Qualys, Inc.

Revenue in Q2 2026 grew 11% year over year to $182.2 million. Adjusted EBITDA was $83.8 million, representing a 46% margin versus 45% last year, and EPS was $1.98 per diluted share. Free cash flow was $55.9 million, or 31% of revenue, compared with 20% in the prior year due to working-capital fluctuations. For the full year 2026, revenue is now expected to be $732 million-$738 million, versus prior guidance of $721 million-$727 million; Q3 revenue is guided to $185.5 million-$187.5 million. Full-year EPS is expected to be $7.74-$7.88, up from the prior range of $7.44-$7.65, and EBITDA margin is expected in the mid-40s. Planned 2026 capex is $8 million-$12 million, with Q3 capex of $1 million-$2.5 million.

Sumedh Thakar framed the quarter around a major cybersecurity shift driven by AI, arguing that customers now need autonomous, vendor-neutral risk management that can detect, validate and remediate vulnerabilities at machine speed. He said Qualys' ETM/ROC approach, including InstaScan, TruConfirm, Agent Val and Agent Sara, is designed to close the gap between detection and remediation and move customers beyond theoretical risk scores. His tone was confident and strategic, repeatedly emphasizing that the company is ahead of where the market is going and that current customer conversations are increasingly aligned with Qualys' roadmap.

Joo Mi Kim said Q2 revenue increased 11% to $182.2 million, with adjusted EBITDA of $83.8 million and a 46% margin, EPS of $1.98, and free cash flow of $55.9 million. She noted operating expenses rose 8% to $73.2 million, driven by sales and marketing investments up 14%, and that Qualys spent $3.7 million on capex and $76.8 million repurchasing 797,000 shares, leaving $229.8 million remaining in the buyback authorization. On guidance, she raised full-year revenue to $732 million-$738 million, EPS to $7.74-$7.88, and said full-year EBITDA margin should remain in the mid-40s with free cash flow in the low 40s as a percent of revenue.

Analysts focused on whether Mythos-style urgency was already showing up in pipeline and bookings, whether AI-driven vulnerability volume could accelerate per-asset pricing, and whether the company might trade margin for growth. Management said the customer conversation is increasingly about autonomous remediation, but most of the impact is still in pipeline and POCs rather than closed demand. On bookings and current billings, Joo Mi Kim said Q2 was lumpy but reflected a stronger cohort of customers further along in ROC/ETM discussions, while the second-half baseline remains 7% to 8% current billings growth because they are not seeing a broad acceleration in deal cycles yet.