Radware Ltd. (RDWR) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 79.81M | 80.25M | 75.31M | 74.22M | 72.08M | 73.03M | 69.49M | 67.28M | 65.08M | 65.03M | 61.61M | 65.61M | 69.04M | 74.08M | 70.52M | 75.11M | 73.71M | 76.64M | 73.42M | 69.67M |
| Revenue Growth % | 10.73% | 9.88% | 8.38% | 10.31% | 10.75% | 12.3% | 12.78% | 2.54% | -5.73% | -12.22% | -12.63% | -12.66% | -6.33% | -3.34% | -3.95% | 7.82% | 10.39% | 11% | 17.42% | 19.2% |
| Cost of Goods Sold | 15.11M | 15.47M | 14.56M | 14.32M | 13.99M | 13.99M | 13.39M | 13.06M | 12.81M | 12.82M | 12.84M | 12.74M | 13.31M | 13.92M | 13.14M | 13.89M | 12.94M | 14.05M | 13.29M | 12.84M |
| COGS % of Revenue | 18.93% | 19.28% | 19.34% | 19.29% | 19.41% | 19.16% | 19.27% | 19.41% | 19.68% | 19.72% | 20.84% | 19.42% | 19.27% | 18.79% | 18.63% | 18.49% | 17.56% | 18.33% | 18.11% | 18.43% |
| Gross Profit | 64.7M | 64.77M | 60.75M | 59.9M | 58.09M | 59.04M | 56.1M | 54.22M | 52.27M | 52.21M | 48.77M | 52.87M | 55.73M | 60.17M | 57.38M | 61.23M | 60.77M | 62.59M | 60.12M | 56.83M |
| Gross Margin % | 81.07% | 80.72% | 80.66% | 80.71% | 80.59% | 80.84% | 80.73% | 80.59% | 80.31% | 80.28% | 79.16% | 80.58% | 80.73% | 81.21% | 81.37% | 81.51% | 82.44% | 81.67% | 81.89% | 81.57% |
| Gross Profit Growth % | 11.38% | 9.71% | 8.29% | 10.47% | 11.13% | 13.08% | 15.01% | 2.56% | -6.21% | -13.23% | -15% | -13.66% | -8.28% | -3.88% | -4.56% | 7.74% | 11.49% | 10.09% | 18.17% | 18.67% |
| Operating Expenses | 59.89M | 60.83M | 57.55M | 56.96M | 56.52M | 58.05M | 56.1M | 55.24M | 55.72M | 59.61M | 58.97M | 61.37M | 61.32M | 65.27M | 60.78M | 59.65M | 57.18M | 57.73M | 54.25M | 51.93M |
| OpEx % of Revenue | 75.04% | 75.81% | 76.42% | 76.76% | 78.41% | 79.48% | 80.74% | 82.11% | 85.61% | 91.66% | 95.71% | 93.53% | 88.81% | 88.11% | 86.18% | 79.41% | 77.58% | 75.32% | 73.89% | 74.53% |
| Selling, General & Admin | 38.79M | 39.7M | 37.86M | 37.59M | 37.74M | 39.58M | 37.29M | 36.54M | 36.82M | 39.9M | 38.36M | 40.22M | 40.17M | 42.79M | 38.69M | 38.03M | 36.81M | 38.13M | 35.61M | 33.8M |
| SG&A % of Revenue | 48.6% | 49.47% | 50.27% | 50.64% | 52.36% | 54.19% | 53.66% | 54.31% | 56.57% | 61.35% | 62.25% | 61.31% | 58.18% | 57.76% | 54.87% | 50.63% | 49.94% | 49.75% | 48.51% | 48.52% |
| Research & Development | 21.1M | 21.13M | 19.69M | 19.38M | 18.78M | 18.47M | 18.65M | 18.7M | 18.9M | 19.71M | 20.61M | 21.14M | 21.15M | 22.49M | 22.08M | 21.62M | 20.37M | 19.6M | 18.64M | 18.13M |
| R&D % of Revenue | 26.44% | 26.33% | 26.15% | 26.11% | 26.05% | 25.29% | 26.84% | 27.8% | 29.03% | 30.31% | 33.46% | 32.22% | 30.63% | 30.35% | 31.31% | 28.79% | 27.64% | 25.57% | 25.39% | 26.02% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 159K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.81M | 3.94M | 3.2M | 2.8M | 1.57M | 991K | -6K | -1.21M | -3.66M | -7.4M | -10.2M | -8.5M | -5.58M | -5.11M | -3.39M | 1.58M | 3.59M | 4.87M | 5.94M | 5.06M |
| Operating Margin % | 6.02% | 4.91% | 4.25% | 3.77% | 2.18% | 1.36% | -0.01% | -1.8% | -5.63% | -11.38% | -16.55% | -12.96% | -8.08% | -6.89% | -4.81% | 2.1% | 4.87% | 6.35% | 8.09% | 7.26% |
| Operating Income Growth % | 206.37% | 297.88% | 53400% | 331.35% | 142.83% | 113.39% | 99.94% | 85.78% | 34.37% | -44.93% | -200.41% | -639.34% | -255.59% | -204.93% | -157.14% | -68.86% | 35.67% | 24.88% | 196.56% | 2002.63% |
| EBITDA | 7.4M | 6.8M | 6.01M | 5.66M | 4.72M | 3.91M | 2.94M | 1.82M | -720K | -4.38M | -7.17M | -5.39M | -2.5M | -2.23M | -297K | 4.8M | 6.08M | 7.35M | 8.47M | 7.6M |
| EBITDA Margin % | 9.27% | 8.47% | 7.98% | 7.63% | 6.55% | 5.35% | 4.23% | 2.7% | -1.11% | -6.73% | -11.64% | -8.21% | -3.63% | -3.01% | -0.42% | 6.4% | 8.24% | 9.59% | 11.53% | 10.91% |
| EBITDA Growth % | 56.77% | 73.88% | 104.39% | 211.27% | 755.69% | 189.35% | 141.01% | 133.77% | 71.23% | -96.19% | -2314.48% | -212.11% | -141.2% | -130.33% | -103.51% | -36.76% | 14.8% | 11.83% | 83.31% | 220.46% |
| D&A (Non-Cash Add-back) | 2.59M | 2.85M | 2.81M | 2.87M | 3.15M | 2.92M | 2.95M | 3.03M | 2.94M | 3.03M | 3.02M | 3.11M | 3.08M | 2.88M | 3.1M | 3.23M | 2.49M | 2.48M | 2.53M | 2.54M |
| EBIT | 4.81M | 3.94M | 7.9M | 2.8M | 1.57M | 991K | -6K | -1.21M | -3.66M | -7.4M | -10.2M | -8.5M | -5.58M | -5.11M | -3.39M | 1.58M | 3.59M | 4.87M | 6.89M | 6.09M |
| Net Interest Income | 3M | 4.03M | 4.3M | 1.96M | 4.88M | 2.11M | 4.87M | 4.42M | 3.61M | 3.28M | 3.78M | 3.42M | 3.49M | 1.6M | 2.45M | 2.99M | 804K | -463K | 1.01M | 1.19M |
| Interest Income | 3M | 4.03M | 4.3M | 1.96M | 4.88M | 2.11M | 4.87M | 4.42M | 3.61M | 3.48M | 3.78M | 3.42M | 3.49M | 1.6M | 2.45M | 2.99M | 804K | 0 | 1.01M | 1.19M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 197K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 463K | 0 | 0 |
| Other Income/Expense | 3.48M | 4.56M | 4.7M | 3.66M | 4.88M | 3.57M | 4.96M | 4.42M | 3.61M | 3.24M | 3.78M | 3.42M | 3.49M | 2.02M | 1.35M | 2.99M | 1.7M | -463K | 946K | 1.03M |
| Pretax Income | 8.29M | 8.51M | 7.9M | 6.46M | 6.44M | 4.56M | 4.95M | 3.21M | -55K | -4.16M | -6.42M | -5.08M | -2.09M | -3.09M | -2.04M | 4.56M | 5.29M | 4.41M | 6.89M | 6.09M |
| Pretax Margin % | 10.39% | 10.6% | 10.49% | 8.7% | 8.94% | 6.25% | 7.12% | 4.77% | -0.08% | -6.4% | -10.42% | -7.74% | -3.03% | -4.17% | -2.9% | 6.07% | 7.17% | 5.75% | 9.38% | 8.74% |
| Income Tax | 2.17M | 2.46M | 2.25M | 2.24M | 2.1M | 2.11M | 1.81M | 1.54M | 1.17M | 1.69M | 433K | 727K | 991K | 1.03M | 920K | 1.41M | 1.51M | 10M | 1.92M | 1.56M |
| Effective Tax Rate % | 26.16% | 28.97% | 28.47% | 34.63% | 32.59% | 46.24% | 36.5% | 48.13% | -2121.82% | -40.49% | -6.75% | -14.31% | -47.42% | -33.46% | -45.01% | 30.91% | 28.67% | 226.92% | 27.9% | 25.58% |
| Net Income | 3.54M | 6.04M | 5.65M | 4.22M | 4.34M | 2.45M | 3.14M | 1.66M | -1.22M | -5.85M | -6.85M | -5.81M | -3.08M | -4.12M | -2.96M | 3.15M | 3.77M | -5.59M | 4.96M | 4.53M |
| Net Margin % | 4.44% | 7.53% | 7.5% | 5.69% | 6.03% | 3.36% | 4.52% | 2.47% | -1.88% | -9% | -11.12% | -8.85% | -4.46% | -5.57% | -4.2% | 4.2% | 5.11% | -7.29% | 6.76% | 6.51% |
| Net Income Growth % | -18.42% | 146.37% | 79.71% | 153.73% | 455.48% | 141.91% | 145.89% | 128.65% | 60.34% | -41.85% | -131.14% | -284.26% | -181.72% | 26.24% | -159.7% | -30.45% | -3.46% | -299.54% | 38.42% | 573.4% |
| Net Income (Continuing) | 6.12M | 6.04M | 5.65M | 4.22M | 4.34M | 2.45M | 3.14M | 1.66M | -1.22M | -5.85M | -6.85M | -5.81M | -3.08M | -4.12M | -2.96M | 3.15M | 3.77M | -5.59M | 4.96M | 4.53M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 41.4M | 41.32M | 41.29M | 41.17M | 41.02M | 40.8M | 40.8M | 40.34M | 39.81M | 39.18M | 38.55M | 38.01M | 37.3M | 36.28M | 35M | 35M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.08 | 0.13 | 0.13 | 0.09 | 0.10 | 0.06 | 0.07 | 0.04 | -0.03 | -0.14 | -0.16 | -0.13 | -0.07 | -0.09 | -0.07 | 0.07 | 0.08 | -0.12 | 0.10 | 0.10 |
| EPS Growth % | -19.02% | 131.73% | 80.06% | 145.6% | 435.49% | 140.07% | 145.13% | 129.69% | 58.08% | -51.35% | -140.96% | -288.95% | -187.38% | 22.92% | -166.4% | -28.41% | -2.44% | -303.05% | 32.98% | 581.56% |
| EPS (Basic) | 0.08 | 0.14 | 0.13 | 0.10 | 0.10 | 0.06 | 0.07 | 0.04 | -0.03 | -0.14 | -0.16 | -0.13 | -0.07 | -0.09 | -0.07 | 0.07 | 0.08 | -0.12 | 0.11 | 0.10 |
| Diluted Shares Outstanding | 44.5M | 45.13M | 44.95M | 44.51M | 44.19M | 43.73M | 43.57M | 43.15M | 41.75M | 41.81M | 42.26M | 43.4M | 44.05M | 44.59M | 44.62M | 45.84M | 47.12M | 46M | 47.62M | 47.14M |
| Basic Shares Outstanding | 42.79M | 43.28M | 42.83M | 42.73M | 42.66M | 42.24M | 41.96M | 41.86M | 41.75M | 41.81M | 42.26M | 43.4M | 44.05M | 44.59M | 44.62M | 44.91M | 45.67M | 45.24M | 45.84M | 45.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |