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Tenable (TENB) investor relations material
Tenable Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 12% year-over-year to $247.3M, with 96% recurring revenue and strong adoption of the Tenable One platform.
Calculated current billings rose 8% to $238.6M; added 367 new enterprise platform customers and 76 net new six-figure customers.
Acquisitions of Apex Security and Vulcan Cyber for $196.2M expanded AI and risk management capabilities.
Recognized as a leader in vulnerability management by Forrester, IDC, and Frost & Sullivan.
Board appointed two permanent co-CEOs and amended employment agreements following CEO succession.
Financial highlights
Q2 revenue was $247.3M, up 12% year-over-year; calculated current billings $238.6M; gross margin 82%; non-GAAP operating margin 19%.
Non-GAAP EPS was $0.34; GAAP net loss was $14.7M or $0.12 per share, flat year-over-year.
Free cash flow for H1 2025 was $117.6M, up from $75.8M in H1 2024; unlevered free cash flow in Q2 was $44M.
Ended Q2 with $386.5M in cash and short-term investments.
Subscription revenue rose 13% to $228.0M; perpetual license revenue declined 5%.
Outlook and guidance
Q3 2025 revenue expected at $246M–$248M; non-GAAP operating income $52M–$54M; non-GAAP EPS $0.36–$0.37.
Full-year 2025 revenue guidance is $981M–$987M; calculated current billings $1.038B–$1.048B; non-GAAP EPS $1.45–$1.53.
Unlevered free cash flow guidance for 2025 is $265M–$275M.
Management expects continued R&D and sales investment, with operating expenses to decrease as a percentage of revenue over time.
Cash and short-term investments expected to fund operations for at least 12 months.
Next Tenable earnings date

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