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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $141.8M, roughly 1.2× BLACKBERRY Ltd). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -0.8%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 15.2%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
BB vs VRNS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $173.1M |
| Net Profit | $13.7M | — |
| Gross Margin | 77.5% | 76.0% |
| Operating Margin | 8.4% | — |
| Net Margin | 9.7% | — |
| Revenue YoY | -0.8% | 26.9% |
| Net Profit YoY | 224.5% | — |
| EPS (diluted) | $0.02 | $115788061.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $141.8M | $173.4M | ||
| Q3 25 | $129.6M | $161.6M | ||
| Q2 25 | $121.7M | $152.2M | ||
| Q1 25 | $141.7M | $136.4M | ||
| Q4 24 | $143.6M | $158.5M | ||
| Q3 24 | $126.2M | $148.1M | ||
| Q2 24 | $123.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $13.7M | $-27.8M | ||
| Q3 25 | $13.3M | $-29.9M | ||
| Q2 25 | $1.9M | $-35.8M | ||
| Q1 25 | $-7.4M | $-35.8M | ||
| Q4 24 | $-10.5M | $-13.0M | ||
| Q3 24 | $-19.7M | $-18.3M | ||
| Q2 24 | $-41.4M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 77.5% | 78.9% | ||
| Q3 25 | 74.5% | 78.2% | ||
| Q2 25 | 74.2% | 79.5% | ||
| Q1 25 | 73.5% | 78.7% | ||
| Q4 24 | 78.1% | 83.6% | ||
| Q3 24 | 70.2% | 83.8% | ||
| Q2 24 | 72.9% | 82.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.4% | -17.5% | ||
| Q3 25 | 8.9% | -22.2% | ||
| Q2 25 | 1.6% | -24.0% | ||
| Q1 25 | -5.6% | -32.1% | ||
| Q4 24 | 13.6% | -11.1% | ||
| Q3 24 | 1.7% | -16.0% | ||
| Q2 24 | -10.5% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | -16.0% | ||
| Q3 25 | 10.3% | -18.5% | ||
| Q2 25 | 1.6% | -23.5% | ||
| Q1 25 | -5.2% | -26.2% | ||
| Q4 24 | -7.3% | -8.2% | ||
| Q3 24 | -15.6% | -12.4% | ||
| Q2 24 | -33.5% | -18.4% |
| Q1 26 | — | $115788061.00 | ||
| Q4 25 | $0.02 | $-0.23 | ||
| Q3 25 | $0.02 | $-0.26 | ||
| Q2 25 | $0.00 | $-0.32 | ||
| Q1 25 | $-0.01 | $-0.32 | ||
| Q4 24 | $-0.02 | $-0.12 | ||
| Q3 24 | $-0.03 | $-0.16 | ||
| Q2 24 | $-0.07 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $304.2M | $179.3M |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $453.5M |
| Total Assets | $1.2B | $1.6B |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $304.2M | $883.7M | ||
| Q3 25 | $290.5M | $671.3M | ||
| Q2 25 | $306.6M | $770.9M | ||
| Q1 25 | $337.8M | $567.6M | ||
| Q4 24 | $220.0M | $529.0M | ||
| Q3 24 | $211.0M | $844.8M | ||
| Q2 24 | $229.0M | $582.5M |
| Q1 26 | — | — | ||
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $741.1M | $598.7M | ||
| Q3 25 | $725.1M | $604.8M | ||
| Q2 25 | $725.1M | $341.5M | ||
| Q1 25 | $719.9M | $367.7M | ||
| Q4 24 | $725.2M | $455.7M | ||
| Q3 24 | $732.1M | $428.6M | ||
| Q2 24 | $742.6M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.3B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $18.3M | $55.0M |
| Free Cash FlowOCF − Capex | $17.4M | $49.0M |
| FCF MarginFCF / Revenue | 12.3% | 28.3% |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $18.3M | $24.7M | ||
| Q3 25 | $3.9M | $33.4M | ||
| Q2 25 | $-18.0M | $21.3M | ||
| Q1 25 | $41.6M | $68.0M | ||
| Q4 24 | $6.0M | $24.3M | ||
| Q3 24 | $-16.0M | $22.5M | ||
| Q2 24 | $-15.1M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $17.4M | $20.7M | ||
| Q3 25 | $3.1M | $30.4M | ||
| Q2 25 | $-18.9M | $18.0M | ||
| Q1 25 | $41.2M | $65.7M | ||
| Q4 24 | $5.2M | $19.9M | ||
| Q3 24 | $-16.5M | $21.3M | ||
| Q2 24 | $-16.5M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 12.3% | 12.0% | ||
| Q3 25 | 2.4% | 18.8% | ||
| Q2 25 | -15.5% | 11.8% | ||
| Q1 25 | 29.1% | 48.1% | ||
| Q4 24 | 3.6% | 12.6% | ||
| Q3 24 | -13.1% | 14.4% | ||
| Q2 24 | -13.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 2.3% | ||
| Q3 25 | 0.6% | 1.8% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.3% | 1.7% | ||
| Q4 24 | 0.6% | 2.7% | ||
| Q3 24 | 0.4% | 0.8% | ||
| Q2 24 | 1.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
