Radware (RDWR) Q4 2025 earnings summary

Executive summary

• Achieved record highs in revenue, EPS, total ARR, and cloud ARR for Q4 and full year 2025, with 10% year-over-year revenue growth to $80.2M in Q4 and $301.9M for the year.

• Cloud security and defense products drove growth, with cloud ARR up 23% year-over-year to $95.2M and total ARR up 11% to $251M.

• Strategic focus on cloud security, AI-driven innovation, and expanding go-to-market footprint proved successful, with major wins in financial and government sectors.

• Delivered comprehensive real-time protection for enterprises and carriers, leveraging AI and cloud-first solutions, and recognized as a global leader in mission-critical cybersecurity.

• Trusted by top global telecom, SaaS, and financial institutions, serving ~3,400 customers and operating 25 scrubbing centers worldwide.

Financial highlights

• Q4 2025 revenue increased 10% year-over-year to $80.2M; full year revenue up 10% to $301.9M.

• Adjusted EBITDA for Q4 rose 25% to $13.7M; full year up 37% to $47.4M.

• Net income for Q4 up 21% to $14.5M; full year up 37% to $51.5M (non-GAAP); GAAP net income for Q4 was $6.0M and $20.3M for the year.

• Diluted EPS for Q4 up 19% to $0.32; full year up 32% to $1.15 (non-GAAP); GAAP EPS was $0.13 in Q4 and $0.45 for the year.

• Cash flow from operations in Q4 was $17.3M; full year $50.1M. Ended Q4 with $460.6M in liquidity.

Outlook and guidance

• Q1 2026 revenue expected between $78M and $79M, with non-GAAP operating expenses projected at $54M–$55M and non-GAAP diluted EPS expected between $0.28 and $0.29.

• RPO growth in 2026 expected to align with revenue growth.

• Targeting 25% growth in cloud ARR, with continued focus on cloud-first, AI-driven technology and robust GTM expansion.

• Entering 2026 with a healthy pipeline, enhanced platform, and growing customer adoption of cloud-based security.