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Tenable (TENB) investor relations material
Tenable Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenue grew 10.5%–11% year-over-year to $260.5M, with full-year revenue up 11% to $999.4M–$1.049B, exceeding guidance on all key metrics.
Tenable One, the AI-powered exposure management platform, drove 46% of new business and saw record adoption, with over 500 new enterprise customers added in Q4.
Recognized as a leader in exposure management by Gartner, IDC, Forrester, and S&P Global, with #1 market share in device vulnerability and exposure management.
Platform strategy and AI capabilities are driving larger deal sizes, higher customer engagement, and increased pricing power.
Expanded share repurchase authorization by $150M, bringing total to $338M at year-end.
Financial highlights
Q4 non-GAAP operating margin reached 24.4%, with full-year non-GAAP operating income at $219M (21.9% of revenue), up 140 bps from 2024.
Q4 non-GAAP EPS was $0.48 (up 17.1% YoY); full-year non-GAAP EPS was $1.59 (up 23.3% YoY).
Q4 calculated current billings were $327.8M, up 8% YoY; full-year billings were $1.049B, up 8%.
Unlevered free cash flow for 2025 was $277M (27.7% of revenue), up 16.5% YoY.
Non-GAAP gross margin for Q4 was 82.7%, up from 81.7% in Q4 2024.
Outlook and guidance
Q1 2026 revenue expected at $257M–$260M (8.1% YoY growth at midpoint); full-year 2026 revenue guided to $1.065B–$1.075B (7.1% YoY growth at midpoint).
Full-year 2026 non-GAAP operating income expected at $245M–$255M (23.4% margin at midpoint), up 150 bps YoY.
2026 non-GAAP EPS guided to $1.81–$1.90; unlevered free cash flow expected at $285M–$295M.
No longer providing specific guidance for calculated current billings due to billing duration changes.
2026 CCB expected in line with consensus.
- TimeTickerHeadlineOpen
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