QLYSMEDIUM SIGNALOPPORTUNITY10-K

QLYS delivered strong operational performance with 10% revenue growth to $669.1M and significant margin expansion, while returning substantial capital to shareholders through increased buybacks.

The company demonstrates healthy business momentum with operating leverage driving faster profit growth than revenue growth, suggesting effective cost management and pricing power. The 31% increase in share buybacks to $183M combined with strong cash generation indicates management confidence in the business trajectory and commitment to shareholder returns.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

QLYS showed broad-based financial strength with revenue growing 10% to $669.1M while operating income expanded 18.6% to $222M, demonstrating strong operational leverage. The company generated robust operating cash flow of $309.4M (+26.8%) while dramatically reducing capex spending by 59.5% to $5M, enabling aggressive capital returns through $183.4M in share buybacks. The overall financial picture signals a maturing, cash-generative business with improving profitability metrics and strong balance sheet growth across assets and equity.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-59.5%
$12.3M→$5.0M

Capex reduced 59.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Share Buybacks
Cash Flow
+31.1%
$139.9M→$183.4M

Share repurchases increased 31.1% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+26.8%
$244.1M→$309.4M

Operating cash flow grew 26.8% — strong conversion of earnings to cash, healthy business fundamentals.

Operating Income
P&L
+18.6%
$187.2M→$222.0M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+17.6%
$477.1M→$561.2M

Equity base grew 17.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+14.2%
$173.7M→$198.3M

Net income grew 14.2% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+12.5%
$973.5M→$1.1B

Asset base grew 12.5% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+12.3%
$585.7M→$657.6M

Current assets grew 12.3% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+11.7%
$496.1M→$554.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
Our revenues increased to $669.1 million in 2025 from $607.6 million in 2024 and $554.5 million in 2023.
Solutions delivered through our PCP are typically on the same subscription basis as solutions delivered through our shared platform.
Qualys Core Services Our core services enable customers to detect vulnerabilities, measure and remediate cyber risk through integrated workflows, and deliver real-time analysis and reporting across on-premises environments, network perimeters, endpoints, and cloud deployments.
Our customers can subscribe to one or more of our 20+ Cloud Apps based on their initial needs and expand their subscriptions over time to new areas within their organization or to additional Qualys solutions to develop a more complete understanding of their respective environment's IT, security and compliance posture and remediate cybersecurity risk.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.
We use AI/machine learning technologies in our solutions that could result in harm to our business and operating results.
Our revenues increased to $607.6 million in 2024 from $554.5 million in 2023 and $489.7 million in 2022.
Our cloud platform is delivered to our customers via our 14 global shared cloud platforms, or via our private platform offering, Qualys Private Cloud Platform (PCP), for customers or partners that want the platform to reside within the customer's shared cloud platform.
Qualys Core Services Our core services enable our customers to detect vulnerabilities, measure and remediate cyber risk through integrated workflows, management and real-time analysis and reporting inside their organizations, on the perimeter, on endpoints or in the cloud.
+7 more — sign up free →
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