The raised guidance and strong SaaS growth (29% ex-conversions) confirm durable momentum. Aggressive share repurchases ($132M in Q1) signal management confidence. Watch for continued conversion of self-hosted customers and margin expansion toward breakeven non-GAAP operating income in Q2.
Price Chart
Executive Summary
Varonis delivered strong Q1 2026 results with total revenue up 27% YoY to $173.1M, driven by 82% SaaS revenue growth. The company raised full-year guidance across all key metrics: SaaS ARR growth now 27%-32%, revenue guidance to $731M-$737M, and non-GAAP EPS to $0.11-$0.12, signaling accelerating cloud adoption and operating leverage.
Key Financial Metrics
Key Facts
- Total revenue $173.1M vs $136.4M YoY, +27% growth
- SaaS revenue $161.1M, +82% YoY; SaaS ARR ex-conversions +29% YoY
- GAAP net loss -$36.9M vs -$35.8M; Non-GAAP net income $7.5M vs $0.7M
- Raised full-year 2026 guidance: SaaS ARR $814M-$845M, revenue $731M-$737M, non-GAAP EPS $0.11-$0.12
- Generated $55M operating cash flow, $49M free cash flow in Q1
- Repurchased 5.36M shares for $132.1M in Q1
Financial Impact
Revenue beat by ~5% vs consensus $165.5M (implied); guidance raised by ~$9M at midpoint
Risk Factors
- Declining term license and maintenance revenue as customers convert to SaaS
- Free cash flow declined YoY due to acquisition-related costs
- Potential dilution from convertible notes if stock appreciates
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-002774 |
| Document: f8k_042826.htm | 0001171843-26-002774 |
| Document: 0001171843-26-002774-index-headers.html | 0001171843-26-002774 |
| Document: 0001171843-26-002774-index.html | 0001171843-26-002774 |
| Document: 0001171843-26-002774.txt | 0001171843-26-002774 |
| 8-K Data (Synthetic) | 0001171843-26-002774 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 28, 2026 9w ago | Press Release | $40.65 $41.40 | ▲ +1.84% | ▼ −3.18% | $47.57 (+17.02%) |
Jun 2, 2026 17w ago | 8-K | $33.51 $42.86 | ▲ +27.90% | ▲ +28.90% | $47.57 (+41.96%) |
Apr 28, 2026 22w ago | 8-K | $27.29 $30.24 | ▲ +10.81% | ▲ +5.35% | $47.57 (+74.31%) |
Apr 17, 2026 24w ago | DEFA14A | $24.22 $27.22 | ▲ +12.39% | ▲ +7.02% | $47.57 (+96.41%) |
Apr 13, 2026 24w ago | Press Release | $21.76 $28.00 | ▲ +28.68% | ▲ +22.38% | $47.57 (+118.61%) |
US Market Status
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