Israel was Formula Systems (1985)’s largest region in fiscal 2025, bringing in $2.09B of $2.63B (80%).
| Geography | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2021 | FY 2022 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Israel | $1.57B | $2.09B | ||||||
| United States | $680.33M | $435.80M | ||||||
| Europe | $262.30M | $83.87M | ||||||
| All Other Segments | — | — | ||||||
| Africa | $26.69M | — | ||||||
| Other (Mainly Asia Pacific) | $20.67M | $2.69M | ||||||
| Japan | $11.33M | $11.92M | ||||||
| Total | $2.57B | $2.63B |
Formula Systems (1985) brought in $2.63B from its five regions in fiscal 2025, the year ended December 31, 2025. Formula Systems (1985) regrouped these regions after fiscal 2022, so the total does not compare directly with that year's $2.57B. Israel was the largest at $2.09B (79.7%), ahead of United States at $435.80M (16.6%) and Europe at $83.87M (3.2%). The other two regions brought in $14.61M combined.
Compared with fiscal 2022, the previous year with figures, Israel grew fastest, up 33.2% to $2.09B, while Europe fell the most, down 68.0% to $83.87M.
Formula Systems (1985) stopped reporting Africa as a separate region after fiscal 2022, when it brought in $26.69M.
Matrix was Formula Systems (1985)’s largest revenue line in fiscal 2025, bringing in $1.81B of $2.63B (69%).
| Products and services [axis] | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Matrix | $1.39B | — | — | $1.81B | ||||
| Adjustments | -$73.70M | $2.11B | $2.22B | — | ||||
| Topco (Former – Sapiens) | — | $531.42M | $549.99M | $625.44M | ||||
| Sapiens | $474.74M | — | — | — | ||||
| Magic Software | $561.68M | $36.91M | $42.96M | $57.65M | ||||
| Zap Group | — | — | — | $220.49M | ||||
| Other | $133.53M | -$76.11M | -$83.76M | -$125.49M | ||||
| Michpal | $37.71M | $45.29M | $38.07M | $38.43M | ||||
| Total | $2.52B | $2.65B | $2.77B | $2.63B |
Formula Systems (1985) brought in $2.63B from its six revenue lines in fiscal 2025, the year ended December 31, 2025. Formula Systems (1985) regrouped these revenue lines after fiscal 2024, so the total does not compare directly with that year's $2.77B. Matrix was the largest at $1.81B (68.9%), ahead of Topco (Former – Sapiens) at $625.44M (23.8%) and Zap Group at $220.49M (8.4%). The other two revenue lines brought in $96.08M combined.
Compared with fiscal 2024, Magic Software grew 34.2% to $57.65M and Topco (Former – Sapiens) grew 13.7% to $625.44M.
Formula Systems (1985) began breaking out Topco (Former – Sapiens) in fiscal 2023, when it brought in $531.42M. Formula Systems (1985) stopped reporting Adjustments ($2.22B in fiscal 2024) and Sapiens ($474.74M in fiscal 2022) as separate revenue lines. The total is net of Other, which took $125.49M off revenue in fiscal 2025.
Products & Services Transferred Over Time was Formula Systems (1985)’s largest revenue line in fiscal 2025, bringing in $2.28B of $2.63B (87%).
| Timing of transfer of goods or services [axis] | FY 2022 | FY 2025 |
|---|---|---|
| Products & Services Transferred Over Time | $2.25B | $2.28B |
| Products Transferred At A Point In Time | $320.94M | $349.48M |
| Total | $2.57B | $2.63B |
Formula Systems (1985) brought in $2.63B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 2.1% from $2.57B in fiscal 2022, the previous year with figures. Products & Services Transferred Over Time was the largest at $2.28B (86.7%), ahead of Products Transferred At A Point In Time at $349.48M (13.3%).
Compared with fiscal 2022, the previous year with figures, Products Transferred At A Point In Time grew 8.9% to $349.48M and Products & Services Transferred Over Time grew 1.2% to $2.28B. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.57B to $2.63B, a compound annual growth rate of 0.7%. Products & Services Transferred Over Time's share of the total fell from 87.5% to 86.7%.
Formula Systems (1985) (FORTY) reports its revenue by geography, by products and services [axis] and by timing of transfer of goods or services [axis]. In fiscal 2025, Israel was its largest region, bringing in $2.09B (79.7% of the total), followed by United States at $435.80M (16.6%).
Israel was Formula Systems (1985)'s largest region in fiscal 2025, bringing in $2.09B, or 79.7% of the $2.63B total across its five regions.
Matrix was Formula Systems (1985)'s largest revenue line in fiscal 2025, bringing in $1.81B, or 68.9% of the $2.63B total across its six revenue lines.
Every figure comes from Formula Systems (1985)'s annual financial filings, as reported. Each line keeps the name Formula Systems (1985) gives it, and years follow its fiscal calendar.
Formula Systems (1985)'s revenue by geography goes back to fiscal 2010, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.