Tenable (NASDAQ: TENB) details AI cyber platform and 2029 margin, growth goals
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Tenable Holdings, Inc. furnished an Investor Day presentation that highlights its AI-focused cybersecurity strategy, platform roadmap and non-GAAP financial framework through 2029. Management described an expanding cyber and AI security market and positioned Tenable One and the Tenable Hexa AI agentic engine at the center of its exposure management platform.
The company cited more than $1 billion of last‑twelve‑month revenue, $232 million of last‑twelve‑month operating income and approximately 95% recurring revenue. Non‑GAAP operating margin has increased from 9.4% in 2021 to a guided 24.0% for 2026, while unlevered free cash flow margin has improved from 17.6% to a guided 27.0%.
Mid‑term non‑GAAP targets for 2029 include total revenue growth in the high‑single‑digit to low‑double‑digit range, gross margin of about 81.5%–82.5%, operating margin of roughly 28% and unlevered free cash flow margin around 31%, supported by AI‑driven go‑to‑market and development efficiencies.
Positive
- Margin and cash flow expansion: Non-GAAP operating margin is guided to rise from 9.4% in 2021 to 24.0% in 2026, with unlevered free cash flow margin improving from 17.6% to 27.0% and a 2026E unlevered free cash flow target of $290 million.
Negative
- None.
Insights
Investor Day lays out AI-led growth plan with rising margins.
Tenable describes a cybersecurity market growing from $300B in 2026 to $400B in 2029, with AI security reaching about $75B. It positions Tenable One and the Tenable Hexa AI agentic engine as core to managing rapidly expanding AI-driven attack surfaces.
Financially, management highlights non-GAAP revenue and profit expansion: operating margin rising from 9.4% in 2021 to a guided 24.0% in 2026, and unlevered free cash flow margin from 17.6% to 27.0%. Unlevered free cash flow is projected at $290M in 2026E, up from $95.2M in 2021.
Mid-term targets for 2029 call for high-single-digit to low-double-digit total revenue growth, gross margin around 81.5%–82.5%, operating margin near 28% and unlevered free cash flow margin about 31%. These are framed as non‑GAAP goals, with detailed reconciliations and caveats about forward‑looking statements and market uncertainties.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Cybersecurity market 2026: $300B
Cybersecurity market 2029: $400B
AI security market 2029: $75B
+5 more
8 metrics
Cybersecurity market 2026
$300B
Estimated total cybersecurity market size in 2026
Cybersecurity market 2029
$400B
Estimated total cybersecurity market size in 2029
AI security market 2029
$75B
Approximate AI security segment within 2029 cybersecurity market
LTM revenue
$1B+
Last-twelve-month revenue at time of Investor Day
LTM operating income
$232M
Last-twelve-month operating income at time of Investor Day
Recurring revenue mix
95%
Portion of revenue described as recurring
2026E non-GAAP operating margin
24.0%
Midpoint non-GAAP operating margin guide for FY 2026
2029 non-GAAP unlevered FCF margin target
31%
Planned unlevered free cash flow margin for FY 2029
Key Terms
Regulation FD Disclosure, forward-looking statements, non-GAAP financial measures, unlevered free cash flow, +2 more
6 terms
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure. On May 21, 2026, Tenable Holdings, Inc."
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
forward-looking statements regulatory
"This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical fact"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
non-GAAP financial measures financial
"This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
unlevered free cash flow financial
"Unlevered free cash flow is defined as net cash provided by operating activities less purchases of property and equipment"
Unlevered free cash flow is the cash a company generates from its core business after paying operating costs and reinvesting in the business, but before any interest or debt repayments. It shows how much cash would be available to all providers of capital—owners and lenders alike—and helps investors compare underlying business performance and value companies without the distortion of different debt levels, like judging a car’s fuel efficiency before adding cargo weight.
Exposure Data Fabric technical
"LAYER 2 · Insight Exposure Data Fabric"
A data architecture that gathers and links a company’s risk and exposure information from many separate systems into one consistent, searchable view. Think of it as a single map or filing cabinet that keeps all records about who or what a business is exposed to—markets, counterparties, loans, or investments—so managers and regulators can measure, report, and act on risk quickly and reliably. Investors care because clearer exposure information affects a firm’s risk profile, capital needs, and the credibility of its financial reporting.
Tenable Hexa AI Agentic Engine technical
"LAYER 3 · Action Tenable Hexa AI Agentic Engine"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 21, 2026
__________________
(Exact name of registrant as specified in its charter)
__________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices, including zip code)
(410 ) 872-0555
(Registrant’s telephone number, including area code)
__________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On May 21, 2026, Tenable Holdings, Inc. (the "Company") hosted an Investor Day event, where members of the Company’s senior management presented to attendees regarding the Company’s business and long-term strategy, which was webcast live on the Company’s website. A copy of the materials used during the presentation is furnished as Exhibit 99.1 to this Current Report. The materials and a webcast replay of the presentation were made available at the “Investor Events” section of the Company's investor relations website at https://investors.tenable.com at the start of the live presentation.
The information set forth in this Item 7.01, including the presentation slides attached hereto as Exhibit 99.1, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly provided by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Tenable's Investor Day Presentation, dated May 21, 2026 | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
| 104 | The cover page from Tenable's 8-K filed on May 21, 2026, formatted in Inline XBRL. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TENABLE HOLDINGS, INC. | |||||||||||
| Date: | May 21, 2026 | By: | /s/ Michelle VonderHaar | ||||||||
| Michelle VonderHaar | |||||||||||
| Chief Legal Officer and Corporate Secretary | |||||||||||
Tenable Steve Vintz Co-Chief Executive Officer Mark Thurmond Co-Chief Executive Officer Investor Day
Forward Looking Statements This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, are forward-looking statements. 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. 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, 2025, and other filings that we make from time to time with the SEC. 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. This presentation contains projected financial information. Such projected financial information constitutes forward-looking information and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks and uncertainties as described above. Actual results may differ materially from the results contemplated by the financial forecast information contained herein, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We make no representation or warranty as to the accuracy or completeness of such data and undertake no obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the GAAP to Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Any information in this presentation on unreleased services or features is intended to outline our general product direction and should not be relied upon in making a purchasing decision. They are intended for informational purposes only and may not be incorporated into any contract. The development, release, and timing of any features or functionality described for our products remains at our sole discretion. All third-party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. These references are made solely for identification purposes and should not be construed as an endorsement of our products or services.
Tenable Cybersecurity market expected to grow from $300B in 26 to $400B in 29 with the AI security market accounting for for ~$75B $1B+ LTM Revenue $232M LTM Operating Income Tenable One New Business 95% Recurring Revenue Financials 40%+ 2,000+ >$100K ACV CustomersEnterprise Customer growth 35%+ Customers Revenue Today
5 The assumption The volume of exposures would remain within the bounds of what a security team could absorb. For two decades, cybersecurity ran on one loop. Find Fix Reduce risk
Tenable evolution
● AI accelerates software development and deployment ● Every new AI system embedded is a new entry point ● Attack surface expanding faster than teams can track ● Frontier models find vulnerabilities in minutes, not months ● Attackers gain the same capability simultaneously ● Discovery that was impossible yesterday is trivial today More exposures being created More exposures being discovered Both forces are operating at once across a larger, more interconnected attack surface than ever before.
771 > 1.6 Days to exploit Average time from disclosure to active exploitation - 2021 vs. today 500+ Zero-days found by Opus 4.6 Discovered autonomously in open- source code Thousands Vulnerabilities found by Mythos Discovered in weeks following the April 2026 launch of Mythos Preview 99% Remain unpatched Vendor disclosure processes were not built for AI-scale discovery volumes
9 When volume becomes infinite More findings. More noise. Less clarity. 60% of breaches last year exploited a vulnerability the organization already had a patch for. The problem is not finding what's wrong. It's acting on it fast enough.
Vulnerability Discovery “What code vulnerabilities exist in a piece of code” 1. Asset Discovery “What is in your enterprise?” Discovery Alone Does Not Reduce Risk 4. Remediation “Help me fix it” 2. Assessment “What issues exist in your org?” 3. Prioritization “What issues actually matter?” 5. Validation “Did it actually get fixed?” Exposure ManagementLatest Frontier Models
Knowing isn’t enough. Taking action is the gap. 11
A system of action.
LAYER 3 · Action Tenable Hexa AI Agentic Engine LAYER 2 · Insight Exposure Data Fabric LAYER 1 · Visibility Surfaces and Signals D A T A F LO W
300+ Data Integrations Tenable Sensors Threat Intelligence AI Systems & Models LAYER 1 · VISIBILITY Sensors & Signals
ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS LAYER 2 · Insight Exposure Data Fabric
LAYER 2 · Action Tenable Hexa AI Agentic Engine The remediation continuum. Manual Security teams execute remediation manually. Human-led remediation Assisted Humans and AI coordinate remediation workflows. Hybrid remediation Autonomous AI-driven systems execute remediation automatically. Machine-led remediation
+ +
How AI Is reshaping the attack surface Vlad Korsunsky Chief Technology Officer
What will define cyber risk in 2027? 19 AI as a threat multiplier
20 % % AI as a threat multiplier Geopolitical escalations, targeting critical infrastructure Source: World Economic Forum
Time to exploit Source: Mandiant M-Trends Report 2025
What changed?
What changed?
What changed? AI Labs are not the adversary
The Tenable blueprint ● Vulnerability volume exponential increase. ● AI as an attack surface. ● Agentic economy TAM Expanded opportunity ● AI adoption. ● AI agents as first-class devs in development. ● AI acceleration squads. Velocity AI-native company Transforming Tenable into an AI-native company. MOAT Platform architecture Layer 3: Tenable Hexa AI Agentic Engine Layer 1: Surfaces and Signals Layer 2: Exposure Data Fabric
MOAT Platform architecture The defender's edge in the AI era is not the model. It's the data, the context, the harness, and the guardrails you build around it. The Tenable blueprint Layer 3: Tenable Hexa AI Agentic Engine Layer 1: Surfaces and Signals Layer 2: Exposure Data Fabric
Velocity AI-native company ● AI adoption. ● AI agents as first-class devs in development. ● AI acceleration squads. Transforming Tenable into an AI-native company. The Tenable blueprint
% Global R&D AI adoption The companies that capitalize are the ones that change how teams operate, not just what tools they buy. Scaffolding & accountability - AI-fluency - From R&D to Finance Adoption AI acceleration squads - Cross-functional teams operating on a startup cadence - Aggressively closing the gap between experimentation and running the company on AI Structure AI-native R&D frontier - AI as new user - Headless design - Operating at the same frontier as big tech leaders - Partner with AI Labs engineers Strategy AI-native development
We have put the structure in place to uplevel the entire team AI-native transformation
Avg commits / week Frequency of individual contributions Velocity Avg merged PRs / week Validated features landed in production Throughput Avg time to merge Cycle time from open to close (Hours) Efficiency Non-AI AI-Native x1.7 Non-AI AI-Native Non-AI AI-Native 40% FASTER AI-native productivity gains x2.2
Every product company Build Support Enterprise functions Sell
Product creation cycle Find the correct problem and solution Discover Design Make it usable for end users Specify Define what is required Architect Set boundaries and standards for engineers Develop Produce source code and tests Verify Ensure it runs as intended. Document Document how to use and fix GTM Price, market, prepare field Release Package and ship Sell Sell and roll- out Operate Monitor and maintain
Paradigm shift: Agentic Execution + Human Oversight Humans AND Agents Hardness & Guardrails
Mythos-class capability proliferation Agentic table stakes Regulatory divide Agentic economy Contextual value ● Vulnerability volume exponential increase ● AI as an attack surface ● Agentic economy TAM Expanded opportunity The Tenable blueprint
From detection to preemption How Tenable’s got your back Eric Doerr Chief Product Officer
Humans can’t outrun machines. The defender’s job is now preemption- fix it before they exploit it.” - me (+Claude) “
Productivity rising Visibility falling # CISO’s visibility of AI in the EnterpriseAI = Fastest adoption in history
01 Continuous discovery 1.7T real-world findings 113B new findings / month 457M shadow AI findings (30 days)
39Sources, CrowdStrike, 2026 Verizon DBIR Prioritize what matters of CVEs matter to you %%. findings non CVEs / breaches non CVE 02 Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS
40Sources, CrowdStrike, 2026 Verizon DBIR 03 Orchestrate the fix - Today Manual of must-patch KEVs fixed in 2025 % days to patch before Tenable Hexa AI
41Sources, CrowdStrike, 2026 Verizon DBIR 03 With Tenable Hexa AI Agentic Fixing of must- patch KEVs Patching Hexa Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Auto Auto Resolves non-CVE exposures for you
D A T A F LO W Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS Hexa Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Tenable Sensors IDENTITY Threat Intelligence300+ Data Integrations ZERO DAY RESEARCH ATTACKER TACTICS INDUSTRY CONTEXT FIX GUIDANCE CLOUD IT / DEVICE WEB APPS AI ATTACK SURFACE OT / IoT AI Systems & Models Surfaces and Signals COMPLETE EXPOSURE VISIBILITY ATTACK PATH VISUALIZATIONS PREDICTIVE RISK PRIORITIZATION AUTOMATED REMEDIATION BUSINESS-ALIGNED RISK METRICS
43 DEMO From 10K findings to 1 attack path
44 DEMO Hexa AI makes super humans
Tenable Hexa AI fixes exposure for you 45 DEMO
Tenable Hexa AI Breaks attack paths for you 46 DEMO
Your exposure ends here.
Customer Panel
Durable growth at scale Dino DiMarino Chief Revenue Officer
Global Presence at Scale 40K+ 8K+Customers across 160 Countries 100% Channel Sales Motion with 8,200 Partners across the globe ~30% 2K+One third Tenable One penetration Large and XL Customer Footprint with 2,000+ >$100 k+ Customers
High-Velocity, Unaided • Channel Led • No Touch Nessus High Velocity Engine • Digital Marketing Focused Global GTM Motion 500-5,000 employees (Mid-Market Customers) < 500 employees (Unaided) Enterprise Commercial Velocity / E-Commerce Marketing and Sales Development Cu st om er S uc ce ss / P ro Se rv / C ha nn el Enterprise Sales Motion • TM Led / Partner supported • CIO-CISO Targeted Sales Campaigns • Larger ASPs / Complex selling process • Driving net expansion Inside Selling Motion • Partner Leverage • High Volume • Remote Sales Org > 5,000 employees (Field Sales to Large Customers) Note: Percentages allocated per new bookings in 2025. Customer count as of April 2026.
Channel ● 8,000+ Partners across the Globe ● Assure World Program with Delivery Certification ● Partner Guardians SE Program MSSP and GSI’s ● 9 of top 10 MSSPs and 7 of top 10 SIs ● IBM; Deloitte; Accenture; PWC; Dell ● MSSP Portal - Auto Provisioning Tech Alliance ● Anthropic, Open AI ● AWS, Splunk/Cisco, Mastercard/Recorded Future ● 300+ Integrations(1); 180+ Partners World Class Partner Ecosystem 100% Channel-Led Motion Delivering Reach and Scale across all Geos
Tenable GTM going native on AI 53
54 Enablement Agentic deal coaching, real-time competitive battlecards, and automated playbooks that ensure every rep performs like a top-tier expert Demand Gen Streamlined Click to Chat for rapid engagement, Signal-based account targeting and autonomous sourcing that identifies high-intent accounts Customer Engagement Hexa AI for customer demos, AI customer call analysis, Automated RFP response, AI for account research and custom content Post-Sales Proactive Risk Alerts, AI workflow Orchestration, AI enabled account planning, support volume deflection (how too vs break fix) GTM Operations GTM activity and forecast/deal inspection leveraging AI (Clari AI), Market forensics to understand “heating and cooling” across geos and accounts, AI native, contract redlining to ensure rapid customer engagement
Tenable One Pricing, Packaging and the Customer Journey 55
Domain expansion Domain expansion Low-Friction VM to EM On- Ramp Built-In Expansion Engine 'All domain access' accelerates capability adoption, license flexibility and provides a path for tier progression and domain expansion. Creates a natural land-and-expand motion. Standalone products serve as entry points to the Foundation and Advanced packages. Offer a clear growth path from standalone to platform. VM Siloed Security EM Foundation EM Advanced VM Siloed Security EM Foundation
Multiple on ramps. One powerful platform No matter where you start, every path leads to Tenable One. ● Nessus ● Vulnerability Management ● Point Solutions Upgrade with Tenable ● VM Competitors ● Single domain security vendors ● Large platform players Displace Competitors ● AI Security ● Cloud Security ● OT Security ● Identity Security Expand with new use cases
Major Telecommunications Company The Challenge Long term vulnerability management customer needed to accommodate growth through acquisitions, extend visibility, and unify tools and data. 7x increase in ARR since initial land. Top 5 Telecom 90K Employees Global Enterprise Phase Core VM Tenable VM Tenable WAS Phase Identity, Cloud & Attack Surface Tenable VM Tenable WAS Tenable Identity Exposure Tenable Cloud Security Tenable ASM Phase EM Platform Consolidation Tenable One VM WAS OT Identity Cloud ASM "We needed a single, consolidated platform that could cover every corner of our enterprise." — Sr. Director of Readiness & Proactive Security
Focus Areas Migrate and Expand VM Base to Tenable One Deliver GTM Speed, Scale and Efficiency with AI and Automation Land with Tenable One
Update Matt Brown Chief Financial Officer Financial
61 Tenable in 2021 Tenable Today
Financial Performance Note: All of the financial measures included above, with the exception of revenue, are non-GAAP financial measures. See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures, where applicable. +38% CAGR +1460 basis points Operating Income 9.4% 24.0% +25% CAGR +940 basis points Unlevered Free Cash Flow 17.6% 27.0% $ in millions +15% CAGR Revenue
D A T A F LO W Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS Tenable Hexa AI Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Tenable Sensors IDENTITY Threat Intelligence300+ Data Integrations ZERO DAY RESEARCH ATTACKER TACTICS INDUSTRY CONTEXT FIX GUIDANCE CLOUD IT / DEVICE WEB APPS AI ATTACK SURFACE OT / IoT AI Systems & Models Surfaces and Signals COMPLETE EXPOSURE VISIBILITY ATTACK PATH VISUALIZATIONS PREDICTIVE RISK PRIORITIZATION AUTOMATED REMEDIATION BUSINESS-ALIGNED RISK METRICS
Domain expansion Domain expansion Low-Friction VM On-Ramp Built-In Expansion Engine 'All domain access' accelerates capability adoption and provides a path for tier progression and domain expansion. Creates a natural land-and-expand motion. Standalone products serve as entry points to the Foundation and Advanced packages. Offer a clear growth path from standalone to platform. VM Siloed Security EM Foundation EM Advanced VM Siloed Security EM Foundatio n +6% vs. VM +60% vs. VM
Tenable One 2x-3x higher ACV than non-platform Benefits of Tenable One Tenable One Revenue Growth: Mid-Teens Higher ACV Attractive Uplift ~60% price uplift to Tenable One Advanced over standalone VM; more when considering asset expansion Longer Contract Duration Tenable One average contract duration ~10% longer than non- platform Expansion Opportunity Average expansion more than double compared to non-platform Competitive Differentiation Win rates consistently higher with Tenable One
Today Exiting 2029 2026 Revenue Growth Algorithm 66 Tenable One Platform Mid-Teens Growth Non-Platform Mid-Single Digit Growth FY 2029 targets do not constitute formal financial guidance. Total Revenue Growth: High-Single Digit 2029 Total Revenue Growth: High-Single Digit / Low-Double Digit
Cloud cost optimization, zero- marginal-cost asset scalingProfitability Strategy Go-to-Market Efficiencies Steady Gross Margins AI-powered prospecting, automated quoting Administrative Efficiencies AI-driven data entry and queries, automated workflows Investing for Growth Investment in sales capacity, development in Tenable One Product Development Acceleration AI-accelerated code and feature development + ~1.5 points of operating margin each year
Capital Allocation Uses of Cash Diluted Shares Outstanding Note: Unlevered free cash flow is a non-GAAP financial measure. See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures, where applicable. (1) $ in millions In millions (1) Dotted line represents amounts authorized but not yet purchased as of Q1’2026
FY 2026 Guide (Midpoint) Exiting FY 2029 Revenue Growth High-Single-Digit High-Single / Low-Double-Digit Gross margin ~82.0% 81.5% - 82.5% Sales and marketing ~32.5% 29.0% - 31.0% Research and development ~17.0% 16.0% - 17.0% General and administrative ~8.5% 7.0% - 8.0% Operating margin 24.0% 28% Unlevered free cash flow margin 27.0% 31% FY 2026 Guide (Midpoint) “Rule of 40” Mid-Term Financial Targets Note: All of the financial measures included above, with the exception of revenue, are non-GAAP financial measures. See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures, where applicable. FY 2029 targets do not constitute formal financial guidance.
Q&A
Appendix
Appendix Non-GAAP Financial Measures Non-GAAP Income from Operations and Non-GAAP Operating Margin Non-GAAP income from operations and non-GAAP operating margin are defined as GAAP income from operations and GAAP operating margin, excluding stock-based compensation expense, 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. Unlevered Free Cash Flow Unlevered free cash flow is defined as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs, plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures our ability to generate 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.
GAAP to Non-GAAP Reconciliations Unlevered Free Cash Flow: 2021 2023 2024 2025 2026E* Net cash provided by operating activities $ 96,765 $ 149,855 $ 217,476 $ 266,750 $ 285,100 Purchases of property and equipment (3,887) (1,704) (4,247) (12,102) (11,500) Capitalized software development costs (2,674) (7,052) (6,451) (4,474) (7,600) Cash paid for interest and other financing costs 4,978 34,323 30,977 26,841 24,000 Unlevered free cash flow $ 95,182 $ 175,422 $ 237,755 $ 277,015 $ 290,000 Non-GAAP Income from Operations: 2021 2026E* Income (loss) from operations $ (41,768) $ 42,300 Stock-based compensation 79,405 183,300 Acquisition-related expenses 6,901 — Restructuring — 4,500 Amortization of acquired intangible assets 6,447 26,900 Non-GAAP income from operations $ 50,985 $ 257,000 *2026E amounts are based on the midpoint for the year ending December 31, 2026 forecast amounts from the Q1 2026 Earnings Release. As a result, actual adjustments and GAAP results may differ materially. Reconciliation of the forecasted non-GAAP measures to the most directly comparable GAAP measures for 2026 gross margin and sales and marketing expense, research and development expense and general and administrative expense, all as a percentage of revenue as well as forecasted 2029 measures are not provided as it cannot be prepared without unreasonable effort.
FAQ
What did Tenable (TENB) present at its May 2026 Investor Day?
Tenable shared a detailed Investor Day presentation on strategy, AI-driven exposure management, platform architecture and long-term non-GAAP financial targets through 2029, including revenue growth expectations, margin goals and cash flow objectives backed by AI-enabled product and go-to-market initiatives.
How is Tenable (TENB) currently performing financially?
Tenable reported more than $1 billion in last-twelve-month revenue, $232 million in last-twelve-month operating income and about 95% recurring revenue, highlighting a subscription-heavy model and improved profitability compared with 2021 levels, based on the non-GAAP metrics shown in the presentation.
What non-GAAP margin targets did Tenable (TENB) provide for 2026 and 2029?
For 2026, Tenable targets non-GAAP operating margin of 24.0% and unlevered free cash flow margin of 27.0%. By 2029, it aims for about 28% operating margin and around 31% unlevered free cash flow margin, supported by AI-enabled efficiencies and disciplined expense management.
How large is the cybersecurity and AI security market according to Tenable (TENB)?
Tenable estimates the cybersecurity market will expand from $300 billion in 2026 to $400 billion in 2029, with AI security accounting for roughly $75 billion. These figures frame the company’s opportunity for its Tenable One platform and AI-focused Hexa agentic engine.
What non-GAAP cash flow trends did Tenable (TENB) highlight?
Tenable showed unlevered free cash flow rising from about $95.2 million in 2021 to $277.0 million in 2025 and a projected $290.0 million in 2026E, with the related margin improving from 17.6% to 27.0% as the business scales and capital intensity remains modest.