RDWR
$27.16-4.27%
RDWR financial statements
The full income statement, balance sheet, and cash-flow statement for Radware Ltd. (RDWR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2017-12 44.1M2018-12 46.3M2019-12 47.0M2020-12 46.4M2021-12 45.9M2022-12 44.3M2023-12 41.7M2024-12 42.6M2025-12 43.1M-2.2% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 302M+9.8% | 275M+5.2% | 261M-11.0% | 293M+2.4% | 286M+14.6% | |
| 244M+9.9% | 222M+5.7% | 210M-12.5% | 240M+2.3% | 234M+14.2% | ||
| Cost of revenue | 58.3M+9.6% | 53.3M+3.0% | 51.7M-4.0% | 53.9M+2.7% | 52.4M+16.3% | |
| 232M+2.9% | 226M-6.5% | 241M-0.7% | 243M+12.5% | 216M+8.6% | ||
| Research & development | 79.0M+5.7% | 74.7M-9.6% | 82.6M-4.6% | 86.6M+16.8% | 74.1M+10.9% | |
| Selling, general & administrative | 25.5M-9.9% | 28.3M-12.5% | 32.4M+8.8% | 29.8M+36.1% | 21.9M+15.6% | |
| General & administrative | 25.5M-9.9% | 28.3M-12.5% | 32.4M+8.8% | 29.8M+36.1% | 21.9M+15.6% | |
| Selling & marketing | 128M+4.2% | 122M-3.0% | 126M-0.2% | 127M+5.6% | 120M+6.0% | |
| Amortization of intangibles | 3.97M+0.0% | 3.97M+0.0% | 3.97M+7.1% | 3.71M+99.6% | 1.86M-1.9% | |
| Provision for credit losses | — | — | 0.00 | 0.00 | 0.00 | |
| Operating income | 11.4M+393.5% | -3.89M+87.7% | -31.7M-848.8% | -3.34M-118.3% | 18.2M+195.5% | |
| Other non-operating income | 17.9M+8.1% | 16.6M+18.8% | 13.9M+73.0% | 8.05M+82.7% | 4.41M-43.5% | |
| Pre-tax income | 29.3M+131.4% | 12.7M+171.3% | -17.8M-476.7% | 4.71M-79.2% | 22.6M+62.1% | |
| Income tax | 9.05M+36.6% | 6.63M+72.7% | 3.84M-21.4% | 4.88M-67.1% | 14.8M+242.4% | |
| Net income | 20.3M+235.5% | 6.04M+128.0% | -21.6M-12906.0% | -166K-102.1% | 7.81M-18.9% | |
| $0.45+221.4% | $0.14+128.0% | -$0.50 | $0.00-100.0% | $0.16-20.0% | ||
| EPS (basic) | $0.47+235.7% | $0.14+128.0% | -$0.50 | $0.00-100.0% | $0.17-19.0% | |
| Weighted-avg shares (basic) | 42.9M+2.1% | 42.0M-2.1% | 42.9M-4.6% | 44.9M-2.1% | 45.9M-1.2% | |
| Weighted-avg shares (diluted) | 44.7M+3.1% | 43.4M+1.1% | 42.9M-4.6% | 44.9M-5.4% | 47.5M-0.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 317M-1.4% | 321M-14.6% | 376M+12.4% | 334M+4.3% | 321M-7.8% | ||
| Cash & equivalents | 105M+6.4% | 98.7M+39.9% | 70.5M+52.7% | 46.2M-50.1% | 92.5M+68.9% | |
| Accounts receivable | 35.0M+108.2% | 16.8M-17.0% | 20.3M+14.2% | 17.8M+34.6% | 13.2M-21.7% | |
| Inventory | 13.2M-5.8% | 14.0M-9.7% | 15.5M+36.0% | 11.4M-1.3% | 11.6M-16.9% | |
| Prepaid expenses | 11.0M-22.7% | 14.2M+49.5% | 9.53M+32.4% | 7.20M-10.6% | 8.05M+23.3% | |
| 671M+8.5% | 619M+8.2% | 572M-11.1% | 644M+1.3% | 635M+1.9% | ||
| Property, plant & equipment | 16.5M+5.2% | 15.6M-14.2% | 18.2M-13.5% | 21.1M+4.1% | 20.2M-11.9% | |
| Operating lease right-of-use | 15.6M-15.3% | 18.5M-11.2% | 20.8M-10.0% | 23.1M-7.1% | 24.8M-10.8% | |
| Goodwill | 68.0M+0.0% | 68.0M+0.0% | 68.0M+0.0% | 68.0M+65.3% | 41.1M+0.0% | |
| Intangible assets | 7.78M-33.8% | 11.8M-25.2% | 15.7M-20.2% | 19.7M+83.4% | 10.7M-14.8% | |
| Long-term investments | 206M+41.2% | 146M+313.8% | 35.3M-74.1% | 136M-24.6% | 180M+28.2% | |
| Other non-current assets | 40.6M+7.2% | 37.9M-0.2% | 38.0M-8.0% | 41.3M+10.5% | 37.3M+23.5% | |
| 194M+15.3% | 168M+8.7% | 155M-5.5% | 164M-1.1% | 166M+15.4% | ||
| Accounts payable | 7.23M+29.6% | 5.58M+29.9% | 4.30M-33.5% | 6.46M+50.0% | 4.31M+11.0% | |
| Accrued liabilities | 33.2M+67.4% | 19.8M+46.0% | 13.6M+10.7% | 12.3M-59.5% | 30.3M+95.3% | |
| Deferred revenue | 112M+5.4% | 106M+1.2% | 105M-3.0% | 108M+8.3% | 99.9M+8.5% | |
| Current lease liability | 5.05M+6.3% | 4.75M+1.4% | 4.68M-0.0% | 4.68M-8.0% | 5.09M-2.6% | |
| Other current liabilities | 1.43M-40.8% | 2.42M+241.6% | 707K-64.1% | 1.97M | — | |
| Deferred revenue (non-current) | 65.8M+1.6% | 64.7M+7.0% | 60.5M-16.2% | 72.2M+7.7% | 67.1M+22.4% | |
| Non-current lease liability | 12.0M-11.5% | 13.5M-15.6% | 16.0M-17.7% | 19.5M-13.0% | 22.4M-10.0% | |
| Operating lease liability (total) | 17.0M-6.8% | 18.3M-11.8% | 20.7M-14.3% | 24.1M-12.0% | 27.4M-8.7% | |
| Other non-current liabilities | 8.46M-43.2% | 14.9M-12.9% | 17.1M-12.0% | 19.4M+93.0% | 10.1M-11.8% | |
| Total non-current liabilities | 86.2M-7.4% | 93.1M-0.5% | 93.6M-15.7% | 111M+11.7% | 99.5M+9.3% | |
| 349M+10.5% | 316M+11.3% | 284M-14.5% | 332M-10.2% | 370M-4.8% | ||
| Common stock | 770K+2.1% | 754K+1.6% | 742K+1.4% | 732K+0.3% | 730K+1.2% | |
| Additional paid-in capital | 579M+4.2% | 555M+4.9% | 529M+6.2% | 498M+5.7% | 471M+6.4% | |
| Retained earnings | 146M+16.1% | 126M+5.0% | 120M-15.3% | 141M-0.1% | 142M+5.8% | |
| Treasury stock | 378M+3.0% | 367M+0.2% | 366M+20.6% | 303M+24.8% | 243M+27.5% | |
| Accumulated other comprehensive income | 1.39M+26.3% | 1.10M+1332.5% | 77.0K+101.6% | -4.84M-964.6% | -455K-130.0% | |
| Non-controlling interest | 41.3M+1.3% | 40.8M+4.1% | 39.2M+8.0% | 36.3M | 0.00 | |
| Total equity incl. non-controlling | 391M+9.4% | 357M+10.5% | 323M-12.3% | 368M-0.4% | 370M-4.8% | |
| Total liabilities & equity | 671M+8.5% | 619M+8.2% | 572M-11.1% | 644M+1.3% | 635M+1.9% | |
| Common shares issued | 64.1M+1.7% | 63.0M+1.5% | 62.1M+1.2% | 61.3M+1.2% | 60.6M+2.3% | |
| Common shares outstanding | 43.1M+1.4% | 42.6M+2.1% | 41.7M-5.9% | 44.3M-3.4% | 45.9M-1.1% | |
| Shares outstanding (cover) | 43.1M+1.4% | 42.6M+2.1% | 41.7M-5.9% | 44.3M-3.4% | 45.9M-1.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 50.1M-30.0% | 71.6M+2146.0% | -3.50M-110.9% | 32.1M-55.2% | 71.8M+12.4% | ||
| Depreciation & amortization | 11.7M-1.3% | 11.8M-3.3% | 12.2M+4.7% | 11.7M+14.7% | 10.2M-3.4% | |
| Intangible amortization | 3.97M+0.0% | 3.97M+0.0% | 3.97M+7.1% | 3.71M+99.6% | 1.86M-1.9% | |
| Share-based compensation | 24.0M-7.7% | 26.0M-23.5% | 34.0M+24.4% | 27.4M+55.6% | 17.6M+6.2% | |
| Deferred income taxes | 5.00K-98.9% | 439K-24.6% | 582K+129.3% | -1.99M+42.7% | -3.47M-1140.8% | |
| Change in receivables | 18.2M+628.5% | -3.44M-236.9% | 2.52M-44.9% | 4.56M+224.7% | -3.66M+36.5% | |
| Change in inventory | -810K+46.5% | -1.51M-136.8% | 4.12M+2807.9% | -152K+93.5% | -2.35M-47000.0% | |
| Change in payables | 1.65M+28.8% | 1.28M+159.2% | -2.17M-200.6% | 2.15M+403.3% | 428K+117.6% | |
| -30.1M+23.9% | -39.5M-142.6% | 92.8M+265.6% | -56.0M-813.7% | 7.85M+154.6% | ||
| Capital expenditure | 8.54M+61.7% | 5.28M-2.8% | 5.43M-38.4% | 8.81M+57.3% | 5.60M-35.4% | |
| Free cash flow | 41.6M-37.4% | 66.3M+842.9% | -8.93M-138.3% | 23.3M-64.7% | 66.2M+19.9% | |
| Acquisitions | 0.00 | 0.00 | 0.00-100.0% | 30.0M | 0.00 | |
| Sales/maturities of investments | 73.2M-41.4% | 125M+170.6% | 46.2M+33.5% | 34.6M-42.3% | 60.0M+103.7% | |
| Other investing activities | -58.0K+28.4% | -81.0K-22.7% | -66.0K-88.6% | -35.0K+28.6% | -49.0K-144.5% | |
| -13.7M-249.0% | -3.91M+94.0% | -64.9M-189.1% | -22.5M+46.4% | -41.9M-18.1% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 10.5M+1150.3% | 839K-98.7% | 63.2M+6.3% | 59.5M+13.4% | 52.5M+15.8% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income taxes paid | 2.22M+140.8% | 921K-77.0% | 4.00M-77.9% | 18.1M+557.5% | 2.75M+109.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 1.04B+8.4% | 959M+29.7% | 739M-18.4% | 906M-52.6% | 1.91B+48.4% | |
| P/E | 51.3×-67.7% | 158.8× | — | 116.0×-52.6% | 244.5×+83.1% | |
| P/S | 3.4×-1.3% | 3.5×+38.5% | 2.5×-20.4% | 3.2×-52.6% | 6.7×+29.5% | |
| P/B | 3.0×-1.9% | 3.0×+36.2% | 2.2×-9.1% | 2.4×-52.6% | 5.2×+55.8% | |
| P/FCF | 25.0×+73.0% | 14.5×-54.4% | 31.7×+131.3% | 13.7×-52.6% | 28.9×+23.8% | |
| Earnings yield | 1.9%+209.5% | 0.63% | — | 0.86%+110.8% | 0.41%-45.4% | |
| FCF yield | 4.0%-42.2% | 6.9%+119.1% | 3.2%-56.8% | 7.3%+110.8% | 3.5%-19.2% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: RDWR’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RDWR filings on SEC EDGAR → Not investment advice.