Financial Data and Key Metrics Changes - Revenue for Q4 was $260.5 million, representing a year-over-year growth of 10.5%, and full-year growth of 11.0% [20][21] - Non-GAAP gross margin for Q4 was 82.7%, an increase from 81.7% in Q4 2024, while full-year gross margin was 82.1%, compared to 81.4% in the prior year [23][24] - Non-GAAP income from operations for Q4 was $63.7 million, or 24.4% of revenue, with full-year income growing to $219.0 million, or 21.9% of revenue [24] - Non-GAAP earnings per share for Q4 was $0.48, an increase of 17.1% from $0.41 in Q4 2024, and for the full year, it was $1.59, up 23.3% from $1.29 in 2024 [25] Business Line Data and Key Metrics Changes - Tenable One accounted for 46% of new business in Q4, marking a record for the company [7][22] - The company added 502 new customers in Q4, with many adopting Tenable One directly [21] - The net dollar expansion rate was 106%, exceeding expectations [23][69] Market Data and Key Metrics Changes - The company was recognized as a leader in the Exposure Management category by IDC and in the unified vulnerability management category by Forrester [14] - Tenable was named a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms [14] Company Strategy and Development Direction - The company is focusing on a platform-first approach, emphasizing unified visibility, insight, and action to manage risk across complex attack surfaces [9][10] - Investments are being made in AI security and orchestration capabilities, with a strong belief that remediation will be a major part of the next chapter in exposure management [10][11] - The company aims to leverage its vast amounts of exposure data to deliver data-driven scalability and transparency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of Tenable One and the growing opportunity in AI exposure management [28][29] - The company expects revenue for Q1 2026 to be in the range of $257 million to $260 million, representing a year-over-year increase of 8.1% at the midpoint [29] - For full-year 2026, revenue is expected to be in the range of $1.065 billion to $1.075 billion, exceeding the $1 billion milestone for the first time [29] Other Important Information - The company repurchased 2.3 million shares for $62.5 million in Q4, with a total of 10.6 million shares repurchased for $362.4 million since November 2023 [26] - A $150 million increase to the share repurchase authorization was approved, bringing the total to $338 million [26] Q&A Session Summary Question: Can you explain the lower net additions of $100,000 ACV customers? - Management noted that while new business was strong, the expansion within large customers was more significant, indicating a shift towards larger deal sizes [35][36] Question: How is customer interest in AI exposure evolving? - AI is a prevalent topic in customer conversations, with significant interest in managing AI exposure and security [37][38] Question: What additional modules within Tenable One are customers adopting? - Customers are increasingly adopting modules for traditional VM, web app, cloud security, and securing the AI attack surface [44][45] Question: How should we interpret the guidance for CCB in 2026? - Management indicated that while there are headwinds from billings duration, they expect CCB to align with current consensus expectations due to strong underlying business momentum [47][48] Question: What is the outlook for professional services? - The demand for professional services is increasing as customers deploy the platform at scale, leading to larger transactions [61][62] Question: How is the pricing environment currently? - Management reported no pricing pressure and noted strong ASPs, particularly when selling Tenable One [90]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $260.5 million, representing a year-over-year growth of 10.5% and a full-year growth of 11.0% [19] - Non-GAAP gross margin for Q4 was 82.7%, up from 81.7% in Q4 2024, while the full-year gross margin was 82.1%, compared to 81.4% in the prior year [21] - Non-GAAP income from operations for Q4 was $63.7 million, or 24.4% of revenue, with full-year income growing to $219.0 million, or 21.9% of revenue [21][22] - Non-GAAP earnings per share for Q4 was $0.48, an increase of 17.1% from $0.41 in Q4 2024, and for the full year, it was $1.59, up 23.3% from $1.29 in 2024 [24] Business Line Data and Key Metrics Changes - Tenable One, the AI-powered exposure management platform, accounted for 46% of new business in Q4, marking a record for the company [6] - The company added 502 new customers in Q4, with many adopting Tenable One directly [20] - The net dollar expansion rate was 106%, exceeding expectations [21] Market Data and Key Metrics Changes - Tenable was recognized as a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment Platforms and was noted as a top competitor in the AI Vendor Race [13] - The demand for preemptive security solutions is increasing, with organizations seeking comprehensive visibility into their AI environments [6][15] Company Strategy and Development Direction - The company is focusing on a platform-first approach, emphasizing unified visibility and action to manage complex attack surfaces [9] - Investments are being made in AI security and remediation capabilities, with a belief that remediation will be a significant part of future exposure management [10] - The company aims to leverage its extensive exposure data to provide unmatched insights and drive automation in risk reduction [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of Tenable One and the growing opportunities in AI exposure management, expecting to exceed $1 billion in revenue for the first time in 2026 [28] - The company anticipates a revenue range of $1.065 billion to $1.075 billion for full-year 2026, representing a year-over-year increase of 7.1% [28] - Management acknowledged the challenges posed by changes in billing patterns but remains optimistic about underlying business strength and growth potential [26][30] Other Important Information - The company repurchased 2.3 million shares for $62.5 million in Q4, with a total of 10.6 million shares repurchased since November 2023 [25] - Restructuring efforts incurred $3.1 million in expenses in Q4, with an expectation of approximately $5 million more in the first half of 2026 [29] Q&A Session Summary Question: Regarding large customer cohort and net additions of $100,000 ACV customers - Management noted strong new business with 500 new customers added, and expansion within large customers was also strong, indicating higher transaction values [34][35] Question: On AI exposure and customer journey - AI is a prevalent topic in customer conversations, with significant interest in managing AI exposure and security [36] Question: Adoption of additional modules within Tenable One - Customers are increasingly adopting the platform for holistic risk assessment, with a focus on visibility, insights, and action [43][44] Question: Guidance on CCB and growth expectations - Management indicated that while CCB growth may face headwinds, overall revenue growth is expected to remain strong due to the success of Tenable One [46][50] Question: Strength in professional services - The increase in professional services is attributed to larger deployments and the need for comprehensive exposure management solutions [63] Question: Current pricing environment and ASP trends - Management reported no pricing pressure and noted strong ASPs, particularly when consolidating multiple tools into Tenable One [88][91]

Financial Performance - Fourth quarter revenue was $260.5 million, an 11% increase year-over-year; full year revenue reached $999.4 million, also up 11% year-over-year[5] - Fourth quarter calculated current billings were $327.8 million, an 8% increase year-over-year; full year calculated current billings totaled $1.049 billion, up 8% year-over-year[5] - Non-GAAP income from operations for the fourth quarter was $63.7 million, compared to $59.4 million in the fourth quarter of 2024[6] - Non-GAAP net income for the fourth quarter was $57.3 million, compared to $50.7 million in the fourth quarter of 2024[6] - Non-GAAP diluted earnings per share for the fourth quarter were $0.48, compared to $0.41 in the fourth quarter of 2024[6] - Full year net cash provided by operating activities was $266.8 million, compared to $217.5 million in 2024[6] - Unlevered free cash flow for the full year was $277.0 million, compared to $237.8 million in 2024[6] - Net cash provided by operating activities for the year ended December 31, 2025, was $266.8 million, compared to $217.5 million in 2024[28] - Non-GAAP net income for the year ended December 31, 2025, was $194.4 million, up from $158.6 million in 2024, representing a 22.6% increase[33] - Non-GAAP earnings per share for the year ended December 31, 2025, was $1.59, compared to $1.29 in 2024, reflecting a growth of 23.3%[33] Cash Flow and Expenses - The company repurchased 2.3 million shares for $62.5 million in the fourth quarter and 7.9 million shares for $247.5 million over the full year[7][11] - Cash and cash equivalents decreased to $187.8 million as of December 31, 2025, down from $328.6 million in 2024[26] - Total operating expenses for Q4 2025 were $196.4 million, compared to $171.3 million in Q4 2024, representing a 14.7% increase[24] - Stock-based compensation for the year ended December 31, 2025, totaled $191.8 million, up from $163.5 million in 2024[28] - Total sales and marketing expense for the year ended December 31, 2025, was $416,949,000, compared to $395,385,000 in 2024[38] - Total research and development expense for the year ended December 31, 2025, was $223,669,000, an increase from $181,624,000 in 2024[38] - Total general and administrative expense for the year ended December 31, 2025, was $145,905,000, compared to $124,130,000 in 2024[38] Revenue Breakdown - Subscription revenue for Q4 2025 reached $238.9 million, up from $215.9 million in Q4 2024, representing an increase of 10.0% year-over-year[29] - Total revenue for the year ended December 31, 2025, was $999.4 million, compared to $900.0 million in 2024, reflecting a growth of 11.0%[29] - Recurring revenue accounted for 95% of total revenue in both Q4 2025 and Q4 2024, indicating strong stability in revenue streams[29] - Remaining performance obligations increased by 22.3% year-over-year, totaling $1.06 billion as of December 31, 2025, compared to $867.5 million in 2024[29] Forecasts and Future Expectations - The company expects full year 2026 revenue in the range of $1.065 billion to $1.075 billion[11] - Forecasted non-GAAP income from operations for Q1 2026 ranges from a loss of $3.4 million to a loss of $0.4 million, with a forecasted non-GAAP income from operations of $53 million to $56 million[40] - Forecasted non-GAAP net income for Q1 2026 is projected to be between $46 million and $49 million, with diluted earnings per share expected to range from $(0.10) to $(0.07)[40] - Forecasted free cash flow for the year ending December 31, 2026, is estimated to be between $260.8 million and $270.8 million[43] - Forecasted unlevered free cash flow for the year ending December 31, 2026, is projected to be between $285 million and $295 million[43] Management and Strategic Changes - The company appointed Vlad Korsunsky as Chief Technology Officer to enhance its focus on AI and cloud security capabilities[11]

Core Insights - Tenable Holdings, Inc. reported strong financial results for Q4 and full year 2025, exceeding all guided metrics and announcing a $150 million increase in share repurchase authorization [1][5][10] Financial Highlights - Q4 2025 revenue reached $260.5 million, an 11% increase year-over-year, while full year revenue totaled $999.4 million, also up 11% year-over-year [5][6] - Calculated current billings for Q4 were $327.8 million, an 8% increase year-over-year, with full year calculated current billings at $1.049 billion, up 8% year-over-year [5][6] - Full year net cash provided by operating activities was $266.8 million, with unlevered free cash flow of $277.0 million [5][10] Operational Performance - GAAP income from operations for Q4 was $8.9 million, down from $13.0 million in Q4 2024, while non-GAAP income from operations increased to $63.7 million from $59.4 million [6][10] - GAAP net loss for Q4 was $0.7 million, compared to a net income of $1.9 million in Q4 2024, with non-GAAP net income rising to $57.3 million from $50.7 million [6][10] - The company repurchased 2.3 million shares for $62.5 million in Q4 and a total of 7.9 million shares for $247.5 million in 2025 [10] Business Developments - Tenable added 502 new enterprise platform customers and 5 net new six-figure customers during the year [10] - The company was recognized as a leader in Exposure Management by major industry analyst firms and appointed a new Chief Technology Officer [10] - S&P Global upgraded Tenable's credit rating to BB from BB- [10] Future Outlook - For Q1 2026, Tenable expects revenue in the range of $257.0 million to $260.0 million and non-GAAP income from operations between $53.0 million and $56.0 million [10] - The company will no longer provide specific guidance for calculated current billings due to changes in billing duration but expects full year 2026 calculated current billings to align with current consensus expectations [8]

Core Viewpoint - Tenable's stock has experienced a significant decline of over 44% in recent months, indicating a structural shift rather than a temporary sentiment change [1][5]. Group 1: Stock Performance and Structural Analysis - The stock is currently in Phase 10 of its 18-phase Adhishthana cycle, suggesting that the recent weakness is part of a larger structural transition [1][4]. - Tenable's stock entered a Cakra formation during Phase 4 in September 2021, which typically indicates accumulation and preparation for a breakout [2][3]. - Instead of breaking out in Phase 9, the stock reversed sharply and fell below the Cakra, marking a highly bearish development [3][4]. Group 2: Implications of Cakra Breakdown - The breakdown of the Cakra has led to intensified selling pressure, aligning with the expected behavior following such a structural failure [3][5]. - The trend turned bearish immediately after the Cakra failed, and continued weakness is anticipated through the end of Phase 13 [4][6]. - Investors are advised to approach the stock with caution, as the broader structure does not support sustainable bullish momentum at this time [6].

Tenable One unifies AI discovery, protection and governance within a single exposure management platformCOLUMBIA, Md., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Tenable® Holdings, Inc. (NASDAQ: TENB), the exposure management company, today announced general availability of Tenable One AI Exposure. With this release, the Tenable One Exposure Management Platform unifies AI protection, discovery and usage governance across the enterprise – including SaaS platforms, cloud services, APIs and agents. AI is deeply embedde ...

Group 1: Stock Performance and Analyst Ratings - Tenable Holdings, Inc. (NASDAQ:TENB) is identified as one of the 10 cheap stocks with significant upside potential, with a current target price from Truist Securities lowered from $42 to $27, indicating a 20% upside [1] - UBS analyst Roger Boyd maintains a Buy rating with a price target of $43, suggesting an almost 100% upside from current levels, aligning with the highest Wall Street analyst upside of 100.45% among 25 analysts [1] - Needham has also lowered its price target from $38 to $28 while keeping a Buy rating, citing a transition in billing structure that may affect financial metrics [2] Group 2: Financial Metrics and Billing Structure - The transition from multi-year contracts to annual upfront billing is expected to create a divergence between current Remaining Performance Obligations (cRPO) growth and calculated current billings (CCB) growth, starting in Q1 2025 [2] - This change in billing structure is likely to introduce short-term volatility in the company's financial metrics, which may persist without clearer medium-term financial targets or additional disclosures regarding the Tenable One platform [3] Group 3: Company Overview - Tenable Holdings, Inc. provides cyber exposure management solutions across various regions, including the Middle East, Japan, Europe, the Americas, Africa, and the Asia Pacific [4] - The company's platforms include Tenable Cloud Security, Tenable Vulnerability Management, Tenable Identity Exposure, Tenable Web App Scanning, and Tenable Lumin Exposure View [4]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Investment Opportunity - A specific company is highlighted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI data centers [3][7] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI technologies [3][6] Energy Demand and Infrastructure - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The company in focus is involved in the U.S. LNG exportation sector, which is expected to grow under the current administration's energy policies [7] Financial Position - The company is noted for being completely debt-free and holding a substantial cash reserve, amounting to nearly one-third of its market capitalization [8] - It is trading at a low valuation of less than 7 times earnings, making it an attractive option for investors seeking exposure to AI and energy sectors [10] Market Trends - The article discusses the broader trends of onshoring and tariffs that are influencing the energy and manufacturing sectors, positioning the company favorably within these dynamics [5][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of energy infrastructure [12] Conclusion - The company is portrayed as a key player in the intersection of AI and energy, with significant growth potential as the demand for AI technologies escalates [11][13]

Company Announcement - Tenable Holdings, Inc. will release its financial results for the fourth quarter and full year ended December 31, 2025, after the U.S. market close on February 4, 2026 [1] - A conference call will be held on the same day at 4:30 p.m. ET to discuss the results [1] Investor Relations - A live webcast of the conference call will be available on the Tenable Investor Relations website [2] - Domestic dial-in number is 1-877-407-9716 and international dial-in number is 1-201-493-6779 [2] - An archived replay of the call will be available after the event [2] Company Overview - Tenable is an exposure management company that addresses cybersecurity gaps affecting business value, reputation, and trust [3] - The company offers an AI-powered exposure management platform that unifies security visibility, insight, and action across various environments [3] - Tenable serves approximately 44,000 customers globally, helping to reduce business risk associated with security exposure [3]

Core Insights - Tenable Holdings, Inc. has been recognized as one of only two vendors awarded the 2025 Customers' Choice in the Gartner Peer Insights™ 'Voice of the Customer': Cloud-Native Application Protection Platforms (CNAPPs) based on end-user reviews, achieving a 4.8 out of 5 overall rating and an 88% willingness to recommend from 71 reviews as of October 2025 [1][2] Company Overview - Tenable is a leader in Exposure Management, emphasizing cloud security as a critical component, and offers the Tenable One platform which unifies visibility, insight, and action across various domains including cloud, AI, IT, identity, and operational technology [2][9] - The company serves approximately 44,000 customers globally, focusing on closing cybersecurity gaps that can impact business value, reputation, and trust [9] Customer Feedback - Customer reviews highlight Tenable's CNAPP and Cloud Security solutions for providing deep visibility across cloud environments and seamless integration into existing workflows, significantly improving vulnerability and compliance management [8] - Users appreciate the intuitive interface and straightforward setup of Tenable's solutions, noting that the platform enhances remediation efforts through focused insights [8] Industry Recognition - The Gartner Peer Insights Customers' Choice distinction is awarded to vendors that meet or exceed market averages in Overall Experience and User Interest and Adoption, indicating strong customer satisfaction and advocacy [3][6]