Qualys sells subscription-based cloud cybersecurity and compliance software that helps organizations identify vulnerabilities, prioritize risks and remediate weaknesses.
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A snapshot of what QUALYS, INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001107843-24-000008 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001107843-25-000009 | Feb 21, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001107843-26-000008 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Qualys is growing profitably, with partners supplying most of its recent revenue increase. Second-quarter 2026 revenue rose 11% to $182.2 million, and GAAP operating margin improved to 34% from 31%. The improvement is real, but lower depreciation helped margins, while taxes and weaker nonoperating income restrained net earnings. Repurchases also supported per-share growth. First-half operating cash flow reached $154.9 million, although buybacks consumed $131.4 million. On August 4, management raised its full-year revenue outlook; federal authorization and AI-related collaborations offer opportunities, not assured sales. The principal dependencies are customer renewals, nonexclusive partners and reliable cloud delivery. Reported liquidity is substantial but includes securities, and conflicting purchase-commitment disclosures prevent a definitive assessment of aggregate commitments.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04 · 10-K · 2025-12-31
Qualys serves more than 10,000 subscription customers through one reportable segment. Its platform combines vulnerability assessment, remediation, cloud security and compliance. Contracts are primarily annual, usually billed upfront, with revenue recognized over the service period. Fees cover unlimited scans for specified devices or applications—not payment per scan. Consequently, reported revenue can lag changes in new business and renewals.
In the six months ended June 30, 2026, partner revenue reached $189.7 million versus $158.4 million a year earlier, while direct revenue was comparatively flat. Partners supplied 93% of incremental revenue, increasing dependence on distributors that can also sell competing products. Net dollar expansion was 105% versus 104%: this compares the prior-year customer cohort's recurring revenue at constant exchange rates, not customer retention. Management cites stronger subscription demand, but product contributions and pricing-versus-volume effects are undisclosed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04
The unaudited June 2026 results, filed August 4, show first-half revenue of $357.8 million versus $324.0 million and GAAP operating income of $122.8 million versus $103.2 million. Revenue grew faster than delivery costs, although $1.1 million less depreciation and amortization helped that comparison. Sales and marketing spending increased with staffing, commissions and incentives. Nearly flat R&D expense did not mean flat staffing: management cited lower average personnel costs and geographic mix.
First-half GAAP net income was $103.0 million versus $94.8 million. Higher taxes, an unfavorable currency swing and a $1.967 million private-investment impairment limited the operating gains reaching net income. That impairment occurred in Q1, not again in Q2. Diluted EPS rose to $2.91 from $2.59, partly because weighted-average diluted shares fell. Adjusted EBITDA of $167.0 million excludes $38.2 million of stock compensation, taxes, depreciation, amortization and other income or expense; it is neither GAAP profit nor cash flow. Recurring compensation and eventual equipment replacement remain economic costs.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-04
First-half operating cash flow increased to $154.9 million from $143.4 million. The Q2 headline increase of 77% followed a Q1 decline, rather than representing the first-half pace. Working capital contributed only $1.3 million versus $13.3 million; noncash compensation and tax adjustments also affect cash conversion. Equipment purchases rose to $5.4 million from $3.4 million. Company-defined free cash flow—operating cash flow less net equipment purchases—was $149.5 million, not profit. Capitalizing new-business and upsell commissions over five years also separates cash spending from expense recognition.
Repurchases consumed $131.4 million of first-half cash, versus $89.5 million, leaving cash and equivalents nearly unchanged at $250.3 million. Another $176.0 million of short-term and $277.2 million of long-term securities brought combined liquidity to approximately $703.5 million; this is not all cash. Of cash held, $182.6 million was abroad and could incur withholding taxes on repatriation. Restricted cash was separate. No borrowing facility or covenant terms are disclosed, so borrowing capacity and unrestricted funding should not be assumed.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-05-05 · EX-99.1 · 2026-08-04
June lease liabilities were $53.4 million, versus $65.6 million of undiscounted payments. Purchase commitments remain inconsistent in the 2025 annual filing: MD&A reports $60.2 million total and $13.2 million within twelve months, while Note 8 reports $41.324 million total and $28.085 million in 2026. The interim's statement of no other material changes does not reconcile them. These amounts cannot be added or used to establish precise funding headroom.
Approximately $229.8 million of discretionary buyback authorization remained at June 30; authorization is not committed spending. Separately, shareholders approved the amended equity plan on June 10, reported June 11. The subsequent 10-Q records 1.089 million additional authorized plan shares and 2.533 million available for grants—not issued shares. Outstanding awards and recurring stock compensation retain dilution exposure despite repurchases. Reported repurchase transaction values, cash payments and equity charges overlap and lack a complete reconciliation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-06-10
On August 4, management raised 2026 revenue guidance to $732–$738 million from May's $721–$727 million. GAAP diluted EPS guidance became $5.76–$5.90 and non-GAAP EPS $7.74–$7.88. The full-year diluted-share assumption changed to 35.2 million from 34.5 million; GAAP and non-GAAP tax assumptions were 21% and 20%. Q3 revenue guidance was $185.5–$187.5 million. These remain forecasts, not achieved results. An itemized non-GAAP EPS forecast reconciliation was unavailable because potentially significant adjustments could not be forecast reliably.
August's release reported that TotalCloud achieved FedRAMP High Authorization, an accomplished milestone rather than a sales commitment. Management's growing federal pipeline and early QFlex engagement are unquantified. AI collaborations have no disclosed financial terms or revenue contribution, and Converge insurance savings depend on customer qualification. Spending constraints, long sales cycles and competitor bundling can limit conversion. Some cloud platforms lack redundancy, 71% of employees were in India at June 30, and cyber incidents, privacy and AI regulation, and maintaining federal authorization remain material dependencies. The interim identifies no newly material cyber loss or reasonably possible material loss from ongoing litigation; that does not mean no incidents or claims exist.
Sources: EX-99.1 · 2026-05-05 · EX-99.1 · 2026-08-04 · 10-Q · 2026-06-30
USD 669.125 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 669.125 m | 10.1% |
| 2024 | USD 607.571 m | 9.6% |
| 2023 | USD 554.458 m | — |
Consolidated subscription revenue recognized under U.S. GAAP.
Sources: 10-K · 2025-12-31
USD 198.32 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 198.32 m | 14.2% |
| 2024 | USD 173.68 m | 14.6% |
| 2023 | USD 151.595 m | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-12-31
USD 309.4 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 309.4 m | 26.8% |
| 2024 | USD 244.094 m | -0.2% |
| 2023 | USD 244.605 m | — |
Operating cash flow from the consolidated statement of cash flows; not net income or free cash flow.
Sources: 10-K · 2025-12-31
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