Post-earnings recap
Reported
Tue, Jul 28, 2026
EPS actual
$0.04
EPS est.
$-0.27
EPS surprise
+114.87%
1-day move
-4.29%
Varonis Systems, Inc. is a technology company that specializes in data security and analytics, helping organizations protect their sensitive information. As a player in the information technology sector, Varonis is positioned to benefit from increasing demand for cybersecurity solutions amid growing concerns over data breaches and compliance requirements.
Last quarter
In Q1 2026, Varonis reported an earnings surprise with EPS of $0.06, significantly beating expectations. The stock reacted positively, gaining 1.56% the following day.
Management promises and guidance
EPS beat streak
8Q
EPS beat rate
100%
Avg EPS surprise
+140.79%
Avg 1-day reaction
-0.80%
Overall, expectations for Varonis are mixed as the company has consistently beaten EPS estimates in the past. However, the lack of revenue guidance raises questions about future growth.
Bull case
If Varonis continues its trend of beating EPS estimates, it could signal strong operational performance and increased investor confidence, leading to a potential stock price increase.
Bear case
Conversely, if the company fails to provide clear revenue growth indicators or guidance, it may lead to skepticism about its future prospects, resulting in a negative market reaction.
The print will turn on these.
Q1
What will be the EPS for Q2-2026, and how does it compare to previous quarters?
Given Varonis' history of beating EPS estimates, the market will closely watch this figure to gauge ongoing profitability.
Q2
What insights can management provide regarding revenue growth and customer acquisition?
Investors are eager to understand the company's growth trajectory and whether it can sustain its recent performance.
—
Est. EPS
—
Est. Rev
—
Impl. Move
±3.5%
Why consensus could be wrong
The Street may underestimate Varonis' ability to leverage its strong product offerings in a growing cybersecurity market, leading to better-than-expected customer acquisition.
Supporting evidence
The company's consistent EPS surprises indicate strong operational management.
Recent trends in cybersecurity spending suggest increased demand for Varonis' solutions.
Options pricing suggests a higher volatility expectation than historical averages, indicating potential for significant movement.
Key risk
If customer growth exceeds expectations, it could shift the narrative and validate a stronger growth outlook.
Pre-commit to what would confirm each case.
The core debate centers around Varonis' ability to maintain its growth momentum and profitability amid a competitive landscape.
Bull confirmed if
An EPS of $0.10 or higher would confirm the bull case, indicating strong profitability.
Bear confirmed if
An EPS below $0.03 would support the bear case, raising concerns about the company's financial health.
What the market is pricing for the move.
Implied Move
±18.94%
Historical Avg
±2.7%
The options market is pricing in a significant potential move, indicating that investors expect volatility around the earnings announcement.
Options are pricing ±18.9% while VRNS has averaged ±2.7% over the last 8 prints — setup is pricing rich.
ATM IV
0.7%
30d HV
45.6%
Smart-money positioning from the most recent 13F filings.
Institutional
101.27%
of float
Insider
2.98%
of float
Holders
494
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
12,789,273 sh · $626.2M
11.13%
13.1%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If Varonis beats expectations, history suggests the stock may react positively, potentially rising around 1.5% based on past performance.
In line / cautious
If results are in line but lack clear guidance, the stock may see muted movement as investors digest the information.
Miss
If Varonis misses expectations, history suggests a potential decline of around 0.5%, reflecting investor disappointment.
The lines on the call that would change the story.
Vanguard Portfolio Management LLC
7,565,214 sh · $370.4M
6.59%
1.1%
Vanguard Capital Management LLC
4,986,423 sh · $244.1M
4.34%
-2.2%
Tremblant Capital Group
3,749,840 sh · $183.6M
3.26%
4.8%
Voya Investment Management LLC
3,719,587 sh · $182.1M
3.24%
54.1%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.