Qualys reported Q4 2025 revenue of $175.3 million, up 10% year‑over‑year, and GAAP net income of $53.2 million ($1.47 per diluted share). Non‑GAAP net income rose to $67.7 million ($1.87 per diluted share), beating consensus estimates of $1.78 and $1.60 respectively. The company also posted adjusted EBITDA of $82.6 million, a 47% margin that matches the prior year, and a non‑GAAP gross margin of 85% versus 84% last year.
The revenue lift was driven largely by expansion within the existing customer base, which accounted for 95% of the quarter’s growth, and by the partner‑first go‑to‑market model, which contributed 50% of Q4 revenue. Channel partner revenue grew 17% year‑over‑year, outpacing direct sales growth of 4%, and the launch of the Agentic AI‑native Risk Operations Center (ROC) helped accelerate adoption of the Enterprise TruRisk Management platform.
Margin expansion was supported by a shift toward higher‑margin services and disciplined cost management. Non‑GAAP operating income margin increased to 46% from 44% last year, while the company maintained a 47% adjusted EBITDA margin, indicating that pricing power and operational leverage are sustaining profitability even as the company invests in sales and marketing, which grew 18% year‑over‑year.
Management guided Q1 2026 revenue to $172.5‑$174.5 million and non‑GAAP EPS to $1.76‑$1.83, while full‑year 2026 revenue is projected at $717‑$725 million and non‑GAAP EPS at $7.17‑$7.45. The guidance reflects confidence in continued demand for AI‑driven risk solutions and a steady growth trajectory, with the company targeting a 7‑8% increase in full‑year revenue versus 2025.
CEO Sumedh Thakar emphasized that Qualys is “operationalizing cyber risk management” and highlighted the ROC’s role in aligning spend with risk tolerance. He also announced a $200 million increase to the share‑repurchase program, underscoring management’s confidence in the company’s financial health and long‑term value creation.
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