Qualys, Inc. Q1 FY2026 earnings call

Blair King started the call. Smed discussed the future of pre-breach risk management with agentic AI-driven risk fabric. Qualys executed well in Q4 with strong revenue growth and profitability. Launched new platform innovations like agentic AI risk management marketplace, natively integrated identity security posture management solution. Had recent wins with Global 50, global 200, and federal customers. Partner-led deal registration increased in Q4. Continued beta testing QFlex.

In Q4, revenues grew 10% to $175.3 million. Channel contributed 51% of total revenues, up from 48% a year ago. Revenues from channel partners grew 17%, outpacing direct growth of 4%. By GEO, 15% growth outside the U.S. was ahead of domestic growth of 6%. Product mix: Cybersecurity asset management combined with ETM made up 10% of total bookings and 13% of new bookings in 2025, up from 8% and 9% last year. Patch management made up 8% of total bookings and 16% of new bookings in 2025, up from 7% and 16% last year. Total Cloud made up 5% of total bookings in 2025, up from 4% a year ago.

For full year 2026, expect revenues in range of 717 - 725 million (7 - 8% growth). First quarter 2026 revenues expected 172.5 - 174.5 million (8 - 9% growth). Full year 2026 EBITDA margin mid-40s, EPS 7.17 - 7.45. First quarter 2026 EPS 1.76 - 1.83. Planned capital expenditures 2026 $8 - $12 million, first quarter 2026 $1.2 - $2.6 million.

Questions and answers include discussions on QFlex offerings, AI journey and opportunity for Qualys, AgentVal's role, market share and competitive landscape, patch management differentiation, headwinds in NDR guidance, impact of Anthropic's model release, strategy for customer adoption, partner involvement in VM renewals, budget flow to proactive security, etc.