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Varonis Systems
Varonis Systems (VRNS) investor relations material
Varonis Systems Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary28 Jul, 2026
Executive summary
SaaS ARR reached $726.0 million in Q2 2026, up 52% year-over-year, with ARR excluding conversions at $598.1 million, up 25% year-over-year.
SaaS revenues increased 71% year-over-year, now representing 94% of total revenues, driven by strong new logo growth and product adoption, especially for Atlas, Interceptor, and Database Activity Monitoring.
Non-GAAP operating income was $3.7 million, reversing a prior year loss, while GAAP net loss widened due to increased R&D, sales, and acquisition costs.
Completed the acquisition of AllTrue.ai, enhancing AI security capabilities and integrating AI-driven offerings.
Announced end-of-life for self-hosted business by December 31, 2026, focusing on recurring SaaS revenue and automation.
Financial highlights
Q2 2026 total revenues were $180.0 million, up 18% year-over-year; SaaS revenues were $171.7 million, up from $105.9 million.
Gross profit was $139.9 million with a gross margin of 77.7%, down from 80.6% last year.
Non-GAAP net income was $5.3 million ($0.04 per diluted share), up from $3.8 million ($0.03 per share) last year; GAAP net loss was $46.8 million.
Free cash flow for the first half of 2026 was $69.1 million, down from $82.7 million, impacted by acquisition-related costs.
Cash and equivalents totaled $911.5 million as of June 30, 2026.
Outlook and guidance
FY 2026 SaaS ARR guidance: $819–$850 million (28–33% growth); ARR excluding conversions: $769–$775 million (20–21% growth).
FY 2026 revenue guidance: $735–$739 million (18–19% growth); free cash flow guidance: $105–$110 million.
Q3 2026 guidance: SaaS ARR growth of 22–23% (excluding conversions), revenue of $185–$188 million, non-GAAP net income per share of $0.02–$0.03.
Remaining performance obligations (RPO) were $1,084.5 million, with 57% expected to be recognized as revenue over the next 12 months.
Management anticipates continued SaaS revenue growth, with term license and maintenance revenues expected to decline.
Atlas and Interceptor impact on ARR growth
Impact of acquisitions on 2026 free cash flow
Public sector growth strategy post-GovRAMP
Impact of media rumors on Q2 deal slippage
Sales incentive changes for 2026 conversions
Strategy for replacing Imperva and IBM in DAM
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Latest events from Varonis Systems
- AI-driven data growth and risk are driving demand for automated, SaaS-based security solutions.VRNS
The 44th Annual William Blair Growth Stock Conference9 Jul 2026 - SaaS ARR exceeded 50% as ARR grew 18% and free cash flow more than doubled in 2024.VRNSQ4 20249 Jul 2026
- Accelerated SaaS transition, AI-driven demand, and strong new customer growth fuel raised outlook.VRNS53rd Annual JPMorgan Global Technology, Media and Communications Conference8 Jul 2026
- Strong SaaS momentum, MDDR adoption, and AI focus drive growth and future opportunity.VRNS2024 RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference8 Jul 2026
- Q1 2025 ARR up 19%, SaaS at 61% of ARR, revenue up 20%, and guidance raised.VRNSQ1 20258 Jul 2026
- Q3 revenue and ARR surged, SaaS adoption accelerated, and guidance was raised for 2024.VRNSQ3 20248 Jul 2026
- Rapid SaaS transition and automation drive growth amid rising data security and AI risks.VRNSCiti's 2024 Global TMT Conference8 Jul 2026
- Q2 2024 ARR up 18% to $584.2M, SaaS surged 692%, and guidance was raised for the full year.VRNSQ2 20248 Jul 2026
- Q2 ARR up 19% to $693.2M, SaaS at 69%, raised 2025 guidance, and $100M shares repurchased.VRNSQ2 20258 Jul 2026
Next Varonis Systems earnings date
Q3 202627 Oct, 2026
Varonis Systems
Next Varonis Systems earnings date
Q3 202627 Oct, 2026
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