Tenable (TENB) investor relations material

Executive summary

• Q1 2026 revenue reached $262.1 million, up 9.6% year-over-year, surpassing expectations and demonstrating balanced growth and profitability.

• Tenable One, the AI-powered exposure management platform, accounted for approximately 41% of new business, up from 33% in Q1 2025.

• Added 406 new enterprise platform customers and 43 net new six-figure customers, reflecting strong demand and market momentum.

• Rapid advancements in AI, such as Anthropic Mythic and Hexa AI, are driving urgency for exposure management as organizations face a surge in discovered vulnerabilities.

• Recognized as a market leader in exposure management by IDC, Forrester, and Gartner, with strategic partnerships enhancing product capabilities.

Financial highlights

• Q1 2026 revenue was $262.1 million, up 9.6% year-over-year, driven by renewals and new business.

• Non-GAAP gross margin increased to 82.2% from 81.9% in Q1 2025.

• Non-GAAP operating income was $61.9 million (23.6% of revenue), up 27.1% year-over-year.

• Non-GAAP EPS was $0.47, up 30.6% year-over-year, aided by a 5% reduction in diluted shares outstanding.

• Unlevered free cash flow reached $88.6 million (33.8% of revenue); cash and short-term investments totaled $360.3 million.

Outlook and guidance

• Q2 2026 revenue guidance: $263–$266 million, up 7.0% year-over-year at midpoint.

• Full year 2026 revenue guidance raised to $1.068–$1.078 billion, up 7.4% year-over-year at midpoint.

• Full year 2026 Non-GAAP operating income guidance: $252–$262 million (24.0% of revenue at midpoint), up 210 basis points year-over-year.

• Full year 2026 Non-GAAP EPS guidance: $1.90–$1.98, up 22.0% year-over-year at midpoint.

• Full year 2026 unlevered free cash flow expected at $285.0–$295.0 million.