What were the key takeaways from Tenable Holdings’s earnings call?

What is the revenue and EPS growth rate for Tenable Holdings year over year?

What is Tenable Holdings's latest dividend and current dividend yield?

Did Tenable Holdings beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Tenable Holdings next quarter?

What were the key takeaways from Tenable Holdings's earnings call?

What does Tenable Holdings do and what are its main business segments?

What guidance did Tenable Holdings's management provide for the next earnings period?

- **Revenue Growth**: 11% YoY in Q4, driven by Tenable One (46% of new business) and 502 new enterprise customers. 
- **AI Breakthrough**: First 7-figure deal for AI exposure management, with 100+ customer POCs underway. 
- **Profit Expansion**: Non-GAAP operating margin 24.4% (up 140bps YoY), free cash flow $277M (16.5% YoY). 
- **2026 Outlook**: Revenue $1.065B-$1.075B (7.1% YoY), EPS $1.81-$1.90 (16.7% YoY). 
- **Strategic Moves**: $150M share buyback expansion, new CTO to accelerate AI innovation. 
- **Federal Stability**: Federal growth aligned with company, post-shutdown minimal impact. 


**【CEO Summary Section】**
- **New Leadership and Strategy**: Appointed Vlad Korsunsky as CTO to drive AI innovation, focusing on Agentic AI security and exposure management. 
- **Q4 2025 Results**: Revenue grew 11% YoY to $260.5M, with Tenable One contributing 46% of new business. Added 502 new enterprise customers, the highest in 2 years. 
- **AI Exposure Momentum**: Closed first 7-figure deal for AI exposure management, with a telecommunications provider adopting Tenable One to unify AI risk visibility. 
- **Platform Expansion**: Tenable One now integrates AI discovery across on-premises, cloud, and external environments, enabling governance and automated remediation. 

**【CFO Financial Commentary】**
- **Revenue and Growth**: Full year 2025 revenue $1.04B (8.2% YoY), with Q4 CCB $327.8M (8.5% YoY). Non-GAAP EPS $0.48 (17% YoY), driven by 140bps margin expansion to 21.9%. 
- **Margin Performance**: Non-GAAP gross margin 82.7% (vs 81.7% Q4 2024), operating margin 24.4% (vs 20.5% 2024). Free cash flow $277M (16.5% YoY). 
- **2026 Guidance**: Revenue $1.065B-$1.075B (7.1% YoY), EPS $1.81-$1.90 (16.7% YoY). Share buyback program expanded by $150M. 
- **Billings Dynamics**: CCB growth constrained by multi-year contracts (8.2% YoY vs 13.3% CRPO). CFO ceased guiding CCB due to distortions. 

**【Q&A Highlights】**
- **Deal Size and Expansion**: 46% of new business from Tenable One, with large customers expanding by 106% (vs 105% target). First 7-figure AI deal highlights strategic shift. 
- **AI Adoption**: AI exposure management now in 100+ customer POCs, with CISOs prioritizing AI risk over traditional VM. 
- **Competitive Position**: Named Gartner leader for exposure assessment, with 20+ third-party integrations. 
- **Financial Health**: 96% recurring revenue, $402M cash, and 27.1% free cash flow as % of revenue. 
- **Federal Growth**: Federal revenue expected to grow in line with overall business, with stability post-government shutdown. 


Tenable Holdings, Inc. (TENB) Q4 2025 Earnings Call Transcript

- **Revenue Beat**: $252.4M (+11.2% YoY), Tenable One drives 40% of new business with 437 new customers.
- **Exposure Management Growth**: 300+ integrations, 23% R&D growth, AI Exposure solution launched to address generative AI risks.
- **Financial Strength**: Non-GAAP EPS $0.42 (+31% YoY), free cash flow $58.5M, full year guidance raised to $988-992M revenue.
- **Customer Consolidation**: Major deals displacing competitors, 6-figure public sector expansions, OT adoption up 50%+.

**【CEO & Co-CEO Summary】**
- **Revenue Growth**: Q3 revenue of $252.4M (+11.2% YoY), exceeding guidance. Tenable One drove 40% of new business, with 437 new enterprise platform customers (+13% YoY). Federal performance remained stable despite seasonality.
- **Exposure Management Momentum**: 300+ validated integrations, 23% R&D growth YoY, and AI Exposure solution launched to address generative AI risks. Customers are consolidating onto Tenable One, e.g., displacing top cloud and VM providers.
- **Customer Wins**: Major deals in public sector, energy, and government, with 6-figure expansions in public sector. OT adoption accelerated, with 50%+ deal size growth vs. standalone VM.

**【CFO Financial Highlights】**
- **Profitability**: Non-GAAP EPS of $0.42 (+31% YoY), operating margin 23.3%, free cash flow $58.5M. Full year guidance raised: Revenue $988-992M (+10% YoY), EPS $1.51-1.54 (+18% YoY).
- **Balance Sheet**: $383.6M cash, $60M share buybacks in Q3, with $250M remaining. Unlevered free cash flow up 24.7% YoY.
- **Growth Drivers**: 95% recurring revenue, 106% net dollar expansion, and 7.7% YoY CCB growth. RPO up 12.9% YoY, reflecting longer contracts and platform adoption.

**【Q&A Key Themes】**
- **Federal Resilience**: Q3 federal results in line with expectations, minimal Q4 exposure. CISA 2015 expiration not impacting VM business.
- **AI & R&D Strategy**: Apex integration enabling AI Exposure, with prompt-level AI control. R&D investments focused on unifying visibility across IT, cloud, OT, and third-party tools.
- **Competitive Position**: Recognized as leader in exposure management by Forrester and IDC, with 300+ integrations creating defensible ecosystem.


Tenable Holdings, Inc. (TENB) Q3 2025 Earnings Call Transcript

- **Revenue Beat**: $247.3M (+12% YoY), driven by Tenable One (40% of new sales). 
- **Margin Expansion**: 19% operating margin, $47.7M income vs. $43.7M guidance. 
- **AI Investment**: $250M share buyback increase, Apex acquisition accelerates AI security. 
- **Public Sector**: Federal renewals improving, SLED sales up 19% YoY. 
- **Growth Catalysts**: 76 net new 6+ figure deals, 107% net dollar expansion rate. 


**【CEO & CFO Opening Remarks】**
- **Revenue Growth**: Q2 revenue of $247.3M (+12% YoY), exceeding midpoint of guidance by $5.3M, driven by Tenable One adoption (40% of new sales). 
- **Operating Margin**: 19% (vs. 18% Q1), with $47.7M income from operations (+$4M vs. midpoint). 
- **Billings**: Current billings $238.6M (+8% YoY), RPO growth 19% YoY (40%+ in long-term RPO). 
- **Free Cash Flow**: $44M Q2, $131M YTD, with $250M share buyback authorization increase.

**【Product & Market Highlights】**
- **Tenable One Momentum**: 367 new enterprise platform customers, 76 net new 6+ figure deals, 107% net dollar expansion rate. 
- **AI Integration**: Apex acquisition adds AI security capabilities, with 6,000+ customers using AI Aware for shadow AI detection. 
- **Public Sector**: Improved visibility in federal renewals, SLED sales boosted by June fiscal year-end. 
- **Competitive Wins**: 7+ figure deals against major VM/EM/cloud players, 70% multiyear deals on platform. 

**【Financial Performance】**
- **Gross Margin**: 82% (flat QoQ), expected flat to down in H2 due to new AI/automation features. 
- **OpEx**: S&M 36% of rev (flat QoQ), R&D 18% (up vs. 16% Q1) due to acquisitions. 
- **EPS**: $0.34 (vs. $0.30 guidance), Non-GAAP net income $44M-$46M Q3. 

**【Q&A Highlights】**
- **Federal Market**: Renewal visibility improving, but deals taking longer due to scrutiny. 
- **Tenable One Penetration**: 40% of new sales, 30%+ of total sales, targeting double-digit growth. 
- **AI Strategy**: Embedding Apex into platform for unified AI security, 40%+ RPO growth in long-term deals. 
- **Cloud Security**: CNAPP pipeline strong post-Wiz acquisition, 100% sold via Tenable One. 
- **July Performance**: Seasonally strong federal pipeline, cautious optimism on renewals. 


Tenable Holdings, Inc. (TENB) Q2 2025 Earnings Conference Call Transcript

- **Revenue Beat with Tenable One Dominance**: 11% YoY growth, driven by record 7-figure wins and Tenable One's 30%+ share of new business.
- **AI and Cloud Growth Accelerate**: 22M AI-related apps detected in Q1, cloud security deals double YoY, and multi-cloud platform wins replace Azure.
- **Public Sector Caution**: 2/3 of CCB cut attributed to U.S. public sector uncertainty, despite strong renewal rates.
- **Profitability and Cash Flow Strength**: 20% operating margin, $87M free cash flow, and unchanged FY25 free cash flow guidance.
- **Vulcan Payoff Begins**: $5M FY25 contribution expected, with third-party data ingestion and automated remediation launching in Q2.


**【CEO Summary Section】**
- **Revenue Growth and Tenable One Momentum**: Q1 revenue grew 11% YoY to $239.1M, driven by Tenable One's success in large deals (record 7-figure wins). The platform's ability to consolidate third-party data and automate remediation is a key differentiator.
- **AI and Cloud Expansion**: Tenable One is evolving into a system of action, with AI-powered insights (e.g., detecting 22M AI-related apps in Q1). Cloud security deals doubled YoY, with a major 7-figure win replacing Microsoft Azure.
- **Public Sector Caution**: Despite strong demand, guidance reflects cautious outlook for U.S. public sector (2/3 of Q1 CCB revision) due to policy uncertainty and longer sales cycles.

**【CFO Financial Commentary】**
- **Profitability and Cash Flow**: GAAP net income of $42M, Non-GAAP EPS of $0.36 (vs. $0.265 guided midpoint). Unlevered free cash flow hit $87M (12% of revenue), up 45% YoY.
- **Cost Management**: Gross margin stable at 82%, with operating expenses controlled despite R&D investments (16% of revenue vs. 14% last quarter).
- **Guidance Update**: Full-year revenue $970M-$980M, operating income $205M-$215M. Free cash flow $265M-$275M, unchanged despite Vulcan costs.

**【Q&A Key Themes】**
- **Competitive Edge**: 7-figure VM displacements up YoY, with high win rates vs. Qualys/Rapid7. Tenable One's holistic exposure management beats endpoint players like CrowdStrike.
- **Cloud Opportunity**: Google's Wiz acquisition creates openings for Tenable's multi-cloud platform. Q1 cloud security deals doubled YoY, with a 7-figure Azure replacement.
- **Vulcan Integration**: Expected $5M FY25 contribution, with third-party data ingestion and automated remediation rolling out in Q2. Early wins include a 7-figure VM displacement.
- **Public Sector Risks**: 15% of revenue tied to U.S. public sector, with delays in FedRAMP approvals and budget uncertainty. Renewal rates remain strong, but new deal visibility is murky.


Tenable (TENB)-29 Apr 25-2025 Q1 Earnings call transcript

- **Record Q4 Results**: 11% CCB growth, 25% operating margin, $86M free cash flow beat. 2025 free cash flow target up 21% YoY.
- **Tenable One Leadership**: 40% of new sales, 7-figure cloud security wins, and 108% NDR.
- **Vulcan Synergy**: +50bps CCB growth in 2025, with full accretion in 2026. Unified risk platform with 100+ third-party integrations.
- **Risk Management**: 15% Fed exposure cautious in Q1, but 20%+ CAGR in exposure management via channel expansion.


**【CEO & CFO Financial Highlights】**
- **Q4 2024 Financial Performance**: CCB grew 11% YoY to $302.2M, exceeding midpoint by $7.5M. Operating margin was 25%, up 400bps vs. guidance. Unlevered free cash flow reached $86M, a 41% QoQ increase.
- **2025 Outlook**: CCB guidance of $1.40B-$1.55B reflects 200bps operating margin expansion. Free cash flow target: $285M-$295M, +21% YoY. Acquiring Vulcan adds 50bps CCB growth in 2025, with full accretion in 2026.

**【Product & Market Momentum】**
- **Tenable One Dominance**: 40% of new business sales, driving 7-figure deals in healthcare, finance, retail. Cloud security bookings doubled QoQ, winning against top cloud providers.
- **Exposure Management Expansion**: Integrating >100 third-party security tools via Vulcan. Automating remediation workflows across on-prem, cloud, and OT environments.
- **Customer Expansion**: 485 new enterprise customers, 135 net new 6-figure ACV deals. NDR 108%, up from 105% last quarter.

**【Strategic Acquisitions & Investments】**
- **Vulcan Cyber Integration**: $11M-$13M annualized OpEx addition, but unlocks $1B+ market opportunity in unified risk management. Expected to generate 20%+ CAGR in exposure management.
- **Channel Growth**: 5,000+ partners now selling Tenable One. MSSPs, VARs, and SIs driving 100% channel-only sales model.

**【Risk & Opportunity】**
- **Federal Caution**: 15% of sales exposed to U.S. Fed, with cautious Q1 outlook due to new admin transition. However, long-term opportunity remains in civilian and intel sectors.
- **International Expansion**: Europe, Middle East, and Latin America saw double-digit growth. Focus on hybrid environments with integrated on-prem/cloud solutions.


Actual								-0.09	0.04	0.09	0.13	0.13	0.09	0.07	0.05	0.06	0.05	0.15	0.12	0.11	0.22	0.23	0.25	0.25	0.31	0.32	0.41	0.36	0.34	0.42	0.48
Forecast								-0.189	-0.0574	0.0277	0.061	0.072	0.0487	0.0213	0.0251	0.0494	0.0116	0.0302	0.0728	0.0299	0.1274	0.182	0.1396	0.1728	0.236	0.2952	0.3417	0.2817	0.3034	0.3689	0.4165
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+52.38%	+169.69%	+224.91%	+113.11%	+80.56%	+84.80%	+228.64%	+99.20%	+21.46%	+331.03%	+396.69%	+64.84%	+267.89%	+72.68%	+26.37%	+79.08%	+44.68%	+31.36%	+8.40%	+19.99%	+27.80%	+12.06%	+13.85%	+15.25%

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