Why Is Qualys (QLYS) Down 6.8% Since Last Earnings Report?
Qualys reported Q2 2026 non-GAAP earnings of $1.98 per share, beating consensus by 11.24%, with revenues of $182.2 million up 11% YoY. The company raised full-year 2026 guidance to $732-$738 million and non-GAAP EPS to $7.74-$7.88. Strong performance was driven by channel partner growth (54% of revenues, up from 49%), improved net dollar expansion rate to 105%, and new AI-native security capabilities. Despite strong fundamentals, shares have underperformed the S&P 500 by 6.8% since the earnings report.