Tenable Holdings, Inc. · NASDAQ:TENB
Tenable — Q3 2025 Earnings Presentation
23 slides from Tenable's earnings presentation, Oct 29, 2025
Slide 1: Exposure Management: Reducing Risk in a Cloud-First World
EXPOSURE MANAGEMENT REDUCING RISK IN A CLOUD-FIRST WORLD October 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform of 1995. All statements contained in this presentation other than statements of historical facts, including statements
Slide 3: Investment Highlights
Investment Highlights Unique approach to secular Best-in-Class strategy in One platform unifying data growth opportunity Exposure Management across network, cloud, Identity, OT and DevOps environments AI-driven analytics - High growth, recurring model Attractive margin profile with prioritization, b
Slide 4: What's Needed: A Comprehensive Cyber Exposure Platform
What’s Needed: A Comprehensive Cyber Exposure Platform EXPOSURE MANAGEMENT RISK-BASED VM (RBVM) VULNERABILITY MANAGEMENT RISK CVSS Prioritize risk Closes the loop Prioritization based on technical factors, Informed by Prioritization based across different from assessment CVEs, etc. threat intel and
Slide 5: Challenges Companies Face Today
Challenges Companies Face Today Security exposures 1 are surging $$$$$$ ~300% increase over last decade Security teams are Siloed data Limited context Inefficient workflows 2 working in silos… Cloud Vuln. App Identity Security Mgmt. Sec Security OT/ IoT 3 … and so are their tools Select Competitors:
Slide 6: Exposure Management Transforms VM
Exposure Management Transforms VM EXPOSURE MANAGEMENT VULNERABILITY MANAGEMENT Any digital asset Asset Types Endpoints, network & servers CVEs, misconfigs, access, etc. Risk Types CVEs 1st party sensors + 3rd party data Data Sources 1st party sensor Context-based Prioritization Score-based Remediati
Slide 7: Tenable One Is Designed To Be The Comprehensive Exposure Management Platform
Tenable One Is Designed To Be The Comprehensive Exposure Management Platform 2 EM Building Blocks: Unified 1 Unified Visibility: Insight All your identified assets and 1 ibi d exposures in a single, Un tion lity 3 Vis nifie Ac searchable view ifie U d 2 Unified Insight: Insights and analytics into t
Slide 8: Every Type Of Enterprise Asset and Exposure
Every Type Of Enterprise Asset and Exposure 1st Party Data VM Cloud OT Tenable One Unified visibility across Data Model the entire enterprise Identity 1 Aggregate 1.5 B assets(1) AI Powerful context for every 100+ 3rd party 2 Normalize asset type integrations(2) 3rd Party Data 3 Classify 150 B expos
Slide 9: Exposure Management Is a $50B Market Opportunity
Exposure Management Is a $50B Market Opportunity Total Addressable Market ($B) ’25-’27 Note: Total may not equal sum of metrics due to rounding. CAGR representative of 2025-2027 estimates. CAGR 20% Sources: Represents 2027 forecasts based on a blended view of recent forecasts from IDC, Gartner and T
Slide 10: Industry Analyst Recognition
Industry Analyst Recognition Tenable Leads the market for Worldwide Device A Leader in the IDC MarketScape: Worldwide A Leader in The Forrester Wave™: UVM, Q3 2025 Vulnerability and Exposure Management Exposure Management 2025 Vendor Assessment #1 Market Share Tenable, 26.6% Qualys, 17.3% Total Mark
Slide 11: Key Business Model Highlights
Key Business Model Highlights Rapid revenue Strong land and Balanced and Balanced growth via expand dynamic diversified business philosophy between attractive, recurring mix growth and model profitability 11
Slide 12: Financial Overview
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Slide 13: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights • $252.4M Revenue, 11% YoY • 81.6% Non-GAAP Gross Margin growth • 23.3% Non-GAAP Operating • $267.5M CCB, 8% YoY growth Margin • $669M Short-Term RPO, 13% • $58.5M Unlevered Free Cash YoY growth Flow • ~40% of New Business in • $0.42 Non-GAAP EPS Tenable One 13 Note: See
Slide 14: High Recurring Revenue and Double Digit Revenue Growth
High Recurring Revenue and Double Digit Revenue Growth Trailing Twelve Months (TTM) Revenue ($M) $974.6 95% $877.6 $770.0 $647.6 Q3 Recurring Revenue Q3 22 Q3 23 Q3 24 Q3 25 Revenue growing at 15% CAGR 14
Slide 15: Double-Digit CCB and RPO Growth
Double-Digit CCB and RPO Growth Trailing Twelve Months (TTM) Remaining Performance Calculated Current Billings ($M) Obligations ($M) $259.8 $1,023.6 $939.0 $840.5 $179.2 $168.8 $732.0 $669.1 $153.9 $592.4 $528.4 $458.9 Q3 22 Q3 23 Q3 24 Q3 25 Q3 22 Q3 23 Q3 24 Q3 25 ST RPO growing at 13% CAGR CCB gr
Slide 16: Growing Number of High Value Customers
Growing Number of High Value Customers LTM $100K+ ACV accounts 2156 2118 2042 1988 1853 1793 1721 1717 1565 1507 1444 Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Chart represents the number of customers with $100K and greater of annual contract value (ACV) for the la
Slide 17: Multiple Ways to Land and Expand
Multiple Ways to Land and Expand ◦ Nessus is a cost-effective on- ramp to larger enterprise platform New logos ◦ Nessus Professional upgrades to either TSC (on prem) or TIO (cloud) or both (hybrid) Nessus upsells • Nessus Expert includes all of the capabilities of Nessus Professional plus cloud More
Slide 18: Strong Operating Leverage
Strong Operating Leverage Trailing Twelve Months (TTM) Trailing Twelve Months (TTM) Non-GAAP Operating Income and Margins ($M) Unlevered Free Cash Flow and Margins ($M) $275.3 $214.6 $160.8 $195.3 $164.2 $104.9 $118.3 $59.6 9.2% 13.6% 18.3% 22.0% 18.3% 21.3% 22.3% 28.2% Q3 22 Q3 23 Q3 24 Q3 25 Q3 22
Slide 19: Q4 and FY 2025 Outlook
Q4 and FY 2025 Outlook Q4 2025 Forecast FY 2025 Forecast Calculated Current Billings N/A $1.040 billion to $1.048 billion Revenue $249.1 million to $253.1 million $988.0 million to $992.0 million Non-GAAP Income From Ops $55.7 million to $59.7 million $211.0 million to $215.0 million Non-GAAP Net In
Slide 20: Appendix
Appendix ©tenable
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated curren
Slide 22: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Calculated Current Billings: Q3 2025 TTM Q3 2025 TTM Q3 2024 TTM Q3 2023 TTM Q3 2022 Revenue $ 252,440 $ 974,603 $ 877,596 $ 770,035 $ 647,578 Add: Deferred revenue (current), end of period 639,614 639,614 583,940 518,372 447,863 Less: Deferred revenue (current), beg
Slide 23: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Non-GAAP Gross Profit and Non-GAAP Gross Margin: Q3 2025 Non-GAAP Net Income and Non-GAAP Earnings Per Share: Q3 2025 Gross profit $ 195,687 Net income (loss) $ 2,260 Stock-based compensation 3,495 Stock-based compensation 44,882 Amortization of acquired intangible a