Tenable Holdings, Inc. reported fourth‑quarter and full‑year 2025 results that surpassed analyst expectations. Revenue rose 10.5% to $260.5 million, while non‑GAAP earnings per share climbed to $0.48, a $0.06 beat over the consensus estimate of $0.42.
The revenue increase was driven by a record 46% share of new and expansion business coming from the Tenable One platform, which integrates vulnerability, threat intelligence, and exposure management into a single cloud‑native solution. The company added 502 new customers during the quarter, and AI‑enabled threat detection attracted a higher mix of high‑margin contracts.
Gross margin expanded to 82.7% from 81.7% in Q4 2024, reflecting higher pricing power and a shift toward subscription‑based services. Operating margin grew to 24.4% from 22.9% year‑ago, supported by disciplined cost management and the scale of the Tenable One rollout. Non‑GAAP operating income increased by 140 basis points, underscoring the company’s ability to convert revenue growth into profitability.
Management guided for Q1 2026 revenue of $257 million to $260 million, a slight uptick from the prior guidance range, and for full‑year 2026 revenue of $1.065 billion to $1.075 billion, representing a 7.1% increase at the midpoint. The company also announced it will no longer provide a specific calculated current billings (CCB) range, citing a shift toward a more flexible billing model, and it increased its share‑repurchase authorization by $150 million.
Co‑CEO Steve Vintz said, “We are very pleased with the execution in the quarter and the full year as we delivered better‑than‑expected results across all of our guided metrics.” He added that AI is “showing up in nearly every customer conversation” and that the platform‑first strategy will continue to drive growth. CFO Matthew Brown noted that revenue growth was “driven by higher profitability and fewer diluted shares outstanding,” and that the company’s recurring revenue remained high at 96%.
Investors responded with a mixed reaction. While the earnings beat and strong platform adoption were welcomed, the discontinuation of the CCB guidance range and the company’s historical pattern of post‑earnings share declines tempered enthusiasm. Some analysts highlighted the company’s robust margin expansion and AI focus as positive signals, while others cautioned that the shift in billing metrics could introduce uncertainty.
The results reinforce Tenable’s positioning as a leader in exposure management and AI‑driven security. The company’s restructuring effort to eliminate redundant roles and reinvest in innovation, combined with an expanding share‑repurchase program, signals confidence in its long‑term growth trajectory. The continued focus on the Tenable One platform and AI capabilities is expected to sustain revenue momentum and margin improvement in the coming quarters.
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