Qualys Announces Fourth Quarter and Full Year 2025 Financial Results

Q4 Revenue Growth of 10% Year-Over-Year

Full Year 2025 Revenue Growth of 10% Year-Over-Year

Announces $200 Million Increase to Share Repurchase Program

FOSTER CITY, Calif., Feb. 5, 2026 /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025. For the quarter, the Company reported revenues of $175.3 million, net income under United States Generally Accepted Accounting Principles ("GAAP") of $53.2 million, non-GAAP net income of $67.7 million, Adjusted EBITDA of $82.6 million, GAAP net income per diluted share of $1.47, and non-GAAP net income per diluted share of $1.87.

"Qualys is redefining how organizations manage pre-breach cyber risk by natively unifying Continuous Threat Exposure Management with exploit confirmation, risk quantification, and automated remediation powered by an agentic AI risk fabric. Against this backdrop, we continued to execute well in Q4, demonstrated by another quarter of solid revenue growth and profitability," said Sumedh Thakar, Qualys' president and CEO. "Our pace of innovation and targeted investments are driving competitive differentiation, deeper Enterprise TruRisk Management adoption, broader engagements across large federal agencies, growing partner-led execution, and early QFlex success. We believe these achievements position Qualys as a trusted leader in pre-breach cyber risk management and establish a strong foundation for durable, long-term growth."

Fourth Quarter 2025 Financial Highlights

Revenues: Revenues for the fourth quarter of 2025 increased by 10% to $175.3 million compared to $159.2 million for the same quarter in 2024.

Gross Profit: GAAP gross profit for the fourth quarter of 2025 increased by 12% to $146.1 million compared to $130.2 million for the same quarter in 2024. GAAP gross margin was 83% for the fourth quarter of 2025 compared to 82% for the same quarter in 2024. Non-GAAP gross profit for the fourth quarter of 2025 increased by 12% to $149.0 million compared to $133.0 million for the same quarter in 2024. Non-GAAP gross margin was 85% for the fourth quarter of 2025 compared to 84% for the same quarter in 2024.

Operating Income: GAAP operating income for the fourth quarter of 2025 increased by 19% to $58.8 million compared to $49.4 million for the same quarter in 2024. As a percentage of revenues, GAAP operating income was 34% for the fourth quarter of 2025 compared to 31% for the same quarter in 2024. Non-GAAP operating income for the fourth quarter of 2025 increased by 13% to $80.1 million compared to $70.7 million for the same quarter in 2024. As a percentage of revenues, non-GAAP operating income was 46% for the fourth quarter of 2025 compared to 44% for the same quarter in 2024.

Net Income: GAAP net income for the fourth quarter of 2025 increased by 21% to $53.2 million, or $1.47 per diluted share, compared to $44.0 million, or $1.19 per diluted share, for the same quarter in 2024. As a percentage of revenues, GAAP net income was 30% for the fourth quarter of 2025 compared to 28% for the same quarter in 2024. Non-GAAP net income for the fourth quarter of 2025 increased by 14% to $67.7 million, or $1.87 per diluted share, compared to $59.4 million, or $1.60 per diluted share, for the same quarter in 2024. As a percentage of revenues, non-GAAP net income was 39% for the fourth quarter of 2025 compared to 37% for the same quarter in 2024.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2025 increased by 11% to $82.6 million compared to $74.2 million for the same quarter in 2024. As a percentage of revenues, Adjusted EBITDA was 47% for the fourth quarter of 2025 compared to 47% for the same quarter in 2024.

Operating Cash Flow: Operating cash flow for the fourth quarter of 2025 increased by 59% to $75.7 million compared to $47.7 million for the same quarter in 2024. As a percentage of revenues, operating cash flow was 43% for the fourth quarter of 2025 compared to 30% for the same quarter in 2024.

Fourth Quarter 2025 Business Highlights

Full Year 2025 Financial Highlights

Revenues: Revenues for 2025 increased by 10% to $669.1 million compared to $607.6 million for 2024.

Gross Profit: GAAP gross profit for 2025 increased by 12% to $554.4 million compared to $496.1 million for 2024. GAAP gross margin was 83% for 2025 compared to 82% in 2024. Non-GAAP gross profit increased by 12% to $565.4 million for 2025 compared to $507.1 million for 2024. Non-GAAP gross margin was 85% in 2025 compared to 83% in 2024.

Operating Income: GAAP operating income for 2025 increased by 19% to $222.0 million compared to $187.2 million for 2024. As a percentage of revenues, GAAP operating income was 33% for 2025 compared to 31% for 2024. Non-GAAP operating income for 2025 increased by 13% to $301.5 million compared to $267.2 million for 2024. As a percentage of revenues, non-GAAP operating income was 45% for 2025 compared to 44% for 2024.

Net Income: GAAP net income for 2025 increased by 14% to $198.3 million, or $5.44 per diluted share, compared to $173.7 million, or $4.65 per diluted share for 2024. As a percentage of revenues, GAAP net income was 30% for 2025 compared to 29% for 2024. Non-GAAP net income for 2025 increased by 13% to $257.8 million, or $7.07 per diluted share, compared to non-GAAP net income of $229.0 million, or $6.13 per diluted share for 2024. As a percentage of revenues, non-GAAP net income was 39% for 2025 compared to 38% for 2024.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for 2025 increased by 11% to $313.4 million compared to $282.8 million for 2024. As a percentage of revenues, Adjusted EBITDA was 47% for 2025 compared to 47% for 2024.

Operating Cash Flow: Operating cash flow for 2025 increased by 27% to $309.4 million compared to $244.1 million for 2024. As a percentage of revenues, operating cash flow was 46% for 2025 compared to 40% for 2024.

Full Year 2025 Business Highlights

Market Recognition

Products & Features

Business Developments

Financial Performance Outlook

Based on information as of today, February 5, 2026, Qualys is issuing the following financial guidance for the first quarter and full year fiscal 2026. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled "Legal Notice Regarding Forward-Looking Statements" and "Non-GAAP Financial Measures" below.

First Quarter 2026 Guidance: Management expects revenues for the first quarter of 2026 to be in the range of $172.5 million to $174.5 million, representing 8% to 9% growth over the same quarter in 2025. GAAP net income per diluted share is expected to be in the range of $1.29 to $1.36, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.76 to $1.83, which assumes a non-GAAP effective income tax rate of 20%. First quarter 2026 net income per diluted share estimates are based on approximately 36.0 million weighted average diluted shares outstanding for the quarter.

Full Year 2026 Guidance: Management expects revenues for the full year of 2026 to be in the range of $717.0 million to $725.0 million, representing 7% to 8% growth over 2025. GAAP net income per diluted share is expected to be in the range of $5.20 to $5.48. This assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $7.17 to $7.45. This assumes a non-GAAP effective income tax rate of 20%. Full year 2026 net income per diluted share estimates are based on approximately 35.4 million weighted average diluted shares outstanding.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the first quarter and full year 2026 is likely to have a significant impact on the Company's GAAP net income per diluted share in the first quarter and full year 2026. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its fourth quarter and full year 2025 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Thursday, February 5, 2026. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact

Blair King

Senior Vice President, Investor Relations and Financial Planning & Analysis

(650) 538-2088

[email protected]

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.

Qualys, Qualys VMDR ® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; statements regarding our share repurchase; our guidance for revenues, GAAP EPS and non-GAAP EPS for the first quarter and full year 2026; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the first quarter and full year 2026. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; our ability to maintain government authorizations applicable to our platform; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.

Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.

In order to provide a more complete picture of recurring core operating business results, the Company's non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company's non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 20% in 2026 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Revenues

$ 175,282

$ 159,191

$ 669,125

$ 607,571

Cost of revenues (1)

29,167

29,037

114,768

111,482

Gross profit

146,115

130,154

554,357

496,089

Operating expenses:

Research and development (1)

28,954

28,302

117,284

111,852

Sales and marketing (1)

39,755

34,063

143,505

128,303

General and administrative (1)

18,571

18,376

71,616

68,738

Total operating expenses

87,280

80,741

332,405

308,893

Income from operations

58,835

49,413

221,952

187,196

Other income (expense), net:

Interest income

6,345

6,194

25,251

25,784

Other income (expense), net

(754)

(1,777)

(375)

(3,158)

Total other income, net

5,591

4,417

24,876

22,626

Income before income taxes

64,426

53,830

246,828

209,822

Income tax provision

11,276

9,865

48,508

36,142

Net income

$ 53,150

$ 43,965

$ 198,320

$ 173,680

Net income per share:

Basic

$ 1.48

$ 1.20

$ 5.49

$ 4.72

Diluted

$ 1.47

$ 1.19

$ 5.44

$ 4.65

Weighted average shares used in computing net income per share:

Basic

35,822

36,568

36,142

36,799

Diluted

36,140

37,000

36,453

37,353

(1) Includes stock-based compensation as follows:

Cost of revenues

$ 2,287

$ 2,162

$ 8,529

$ 8,129

Research and development

4,787

5,277

20,061

21,188

Sales and marketing

4,034

3,670

13,807

14,690

General and administrative

9,545

9,570

34,569

33,126

Total stock-based compensation, net of amounts capitalized

$ 20,653

$ 20,679

$ 76,966

$ 77,133

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

December 31,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

$ 250,258

$ 232,182

Short-term marketable securities

195,681

149,241

Accounts receivable, net

170,991

164,551

Prepaid expenses and other current assets

40,686

39,717

Total current assets

657,616

585,691

Long-term marketable securities

250,868

193,887

Property and equipment, net

23,166

30,349

Operating leases - right of use asset

46,001

40,968

Deferred tax assets, net

74,518

81,307

Intangible assets, net

4,255

6,812

Goodwill

7,447

Noncurrent restricted cash

1,200

Other noncurrent assets

30,010

25,876

Total assets

$ 1,095,081

$ 973,537

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$ 1,202

$ 1,270

Accrued liabilities

57,694

45,942

Deferred revenues, current

401,127

371,457

Operating lease liabilities, current

7,315

9,721

Total current liabilities

467,338

428,390

Deferred revenues, noncurrent

16,285

24,265

Operating lease liabilities, noncurrent

44,959

37,500

Other noncurrent liabilities

5,346

6,266

Total liabilities

533,928

496,421

Stockholders' equity:

Common stock

Additional paid-in capital

731,788

664,879

Accumulated other comprehensive income (loss)

(4,012)

1,417

Accumulated deficit

(166,659)

(189,217)

Total stockholders' equity

561,153

477,116

Total liabilities and stockholders' equity

$ 1,095,081

$ 973,537

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended December 31,

2025

2024

Cash flow from operating activities:

Net income

$ 198,320

$ 173,680

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

14,491

18,513

Provision for credit losses

1,226

764

Stock-based compensation, net of amounts capitalized

76,966

77,133

Accretion of discount on marketable securities, net

(3,440)

(6,735)

Deferred income taxes

8,412

(19,465)

Changes in operating assets and liabilities:

Accounts receivable

(7,666)

(19,089)

Prepaid expenses and other assets

(7,821)

(14,655)

Accounts payable

219

Accrued liabilities and other noncurrent liabilities

7,195

2,945

Deferred revenues

21,690

30,784

Net cash provided by operating activities

309,400

244,094

Cash flow from investing activities:

Purchases of marketable securities

(349,150)

(368,277)

Sales and maturities of marketable securities

248,216

309,184

Purchases of property and equipment

(4,990)

(12,334)

Net cash used in investing activities

(105,924)

(71,427)

Cash flow from financing activities:

Repurchase of common stock

(183,425)

(139,875)

Proceeds from exercise of stock options

16,294

17,269

Payments for taxes related to net share settlement of equity awards

(25,020)

(28,416)

Proceeds from issuance of common stock through employee stock purchase plan

6,751

6,872

Payment of acquisition-related holdback

—

(1,500)

Net cash used in financing activities

(185,400)

(145,650)

Net increase in cash, cash equivalents and restricted cash

18,076

27,017

Cash, cash equivalents and restricted cash at beginning of period

233,382

206,365

Cash, cash equivalents and restricted cash at end of period

$ 251,458

$ 233,382

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

Net income

$ 53,150

$ 43,965

$ 198,320

$ 173,680

Net income as a percentage of revenues

30 %

28 %

30 %

29 %

Depreciation and amortization of property and equipment

2,499

3,464

11,934

15,610

Amortization of intangible assets

639

2,557

2,903

Income tax provision

11,276

9,865

48,508

36,142

Stock-based compensation

20,653

20,679

76,966

77,133

Total other income, net

(5,591)

(4,417)

(24,876)

(22,626)

Adjusted EBITDA

$ 82,626

$ 74,195

$ 313,409

$ 282,842

Adjusted EBITDA as a percentage of revenues

47 %

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

GAAP Cost of revenues

$ 29,167

$ 29,037

$ 114,768

$ 111,482

Less: Stock-based compensation

(2,287)

(2,162)

(8,529)

(8,129)

Less: Amortization of intangible assets

(639)

(2,557)

(2,837)

Non-GAAP Cost of revenues

$ 26,241

$ 26,236

$ 103,682

$ 100,516

GAAP Gross profit

$ 146,115

$ 130,154

$ 554,357

$ 496,089

Plus: Stock-based compensation

2,287

2,162

8,529

8,129

Plus: Amortization of intangible assets

639

2,557

2,837

Non-GAAP Gross Profit

$ 149,041

$ 132,955

$ 565,443

$ 507,055

GAAP Research and development

$ 28,954

$ 28,302

$ 117,284

$ 111,852

Less: Stock-based compensation

(4,787)

(5,277)

(20,061)

(21,188)

Less: Amortization of intangible assets

—

(66)

Non-GAAP Research and development

$ 24,167

$ 23,025

$ 97,223

$ 90,598

GAAP Sales and marketing

$ 39,755

$ 34,063

$ 143,505

$ 128,303

Less: Stock-based compensation

(4,034)

(3,670)

(13,807)

(14,690)

Non-GAAP Sales and marketing

$ 35,721

$ 30,393

$ 129,698

$ 113,613

GAAP General and administrative

$ 18,571

$ 18,376

$ 71,616

$ 68,738

Less: Stock-based compensation

(9,545)

(9,570)

(34,569)

(33,126)

Non-GAAP General and administrative

$ 9,026

$ 8,806

$ 37,047

$ 35,612

GAAP Operating expenses

$ 87,280

$ 80,741

$ 332,405

$ 308,893

Less: Stock-based compensation

(18,366)

(18,517)

(68,437)

(69,004)

Less: Amortization of intangible assets

—

(66)

Non-GAAP Operating expenses

$ 68,914

$ 62,224

$ 263,968

$ 239,823

GAAP Income from operations

$ 58,835

$ 49,413

$ 221,952

$ 187,196

Plus: Stock-based compensation

20,653

20,679

76,966

77,133

Plus: Amortization of intangible assets

639

2,557

2,903

Non-GAAP Income from operations

$ 80,127

$ 70,731

$ 301,475

$ 267,232

GAAP Net income

$ 53,150

$ 43,965

$ 198,320

$ 173,680

Plus: Stock-based compensation

20,653

20,679

76,966

77,133

Plus: Amortization of intangible assets

639

2,557

2,903

Less: Tax adjustment

(6,727)

(5,916)

(20,028)

(24,728)

Non-GAAP Net income

$ 67,715

$ 59,367

$ 257,815

$ 228,988

GAAP Net income per share:

Basic

$ 1.48

$ 1.20

$ 5.49

$ 4.72

Diluted

$ 1.47

$ 1.19

$ 5.44

$ 4.65

Non-GAAP Net income per share:

Basic

$ 1.89

$ 1.62

$ 7.13

$ 6.22

Diluted

$ 1.87

$ 1.60

$ 7.07

$ 6.13

Weighted average shares used in GAAP and non-GAAP net income per share:

Basic

35,822

36,568

36,142

36,799

Diluted

36,140

37,000

36,453

37,353

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended December 31,

2025

2024

GAAP Cash flows provided by operating activities

$ 309,400

$ 244,094

Less:

Purchases of property and equipment, net of proceeds from disposal

(4,990)

(12,334)

Non-GAAP Free cash flows

$ 304,410

$ 231,760

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended December 31,

2025

2024

GAAP Revenue

$ 175,282

$ 159,191

GAAP Revenue growth compared to same quarter of prior year

10 %

Plus: Current deferred revenue at December 31

401,127

371,457

Less: Current deferred revenue at September 30

(371,476)

(337,821)

Non-GAAP Calculated current billings

$ 204,933

$ 192,827

Calculated current billings growth compared to same quarter of prior year

6 %

13 %

SOURCE Qualys, Inc.