Qualys Hikes Buyback by $200M After 10% Q4 Revenue Growth
Qualys' fourth quarter 2025 revenues rose 10% year-over-year to $175.3 million, with non-GAAP net income per share at $1.87 and GAAP EPS of $1.47. The company also expanded its share repurchase program by $200 million following a 59% surge in operating cash flow.
1. Q4 2025 Financial Performance Exceeds Expectations
In the fourth quarter of 2025, Qualys reported revenues of $175.3 million, representing 10% year-over-year growth from $159.2 million in Q4 2024. GAAP net income rose 21% to $53.2 million, or $1.47 per diluted share, compared with $44.0 million, or $1.19 per diluted share, a year earlier. On a non-GAAP basis, net income increased 14% to $67.7 million, or $1.87 per diluted share, versus $59.4 million, or $1.60 per share, in Q4 2024. Adjusted EBITDA reached $82.6 million—11% higher than the prior-year quarter—while operating cash flow surged 59% to $75.7 million, equivalent to 43% of revenue compared with 30% in Q4 2024.
2. Full Year 2025 Growth and Profitability
For the full year 2025, Qualys delivered revenue of $669.1 million, up 10% from $607.6 million in 2024. GAAP net income climbed 14% to $198.3 million, or $5.44 per diluted share, versus $173.7 million, or $4.65 per share, in 2024. Non-GAAP net income increased 13% to $257.8 million, or $7.07 per diluted share. Adjusted EBITDA grew 11% to $313.4 million, maintaining a 47% margin, while operating cash flow rose 27% to $309.4 million, representing 46% of revenue compared with 40% in the prior year.
3. Share Repurchase Program and Balance Sheet Strength
Following robust cash generation, Qualys authorized a $200 million increase to its existing share repurchase program, enhancing its capital return capacity. At year-end, the company held cash, cash equivalents and marketable securities of approximately $350 million and maintained a conservative debt profile with leverage below 1.0x net debt to adjusted EBITDA, providing financial flexibility for continued investment and shareholder returns.
4. Innovation and Market Recognition Drive Competitive Differentiation
During Q4, Qualys expanded its Enterprise TruRisk Management platform with new modules—ETM Identity for identity security, TruLens for industry-specific threat prioritization and TruConfirm for exploit validation—bolstering pre-breach cyber risk management. Independent analysts acknowledged this progress: GigaOm named Qualys a leader across multiple security categories, including Cloud Workload Security and Attack Surface Management, while Gartner positioned the company as a Magic Quadrant Leader in Exposure Assessment Platforms. These endorsements, coupled with the launch of the agentic AI marketplace and the expansion of the mROC partner alliance to 15 members, underscore Qualys’ accelerating adoption among large enterprises and federal agencies.