Tenable Holdings, Inc. Q4 FY2025 earnings call

• Stephen Vintz welcomed Vlad Krasinski as new CTO. Q4 saw 11% YOY revenue growth and 24% operating margin. Tenable One was 46% of new business. Added over 500 new enterprise platform customers. Strong demand for preemptive security and major analyst firms recognizing Tenable One as a leader. • Mark Thurmond discussed customer wins in Q4, including a large global enterprise expanding Tenable One deployment, a major telecommunications provider closing a 7-figure AI exposure deal, and a large higher education consortium selecting Tenable One for exposure management. • Matthew Brown detailed Q4 and full-year financial results, including revenue growth, recurring revenue, CCB, gross margin, income from operations, EPS, balance sheet, and share repurchases. Also discussed 2026 guidance and restructuring expenses.

In Q4 2025, revenue was $260.5 million, up 10.5% YOY. Full-year revenue grew 11% YOY. Tenable One was 46% of new business. Recurring revenue was 96% for the year. Non-GAAP gross margin for Q4 was 82.7%, up from 81.7% in Q4 2024. Full-year 2025 non-GAAP gross margin was 82.1%. Non-GAAP income from operations for Q4 was $63.7 million (24.4% of revenue), and full-year was $219 million (21.9% of revenue). CCB in Q4 was $327.8 million, up 8.5% YOY. Full-year 2025 CCB was $1.049 billion, up 8.2% YOY. Net dollar expansion rate was 106% in Q4. Cash and short-term investments totaled $402.2 million. Unlevered free cash flow in Q4 was $87.5 million, and full-year 2025 was $277 million, up 16.5% YOY.

• Q1 2026 revenue expected to be $257 million to $260 million (8.1% YOY midpoint). • Full-year 2026 revenue expected to be $1.065 billion to $1.075 billion (7.1% YOY midpoint). • Q1 2026 non-GAAP income from operations expected to be $53 million to $56 million (21.1% of revenue midpoint). • Full-year 2026 non-GAAP operating income expected to be $245 million to $255 million (23.4% of revenue midpoint). • Q1 2026 non-GAAP net income expected to be $46 million to $49 million. • Full-year 2026 non-GAAP net income expected to be $214 million to $224 million. • Q1 2026 non-GAAP EPS expected to be $0.39 to $0.42 per share. • Full-year 2026 non-GAAP EPS expected to be $1.81 to $1.90 per share. • Unlevered free cash flow for 2026 expected to be $285 million to $295 million (27.1% of revenue midpoint).

Q: Robbie Owens asked about deal sizes and net additions of $100,000 ACV customers.

A: Stephen Vintz said new business was strong with 500 new customers and larger deal sizes, and expansion was good with largest customers expanding.

Q: Saket Kalia asked about Tenable One modules and competitive win rates.

A: Stephen Vintz said customers want a platform for visibility, insights, and action, with most using traditional VM plus web app, cloud security, and AI attack surface security.

Q: Brian Essex asked about data differentiation and larger platform vendors.

A: Stephen Vintz said data breadth and depth is unparalleled, and AI is a massive opportunity.

Q: Joseph Gallo asked about pro services and guidance.

A: Stephen Vintz said pro services pick up as platform is deployed at scale.

Q: Michael Cikos asked about CCB headwinds and Tenable One scale.

A: Matthew Brown said CCB has qualitative direction, and net expansion rate is important.

Q: Jonathan Ho asked about Tenable One adoption and AgenTek AI.

A: Matthew Brown said moving to platform gives uplift, and governance is important across domains.

Q: Shaul Eyal asked about consolidation and pricing.

A: Mark Thurmond said no pricing pressure, and moving to platform gives uplift.

Q: Patrick Colville asked about RPO and non-GAAP operating margin.

A: Matthew Brown said don't guide CRPO, and non-GAAP operating margin is expected to increase.

Q: Rudy Kessinger asked about federal assumptions.

A: Matthew Brown said federal expected to perform in line with rest of business.

Q: Abhishek Merle asked about government shutdown and exposure management in budgets.

A: Matthew Brown said no significant impact from shutdown, and exposure management is getting lumped into AI spend.