QUALYS, INC. (QLYS) FY2025 10-K Annual Report
QUALYS, INC. (QLYS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
QUALYS, INC. FY2025 10-K Analysis
Business Overview
- • Core business: cloud-based IT, security, compliance platform with integrated asset management, vulnerability detection, risk prioritization, and remediation
- • New emphasis on Enterprise TruRisk Management (ETM) with AI-driven workflows for unified risk quantification and automated remediation
- • Strategic shift to multi-cloud security with TotalCloud CNAPP, expanding coverage for hybrid-cloud environments and real-time defense
- • Revenue growth to $669.1M in 2025 from $607.6M in 2024; customer base exceeds 10,000 including majority of Forbes Global 100
- • Expansion of Private Cloud Platform (PCP) as a turnkey, subscription-based on-premises option for customers seeking private deployments
Management Discussion & Analysis
- • Revenue $669.1M in 2025, up 10% YoY from $607.6M in 2024, $61.6M increase driven 76% by existing customers and 24% by new customers
- • Operating margin 33% in 2025 vs 31% in 2024; net income margin 30% vs 29%; adjusted EBITDA margin steady at 47% in both years
- • Best performing segment: Partner channel revenue grew by 80% of the $61.6M increase; worst: direct sales only 20% of growth
- • Cash flow from operations $309.4M in 2025 vs $244.1M in 2024; share repurchases $183.4M in 2025; capex $5.0M; dividends not disclosed
- • Management expects continued revenue growth, plans $8-12M capex in 2026, ongoing share repurchases with additional $200M authorized in 2026
Risk Factors
- • Regulatory risk: Potential loss of FedRAMP authorization due to security breaches or incidents jeopardizing cloud platform compliance
- • Macroeconomic risk: Ongoing 2023-present economic weakness and geopolitical conflicts in Eastern Europe and Middle East impacting IT spending and operations
- • Operational risk: Dependency on 15 third-party shared cloud platforms without full redundancy risks service disruption and revenue loss
- • Competitive risk: Intense competition from CrowdStrike, Palo Alto Networks, Rapid7, Tenable, and Google-acquiring Wiz threatens market share and pricing
- • Financial risk: High fixed operating expenses paired with unpredictable long sales cycles (6-18+ months) heighten margin pressure with revenue shortfalls
QUALYS, INC. FY2025 Key Financial MetricsXBRL
Revenue
$669M
▲ +10.1% YoY
Net Income
$198M
▲ +14.2% YoY
Gross Margin
82.8%
▲ +120bp YoY
Operating Margin
33.2%
▲ +236bp YoY
Net Margin
29.6%
▲ +105bp YoY
ROE
35.3%
▼ -106bp YoY
Total Assets
$1.1B
▲ +12.5% YoY
EPS (Diluted)
$5.44
▲ +17.0% YoY
Operating Cash Flow
$309M
▲ +26.8% YoY
Source: XBRL data from QUALYS, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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