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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.
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Q2 2025 earnings summary30 Jul, 2025

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.

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Frequently asked questions

Tenable Holdings, Inc., a technology company, provides cybersecurity solutions in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Its platform enables visibility into an organization's cyber exposure across the attack surface and identifies which vulnerabilities are exploitable and where they can be found; and provides prioritization and remediation of vulnerabilities based on risk. The company was founded in 2002 and is headquartered in Columbia, Maryland..

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