| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 173.13 | 26.9% |
| Total Income | 173.13 | 26.9% |
| Expenditure | 217.61 | 20.8% |
| PBT | -40.04 | 25.8% |
| Net Profit | -36.85 | 3.0% |
| OPM | -25.69% | 6.39pp |
| NPM | -21.29% | 4.94pp |
| EPS | -0.32 | 0.0% |
Varonis Announces Q1 2026 Financial Results
03 May 2026 · 3 May, 6:29 pm
Summary
Varonis Systems, Inc. announced its financial results for the first quarter ended March 31, 2026. Total revenues were $173.1 million, compared to $136.4 million in the first quarter of 2025. SaaS revenues were $161.1 million, a significant increase from $88.6 million in the same period last year. SaaS ARR reached $683.2 million, representing a 69% year-over-year increase. The company has raised its full-year guidance for total SaaS ARR growth to 27% to 32%.
Key Highlights
- 1
Total revenues were $173.1 million, compared with $136.4 million in the first quarter of 2025.
- 2
SaaS revenues increased to $161.1 million, up from $88.6 million in the first quarter of 2025.
- 3
SaaS ARR was $683.2 million as of the end of the first quarter, up 69% year-over-year.
- 4
SaaS ARR, excluding conversions, increased 29% year-over-year.
- 5
The company generated $55.0 million of cash from operations during the three months ended March 31, 2026.
- 6
Varonis launched Varonis Atlas, powered by the acquisition of AllTrue.ai, providing end-to-end visibility, security and control over AI systems.
Management Comments
Yaki Faitelson
Our Q1 results reflect strong execution across our business, and SaaS ARR, excluding conversions increased 29%. AI is forcing companies to prioritize data and AI security, and Varonis is uniquely positioned to help customers put the right guardrails in place so they can achieve automated outcomes and safely deploy AI with minimal effort. We believe we are well-positioned to capitalize on the favorable tailwinds in our business and this significant AI market opportunity.
Guy Melamed
We are excited by the healthy demand we saw in Q1 from both accelerating new logos and expansion with existing customers. Our Q1 results coupled with the underlying drivers of our business give us the confidence to raise our full-year guidance for total SaaS ARR growth to 27% to 32%. In addition, we increased our guidance for SaaS ARR growth excluding conversions to 20% to 21% and we believe we can sustain this level of growth as a fully SaaS company.
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