Short answer
QUALYS, INC. (QLYS) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $669M (+10.1% year over year) and net income of $198M.
- Top risk flagged: Regulatory risk: Potential loss of FedRAMP authorization due to security breaches or incidents jeopardizing cloud platform compliance
FY2025 key financial metrics · XBRL
- Revenue
- $669M
- +10.1% YoY
- Net income
- $198M
- +14.2% YoY
- Operating margin
- 33.2%
- +2.4 pp YoY
- Gross margin
- 82.8%
- +1.2 pp YoY
- EPS (diluted)
- $5.44
- +17.0% YoY
- ROE
- 35.3%
- −1.1 pp YoY
- Operating cash flow
- $309M
- +26.8% YoY
Source: XBRL data from the QUALYS, INC. (QLYS) FY2025 10-K on SEC EDGAR. USD.
QUALYS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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