Form 8-K

8-K — QUALYS, INC.

Accession: 0001107843-26-000013

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001107843

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — qlys-20260505.htm (Primary)

EX-99.1 (qlys-20260505xex991.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: qlys-20260505.htm · Sequence: 1

qlys-20260505

0001107843false00011078432026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

May 5, 2026

_________________________

QUALYS, INC.

(Exact name of registrant as specified in its charter)

_________________________

Delaware 001-35662 77-0534145

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

919 E. Hillsdale Boulevard, 4th Floor

Foster City, California 94404

(Address of principal executive offices, including zip code)

(650) 801-6100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.001 par value per share QLYS

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, Qualys, Inc. (“Qualys”) issued a press release announcing its financial results for the quarter ended March 31, 2026. In the press release, Qualys also announced that it will hold a conference call on May 5, 2026, to discuss its financial results for the quarter ended March 31, 2026. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No. Description

99.1

Press release issued by Qualys, Inc. dated May 5, 2026

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

QUALYS, INC.

By:

/s/ JOO MI KIM

Name: Joo Mi Kim

Title: Chief Financial Officer

Date: May 5, 2026

EX-99.1

Filename: qlys-20260505xex991.htm · Sequence: 2

Document

Exhibit 99.1

Qualys Announces First Quarter 2026 Financial Results

Q1 Revenue Growth of 10% Year-Over-Year

Raises 2026 Revenue Guidance to $721.0-$727.0 million

FOSTER CITY, Calif., – May 5, 2026 – Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the first quarter ended March 31, 2026. For the quarter, the Company reported revenues of $175.6 million, net income under United States Generally Accepted Accounting Principles (“GAAP”) of $50.6 million, non-GAAP net income of $69.6 million, Adjusted EBITDA of $83.3 million, GAAP net income per diluted share of $1.42, and non-GAAP net income per diluted share of $1.95.

“We are pioneering a new category in pre-breach risk management by bringing autonomous exploit validation, risk quantification, and remediation together within a single AI-driven risk fabric that redefines how enterprises operationalize cyber risk,” said Sumedh Thakar, Qualys’ president and CEO. “This quarter's solid results in part reflect the tangible impact of our AI-native Risk Operations Center and growing adoption of our Enterprise TruRisk Management solution, continuous innovation, expanding partner ecosystem, and promising early engagement from QFlex. Powered by a differentiated closed-loop system of record, a growing marketplace of agentic AI solutions, and leading model integrations, we are unifying cyber risk workflows, reducing operational complexity, and addressing security's toughest challenges at the speed of modern attacks. This reinforces our confidence in delivering durable, long-term profitable growth through the innovation and financial discipline that have long defined Qualys.”

First Quarter 2026 Financial Highlights

Revenues: Revenues for the first quarter of 2026 increased by 10% to $175.6 million compared to $159.9 million for the same quarter in 2025.

Gross Profit: GAAP gross profit for the first quarter of 2026 increased by 11% to $145.6 million compared to $131.0 million for the same quarter in 2025. GAAP gross margin was 83% for the first quarter of 2026 compared to 82% for the same quarter in 2025. Non-GAAP gross profit for the first quarter of 2026 increased by 11% to $148.3 million compared to $133.7 million for the same quarter in 2025. Non-GAAP gross margin was 84% for both the first quarter of 2026 and for the same quarter in 2025.

Operating Income: GAAP operating income for the first quarter of 2026 increased by 18% to $60.9 million compared to $51.8 million for the same quarter in 2025. As a percentage of revenues, GAAP operating income was 35% for the first quarter of 2026 compared to 32% for the same quarter in 2025. Non-GAAP operating income for the first quarter of 2026 increased by 14% to $80.9 million compared to $71.2 million for the same quarter in 2025. As a percentage of revenues, non-GAAP operating income was 46% for the first quarter of 2026 compared to 45% for the same quarter in 2025.

Net Income: GAAP net income for the first quarter of 2026 increased by 7% to $50.6 million, or $1.42 per diluted share, compared to $47.5 million, or $1.29 per diluted share, for the same quarter in 2025. As a percentage of revenues, GAAP net income was 29% for the first quarter of 2026 compared to 30% for the same quarter in 2025. Non-GAAP net income for the first quarter of 2026 increased by 13% to $69.6 million, or $1.95 per diluted share, compared to $61.4 million, or $1.67 per diluted share, for the same quarter in 2025. As a percentage of revenues, non-GAAP net income was 40% for the first quarter of 2026 compared to 38% for the same quarter in 2025.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2026 increased by 11% to $83.3 million compared to $74.8 million for the same quarter in 2025. As a percentage of revenues, Adjusted EBITDA was 47% for both the first quarter of 2026 and for the same quarter in 2025.

Operating Cash Flow: Operating cash flow for the first quarter of 2026 decreased by 13% to $95.3 million compared to $109.6 million for the same quarter in 2025. As a percentage of revenues, operating cash flow was 54% for the first quarter of 2026 compared to 69% for the same quarter in 2025.

First Quarter 2026 Business Highlights

•Qualys introduced Agent Val, powered by TruConfirm, an agentic AI-led workflow in our Enterprise TruRisk Management solution. Agent Val identifies high-risk exposures, validates real exploitability, and drives prioritized remediation to help teams shift from chasing volume to reducing verified risk.

•TotalCloud continued to garner top industry recognition. It was named a winner in the SC Awards (Best Cloud Security Management Solution), recognized by Forrester as one of only three Leaders in The Forrester Wave™: Cloud Native Application Protection Platform (CNAPP), Q1 2026, and positioned as a Leader in the 2026 GigaOm Radar report for Cloud Identity Entitlement Management (CIEM).

•Qualys Threat Research Unit (TRU) unveiled its latest research report, The Broken Physics of Remediation, analyzing over one billion CISA KEV remediation records across over 10,000 organizations, examining why approaches built on Mean-Time-To-Remediation and prioritization are no longer sufficient, and introducing more accurate ways to measure and manage risk.

•To help partners scale the ROC, Qualys introduced the Risk Operations Center (mROC) portal, providing partners with a unified view of risk across each customer’s entire attack surface, empowering them to act on exposures that drive real risk and prove measurable risk reduction through built-in intelligence, validation, and closed-loop execution.

Financial Performance Outlook

Based on information as of today, May 5, 2026, Qualys is issuing the following financial guidance for the second 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.

Second Quarter 2026 Guidance: Management expects revenues for the second quarter of 2026 to be in the range of $177.5 million to $179.5 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 $1.24 to $1.31, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.73 to $1.80, which assumes a non-GAAP effective income tax rate of 20%. Second quarter 2026 net income per diluted share estimates are based on approximately 35.0 million weighted average diluted shares outstanding for the quarter.

Full Year 2026 Guidance: Management now expects revenues for the full year of 2026 to be in the range of $721.0 million to $727.0 million, representing 8% to 9% growth over 2025. This compares to the previous guidance range of $717.0 million to $725.0 million. GAAP net income per diluted share is now expected to be in the range of $5.40 to $5.61, up from the previous guidance range of $5.20 to $5.48. This assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is now expected to be in the range of $7.44 to $7.65, up from the previous guidance 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 34.5 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 second quarter and full year 2026 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the second 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 first quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, May 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

ir@qualys.com

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 second 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 second 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, impairment of non-marketable securities and 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

March 31,

2026 2025

Revenues $ 175,638 $ 159,899

Cost of revenues (1)

29,990 28,926

Gross profit 145,648 130,973

Operating expenses:

Research and development (1)

29,020 29,154

Sales and marketing (1)

38,760 32,660

General and administrative (1)

16,983 17,404

Total operating expenses 84,763 79,218

Income from operations 60,885 51,755

Other income (expense), net:

Interest income 6,176 6,235

Other income (expense), net (2,071) 317

Total other income, net 4,105 6,552

Income before income taxes 64,990 58,307

Income tax provision 14,347 10,773

Net income $ 50,643 $ 47,534

Net income per share:

Basic $ 1.42 $ 1.30

Diluted $ 1.42 $ 1.29

Weighted average shares used in computing net income per share:

Basic 35,608 36,466

Diluted 35,679 36,784

(1) Includes stock-based compensation as follows:

Cost of revenues $ 2,061 $ 2,090

Research and development 4,608 5,104

Sales and marketing 4,189 3,200

General and administrative 8,482 8,426

Total stock-based compensation, net of amounts capitalized $ 19,340 $ 18,820

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

March 31,

2026 December 31,

2025

Assets

Current assets:

Cash and cash equivalents $ 279,468 $ 250,258

Short-term marketable securities 191,879 195,681

Accounts receivable, net 134,877 170,991

Prepaid expenses and other current assets 50,367 40,686

Total current assets 656,591 657,616

Long-term marketable securities 258,002 250,868

Property and equipment, net 21,981 23,166

Operating leases - right of use asset 46,651 46,001

Deferred tax assets, net 72,811 74,518

Intangible assets, net 3,615 4,255

Goodwill 7,447 7,447

Noncurrent restricted cash 1,200 1,200

Other noncurrent assets 26,338 30,010

Total assets $ 1,094,636 $ 1,095,081

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable $ 2,298 $ 1,202

Accrued liabilities 55,438 57,694

Deferred revenues, current 393,800 401,127

Operating lease liabilities, current 7,622 7,315

Total current liabilities 459,158 467,338

Deferred revenues, noncurrent 15,428 16,285

Operating lease liabilities, noncurrent 44,607 44,959

Other noncurrent liabilities 5,570 5,346

Total liabilities 524,763 533,928

Stockholders’ equity:

Common stock

35 36

Additional paid-in capital 741,918 731,788

Accumulated other comprehensive loss (4,812) (4,012)

Accumulated deficit (167,268) (166,659)

Total stockholders’ equity 569,873 561,153

Total liabilities and stockholders’ equity $ 1,094,636 $ 1,095,081

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Three Months Ended

March 31,

2026 2025

Cash flow from operating activities:

Net income $ 50,643 $ 47,534

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

Depreciation and amortization expense 3,043 4,177

Provision for credit losses 173 206

Impairment of property and equipment 624 —

Impairment of non-marketable securities 1,967 —

Stock-based compensation, net of amounts capitalized 19,340 18,820

Accretion of discount on marketable securities, net (524) (1,107)

Deferred income taxes 1,841 (4,360)

Changes in operating assets and liabilities:

Accounts receivable 35,941 42,782

Prepaid expenses and other assets (7,520) 162

Accounts payable 834 (66)

Accrued liabilities and other noncurrent liabilities (2,884) 8,265

Deferred revenues (8,184) (6,825)

Net cash provided by operating activities 95,294 109,588

Cash flow from investing activities:

Purchases of marketable securities (78,469) (55,525)

Sales and maturities of marketable securities 73,760 50,532

Purchases of property and equipment (1,667) (2,038)

Net cash used in investing activities

(6,376) (7,031)

Cash flow from financing activities:

Repurchase of common stock (53,509) (39,653)

Proceeds from exercise of stock options 325 2,599

Payments for taxes related to net share settlement of equity awards (10,375) (10,831)

Proceeds from issuance of common stock through employee stock purchase plan 3,851 3,817

Net cash used in financing activities (59,708) (44,068)

Net increase in cash, cash equivalents and restricted cash 29,210 58,489

Cash, cash equivalents and restricted cash at beginning of period 251,458 233,382

Cash, cash equivalents and restricted cash at end of period $ 280,668 $ 291,871

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended

March 31,

2026 2025

Net income $ 50,643 $ 47,534

Net income as a percentage of revenues 29 % 30 %

Depreciation and amortization of property and equipment 2,403 3,537

Amortization of intangible assets 640 640

Income tax provision 14,347 10,773

Stock-based compensation 19,340 18,820

Total other income, net

(4,105) (6,552)

Adjusted EBITDA $ 83,268 $ 74,752

Adjusted EBITDA as a percentage of revenues 47 % 47 %

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended

March 31,

2026 2025

GAAP Cost of revenues $ 29,990 $ 28,926

Less: Stock-based compensation (2,061) (2,090)

Less: Amortization of intangible assets (640) (640)

Non-GAAP Cost of revenues $ 27,289 $ 26,196

GAAP Gross profit $ 145,648 $ 130,973

Plus: Stock-based compensation 2,061 2,090

Plus: Amortization of intangible assets 640 640

Non-GAAP Gross Profit $ 148,349 $ 133,703

GAAP Research and development $ 29,020 $ 29,154

Less: Stock-based compensation (4,608) (5,104)

Non-GAAP Research and development $ 24,412 $ 24,050

GAAP Sales and marketing $ 38,760 $ 32,660

Less: Stock-based compensation (4,189) (3,200)

Non-GAAP Sales and marketing $ 34,571 $ 29,460

GAAP General and administrative $ 16,983 $ 17,404

Less: Stock-based compensation (8,482) (8,426)

Non-GAAP General and administrative $ 8,501 $ 8,978

GAAP Operating expenses $ 84,763 $ 79,218

Less: Stock-based compensation (17,279) (16,730)

Non-GAAP Operating expenses $ 67,484 $ 62,488

GAAP Income from operations $ 60,885 $ 51,755

Plus: Stock-based compensation 19,340 18,820

Plus: Amortization of intangible assets 640 640

Non-GAAP Income from operations $ 80,865 $ 71,215

GAAP Net income $ 50,643 $ 47,534

Plus: Stock-based compensation 19,340 18,820

Plus: Amortization of intangible assets 640 640

Plus: Impairment of non-marketable securities 1,967 —

Less: Tax adjustment (3,040) (5,547)

Non-GAAP Net income $ 69,550 $ 61,447

GAAP Net income per share:

Basic $ 1.42 $ 1.30

Diluted $ 1.42 $ 1.29

Non-GAAP Net income per share:

Basic $ 1.95 $ 1.69

Diluted $ 1.95 $ 1.67

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

Basic 35,608 36,466

Diluted 35,679 36,784

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Three Months Ended

March 31,

2026 2025

GAAP Cash flows provided by operating activities $ 95,294 $ 109,588

Less:

Purchases of property and equipment, net of proceeds from disposal (1,667) (2,038)

Non-GAAP Free cash flows $ 93,627 $ 107,550

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended

March 31,

2026 2025

GAAP Revenue $ 175,638 $ 159,899

GAAP Revenue growth compared to same quarter of prior year 10 % 10 %

Plus: Current deferred revenue at March 31

393,800 366,824

Less: Current deferred revenue at December 31

(401,127) (371,457)

Non-GAAP Calculated current billings $ 168,311 $ 155,266

Calculated current billings growth compared to same quarter of prior year 8 % 7 %

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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dei_DocumentPeriodEndDate

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xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the City or Town

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No definition available.

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Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

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Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

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Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

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Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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xbrli:normalizedStringItemType

Balance Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

dei_Security12bTitle

Namespace Prefix:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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