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- **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%

TENB

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TENB Q4 2025 Earnings

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TENB

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TENB Earnings Call Summary for Q1/20254:30 PM on Apr 29, 2025

TENB Earnings Call Summary for Q4/20244:30 PM on Feb 5, 2025

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