Varonis Systems (VRNS) Cost of Revenue (2013 - 2026)
Varonis Systems (VRNS) recorded Cost of Revenue of $46.89 million in Q3 2026, up 33.4% from $35.15 million a year earlier and up 5.3% from the prior quarter.
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Analysis
Varonis Systems (VRNS) Cost of Revenue (2013 - 2026) Analysis & Trends
On a TTM basis, Varonis Systems' Cost of Revenue came in at $169.53 million as of Sep 30, 2026, up 39.6% year-over-year; for FY2025, it was $131.97 million, up 40.6% from FY2024.
- Annual Cost of Revenue has increased for 13 straight years, with a five-year compound annual growth rate of 24.4% (FY2020 to FY2025).
- Across earlier years, Cost of Revenue came in at $93.85 million in FY2024 (+30.8%), $71.75 million in FY2023 (+2.7%), $69.84 million in FY2022 (+17.6%) and $59.4 million in FY2021 (+34.2%).
- The Q3 2026 figure is the highest quarterly Cost of Revenue in data going back to Q1 2013.
- On a year-over-year basis, Cost of Revenue has increased for 13 consecutive quarters, with growth averaging 39.5% over the last eight quarters.
- Peak year-over-year performance for Cost of Revenue in the last five years was growth of 46.4% in Q3 2025, against a decline of 2.3% in Q2 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at $44.51 million (Q2 2026), $41.57 million (Q1 2026) and $36.56 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 235.00 Bn | 220.07 Bn | 2.30 Bn | 1.11 Bn |
| 2 | CrowdStrike Holdings | 221.18 Bn | 201.58 Bn | 1.10 Bn | 374.00 Mn |
| 3 | Snowflake | 96.49 Bn | 83.81 Bn | 1.04 Bn | 510.08 Mn |
| 4 | Fortinet | 87.26 Bn | 71.51 Bn | 1.64 Bn | 437.50 Mn |
| 5 | Datadog | 64.27 Bn | 44.82 Bn | 959.92 Mn | 237.17 Mn |
| 6 | Zscaler | 31.67 Bn | 17.82 Bn | 689.22 Mn | 208.96 Mn |
| 7 | Okta | 29.42 Bn | 19.51 Bn | 641.00 Mn | 164.00 Mn |
| 8 | Axon Enterprise | 25.30 Bn | 19.82 Bn | 546.45 Mn | 357.94 Mn |
| 9 | MongoDB | 25.20 Bn | 15.67 Bn | 569.77 Mn | 202.01 Mn |
| 10 | Varonis Systems | 5.61 Bn | 2.73 Bn | 142.57 Mn | 46.89 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 46.89 Mn |
| Jun 30, 2026 | 44.51 Mn |
| Mar 31, 2026 | 41.57 Mn |
| Dec 31, 2025 | 36.56 Mn |
| Sep 30, 2025 | 35.15 Mn |
| Jun 30, 2025 | 31.25 Mn |
| Mar 31, 2025 | 29.02 Mn |
| Dec 31, 2024 | 26.06 Mn |
| Sep 30, 2024 | 24.01 Mn |
| Jun 30, 2024 | 22.44 Mn |
| Mar 31, 2024 | 21.35 Mn |
| Dec 31, 2023 | 19.35 Mn |
| Sep 30, 2023 | 17.38 Mn |
| Jun 30, 2023 | 17.39 Mn |
| Mar 31, 2023 | 17.64 Mn |
| Dec 31, 2022 | 17.03 Mn |
| Sep 30, 2022 | 17.20 Mn |
| Jun 30, 2022 | 17.80 Mn |
| Mar 31, 2022 | 17.81 Mn |
| Dec 31, 2021 | 17.38 Mn |
API Access
Varonis Systems Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=VRNS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "VRNS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=VRNS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();