MARKETS / NASDAQ / RDWR

NASDAQ · SERVICES-BUSINESS SERVICES, NEC · LARGE CAP

Radware Ltd. RDWR

17 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$301.9M

▲ 9.8% YoY

Net income

$20.3M

▲ 235.5% YoY

Free cash flow

$41.6M

▼ 37.4% YoY

In brief

What this company does

Radware provides application security and delivery solutions for multi-cloud environments, securing the digital experience through infrastructure, application, and network protection and availability services to companies globally. It markets and sells its products and services primarily through indirect sales channels of distributors and resellers located in North, Central and South America, Europe, Africa, Asia, and Australia. In 2025, approximately 77% of its revenues derived from the enterprise market and 23% from the carrier market. As of December 31, 2025, no single customer accounted for more than 10% of its revenues. As of December 31, 2025, its research and development staff consisted of 406 employees and 68 subcontractors. Its technical support team consisted of 409 employees worldwide as of December 31, 2025, supporting the sales force and assisting customers, resellers and distributors with installation, set-up and ongoing support of its products. The company operates in two reportable segments, the first being Radware's Core Business, which consists of its core business operations, including cloud security-as-a-service products, application and data center security products, and application availability products.

Written from the business description in RADWARE LTD's annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth

USD 301.9M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 301.9 · Net income 20.3

Compound annual growth

Revenue

+0.9%

+3.8%

+3.4%

+5.1%

Net income

+16.0%

+0.9%

+5.1%

EPS, diluted

+17.6%

+1.2%

Returned to shareholders

−43.3%

−20.7%

−13.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +3.8% a year over five years — but profit grew faster: net income at +16.0%, earnings per share at +17.6%.

The share count fell from 0.05B to 0.04B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

7 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 3.8% · Net 6.7%

ROE

FY2025 · ROE 6.1%

Gross margin80.7%

Operating margin3.8%

Net margin6.7%

Return on assets3.1%

EBITDAUSD 23.1M

Each USD of equity produced 6 cents of profit this year.

Cash & shareholders

USD 10.5M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 41.6

Net buybacks $M Dividends $M

FY2025 · Dividends — · Net buybacks 10.5

Dividends paid—

Net buybacksUSD 10.5M

Share of profit51.8%

Consecutive raises—

USD 10.5M in buybacks — 52% of the year's profit went back to shareholders.

Total assetsUSD 671.2M

EquityUSD 349.4M

CashUSD 105.1M

Current ratio1.63×

Equity funds 52% of total assets.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1
Operating income $B	0.0	−0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0
EBITDA $B	0.0	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income $B	0.0	0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	−0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0
Free cash flow $B	0.0	0.1	−0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	0.45	0.14	−0.50	0.00	0.16	0.20	0.47	0.25	−0.17	−0.20	0.40	0.53	0.39	0.68	0.47	0.44	−0.31
Dividend / sh $	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout %	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
ROE %	6.1	2.0	−7.0	−0.0	2.1	2.5	5.9	3.5	−2.4	−2.8	5.7	7.9	6.4	12.9	10.6	5.8	−4.0
Shares out B	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.05	0.04	0.04	0.02	0.02	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 81 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 14 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityServices-Business Services, NEC

Listed onNASDAQ

Incorporated innot stated in the filings

Fiscal year endsDecember 31

Data on record since2009