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 2015 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Israel | $1.57B | $1.58B | $1.73B | $2.09B | |||||||
| United States | $680.33M | $435.18M | $387.86M | $435.80M | |||||||
| Europe | $262.30M | $81.58M | $88.00M | $83.87M | |||||||
| Africa | $26.69M | — | — | — | |||||||
| All Other Segments | — | — | — | — | |||||||
| Japan | $11.33M | $10.85M | $12.67M | $11.92M | |||||||
| Other (Mainly Asia Pacific) | $20.67M | $4.14M | $4.13M | $2.69M | |||||||
| Total | $2.57B | $2.11B | $2.22B | $2.63B |
Formula Systems (1985) brought in $2.63B from its five regions in fiscal 2025, the year ended December 31, 2025. That was up 18.4% from $2.22B in fiscal 2024. 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 2024, Israel grew fastest, up 21.3% to $2.09B, while Europe fell the most, down 4.7% 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 | $1.42B | $1.50B | $1.81B | ||||
| Topco (Former – Sapiens) | — | $535.05M | $549.99M | $626.30M | ||||
| Sapiens | $474.74M | — | — | — | ||||
| Magic Software | $566.79M | $36.91M | $42.96M | $57.64M | ||||
| Zap Group | — | $157.19M | $170.32M | $220.75M | ||||
| Other | $133.89M | -$83.85M | -$83.76M | -$129.53M | ||||
| Michpal | $38.02M | $45.29M | $38.07M | $38.43M | ||||
| Adjustments | -$83.79M | — | — | — | ||||
| Total | $2.52B | $2.11B | $2.22B | $2.63B |
Formula Systems (1985) brought in $2.63B from its six revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 18.4% from $2.22B in fiscal 2024. Matrix was the largest at $1.81B (69.0%), ahead of Topco (Former – Sapiens) at $626.30M (23.8%) and Zap Group at $220.75M (8.4%). The other two revenue lines brought in $96.07M combined.
Compared with fiscal 2024, Magic Software grew fastest, up 34.2% to $57.64M. Every revenue line above 2% of revenue grew.
Formula Systems (1985) began breaking out Topco (Former – Sapiens) in fiscal 2023, when it brought in $535.05M. Formula Systems (1985) stopped reporting Sapiens as a separate revenue line after fiscal 2022, when it brought in $474.74M. The total is net of Other, which took $129.53M 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 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Products & Services Transferred Over Time | $2.25B | $1.75B | $1.85B | $2.28B |
| Products Transferred At A Point In Time | $320.94M | $360.98M | $366.24M | $349.48M |
| Total | $2.57B | $2.11B | $2.22B | $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 18.4% from $2.22B in fiscal 2024. 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 2024, Products & Services Transferred Over Time grew 23.0% to $2.28B, while Products Transferred At A Point In Time fell 4.6% to $349.48M. 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 69.0% of the $2.63B total across its six revenue lines.
Among Formula Systems (1985)'s regions that make up at least 2% of revenue, Israel grew fastest in fiscal 2025, up 21.3% from $1.73B to $2.09B.
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.