Tenable(US:TENB)2026-02-04 21:22Financial 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]