — | — | — | — | $3.2M | $2.0M | $0 | $0 |
| Pretax Income | $-116.3M | $-83.0M | $-86.9M | $-110.8M | $-110.8M | $-85.9M | $-76.4M | $-28.2M |
| Income Tax Expense | $13.0M | $12.8M | $14.0M | $13.7M | $6.0M | $8.1M | $2.4M | $413.0K |
| Net Income | $-129.3M | $-95.8M | $-100.9M | $-124.5M | $-116.9M | $-94.0M | $-78.8M | $-28.6M |
| Net Margin | -20.7% | -17.4% | -20.2% | -26.3% | -30.0% | -32.1% | -31.0% | -10.6% |
| EPS (Basic) | $-1.13 | $-0.86 | $-0.92 | $-1.14 | $-1.11 | $-1.00 | $-2.60 | $-0.98 |
| EPS (Diluted) | $-1.13 | $-0.86 | $-0.92 | $-1.14 | $-1.11 | $-1.00 | $-2.60 | $-0.98 |
| Shares Outstanding (Basic) | 114.4M | 111.7M | 109.1M | 109.3M | 105.3M | 94.3M | 90.8M | 29.6M |
| Shares Outstanding (Diluted) | 114.4M | 111.7M | 109.1M | 109.3M | 105.3M | 94.3M | 90.8M | 29.6M |
| Dividends Per Share | — | — | — | — | — | — | — | — |