Tenable Holdings Earnings Call Transcripts
Fiscal Year 2026
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Exposure management is driving growth, with recurring revenue exceeding $1B and a shift toward larger, strategic deals. The platform leverages AI for automation and risk reduction, with new pricing tiers boosting contract value and expansion. Revenue growth and margins are set to accelerate through 2029.
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Exposure management has shifted to a unified, AI-driven platform approach, with Tenable One and Hexa enabling machine-speed, risk-based remediation. Financially, revenue and profitability have surged, with new pricing and packaging supporting sustainable double-digit growth and expanding platform adoption.
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Customer demand for comprehensive exposure management is rising, driven by new AI-powered threats and recent vulnerability events. The launch of Hexa and new pricing models are accelerating migration to the platform, while strong competitive positioning and operational efficiencies support growth.
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Q1 2026 saw 10% revenue growth, strong operating margins, and record free cash flow, driven by Tenable One adoption and AI-driven demand for exposure management. Guidance for the full year was raised, with continued investment in AI partnerships and automation.
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Exposure management and platform adoption are driving higher deal values, customer loyalty, and strategic multi-year commitments. AI is seen as a major opportunity for both product differentiation and internal efficiency, with significant investments in R&D and platform integration supporting future growth.
Fiscal Year 2025
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Q4 and full-year 2025 results exceeded guidance, driven by strong Tenable One adoption, record new customer additions, and expanding margins. 2026 guidance anticipates continued revenue and margin growth, with platform and AI security as key drivers.
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Strong Q3 results were driven by exposure management platform momentum, higher margins, and strategic customer wins. The shift to proactive security and Tenable One adoption is expanding the market and improving retention, with AI and integrations fueling future growth.
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AI and exposure management are driving a shift toward proactive security, with Tenable One fueling strong customer growth and platform adoption. Financial performance is robust, with margin expansion and a focus on efficiency, while product integration and targeted M&A support competitive differentiation.
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Q3 2025 saw 11% revenue growth, strong Tenable One adoption, and record new enterprise customers. Guidance for full-year revenue, operating income, and EPS was raised, reflecting confidence in continued platform momentum and industry shift toward preemptive security.
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Q2 2025 saw 12% revenue growth and 19% operating margin, driven by strong Tenable One adoption and larger deal sizes. The Apex acquisition expanded AI security capabilities, and guidance was raised for the full year amid improved public sector visibility and robust pipeline.
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Expanded from vulnerability management to a comprehensive exposure management platform, integrating AI and third-party asset capabilities. Federal sector delays and global trade uncertainty led to a reduced 2025 outlook, but strong customer growth, product innovation, and a robust pipeline support medium-term double-digit growth.
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Revenue grew 11% to $239 million, with strong cash flow and record seven-figure deals. Platform and cloud solutions are driving growth, aided by FedRAMP certification and new product integrations. Leadership changes and a cautious outlook reflect macro and public sector dynamics.
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Q1 2025 results exceeded expectations with 11% revenue growth, strong cash flow, and record large deals driven by Tenable One and cloud security. Guidance for 2025 is more cautious due to US public sector uncertainty, but profitability and cash flow outlooks remain robust.
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Leadership is stable during the CEO search, with a continued focus on exposure management and platform integration. Financial performance remains strong, with high growth in exposure solutions and a robust customer base. M&A and innovation are accelerating the roadmap, while efficiency gains support increased R&D investment.
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Transitioning from vulnerability management to exposure management, the platform now integrates third-party data and AI-driven insights, driving higher growth in cloud and exposure solutions. Channel partners and public sector remain key, with strong financial performance and a balanced growth strategy.
Fiscal Year 2024
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Q4 2024 results exceeded all guidance, driven by strong exposure management and cloud security demand. Revenue grew 11% year-over-year, with robust margins and free cash flow. Outlook for 2025 is positive but cautious on U.S. Federal, and Vulcan Cyber acquisition is expected to enhance growth.
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Q3 2024 saw record free cash flow, 13% revenue growth, and strong adoption of Tenable One and Cloud Security, with exposure solutions now over 50% of new sales. Guidance for Q4 and 2025 remains cautious but optimistic, and a $200M share buyback was authorized.
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Federal and public sector demand remains robust, with optimism for double-digit growth in 2025. Platform adoption is accelerating, especially in exposure management, cloud, and OT, while financial performance is strong with healthy win rates and ongoing buybacks.
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Q2 2024 saw strong revenue and earnings, driven by exposure management and cloud security, despite softer billings and longer sales cycles in VM. Guidance for 2024 is more cautious, but free cash flow targets were raised, and the company remains confident in its long-term growth and margin expansion.
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The session highlighted a strategic shift toward integrated exposure management, with a recent $30M acquisition in DSPM to enhance cloud and data security. Platform sales are growing, margins are improving, and public sector opportunities, especially in the U.S. federal space, remain strong.