Executives repeatedly described AI as an increasingly common driver of demand. Vintz said AI is showing up in “nearly every customer conversation,” with organizations moving quickly but lacking visibility into where AI is running, what it touches, and who can access it—creating what he called an “invisible attack surface.” He argued that AI-specific point products often leave gaps across applications, identities, cloud workloads, and data, supporting Tenable’s view that a platform approach is required.The c ...

Tenable (NasdaqGS:TENB) Q4 2025 Earnings call February 04, 2026 04:30 PM ET Company ParticipantsAbhishek Murali - Equity Research AssociateBrian Essex - Executive Director of U.S. Software Equity ResearchErin Carney - VP of Investor RelationsMark Thurmond - Co-CEOMatt Brown - CFOSaket Kalia - DirectorSteve Vintz - Co-CEOConference Call ParticipantsJonathan Ho - Partner and Research AnalystJoseph Gallo - Secuity Software Equity Research AnalystMike Cikos - Senior AnalystPatrick Colville - Director and Equity ...

Core Insights - The interview features Steve Vintz, Co-CEO of Tenable Inc., and Dr. Dustin Ormond discussing the implications of AI in business and the associated security challenges [1] Group 1: AI and Security Risks - Dr. Ormond highlighted that AI can exploit vulnerabilities in organizations, as it allows users to perform complex tasks without sophisticated skills, potentially compromising security [2] - The risk arises when employees input sensitive company information into AI systems without understanding the security implications [2] Group 2: Cybersecurity Challenges - Steve Vintz pointed out that the complexity of modern IT infrastructure, including traditional IT, cloud environments, and IoT, makes cybersecurity a fragmented challenge [3] - He noted that 96% of cybersecurity investment is focused on reactive measures, which has contributed to $10 trillion in cyber losses this year [3] - Vintz advocates for a shift towards proactive exposure management to identify critical vulnerabilities rather than just responding to breaches [3] Group 3: Human Factor in Cybersecurity - Both experts agreed that despite advanced cybersecurity tools, human behavior remains the weakest link, making training on AI usage essential for employees [3]

Tenable Conference Call Summary Company Overview - **Company**: Tenable (NasdaqGS:TENB) - **Industry**: Cybersecurity Key Points and Arguments AI and Security Landscape - The AI threat landscape is challenging traditional reactive security approaches, necessitating a shift towards proactive measures, termed "fireproofing" rather than "firefighting" [5][11][13] - Companies are increasingly focused on three questions regarding AI: integration into products, internal productivity, and safeguarding AI usage [5][7] - Tenable's product, AI-Aware, provides visibility into AI usage within customer environments, helping to protect against misuse and ensuring compliance with policies [7][8] Customer Growth and Tenable One - In Q3, Tenable added nearly 450 new enterprise customers, with 40% of new business growth attributed to Tenable One, the company's exposure management platform [14][16] - Tenable One allows customers to assess vulnerabilities across their environments, providing risk ranking and prioritization tools for overwhelmed security teams [16][17] - The company is optimistic about future growth as more customers transition from point solutions to the comprehensive Tenable One platform [18][32] Market Dynamics and Competitive Landscape - Tenable is experiencing strong win rates against competitors, particularly in transitioning existing VM customers to Tenable One [19][22] - The company sees significant opportunities in both greenfield (new AI and cloud opportunities) and brownfield (existing customer transitions) markets [21][22] - The net retention rate is stable in the 105%-107% range, with expectations of slight declines in the near term due to historical growth comparisons [25][28] Federal Sector Performance - Tenable's public sector business accounts for approximately 15% of revenue, with federal customers representing about half of that [64][66] - The company has successfully navigated uncertainties in the federal sector and expects continued opportunities, especially with FedRAMP certification for Tenable One [71] Operational Efficiency and Margin Expansion - In Q3, Tenable achieved a 23% operating margin, up 350 basis points year-over-year, despite an 18% increase in R&D spending [75][76] - The company is focused on improving sales and marketing efficiency while continuing to invest in product development [87][88] Future Outlook and Demand Environment - Tenable is optimistic about the cybersecurity budget landscape, with a healthy pipeline and continued focus on AI and exposure management [93][96] - The company aims to expand its existing customer base onto Tenable One, which is expected to enhance retention and growth opportunities [96][98] Strategic Positioning - Tenable is well-positioned in the exposure management market, with recognition from industry analysts such as IDC, Forrester, and Gartner [101][102] - The management team is focused on execution and capitalizing on market opportunities, reinforcing confidence in the company's future [101][102] Additional Important Insights - The company is open to future acquisitions if they align with strategic goals, but currently focuses on maximizing the effectiveness of existing technologies [89][90] - Tenable's cloud security offerings are gaining traction, with efforts to increase awareness among potential customers [53][55][59]

Company Participation in Conferences - Tenable Holdings, Inc. will have its CFO, Matt Brown, present at the UBS Global Technology and AI Conference on December 2, 2025, in Scottsdale, AZ [1] - Additionally, co-CEO Steve Vintz and CFO Matt Brown will present at the Barclays Annual Global Technology Conference on December 10, 2025, in San Francisco, CA [2] Company Overview - Tenable is recognized as the exposure management company, focusing on identifying and closing cybersecurity gaps that can undermine business value, reputation, and trust [3] - The company offers an AI-powered exposure management platform that integrates security visibility, insight, and action across various attack surfaces, enabling organizations to defend against threats in IT infrastructure, cloud environments, and critical infrastructure [3] - Tenable serves approximately 44,000 customers globally, helping to mitigate business risks associated with security exposure [3]

Core Insights - Tenable Holdings, Inc. reported better-than-expected financial results for Q3 2025, driven by strong demand for its Tenable One Exposure Management platform, reflecting a shift in the cybersecurity industry towards proactive risk management [2][6][7]. Financial Highlights - Revenue for Q3 2025 was $252.4 million, representing an 11% year-over-year growth [6][7]. - Calculated current billings reached $267.5 million, an 8% increase year-over-year [6][7]. - GAAP operating margin improved to 2.8%, compared to a loss of 0.9% in Q3 2024 [6][7]. - Non-GAAP operating margin increased to 23.3%, up 350 basis points year-over-year [6][7]. - GAAP net income was $2.3 million, a significant recovery from a loss of $9.2 million in Q3 2024 [6][7]. - Non-GAAP net income was $51.4 million, compared to $39.3 million in the same quarter last year [6][7]. Business Developments - The company added 437 new enterprise platform customers and 38 new six-figure customers during the quarter [6][7]. - Tenable launched Tenable AI Exposure, a solution aimed at managing risks associated with generative AI [6][7]. - The company was recognized as a "Leader" in Worldwide Exposure Management by IDC and Unified Vulnerability Management by Forrester [6][7]. Financial Outlook - For Q4 2025, Tenable expects revenue in the range of $249.1 million to $253.1 million [11]. - For the full year ending December 31, 2025, revenue is projected to be between $988.0 million and $992.0 million [11].

Core Insights - Cybersecurity is identified as a highly attractive secular theme within the technology sector, with Tenable Holdings focusing on "exposure management" as its niche [1] - The company has transitioned from being primarily a vulnerability-scanning provider to a broader role in exposure management [1]

Core Insights - Tenable has established the Exposure Management Leadership Council to enhance exposure management as a proactive security discipline aimed at reducing cyber exposure for organizations [1] - The Council comprises Chief Information Security Officers (CISOs) and cybersecurity leaders from various industries, including insurance, technology, and transportation [1] Report Highlights - A new report titled "Board meetings and the dreaded cyber risk update: a use case for exposure management" was released, addressing the communication gap between security leaders and boards of directors [2] - The report identifies a disconnect in the boardroom that hinders effective cyber risk management, primarily due to outdated security metrics shared by CISOs during board meetings [3] Strategic Importance - Exposure management is positioned as a strategic driver for organizational success, shifting focus from technical metrics to risk reduction discussions [4] - A standardized exposure management framework is proposed to help CISOs identify critical exposures and communicate their business impact effectively [4] Communication Enhancement - Exposure management can facilitate better communication in the boardroom, transforming quarterly cyber updates into strategic discussions that promote actionable outcomes [4] Company Overview - Tenable is recognized as the exposure management company, focusing on closing cybersecurity gaps that threaten business value and trust [5] - The company's AI-powered platform integrates security visibility and action across various environments, serving approximately 44,000 customers globally [5]

Core Insights - Tenable has appointed Matthew Brown as Chief Financial Officer, effective immediately, succeeding Steve Vintz who has become Co-CEO alongside Mark Thurmond [1][2]. Group 1: Leadership Changes - Matthew Brown brings over two decades of experience in the technology sector, having previously served as CFO of Altair Engineering, where he contributed to significant growth and a sale to Siemens for $10.7 billion [2]. - Brown has held senior finance roles at various companies including NortonLifeLock, Symantec, and KPMG, focusing on strategic planning, M&A, and operational excellence [2]. Group 2: Strategic Vision - Steve Vintz, Co-CEO of Tenable, highlighted Brown's proven track record in scaling technology businesses and driving shareholder value, indicating confidence in his ability to help accelerate Tenable's growth [3]. - Matthew Brown expressed enthusiasm about joining Tenable, emphasizing the company's market leadership and the potential for bold financial strategies to drive future growth [3]. Group 3: Company Overview - Tenable specializes in exposure management, addressing cybersecurity gaps that can undermine business value and trust, serving approximately 44,000 customers globally [4].

Cyber Warfare & Geopolitical Risks - Cyber has become integral to modern military operations and an important domain of conflict alongside air, land, and sea [2] - Military forces launch major cyber offensives to weaken communications and attack critical infrastructure to gain military advantage [3] - The Israel-Iran conflict is likely to see more cyber attacks, some reported, others not, potentially extending beyond the Middle East [3][4] - Iran is proactively imposing a nationwide blackout on internet and telecommunication systems [4] - Cyber attacks are no longer just about stealing credit card data; they can be a very disruptive force [5] - Attacks could cripple communication systems, cause denial of service, infiltrate systems, and exfiltrate data [12] - The goal of attacks is to create upheaval, uncertainty, and disruptions, targeting both military and civilian levels, including municipal water supplies and manufacturing facilities [13] Threat Exposure & Security Measures - Companies need to be extra vigilant during times of military conflict and economic uncertainty, as higher incidents of cyber threats are observed [8] - Tenable focuses on exposure management, a pre-breach preventive security approach, different from detect and respond technologies [10] - Enterprises are modernizing and deploying technology rapidly, expanding the attack surface and creating challenges in holistically understanding risk [10] - Tenable's exposure management platform pieces together data from various sources to help customers understand risk holistically [10]