VARONIS SYSTEMS INC

For the period ended Dec 31, 2025. Filed Feb 4, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 4, 2026

VRNS$49.10+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended
	December 31,
	2025	2024	2023
Cash flows from operating activities:
Net loss	$(129,324)	$(95,765)	$(100,916)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,309	11,126	11,703
Stock-based compensation	130,242	126,682	139,819
Amortization of deferred commissions	51,920	54,392	53,072
Non-cash operating lease costs	10,059	9,526	9,468
Amortization of debt issuance costs	2,976	2,144	1,514
Amortization of premium and accretion of discount on marketable securities, net	2,267	(12,690)	(9,354)
Income from options to repurchase common stock	(253)	—	—
Acquired in-process research and development	—	6,653	—
Changes in assets and liabilities:
Trade receivables	(52,554)	(23,716)	(33,137)
Prepaid expenses and other short-term assets	7,256	(35,332)	(21,459)
Deferred commissions	(90,866)	(59,820)	(53,505)
Other long-term assets	(1,134)	347	(577)
Trade payables	1,229	3,641	(2,290)
Accrued expenses and other short-term liabilities	52,826	17,317	(5,278)
Deferred revenues	148,074	110,389	69,882
Other long-term liabilities	2,404	306	474
Net cash provided by operating activities	147,431	115,200	59,416
Cash flows from investing activities:
Proceeds from maturities of marketable securities	364,955	308,840	301,350
Proceeds from sales of marketable securities	—	111,552	—
Investment in marketable securities	(229,446)	(949,841)	(517,948)
Proceeds from short-term and long-term deposits	253,268	34,795	214,444
Investment in short-term and long-term deposits	(250,579)	(24,254)	(135,823)
Acquisitions, net of cash acquired	(123,514)	—	—
Purchases of property and equipment	(12,628)	(6,694)	(5,099)
Capitalized internal-use software	(2,893)	—	—
Purchase of in-process research and development	—	(6,653)	—
Net cash used in investing activities	(837)	(532,255)	(143,076)
Cash flows from financing activities:
Proceeds from employee stock plans	14,349	16,082	11,537
Taxes paid related to net share settlement of equity awards	(29,162)	(38,295)	(21,415)
Repurchase of common stock	(115,000)	—	(43,522)
Repayment of convertible senior notes	(137)	—	—
Proceeds from options to repurchase common stock	253	—	—

Supplemental disclosure of cash flow information:
Proceeds from issuance of convertible senior notes, net of issuance costs	—	449,635	—
Purchases of capped calls	—	(55,522)	—
Net cash provided by (used in) financing activities	(129,697)	371,900	(53,400)
Increase (decrease) in cash and cash equivalents	16,897	(45,155)	(137,060)
Cash and cash equivalents at beginning of period	185,585	230,740	367,800
Cash and cash equivalents at end of period	$202,482	$185,585	$230,740
Cash paid for income taxes	$3,585	$24,249	$16,089
Cash paid for interest	$7,724	$3,193	$3,196
Liability related to acquisition holdback	$3,502	$—	$—
Lease liabilities arising from obtaining right-of-use assets	$19,118	$3,148	$3,166
Common stock issued for debt conversion	$251,439	$1,501	$—

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