Tenable Holdings, Inc

Latest Report Overview

Tenable Holdings Inc $TENB reported total revenue of $999.4 million for the full year 2025, an 11% increase from $900.0 million in 2024. GAAP net loss for 2025 was $36.1 million, compared to a net loss of $36.3 million in the prior year, reflecting a stable loss profile despite increased investments in R&D and acquisitions. Gross margin remained steady at 78% for the fiscal year. Business performance was driven by a 12% increase in subscription revenue to $919.6 million, offsetting a 7% decline in perpetual license and maintenance revenue. The company continued to expand its enterprise platform customer base, adding 1,667 new enterprise platform customers in 2025. Management emphasized the successful integration of its new AI-security acquisitions, Vulcan Cyber and Apex Security, which are central to its strategy of securing the expanding AI attack surface and maintaining its competitive lead in the exposure management market. Management highlighted that they have transitioned away from 'calculated current billings' as a key performance indicator due to a strategic shift toward annual installment billing for multi-year contracts. Looking ahead, management expects to continue balancing growth with margin expansion, citing a focus on operational efficiency and continued investment in the Tenable One platform's AI capabilities, while monitoring the impact of potential U.S. government spending changes.

Key Takeaways for Tenable Holdings Inc

• Tenable reported $999.4M in FY 2025 revenue, an 11% YoY increase, with a net loss of $36.1M, largely consistent with 2024 results.
• The company completed two significant acquisitions in 2025: Vulcan Cyber Ltd. for $148.5M (Feb 2025) and Apex Security, Inc. for $47.8M (June 2025), expanding capabilities in risk prioritization and AI security.
• Management formally moved away from 'calculated current billings' as a primary metric due to a shift toward annual installment billing, which makes billings growth figures appear lower.
• Aggressive capital allocation: Cumulatively repurchased 10.6M shares for $362.4M through Dec 31, 2025, with a new $150M authorization added in Jan 2026.
• Reliance on channel partners remains a risk, with Ingram Micro accounting for 32% of total revenue in 2025.
• Growth in high-value customers: Number of customers with >$100,000 ARR grew 16% YoY to 2,161.
• Management noted sensitivity to potential U.S. government spending changes (e.g., potential budget cuts under new administrations) as a factor that could elongate sales cycles in 2026.

What Does Tenable Holdings Inc Do?

Tenable Holdings, Inc. is a leading provider of exposure management solutions, providing visibility into vulnerabilities, configurations, and attack paths across IT, cloud, and OT infrastructure. The flagship platform, Tenable One, is an AI-powered exposure management platform that centralizes risk data, allowing security teams to identify, prioritize, and remediate critical security gaps before they are exploited. The company serves a global customer base of over 40,000 customers, including approximately 65% of the Fortune 500. Headquartered in Columbia, Maryland, the company employs approximately 1,995 people globally. Tenable's business model is unique due to the ubiquity of its Nessus vulnerability scanner, which serves as a powerful top-of-funnel tool and intelligence source. This massive dataset creates a 'network effect' where the continuous feedback loop of vulnerability data from its user base enhances the accuracy and effectiveness of the broader Tenable One exposure management platform, differentiating it from point-solution competitors.