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Qualys (QLYS) FY2025 results: revenue $669 million, up 10.1% on the year

Qualys, Inc. (QLYS) reported revenue of $669 million for fiscal 2025, the year ended 31 December 2025, up 10.1% on the year before. Net income was $198 million, up 14.2%, and diluted earnings per share $5.44. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$669 million
+10.1% on the year
FY2018FY2025
Operating margin
33.2%
30.8% a year earlier
FY2018FY2025
Net income
$198 million
+14.2% on the year
FY2018FY2025
Diluted EPS
$5.44
+17.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 9 new.

  • Fourth-quarter revenue rose 10%: Revenue was $175.3 million, up 10%. GAAP net income was $53.2 million, or $1.47 per diluted share, up 21% from the prior-year quarter.
  • Full-year revenue rose 10%: Full-year 2025 revenue increased 10% from the 2024 total.
  • Operating cash flow rose 59%: Quarterly operating cash flow was $75.7 million, and Adjusted EBITDA was $82.6 million, 47% of revenues.
  • Enterprise TruRisk gained three capabilities: Qualys added identity security, industry-specific threat prioritization and exploit validation to its Enterprise TruRisk Management solution, to address new attack vectors.
  • FedRAMP High authorization for GovCloud: The GovCloud Platform holds FedRAMP High authorization, supporting federal, defense and intelligence agencies.
Read the Q4 FY2025 earnings call summary

From this 10-K

Qualys provides a cloud-based platform for information technology (IT), security and compliance, which it calls the Enterprise TruRisk Platform. Customers use it to identify and manage their IT and operational technology assets across on-premises, endpoint, cloud, container and mobile environments, find and prioritize vulnerabilities, quantify cyber risk and carry out and verify fixes. It sells its solutions as software-as-a-service, mainly through renewable annual subscriptions.

Qualys, Inc., the 10-K for 2025

Qualys provides a cloud-based platform for information technology (IT), security and compliance, which it calls the Enterprise TruRisk Platform. Customers use it to identify and manage their IT and operational technology assets across on-premises, endpoint, cloud, container and mobile environments, find and prioritize vulnerabilities, quantify cyber risk and carry out and verify fixes. It sells its solutions as software-as-a-service, mainly through renewable annual subscriptions.

History

The company was founded and incorporated in December 1999 and launched its first cloud solution, Vulnerability Management, in 2000. It has since added further solutions to the suite it calls the Qualys Cloud Apps, covering asset management, vulnerability and configuration management, risk remediation, threat detection and response, and cloud security.

Customers and sales

At December 31, 2025 it had over 10,000 customers worldwide, including a majority of the Forbes Global 100, across industries such as education, financial services, government, healthcare, manufacturing, retail, technology and utilities. It sells to enterprises and government entities mainly through its field sales force and to small and medium-sized businesses through its inside sales force, and it also sells through channel partners such as managed security service providers, value-added resellers and consulting firms. Its technical support centers are in Foster City, California, Raleigh, North Carolina and Pune, India, and it conducts research and development in the United States, France and India.

Operations and competition

Its shared cloud platform operations are run by large third-party vendors in locations including the United States, Canada, Switzerland, the Netherlands, the United Arab Emirates, Australia, Italy, Saudi Arabia and India, under agreements running through 2030. It competes with public companies such as CrowdStrike, Palo Alto Networks, Rapid7 and Tenable Holdings and with privately held security providers including Invicti, Tanium and Wiz.

People

At December 31, 2025 it had 2,625 full-time employees, including 1,262 in research and development, and approximately 78% of them were outside the United States, with 70% in India. None of its U.S. employees is covered by collective bargaining agreements, while employees in certain European countries and Brazil have national-level arrangements.

From Qualys's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue669608554+10.1%
Cost of revenue115111107+2.9%
Gross profit554496447+11.7%
Gross margin82.8%81.7%80.6%
Research and development117112110+4.9%
Operating income222187163+18.6%
Operating margin33.2%30.8%29.4%
Pre-tax income247210179+17.6%
Income tax48.536.127.1+34.2%
Effective tax rate19.7%17.2%15.1%
Net income198174152+14.2%
Net margin29.6%28.6%27.3%
Diluted EPS$5.44$4.65$4.03+17.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow309244245+26.8%
Capital expenditure5.012.38.8-59.5%
Free cash flow304232236+31.3%
Free cash flow margin45.5%38.1%42.5%
Cash from investing-106-71.4-73.2
Cash from financing-185-146-141
Depreciation and amortisation14.518.527.0-21.7%
Share-based compensation77.077.169.1-0.2%
Buybacks183140171+31.1%
Diluted shares, weighted36m37m38m-2.4%
Shares outstanding at period end36m37m37m-2.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity561477368+17.6%
Debt0.0n/a0.0
Operating lease liabilities45.037.516.9+19.9%
Other liabilities489459428+6.5%
Total liabilities and equity1,095974813+12.5%
Fixed assets23.230.332.6-23.7%
Goodwill7.47.47.40.0%
Intangible assets4.36.89.7-37.5%
Investmentsn/an/a279
Securities held for sale or to maturity479379n/a+26.2%
Cash and equivalents250232204+7.8%
Receivables171165146+3.9%
Other assets160153134+4.9%
Total assets1,095974813+12.5%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.