Check Point Software Technologies Ltd. announced its financial results for the fourth quarter and the full year ended December 31, 2025.

Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights        

Calculated Billings* reached $1,039 million, an 8 percent increase year over year

Remaining Performance Obligation (RPO)**: $2,728 million, an 8 percent increase year over year

Total Revenues: $745 million, a 6 percent increase year over year

Security Subscription Revenues: $325 million, an 11 percent increase year over year

GAAP Operating Income: $233 million, representing 31 percent of revenues

Non-GAAP Operating Income: $302 million, representing 41 percent of revenues

GAAP EPS***: $2.81, a 22 percent increase year over year

Non-GAAP EPS***: $3.40, a 26 percent increase year over year

Full Year 2025 Highlights

Calculated Billings* reached $2,906 million, a 9 percent increase year over year

Total Revenues: $2,725 million, a 6 percent increase year over year

Security Subscriptions Revenues: $1,219 million, a 10 percent increase year over year

GAAP EPS***: $9.62, a 29 percent increase year over year

Non-GAAP EPS***: $11.89, a 30 percent increase year over year

"We delivered solid fourth quarter and full year 2025 results, with revenue landing above the midpoint of our outlook and EPS exceeding expectations. Our performance remained resilient throughout the year, driven by continued customer adoption across our Hybrid Mesh Network and Workspace platforms," said Nadav Zafrir, Chief Executive Officer. "In 2026, our strategy is centered on securing our customers' AI transformation across the enterprise. We are focused on executing against our four strategic pillars, Hybrid Mesh, Workspace, and Exposure Management, while embedding AI driven security throughout our portfolio. Today's announced acquisition of Cyata further expands our AI security stack, enabling full discovery, governance, and control of AI agents as organizations accelerate their AI journeys."

Announcing Three First Quarter 2026 Acquisitions

Cyata: Accelerates our mission to deliver End-to-End AI Security platform for the Agentic World.         

Delivering agent discovery across endpoint and SaaS while providing context, configuration and risk.

Cyclops: Expands our Exposure Management Offering to deliver a complete CTEM Solution to the

Market. Cyber Asset Attack Surface Management (CAASM) provides discovery and continuous

monitoring of every asset across cloud, on-premises, OT, and SaaS environments.

Rotate: A comprehensive, all-in-one platform purpose-built for MSPs. We acquired the talent of Rotate to         

further accelerate the strong Workspace momentum in the MSP market.

     * Calculated Billings is a measure that we defined as total revenues recognized in accordance with GAAP plus the change in Total Deferred Revenues during the period.

   ** Remaining Performance Obligation (RPO) measure that represents the total value of non-cancellable contracted products and/or services yet to be recognized as Revenue as of the period.

*** GAAP & Non-GAAP EPS in fourth quarter and full year 2025 benefitted from a tax rate reduction, updated tax provisions and a tax settlement that resulted in a benefit to GAAP and Non-GAAP EPS. A more detailed explanation is provided in the Financial Highlights Commentary.

Financial Highlights Commentary

GAAP & Non-GAAP EPS: Earnings per diluted shares in the fourth quarter of 2025 were $2.81 and $3.40 for GAAP and Non-GAAP, respectively. This compares to $2.30 and $2.70, respectively in the fourth quarter of 2024. Tax rate reduction and updated tax provisions due to tax settlement resulted in a benefit of approximately $0.52 to GAAP and Non-GAAP EPS. Earnings per diluted shares in 2025 were $9.62 and $11.89 for GAAP and Non-GAAP, respectively. This compares to $7.46 and $9.16, respectively, in 2024. Tax rate reduction, updated tax provisions and a tax settlement, resulted in a benefit of approximately $1.90 to GAAP and Non-GAAP EPS.

Cash Balances, Marketable Securities & Short-Term Deposits: $4,342 million as of December 31, 2025, compared to $2,784 million as of December 31, 2024. The increase in cash is primarily a result of the $1.8 billion proceeds from our $2 billion convertible notes offering net of issuance costs and purchase of capped call. During the fourth quarter of 2025 we completed the acquisition of Lakera AI for approximately $190 million net cash consideration.

Share Repurchase Program: During the fourth quarter of 2025, the company repurchased approximately 2.2 million shares for a total of approximately $425 million, which includes $100 million of share repurchases executed in connection with the convertible notes offering. During the full year 2025, we repurchased approximately 6.8 million shares at a total cost of approximately $1.4 billion.

Cash Flow: Cash flow from operations in the fourth quarter of 2025 was $310 million, compared to $249 million in the same quarter of last year. Cash flow from operations in 2025 was $1,234 million, which included a one-time tax payment of approximately $66 million in connection with tax settlement for prior years compared to $1,059 million last year. In addition, Cash flow from operations in 2025 included $51 million benefit from balance sheet hedging transactions, compared to $18 million of expenses in 2024.

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."

Conference Call and Webcast Information

Check Point will host a conference call with the investment community on February 12, 2026, at 8:30 AM ET/5:30 AM PT.

First Quarter 2026 Investor Conference Participation Schedule

Wolfe Research March Madness Software Conference

February 24, 2026, NY, NY – 1x1 meetings

 

Bernstein Insights: 4th Annual Tech, Media, Telecom Forum

February 25, 2026, Palo Alto, CA – 1x1 meetings

 

Baird 's 2026 Silicon Slopes Technology Summit

February 26-27, 2026, Park City, UT – 1x1 meetings

 

Raymond James 47th Institutional Investor Conference

March 2, 2026, Orlando, FL – Fireside & 1x1 meetings

 

Morgan Stanley 2026 Media, Telecommunications & Technology Conference

March 3-5, 2026, SF, CA – 1x1 meetings

 

Stifel 2026 NYC Technology 1x1 Conference

March 10, 2026, NY, NY – 1x1 meetings

 

Cantor Global Technology Conference

March 11, 2026, NY, NY – 1x1 meetings

 

Members of Check Point's management team are expected to meet with investors and selectively present at these conferences to discuss the latest company strategies and initiatives. Check Point's conference presentations are expected to be available via webcast. 

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