Tenable Holdings, Inc. · NASDAQ:TENB
Tenable — Investor Day (2026)
73 slides from Tenable's investor day presentation, 2026
Slide 1: Tenable Investor Day
Tenable Investor Day Steve Vintz Co-Chief Executive Officer Mark Thurmond Co-Chief Executive Officer
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and our object
Slide 3: Agenda
Agenda slide Agenda line Welcome Remarks one 00:00 - 00:00 Steve Vintz and Mark Thurmond co-CEO: Agenda line two 00:00 - 00:00 Tenable’s Journey Agenda line three Vlad Korsunsky CTO 00:00 - 00:00 Agenda Eric line Doerr four CPO 00:00 - 00:00 Agenda Meg line five O’Leary CMO: Brand Update 00:00 - 00:
Slide 4: Tenable Today
Tenable Today Financials Revenue $1B+ 95% LTM Revenue Recurring Revenue 40%+ $232M Tenable One New LTM Operating Business Income Customers 35%+ 2,000+ Enterprise Customer >$100K ACV Customers growth Cybersecurity market expected to grow from $300B in 26 to $400B in 29 with the AI security market acc
Slide 5: For two decades, cybersecurity ran on one loop.
For two decades, cybersecurity ran on one loop. Reduce Find The assumption The volume of exposures risk would remain within the bounds of what a security team could absorb. Fix 5
Slide 6: Tenable evolution
Tenable evolution Otenablenessus => tenable one vulnerability management Otenable
Slide 7: More exposures being created, more exposures discovered
More exposures More exposures being created being discovered ● AI accelerates software ● Frontier models find vulnerabilities development and deployment in minutes, not months ● Every new AI system embedded ● Attackers gain the same capability is a new entry point simultaneously ● Attack surface exp
Slide 8: AI-scale vulnerability discovery statistics
771 > 1.6 500+ Thousands 99% Days to Zero-days found Vulnerabilities Remain exploit by Opus 4.6 found by Mythos unpatched Average time from Discovered Discovered in weeks Vendor disclosure disclosure to active autonomously in open- following the April 2026 processes were not exploitation source code
Slide 9: More findings. More noise. Less clarity.
When volume becomes infinite More findings. More noise. Less clarity. 60% of breaches last year exploited a vulnerability the organization already had a patch for. The problem is not finding what's wrong. It's acting on it fast enough. 9
Slide 10: Discovery Alone Does Not Reduce Risk
Discovery Alone Does Not Reduce Risk Latest Frontier Models Exposure Management 1. Asset Discovery Vulnerability Discovery “What is in your enterprise?” “What code vulnerabilities exist in a piece of code” 2. Assessment “What issues exist in your org?” 3. Prioritization “What issues actually matter?
Slide 11: Knowing isn't enough. Taking action is the gap.
Knowing isn’t enough. Taking action is the gap. 11
Slide 12: A system of action.
Ottenable one A system of action. Ottenable
Slide 13: Tenable Hexa AI Agentic Engine layered architecture
LAYER 3 · Action Tenable Hexa AI Agentic Engine LAYER 2 · Insight Exposure Data Fabric LAYER 1 · Visibility Surfaces and Signals DATA FLOW
Slide 14: Sensors & Signals
LAYER 1 · VISIBILITY Sensors & Signals 300+ Data Tenable Threat AI Systems Integrations Sensors Intelligence & Models
Slide 15: Exposure Data Fabric
LAYER 2 · Insight Exposure Data Fabric ANALYZE CORRELATE ENRICH VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS
Slide 16: Tenable Hexa AI Agentic Engine
LAYER 2 · Action Tenable Hexa AI Agentic Engine Manual Assisted Autonomous Human-led remediation Hybrid remediation Machine-led remediation Security teams Humans and AI AI-driven systems execute remediation coordinate remediation execute remediation manually. workflows. automatically. The remediatio
Slide 17: Tenable with Anthropic and OpenAI
Otenable - ANTHROP\C - GOpenAl Otenable
Slide 18: How AI is reshaping the attack surface
How AI Is reshaping the attack surface Vlad Korsunsky Chief Technology Officer
Slide 19: What will define cyber risk in 2027?
What will define cyber AI as a threat multiplier risk in 2027? 19
Slide 20: AI as a threat multiplier
% AI as a threat multiplier % Geopolitical escalations, targeting critical infrastructure Source: World Economic Forum 20
Slide 21: Time to exploit
Time to exploit Source: Mandiant M-Trends Report 2025
Slide 22: What changed?
What changed?
Slide 23: What changed?
What @ 0:08:32 et | *~ LEE SEDOL :08: ini! _ k. 00:00:27 Ottenable
Slide 24: What changed? AI Labs are not the adversary
What changed? AI Labs are not the adversary
Slide 25: The Tenable blueprint
The Tenable blueprint MOAT Velocity TAM Platform AI-native Expanded architecture company opportunity Transforming Tenable into an AI-native company. Layer 3: Tenable Hexa AI Agentic Engine ● Vulnerability volume ● AI adoption. exponential increase. ● AI agents as first-class devs Layer 2: Exposure D
Slide 26: The Tenable blueprint: Moat
The Tenable blueprint MOAT Platform The defender's edge in the architecture AI era is not the model. It's the data, the context, the harness, and the guardrails Layer 3: Tenable Hexa AI Agentic Engine you build around it. Layer 2: Exposure Data Fabric Layer 1: Surfaces and Signals
Slide 27: The Tenable blueprint: Velocity
The Tenable blueprint Velocity AI-native company Transforming Tenable into an AI-native company. ● AI adoption. ● AI agents as first-class devs in development. ● AI acceleration squads.
Slide 28: AI-native development
AI-native development The companies that capitalize % are the ones that change how teams operate, not just what Global R&D AI adoption tools they buy. Adoption Structure Strategy Scaffolding & accountability AI acceleration squads AI-native R&D frontier - AI-fluency - Cross-functional teams - AI as
Slide 29: AI-native transformation
AI-native transformation We have put the structure in place to uplevel the entire team
Slide 30: AI-native productivity gains
AI-native productivity gains Velocity Throughput Efficiency Avg commits / week Avg merged PRs / week Avg time to merge Frequency of individual contributions Validated features landed in production Cycle time from open to close (Hours) x2.2 x1.7 40% FASTER Non-AI AI-Native Non-AI AI-Native Non-AI AI-
Slide 31: Every product company
Every product company Build Sell Support Enterprise functions
Slide 32: Product creation cycle
Product creation cycle Discover Specify Develop Document Release Operate Find the correct Define what is Produce Document how Package and Monitor and problem and solution required source code to use and fix ship maintain and tests Design Architect Verify GTM Sell Make it usable for Set boundaries En
Slide 33: Paradigm shift: Agentic Execution + Human Oversight
Paradigm shift: Agentic Execution + Human Oversight Hardness & Guardrails Humans AND Agents
Slide 34: The Tenable blueprint: TAM
The Tenable blueprint Mythos-class capability TAM proliferation Expanded Agentic table stakes opportunity Regulatory divide ● Vulnerability volume exponential increase Agentic economy ● AI as an attack surface ● Agentic economy Contextual value
Slide 35: From detection to preemption
From detection to preemption How Tenable’s got your back Eric Doerr Chief Product Officer
Slide 36: Humans can't outrun machines.
“Humans can’t outrun machines. The defender’s job is now preemption- fix it before they exploit it.” - me (+Claude)
Slide 37: Productivity rising, visibility falling
Productivity Visibility rising falling # AI = Fastest adoption CISO’s visibility of AI in the Enterprise in history
Slide 38: Continuous discovery
01 Continuous discovery 1.7T 113B 457M real-world findings new findings / month shadow AI findings (30 days)
Slide 39: Prioritize what matters
02 Prioritize what matters Exposure Data Fabric VERIFY SCORE MAP ANALYZE CORRELATE ENRICH EXPLOITABILITY RISK RELATIONSHIPS . % % / of CVEs matter findings non CVEs breaches non CVE to you Sources, CrowdStrike, 2026 Verizon DBIR 39
Slide 40: Orchestrate the fix - Today
03 Orchestrate the fix - Today % Manual of must-patch days to patch before KEVs fixed in 2025 Tenable Hexa AI Sources, CrowdStrike, 2026 Verizon DBIR 40
Slide 41: With Tenable Hexa AI
03 With Tenable Hexa AI Hexa Agentic Engine Tenable Built-in, Third-Party and Customer-built agents WORKFLOWS REMEDIATION ORCHESTRATION VALIDATION Auto Auto Agentic Fixing of must- Patching Resolves non-CVE patch KEVs exposures for you Sources, CrowdStrike, 2026 Verizon DBIR 41
Slide 42: Tenable platform architecture and data flow
COMPLETE EXPOSURE ATTACK PATH PREDICTIVE RISK AUTOMATED BUSINESS-ALIGNED VISIBILITY VISUALIZATIONS PRIORITIZATION REMEDIATION RISK METRICS Hexa Agentic Engine Tenable Built-in, Third-Party and Customer-built agents WORKFLOWS REMEDIATION ORCHESTRATION VALIDATION Exposure Data Fabric VERIFY SCORE MAP
Slide 43: Demo: From 10K findings to 1 attack path
DEMO From 10K findings to 1 attack path 43
Slide 44: Demo: Hexa AI makes super humans
DEMO Hexa AI makes super humans 44
Slide 45: Demo: Tenable Hexa AI fixes exposure for you
DEMO Tenable Hexa AI fixes exposure for you 45
Slide 46: Demo: Tenable Hexa AI breaks attack paths for you
DEMO Tenable Hexa AI Breaks attack paths for you 46
Slide 47: Your exposure ends here.
Your exposure ends here.
Slide 48: Customer Panel
Customer Panel
Slide 49: Durable growth at scale
Durable growth at scale Dino DiMarino Chief Revenue Officer
Slide 50: Global Presence at Scale
Global Presence at Scale 40K+ Customers across 160 Countries 8K+ 100% Channel Sales Motion with 8,200 Partners across the globe ~30% One third Tenable One penetration 2K+ Large and XL Customer Footprint with 2,000+ >$100 k+ Customers
Slide 51: Global GTM Motion
Global GTM Motion l ne Enterprise Sales Motion an • TM Led / Partner supported Ch Enterprise > 5,000 employees • CIO-CISO Targeted Sales Campaigns / (Field Sales to Large rv • Larger ASPs / Complex selling process Customers) Se • Driving net expansion Pro Inside Selling Motion / Commercial 500-5,000
Slide 52: World Class Partner Ecosystem
World Class Partner Ecosystem 100% Channel-Led Motion Delivering Reach and Scale across all Geos Channel MSSP and GSI’s Tech Alliance ● 8,000+ Partners across the ● 9 of top 10 MSSPs and 7 of top 10 ● Anthropic, Open AI Globe SIs ● AWS, Splunk/Cisco, ● Assure World Program with ● IBM; Deloitte; Acce
Slide 53: Tenable GTM going native on AI
Tenable GTM going native on AI 53
Slide 54: AI across enablement, demand gen and customer engagement
Enablement Demand Gen Customer Post-Sales Engagement Agentic deal coaching, Streamlined Click to Chat Hexa AI for customer Proactive Risk Alerts, AI real-time competitive for rapid engagement, demos, AI customer workflow Orchestration, battlecards, and Signal-based account call analysis, AI enabled
Slide 55: Tenable One: Pricing, Packaging and the Customer Journey
Tenable One Pricing, Packaging and the Customer Journey 55
Slide 56: Low-Friction VM to EM On-Ramp, Built-In Expansion Engine
Low-Friction VM to EM On- Built-In Expansion Engine Ramp 'All domain access' accelerates Standalone products serve as entry capability adoption, license flexibility points to the Foundation and Advanced and provides a path for tier progression packages. and domain expansion. Offer a clear growth pat
Slide 57: Multiple on ramps. One powerful platform
Multiple on ramps. Upgrade with Tenable One powerful ● Nessus ● Vulnerability platform Management ● Point Solutions No matter where you start, every path leads to Tenable One. Displace Competitors ● VM Competitors ● Single domain security vendors ● Large platform players Expand with new use cases ●
Slide 58: Major Telecommunications Company
Phase Phase Major Telecommunications Company Core VM Identity, Cloud & Attack Surface The Challenge Tenable Tenable Tenable Tenable Tenable Long term vulnerability management Identity VM WAS VM WAS customer needed to accommodate Exposure growth through acquisitions, extend visibility, and unify tool
Slide 59: Focus Areas
Focus Areas Land with Migrate and Expand Deliver GTM Tenable One VM Base to Tenable One Speed, Scale and Efficiency with AI and Automation
Slide 60: Financial Update
Financial Update Matt Brown Chief Financial Officer
Slide 61: Tenable in 2021 / Tenable Today
Tenable in 2021 Tenable Today 61
Slide 62: Financial Performance
Financial Performance Revenue Operating Income Unlevered Free Cash Flow +15% CAGR +38% CAGR +25% CAGR +1460 basis points +940 basis points 24.0% 27.0% 17.6% 9.4% Note: All of the financial measures included above, with the exception of revenue, are non-GAAP financial measures. See Appendix for $ in
Slide 63: Tenable platform architecture and data flow
COMPLETE EXPOSURE ATTACK PATH PREDICTIVE RISK AUTOMATED BUSINESS-ALIGNED VISIBILITY VISUALIZATIONS PRIORITIZATION REMEDIATION RISK METRICS Tenable Hexa AI Agentic Engine Tenable Built-in, Third-Party and Customer-built agents WORKFLOWS REMEDIATION ORCHESTRATION VALIDATION Exposure Data Fabric VERIFY
Slide 64: Low-Friction VM On-Ramp, Built-In Expansion Engine
Low-Friction VM On-Ramp Built-In Expansion Engine Standalone products serve as entry 'All domain access' accelerates points to the Foundation and Advanced capability adoption and provides packages. a path for tier progression and domain expansion. Offer a clear growth path from standalone to platfor
Slide 65: Benefits of Tenable One
Longer Contract Competitive Duration Differentiation Tenable One average contract Win rates consistently higher with duration ~10% longer than non- Tenable One platform Higher ACV Attractive Uplift Tenable One 2x-3x higher ACV ~60% price uplift to Tenable One than non-platform Advanced over standalo
Slide 66: Revenue Growth Algorithm
Revenue Growth Algorithm Tenable One Platform Total Revenue Growth: Mid-Teens Growth High-Single Digit / Low-Double Digit Non-Platform Mid-Single Digit Growth Total Revenue Growth: High-Single Digit Today 2026 2029 FY 2029 targets do not constitute formal financial guidance. Exiting 2029 66
Slide 67: Investing for Growth / Profitability Strategy
Investing for Growth Investment in sales capacity, development in Tenable One Steady Gross Margins Product Development Acceleration Cloud cost optimization, zero- AI-accelerated code and feature marginal-cost asset scaling development Profitability Strategy Go-to-Market Administrative Efficiencies E
Slide 68: Capital Allocation
Capital Allocation Uses of Cash Diluted Shares Outstanding $ in millions In millions (1) (1) Dotted line represents amounts authorized but not Note: Unlevered free cash flow is a non-GAAP financial measure. See Appendix for definitions of non-GAAP financial yet purchased as of Q1’2026 measures and a
Slide 69: Mid-Term Financial Targets
Mid-Term FY 2026 Guide Exiting Financial (Midpoint) FY 2029 Targets Revenue Growth High-Single-Digit High-Single / Low-Double-Digit Gross margin ~82.0% 81.5% - 82.5% Sales and marketing ~32.5% 29.0% - 31.0% Research and development ~17.0% 16.0% - 17.0% General and administrative ~8.5% 7.0% - 8.0% Op
Slide 70: Q&A
Q&A
Slide 71: Appendix
Appendix tenable
Slide 72: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Non-GAAP Income from Operations and Non-GAAP Operating Margin Non-GAAP income from operations and non-GAAP operating margin are defined as GAAP income from operations and GAAP operating margin, excluding stock-based compensation expense, acquisition-related expen
Slide 73: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Unlevered Free Cash Flow: 2021 2023 2024 2025 2026E* Net cash provided by operating activities $ 96,765 $ 149,855 $ 217,476 $ 266,750 $ 285,100 Purchases of property and equipment (3,887) (1,704) (4,247) (12,102) (11,500) Capitalized software development costs (2,674