Tenable Announces Second Quarter 2025 Financial Results
Tenable (Nasdaq: TENB) reported strong Q2 2025 financial results, with revenue reaching $247.3 million, up 12% year-over-year. The company achieved calculated current billings of $238.6 million, an 8% increase year-over-year, and a non-GAAP operating margin of 19%.
Key highlights include the addition of 367 new enterprise platform customers and 76 net new six-figure customers. Tenable announced a $250 million expansion of its stock repurchase program and completed the acquisition of Apex Security. The company generated $44.3 million in unlevered free cash flow and repurchased 2.0 million shares for $65.0 million.
For Q3 2025, Tenable expects revenue between $246.0-248.0 million and non-GAAP diluted EPS of $0.36-0.37. Full-year 2025 guidance projects revenue of $981.0-987.0 million and calculated current billings of $1.038-1.048 billion.
Tenable (Nasdaq: TENB) ha riportato solidi risultati finanziari nel secondo trimestre 2025, con un fatturato che ha raggiunto 247,3 milioni di dollari, in aumento del 12% rispetto all'anno precedente. L'azienda ha registrato calcolate fatturazioni correnti per 238,6 milioni di dollari, con un incremento dell'8% anno su anno, e un margine operativo non-GAAP del 19%.
I punti salienti includono l'acquisizione di 367 nuovi clienti aziendali per la piattaforma e 76 nuovi clienti con fatturato a sei cifre. Tenable ha annunciato un ampliamento di 250 milioni di dollari del programma di riacquisto azionario e ha completato l'acquisizione di Apex Security. L'azienda ha generato 44,3 milioni di dollari di flusso di cassa libero non indebitato e ha riacquistato 2,0 milioni di azioni per 65,0 milioni di dollari.
Per il terzo trimestre 2025, Tenable prevede un fatturato compreso tra 246,0 e 248,0 milioni di dollari e un utile diluito non-GAAP per azione tra 0,36 e 0,37 dollari. Le previsioni per l'intero anno 2025 indicano un fatturato tra 981,0 e 987,0 milioni di dollari e fatturazioni correnti calcolate tra 1,038 e 1,048 miliardi di dollari.
Tenable (Nasdaq: TENB) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron 247,3 millones de dólares, un aumento del 12% interanual. La compañía logró facturaciones actuales calculadas de 238,6 millones de dólares, un incremento del 8% año tras año, y un margen operativo no-GAAP del 19%.
Los aspectos más destacados incluyen la incorporación de 367 nuevos clientes empresariales para la plataforma y 76 nuevos clientes con ingresos de seis cifras. Tenable anunció una expansión de 250 millones de dólares en su programa de recompra de acciones y completó la adquisición de Apex Security. La empresa generó 44,3 millones de dólares en flujo de caja libre sin apalancamiento y recompró 2,0 millones de acciones por 65,0 millones de dólares.
Para el tercer trimestre de 2025, Tenable espera ingresos entre 246,0 y 248,0 millones de dólares y un BPA diluido no-GAAP de 0,36 a 0,37 dólares. La guía para todo el año 2025 proyecta ingresos de 981,0 a 987,0 millones de dólares y facturaciones actuales calculadas entre 1.038 y 1.048 millones de dólares.
Tenable (나스닥: TENB)는 2025년 2분기 강력한 재무 실적을 보고했으며, 매출은 2억 4,730만 달러로 전년 대비 12% 증가했습니다. 회사는 계산된 현재 청구액 2억 3,860만 달러를 기록했으며, 이는 전년 대비 8% 증가한 수치이고 비-GAAP 영업 마진은 19%를 기록했습니다.
주요 성과로는 367개의 신규 엔터프라이즈 플랫폼 고객과 76개의 순 신규 6자리 수 고객을 확보한 점이 있습니다. Tenable은 2억 5,000만 달러 규모의 자사주 매입 프로그램 확대를 발표하고 Apex Security 인수를 완료했습니다. 회사는 무차입 자유 현금 흐름 4,430만 달러를 창출했으며, 2백만 주를 6,500만 달러에 재매입했습니다.
2025년 3분기에는 매출이 2억 4,600만~2억 4,800만 달러 사이일 것으로 예상하며, 비-GAAP 희석 주당순이익은 0.36~0.37달러로 전망하고 있습니다. 2025년 전체 가이던스는 매출이 9억 8,100만~9억 8,700만 달러, 계산된 현재 청구액은 10억 3,800만~10억 4,800만 달러로 예상됩니다.
Tenable (Nasdaq : TENB) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires atteignant 247,3 millions de dollars, en hausse de 12 % par rapport à l'année précédente. La société a réalisé des facturations courantes calculées de 238,6 millions de dollars, soit une augmentation de 8 % en glissement annuel, et une marge opérationnelle non-GAAP de 19 %.
Les points forts incluent l'ajout de 367 nouveaux clients d'entreprise sur la plateforme et 76 nouveaux clients nets à six chiffres. Tenable a annoncé une extension de 250 millions de dollars de son programme de rachat d'actions et a finalisé l'acquisition d'Apex Security. La société a généré 44,3 millions de dollars de flux de trésorerie libre non endetté et a racheté 2,0 millions d'actions pour 65,0 millions de dollars.
Pour le troisième trimestre 2025, Tenable prévoit un chiffre d'affaires compris entre 246,0 et 248,0 millions de dollars et un BPA dilué non-GAAP de 0,36 à 0,37 dollar. Les prévisions pour l'année complète 2025 projettent un chiffre d'affaires de 981,0 à 987,0 millions de dollars et des facturations courantes calculées entre 1,038 et 1,048 milliard de dollars.
Tenable (Nasdaq: TENB) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 247,3 Millionen US-Dollar, was einem Anstieg von 12 % im Jahresvergleich entspricht. Das Unternehmen erzielte berechnete aktuelle Rechnungsbeträge von 238,6 Millionen US-Dollar, ein Plus von 8 % im Jahresvergleich, und eine Non-GAAP-Betriebsmarge von 19 %.
Zu den wichtigsten Highlights zählen die Gewinnung von 367 neuen Unternehmenskunden für die Plattform sowie 76 netto neue Kunden mit sechsstelligen Umsätzen. Tenable kündigte eine Ausweitung seines Aktienrückkaufprogramms um 250 Millionen US-Dollar an und schloss die Übernahme von Apex Security ab. Das Unternehmen generierte 44,3 Millionen US-Dollar unverschuldeten freien Cashflow und kaufte 2,0 Millionen Aktien für 65,0 Millionen US-Dollar zurück.
Für das dritte Quartal 2025 erwartet Tenable einen Umsatz zwischen 246,0 und 248,0 Millionen US-Dollar sowie ein Non-GAAP verwässertes Ergebnis je Aktie von 0,36 bis 0,37 US-Dollar. Die Prognose für das Gesamtjahr 2025 sieht einen Umsatz von 981,0 bis 987,0 Millionen US-Dollar und berechnete aktuelle Rechnungsbeträge von 1,038 bis 1,048 Milliarden US-Dollar vor.
- Revenue growth of 12% year-over-year to $247.3 million
- Non-GAAP operating margin improved to 19%
- Added 367 new enterprise platform customers and 76 net new six-figure customers
- Unlevered free cash flow increased to $44.3 million from $36.5 million year-over-year
- Announced $250 million expansion of stock repurchase program
- Strategic acquisition of Apex Security to strengthen AI security capabilities
- GAAP operating loss of $7.4 million
- GAAP net loss increased to $14.7 million
- Cash and equivalents decreased to $386.5 million from $577.2 million at year-end 2024
- Calculated current billings growth slowed to 8% year-over-year
Insights
Tenable posted solid Q2 results with 12% revenue growth and margin improvements, while expanding its stock repurchase program by $250M.
Tenable delivered a strong quarter with
Profitability metrics showed significant improvement, with non-GAAP operating margin expanding to
Cash generation looks particularly impressive with operating cash flow of
The guidance for Q3 and full-year 2025 appears cautiously optimistic, with revenue growth expectations in line with current performance. The projected full-year non-GAAP earnings per share range of
Customer metrics remain solid with 367 new enterprise platform customers and 76 net new six-figure customers added in the quarter, indicating the company continues to effectively land and expand its customer base. The recent acquisition of Apex Security positions Tenable to capitalize on growing AI security needs, which could be a significant growth vector going forward.
Tenable's Q2 results reflect strong execution in exposure management, with strategic AI security acquisition positioning them for future growth.
Tenable's quarterly results demonstrate the market's increasing prioritization of exposure management solutions as organizations seek consolidated approaches to security. The company's platform strategy is clearly resonating, as evidenced by customer adoption metrics and competitive wins mentioned by co-CEO Mark Thurmond against "major players" in the space.
The acquisition of Apex Security represents a strategic move into the emerging AI security market. This positions Tenable to address both sides of the AI security equation – securing AI tools that organizations use (like generative AI applications) and the custom AI models they build internally. This dual approach could become increasingly valuable as AI adoption accelerates across industries.
The introduction of Tenable One connectors and advanced risk dashboards highlights the company's pivot toward integration and data consolidation. By enabling organizations to combine third-party security tool data with Tenable's native sensor data, they're addressing a critical challenge in security operations – fragmentation of visibility. This interoperability strategy could help Tenable maintain its relevance in complex security environments.
Being named a "Major Player" in IDC's inaugural CNAPP MarketScape report validates Tenable's cloud security strategy. The CNAPP market is highly competitive and rapidly evolving, with numerous established and emerging players vying for position. Tenable's recognition suggests their expansion beyond vulnerability management into broader cloud security is gaining traction.
The company's focus on AI capabilities, validated by industry awards, demonstrates alignment with where the security market is heading. As organizations increasingly look to automation and AI for security efficiency, Tenable's investments in this area could help maintain competitive differentiation in the crowded cybersecurity marketplace.
- Revenue of
$247.3 million , up12% year-over-year. - Calculated current billings of
$238.6 million , up8% year-over-year. - GAAP operating margin of (3)%; Non-GAAP operating margin of
19% . - Net cash provided by operating activities of
$42.5 million ; Unlevered free cash flow of$44.3 million . - Announced a
$250 million expansion of our existing stock repurchase program.
COLUMBIA, Md., July 30, 2025 (GLOBE NEWSWIRE) -- Tenable Holdings, Inc. ("Tenable") (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended June 30, 2025.
"We beat all of our guided metrics during the quarter, delivering
"This quarter showcased the exceptional value Tenable One delivers, as we saw major expansions across industries and secured strong wins against major players," said Mark Thurmond, Co-CEO of Tenable. "Our leadership in exposure management uniquely positions us to help customers address their complex security challenges."
Second Quarter 2025 Financial Highlights
- Revenue was
$247.3 million , a12% increase year-over-year. - Calculated current billings was
$238.6 million , an8% increase year-over-year. - GAAP loss from operations was
$7.4 million , compared to$8.8 million in the second quarter of 2024. - Non-GAAP income from operations was
$47.7 million , compared to$42.8 million in the second quarter of 2024. - GAAP net loss was
$14.7 million , compared to$14.6 million in the second quarter of 2024. - GAAP net loss per share was
$0.12 , consistent with the second quarter of 2024. - Non-GAAP net income was
$41.4 million , compared to$38.2 million in the second quarter of 2024. - Non-GAAP diluted earnings per share was
$0.34 , compared to$0.31 in the second quarter of 2024. - Cash and cash equivalents and short-term investments were
$386.5 million at June 30, 2025, compared to$577.2 million at December 31, 2024. - Net cash provided by operating activities was
$42.5 million , compared to$31.4 million in the second quarter of 2024. - Unlevered free cash flow was
$44.3 million , compared to$36.5 million in the second quarter of 2024. - Repurchased 2.0 million shares of our common stock for
$65.0 million .
Recent Business Highlights
- Added 367 new enterprise platform customers and 76 net new six-figure customers.
- Announced a
$250 million expansion of our existing stock repurchase program. - Completed our acquisition of Apex Security, which is expected to strengthen our industry-leading exposure management platform to help organizations secure both the AI they use and the AI they build.
- Launched Tenable One connectors and advanced risk dashboards, which are designed to seamlessly combine data from third-party security tools with our native sensor data for a comprehensive and actionable view of organizational risk.
- Named a "Major Player" in IDC’s inaugural MarketScape report for Cloud-Native Application Protection Platforms (CNAPP).
- Published the 2025 Cloud Security Risk Report, delivering in-depth, real-world insights into the most pressing security challenges organizations face.
- Awarded two AI-powered security awards from the 2025 Globee Awards and 2025 Cybersecurity Excellence Awards.
Financial Outlook
For the third quarter of 2025, we currently expect:
- Revenue in the range of
$246.0 million to$248.0 million . - Non-GAAP income from operations in the range of
$52.0 million to$54.0 million . - Non-GAAP net income in the range of
$44.0 million to$46.0 million , assuming interest expense of$7.2 million , interest income of$3.3 million and a provision for income taxes of$3.4 million . - Non-GAAP diluted earnings per share in the range of
$0.36 t o$0.37 . - 123.0 million diluted weighted average shares outstanding.
For the year ending December 31, 2025, we currently expect:
- Calculated current billings in the range of
$1.03 8 billion to$1.04 8 billion. - Revenue in the range of
$981.0 million to$987.0 million . - Non-GAAP income from operations in the range of
$205.0 million to$215.0 million . - Non-GAAP net income in the range of
$179.0 million to$189.0 million , assuming interest expense of$28.5 million , interest income of$15.6 million and a provision for income taxes of$12.8 million . - Non-GAAP diluted earnings per share in the range of
$1.45 t o$1.53 . - 123.5 million diluted weighted average shares outstanding.
- Unlevered free cash flow in the range of
$265.0 million to$275.0 million .
Conference Call Information
Tenable will host a conference call on July 30, 2025 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.
About Tenable
Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.
Contact Information
Investor Relations
investors@tenable.com
Media Relations
tenablepr@tenable.com
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform's ability to help protect enterprises from security exposure and streamline vulnerability analysis and response, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” "believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.
Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.
Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.
Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.
Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.
Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.
Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.
| TENABLE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 247,295 | $ | 221,241 | $ | 486,432 | $ | 437,202 | |||||||
| Cost of revenue(1) | 54,434 | 48,798 | 106,894 | 97,730 | |||||||||||
| Gross profit | 192,861 | 172,443 | 379,538 | 339,472 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing(1) | 107,091 | 101,129 | 210,273 | 200,954 | |||||||||||
| Research and development(1) | 59,236 | 45,149 | 112,459 | 88,876 | |||||||||||
| General and administrative(1) | 33,982 | 30,302 | 81,965 | 61,320 | |||||||||||
| Restructuring | — | 4,681 | — | 6,070 | |||||||||||
| Total operating expenses | 200,309 | 181,261 | 404,697 | 357,220 | |||||||||||
| Loss from operations | (7,448 | ) | (8,818 | ) | (25,159 | ) | (17,748 | ) | |||||||
| Interest income | 4,080 | 5,974 | 9,007 | 11,598 | |||||||||||
| Interest expense | (7,139 | ) | (8,073 | ) | (14,150 | ) | (16,185 | ) | |||||||
| Other income (expense), net | 25 | 93 | 499 | (1,217 | ) | ||||||||||
| Loss before income taxes | (10,482 | ) | (10,824 | ) | (29,803 | ) | (23,552 | ) | |||||||
| Provision for income taxes | 4,224 | 3,748 | 7,838 | 5,406 | |||||||||||
| Net loss | $ | (14,706 | ) | $ | (14,572 | ) | $ | (37,641 | ) | $ | (28,958 | ) | |||
| Net loss per share, basic and diluted | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.31 | ) | $ | (0.25 | ) | |||
| Weighted-average shares used to compute net loss per share, basic and diluted | 120,979 | 118,681 | 120,533 | 118,111 | |||||||||||
_______________
(1) Includes stock-based compensation as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cost of revenue | $ | 3,460 | $ | 3,288 | $ | 6,775 | $ | 6,270 | |||||||
| Sales and marketing | 17,818 | 16,276 | 34,448 | 31,576 | |||||||||||
| Research and development | 15,300 | 11,799 | 28,267 | 22,960 | |||||||||||
| General and administrative(2) | 9,948 | 10,035 | 32,939 | 20,311 | |||||||||||
| Total stock-based compensation | $ | 46,526 | $ | 41,398 | $ | 102,429 | $ | 81,117 | |||||||
_______________
(2) Stock-based compensation in the six months ended June 30, 2025 includes
| TENABLE HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| (in thousands, except per share data) | (unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 175,025 | $ | 328,647 | |||
| Short-term investments | 211,489 | 248,547 | |||||
| Accounts receivable (net of allowance for doubtful accounts of | 181,114 | 258,734 | |||||
| Deferred commissions | 50,785 | 51,791 | |||||
| Prepaid expenses and other current assets | 54,079 | 53,026 | |||||
| Total current assets | 672,492 | 940,745 | |||||
| Property and equipment, net | 42,577 | 39,265 | |||||
| Deferred commissions (net of current portion) | 64,274 | 67,914 | |||||
| Operating lease right-of-use assets | 36,880 | 45,139 | |||||
| Acquired intangible assets, net | 128,860 | 94,461 | |||||
| Goodwill | 697,769 | 541,292 | |||||
| Other assets | 13,720 | 13,303 | |||||
| Total assets | $ | 1,656,572 | $ | 1,742,119 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 18,828 | $ | 19,981 | |||
| Accrued compensation | 55,574 | 55,784 | |||||
| Deferred revenue | 624,548 | 650,372 | |||||
| Operating lease liabilities | 7,138 | 6,801 | |||||
| Other current liabilities | 7,179 | 5,154 | |||||
| Total current liabilities | 713,267 | 738,092 | |||||
| Deferred revenue (net of current portion) | 173,261 | 182,815 | |||||
| Term loan, net of issuance costs (net of current portion) | 355,439 | 356,705 | |||||
| Operating lease liabilities (net of current portion) | 54,059 | 56,224 | |||||
| Other liabilities | 9,847 | 8,329 | |||||
| Total liabilities | 1,305,873 | 1,342,165 | |||||
| Stockholders’ equity: | |||||||
| Common stock (par value: | 1,274 | 1,224 | |||||
| Additional paid-in capital | 1,489,379 | 1,374,659 | |||||
| Treasury stock (at cost: 6,365 and 2,673 shares at June 30, 2025 and December 31, 2024, respectively) | (241,239 | ) | (114,911 | ) | |||
| Accumulated other comprehensive income | 262 | 318 | |||||
| Accumulated deficit | (898,977 | ) | (861,336 | ) | |||
| Total stockholders’ equity | 350,699 | 399,954 | |||||
| Total liabilities and stockholders’ equity | $ | 1,656,572 | $ | 1,742,119 | |||
| TENABLE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | |||||||
| Six Months Ended June 30, | |||||||
| (in thousands) | 2025 | 2024 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (37,641 | ) | $ | (28,958 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 20,680 | 15,864 | |||||
| Stock-based compensation | 102,429 | 81,117 | |||||
| Net accretion of discounts and amortization of premiums on short-term investments | (1,975 | ) | (4,378 | ) | |||
| Amortization of debt issuance costs | 707 | 662 | |||||
| Restructuring | — | 4,528 | |||||
| Other | 1,496 | 2,184 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 79,766 | 40,462 | |||||
| Prepaid expenses and other assets | 5,092 | 18,105 | |||||
| Accounts payable, accrued expenses and accrued compensation | (4,120 | ) | (20,162 | ) | |||
| Deferred revenue | (43,107 | ) | (24,807 | ) | |||
| Other current and noncurrent liabilities | 6,543 | (2,867 | ) | ||||
| Net cash provided by operating activities | 129,870 | 81,750 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (10,901 | ) | (1,191 | ) | |||
| Capitalized software development costs | (1,323 | ) | (4,767 | ) | |||
| Purchases of short-term investments | (83,338 | ) | (160,405 | ) | |||
| Sales and maturities of short-term investments | 122,314 | 147,778 | |||||
| Proceeds from other investments | 664 | 3,512 | |||||
| Purchases of other investments | — | (250 | ) | ||||
| Business combinations, net of cash acquired | (196,182 | ) | (29,162 | ) | |||
| Net cash used in investing activities | (168,766 | ) | (44,485 | ) | |||
| Cash flows from financing activities: | |||||||
| Payments on term loan | (1,875 | ) | (1,875 | ) | |||
| Proceeds from stock issued in connection with the employee stock purchase plan | 9,712 | 9,878 | |||||
| Proceeds from the exercise of stock options | 2,187 | 4,135 | |||||
| Payments for taxes related to net share settlement of equity awards | (1,329 | ) | — | ||||
| Purchase of treasury stock | (124,999 | ) | (49,991 | ) | |||
| Net cash used in financing activities | (116,304 | ) | (37,853 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1,578 | (3,077 | ) | ||||
| Net decrease in cash and cash equivalents and restricted cash | (153,622 | ) | (3,665 | ) | |||
| Cash and cash equivalents and restricted cash at beginning of period | 328,647 | 237,132 | |||||
| Cash and cash equivalents and restricted cash at end of period | $ | 175,025 | $ | 233,467 | |||
| TENABLE HOLDINGS, INC. REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) | |||||||||||||||
| Revenue | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Subscription revenue | $ | 228,031 | $ | 202,538 | $ | 448,474 | $ | 400,173 | |||||||
| Perpetual license and maintenance revenue | 11,411 | 12,016 | 22,963 | 24,172 | |||||||||||
| Professional services and other revenue | 7,853 | 6,687 | 14,995 | 12,857 | |||||||||||
| Revenue(1) | $ | 247,295 | $ | 221,241 | $ | 486,432 | $ | 437,202 | |||||||
_______________
(1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented
| Calculated Current Billings | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 247,295 | $ | 221,241 | $ | 486,432 | $ | 437,202 | |||||||
| Deferred revenue (current), end of period | 624,548 | 562,587 | 624,548 | 562,587 | |||||||||||
| Deferred revenue (current), beginning of period(1) | (633,258 | ) | (562,683 | ) | (657,035 | ) | (580,887 | ) | |||||||
| Calculated current billings | $ | 238,585 | $ | 221,145 | $ | 453,945 | $ | 418,902 | |||||||
________________
(1) Deferred revenue (current), beginning of period for the three months ended June 30, 2025 and 2024, and the six months ended June 30, 2025 and 2024 includes
| Remaining Performance Obligations | June 30, | Change | |||||||||
| (in thousands) | 2025 | 2024 | % | ||||||||
| Remaining performance obligations, short-term | $ | 641,918 | $ | 572,015 | 12 | % | |||||
| Remaining performance obligations, long-term | 247,225 | 175,526 | 41 | % | |||||||
| Remaining performance obligations | $ | 889,143 | $ | 747,541 | 19 | % | |||||
| Free Cash Flow and Unlevered Free Cash Flow | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net cash provided by operating activities | $ | 42,463 | $ | 31,424 | $ | 129,870 | $ | 81,750 | |||||||
| Purchases of property and equipment | (4,348 | ) | (526 | ) | (10,901 | ) | (1,191 | ) | |||||||
| Capitalized software development costs | (699 | ) | (2,235 | ) | (1,323 | ) | (4,767 | ) | |||||||
| Free cash flow | 37,416 | 28,663 | 117,646 | 75,792 | |||||||||||
| Cash paid for interest and other financing costs | 6,859 | 7,839 | 13,433 | 15,450 | |||||||||||
| Unlevered free cash flow | $ | 44,275 | $ | 36,502 | $ | 131,079 | $ | 91,242 | |||||||
Free cash flow and unlevered free cash flow for the periods presented were impacted by:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Employee stock purchase plan activity | $ | 4,923 | $ | 3,702 | $ | (490 | ) | $ | (2,630 | ) | |||||
| Acquisition-related expenses | (1,630 | ) | (197 | ) | (4,819 | ) | (663 | ) | |||||||
| Restructuring | — | (1,597 | ) | — | (5,419 | ) | |||||||||
| Non-GAAP Income from Operations and Non-GAAP Operating Margin | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Loss from operations | $ | (7,448 | ) | $ | (8,818 | ) | $ | (25,159 | ) | $ | (17,748 | ) | |||
| Stock-based compensation | 46,526 | 41,398 | 102,429 | 81,117 | |||||||||||
| Acquisition-related expenses | 2,081 | 763 | 6,702 | 924 | |||||||||||
| Restructuring | — | 4,681 | — | 6,070 | |||||||||||
| Amortization of acquired intangible assets | 6,537 | 4,760 | 12,401 | 9,429 | |||||||||||
| Non-GAAP income from operations | $ | 47,696 | $ | 42,784 | $ | 96,373 | $ | 79,792 | |||||||
| Operating margin | (3 | )% | (4 | )% | (5 | )% | (4 | )% | |||||||
| Non-GAAP operating margin | 19 | % | 19 | % | 20 | % | 18 | % | |||||||
| Non-GAAP Net Income and Non-GAAP Earnings Per Share | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net loss | $ | (14,706 | ) | $ | (14,572 | ) | $ | (37,641 | ) | $ | (28,958 | ) | |||
| Stock-based compensation | 46,526 | 41,398 | 102,429 | 81,117 | |||||||||||
| Tax impact of stock-based compensation(1) | 1,041 | 1,175 | 1,896 | 98 | |||||||||||
| Acquisition-related expenses(2) | 2,081 | 763 | 6,702 | 924 | |||||||||||
| Restructuring(2) | — | 4,681 | — | 6,070 | |||||||||||
| Amortization of acquired intangible assets(2) | 6,537 | 4,760 | 12,401 | 9,429 | |||||||||||
| Tax impact of acquisitions | (42 | ) | (43 | ) | (100 | ) | (78 | ) | |||||||
| Non-GAAP net income | $ | 41,437 | $ | 38,162 | $ | 85,687 | $ | 68,602 | |||||||
| Net loss per share, diluted | $ | (0.12 | ) | $ | (0.12 | ) | $ | (0.31 | ) | $ | (0.25 | ) | |||
| Stock-based compensation | 0.38 | 0.35 | 0.85 | 0.69 | |||||||||||
| Tax impact of stock-based compensation(1) | 0.01 | 0.01 | 0.02 | — | |||||||||||
| Acquisition-related expenses(2) | 0.02 | — | 0.05 | 0.01 | |||||||||||
| Restructuring(2) | — | 0.04 | — | 0.05 | |||||||||||
| Amortization of acquired intangible assets(2) | 0.05 | 0.04 | 0.10 | 0.08 | |||||||||||
| Tax impact of acquisitions | — | — | — | — | |||||||||||
| Adjustment to diluted earnings per share(3) | — | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||
| Non-GAAP earnings per share, diluted | $ | 0.34 | $ | 0.31 | $ | 0.69 | $ | 0.56 | |||||||
| Weighted-average shares used to compute GAAP net loss per share, diluted | 120,979 | 118,681 | 120,533 | 118,111 | |||||||||||
| Weighted-average shares used to compute non-GAAP earnings per share, diluted | 122,875 | 123,056 | 123,516 | 123,161 | |||||||||||
________________
(1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
(2) The tax impact of acquisition-related expenses, restructuring and the amortization of acquired intangible assets are not material.
(3) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.
| Non-GAAP Gross Profit and Non-GAAP Gross Margin | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Gross profit | $ | 192,861 | $ | 172,443 | $ | 379,538 | $ | 339,472 | |||||||
| Stock-based compensation | 3,460 | 3,288 | 6,775 | 6,270 | |||||||||||
| Amortization of acquired intangible assets | 6,537 | 4,760 | 12,401 | 9,429 | |||||||||||
| Non-GAAP gross profit | $ | 202,858 | $ | 180,491 | $ | 398,714 | $ | 355,171 | |||||||
| Gross margin | 78 | % | 78 | % | 78 | % | 78 | % | |||||||
| Non-GAAP gross margin | 82 | % | 82 | % | 82 | % | 81 | % | |||||||
| Non-GAAP Sales and Marketing Expense | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Sales and marketing expense | $ | 107,091 | $ | 101,129 | $ | 210,273 | $ | 200,954 | |||||||
| Less: Stock-based compensation | 17,818 | 16,276 | 34,448 | 31,576 | |||||||||||
| Less: Acquisition-related expenses | 258 | 49 | 1,312 | 49 | |||||||||||
| Non-GAAP sales and marketing expense | $ | 89,015 | $ | 84,804 | $ | 174,513 | $ | 169,329 | |||||||
| Non-GAAP sales and marketing expense % of revenue | 36 | % | 38 | % | 36 | % | 39 | % | |||||||
| Non-GAAP Research and Development Expense | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Research and development expense | $ | 59,236 | $ | 45,149 | $ | 112,459 | $ | 88,876 | |||||||
| Less: Stock-based compensation | 15,300 | 11,799 | 28,267 | 22,960 | |||||||||||
| Less: Acquisition-related expenses | 532 | — | 1,771 | (20 | ) | ||||||||||
| Non-GAAP research and development expense | $ | 43,404 | $ | 33,350 | $ | 82,421 | $ | 65,936 | |||||||
| Non-GAAP research and development expense % of revenue | 18 | % | 15 | % | 17 | % | 15 | % | |||||||
| Non-GAAP General and Administrative Expense | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| General and administrative expense | $ | 33,982 | $ | 30,302 | $ | 81,965 | $ | 61,320 | |||||||
| Less: Stock-based compensation | 9,948 | 10,035 | 32,939 | 20,311 | |||||||||||
| Less: Acquisition-related expenses | 1,291 | 714 | 3,619 | 895 | |||||||||||
| Non-GAAP general and administrative expense | $ | 22,743 | $ | 19,553 | $ | 45,407 | $ | 40,114 | |||||||
| Non-GAAP general and administrative expense % of revenue | 9 | % | 9 | % | 9 | % | 9 | % | |||||||
The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.
| Forecasted Non-GAAP Income from Operations | Three Months Ending September 30, 2025 | Year Ending December 31, 2025 | |||||||||||||
| (in millions) | Low | High | Low | High | |||||||||||
| Forecasted loss from operations | $ | (3.1 | ) | $ | (1.1 | ) | $ | (25.8 | ) | $ | (15.8 | ) | |||
| Forecasted stock-based compensation | 47.6 | 47.6 | 197.5 | 197.5 | |||||||||||
| Forecasted acquisition-related expenses | 0.7 | 0.7 | 7.3 | 7.3 | |||||||||||
| Forecasted amortization of acquired intangible assets | 6.8 | 6.8 | 26.0 | 26.0 | |||||||||||
| Forecasted non-GAAP income from operations | $ | 52.0 | $ | 54.0 | $ | 205.0 | $ | 215.0 | |||||||
| Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share | Three Months Ending September 30, 2025 | Year Ending December 31, 2025 | |||||||||||||
| (in millions, except per share data) | Low | High | Low | High | |||||||||||
| Forecasted net loss(1) | $ | (12.0 | ) | $ | (10.0 | ) | $ | (55.4 | ) | $ | (45.4 | ) | |||
| Forecasted stock-based compensation | 47.6 | 47.6 | 197.5 | 197.5 | |||||||||||
| Forecasted tax impact of stock-based compensation | 1.0 | 1.0 | 3.8 | 3.8 | |||||||||||
| Forecasted acquisition-related expenses | 0.7 | 0.7 | 7.3 | 7.3 | |||||||||||
| Forecasted amortization of acquired intangible assets | 6.8 | 6.8 | 26.0 | 26.0 | |||||||||||
| Forecasted tax impact of acquisitions | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | |||||||
| Forecasted non-GAAP net income | $ | 44.0 | $ | 46.0 | $ | 179.0 | $ | 189.0 | |||||||
| Forecasted net loss per share, diluted(1) | $ | (0.10 | ) | $ | (0.08 | ) | $ | (0.46 | ) | $ | (0.38 | ) | |||
| Forecasted stock-based compensation | 0.39 | 0.39 | 1.63 | 1.63 | |||||||||||
| Forecasted tax impact of stock-based compensation | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||
| Forecasted acquisition-related expenses | 0.01 | 0.01 | 0.06 | 0.06 | |||||||||||
| Forecasted amortization of acquired intangible assets | 0.06 | 0.06 | 0.21 | 0.21 | |||||||||||
| Forecasted tax impact of acquisitions | — | — | — | — | |||||||||||
| Adjustment to diluted earnings per share(2) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||
| Forecasted non-GAAP earnings per share, diluted | $ | 0.36 | $ | 0.37 | $ | 1.45 | $ | 1.53 | |||||||
| Forecasted weighted-average shares used to compute GAAP net loss per share, diluted | 121.0 | 121.0 | 121.0 | 121.0 | |||||||||||
| Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted | 123.0 | 123.0 | 123.5 | 123.5 | |||||||||||
________________
(1) The forecasted GAAP net loss assumes income tax expense of
(2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.
| Forecasted Free Cash Flow and Unlevered Free Cash Flow | Year Ending December 31, 2025 | ||||||
| (in millions) | Low | High | |||||
| Forecasted net cash provided by operating activities | $ | 254.0 | $ | 264.0 | |||
| Forecasted purchases of property and equipment | (13.0 | ) | (13.0 | ) | |||
| Forecasted capitalized software development costs | (3.0 | ) | (3.0 | ) | |||
| Forecasted free cash flow | 238.0 | 248.0 | |||||
| Forecasted cash paid for interest and other financing costs | 27.0 | 27.0 | |||||
| Forecasted unlevered free cash flow | $ | 265.0 | $ | 275.0 | |||
FAQ
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