Tenable Holdings, Inc. · NASDAQ:TENB
Tenable — Investor Day (May 2026)
72 slides from Tenable's investor day presentation, May 21, 2026
Slide 1: Tenable Investor Day
Tenable Steve Vintz Co-Chief Executive Officer Mark Thurmond Co-Chief Executive Officer Investor Day
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: Tenable Today
Tenable Cybersecurity market expected to grow from $300B in 26 to $400B in 29 with the AI security market accounting for for ~$75B $1B+ LTM Revenue $232M LTM Operating Income Tenable One New Business 95% Recurring Revenue Financials 40%+ 2,000+ >$100K ACV CustomersEnterprise Customer growth 35%+ Cus
Slide 4: The assumption: find, fix, reduce risk
5 The assumption The volume of exposures would remain within the bounds of what a security team could absorb. For two decades, cybersecurity ran on one loop. Find Fix Reduce risk
Slide 5: Tenable evolution
Tenable evolution Otenablenessus => tenableone vulnerability management Ottenable
Slide 6: AI accelerates exposures created and discovered
● AI accelerates software development and deployment ● Every new AI system embedded is a new entry point ● Attack surface expanding faster than teams can track ● Frontier models find vulnerabilities in minutes, not months ● Attackers gain the same capability simultaneously ● Discovery that was impos
Slide 7: Days to exploit and AI-scale vulnerability discovery
771 > 1.6 Days to exploit Average time from disclosure to active exploitation - 2021 vs. today 500+ Zero-days found by Opus 4.6 Discovered autonomously in open- source code Thousands Vulnerabilities found by Mythos Discovered in weeks following the April 2026 launch of Mythos Preview 99% Remain unpa
Slide 8: When volume becomes infinite
9 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.
Slide 9: Discovery alone does not reduce risk
Vulnerability Discovery “What code vulnerabilities exist in a piece of code” 1. Asset Discovery “What is in your enterprise?” Discovery Alone Does Not Reduce Risk 4. Remediation “Help me fix it” 2. Assessment “What issues exist in your org?” 3. Prioritization “What issues actually matter?” 5. Valida
Slide 10: Knowing isn't enough. Taking action is the gap.
Knowing isn’t enough. Taking action is the gap. 11
Slide 11: A system of action
© tenable one A system of action. Otenable
Slide 12: Platform layers: Visibility, Insight, Action
LAYER 3 · Action Tenable Hexa AI Agentic Engine LAYER 2 · Insight Exposure Data Fabric LAYER 1 · Visibility Surfaces and Signals D A T A F LO W
Slide 13: Layer 1: Visibility sensors and signals
300+ Data Integrations Tenable Sensors Threat Intelligence AI Systems & Models LAYER 1 · VISIBILITY Sensors & Signals
Slide 14: Layer 2: Exposure Data Fabric
ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS LAYER 2 · Insight Exposure Data Fabric
Slide 15: The remediation continuum
LAYER 2 · Action Tenable Hexa AI Agentic Engine The remediation continuum. Manual Security teams execute remediation manually. Human-led remediation Assisted Humans and AI coordinate remediation workflows. Hybrid remediation Autonomous AI-driven systems execute remediation automatically. Machine-led
Slide 16: Tenable with Anthropic and OpenAI
Otenable - ANTHROP\C - GOpenAl ©Ottenable
Slide 17: How AI is reshaping the attack surface
How AI Is reshaping the attack surface Vlad Korsunsky Chief Technology Officer
Slide 18: What will define cyber risk in 2027?
What will define cyber risk in 2027? 19 AI as a threat multiplier
Slide 19: AI as a threat multiplier
20 % % AI as a threat multiplier Geopolitical escalations, targeting critical infrastructure Source: World Economic Forum
Slide 20: Time to exploit
Time to exploit Source: Mandiant M-Trends Report 2025
Slide 21: What
What Ottenable
Slide 22: What (AlphaGo)
What AlphaGo Google DeepMind ©tenable
Slide 23: What changed? AI Labs are not the adversary
What changed? AI Labs are not the adversary
Slide 24: The Tenable blueprint
The Tenable blueprint ● Vulnerability volume exponential increase. ● AI as an attack surface. ● Agentic economy TAM Expanded opportunity ● AI adoption. ● AI agents as first-class devs in development. ● AI acceleration squads. Velocity AI-native company Transforming Tenable into an AI-native company.
Slide 25: MOAT: Platform architecture
MOAT Platform architecture The defender's edge in the AI era is not the model. It's the data, the context, the harness, and the guardrails you build around it. The Tenable blueprint Layer 3: Tenable Hexa AI Agentic Engine Layer 1: Surfaces and Signals Layer 2: Exposure Data Fabric
Slide 26: Velocity: AI-native company
Velocity AI-native company ● AI adoption. ● AI agents as first-class devs in development. ● AI acceleration squads. Transforming Tenable into an AI-native company. The Tenable blueprint
Slide 27: Global R&D AI adoption
% Global R&D AI adoption The companies that capitalize are the ones that change how teams operate, not just what tools they buy. Scaffolding & accountability - AI-fluency - From R&D to Finance Adoption AI acceleration squads - Cross-functional teams operating on a startup cadence - Aggressively clos
Slide 28: AI-native transformation
We have put the structure in place to uplevel the entire team AI-native transformation
Slide 29: AI-native productivity gains
Avg commits / week Frequency of individual contributions Velocity Avg merged PRs / week Validated features landed in production Throughput Avg time to merge Cycle time from open to close (Hours) Efficiency Non-AI AI-Native x1.7 Non-AI AI-Native Non-AI AI-Native 40% FASTER AI-native productivity gain
Slide 30: Every product company
Every product company Build Support Enterprise functions Sell
Slide 31: Product creation cycle
Product creation cycle Find the correct problem and solution Discover Design Make it usable for end users Specify Define what is required Architect Set boundaries and standards for engineers Develop Produce source code and tests Verify Ensure it runs as intended. Document Document how to use and fix
Slide 32: Paradigm shift: Agentic execution plus human oversight
Paradigm shift: Agentic Execution + Human Oversight Humans AND Agents Hardness & Guardrails
Slide 33: The Tenable blueprint
Mythos-class capability proliferation Agentic table stakes Regulatory divide Agentic economy Contextual value ● Vulnerability volume exponential increase ● AI as an attack surface ● Agentic economy TAM Expanded opportunity The Tenable blueprint
Slide 34: From detection to preemption
From detection to preemption How Tenable’s got your back Eric Doerr Chief Product Officer
Slide 35: 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 36: Productivity rising, visibility falling
Productivity rising Visibility falling # CISO’s visibility of AI in the EnterpriseAI = Fastest adoption in history
Slide 37: Continuous discovery
01 Continuous discovery 1.7T real-world findings 113B new findings / month 457M shadow AI findings (30 days)
Slide 38: Prioritize what matters
39Sources, CrowdStrike, 2026 Verizon DBIR Prioritize what matters of CVEs matter to you %%. findings non CVEs / breaches non CVE 02 Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS
Slide 39: Orchestrate the fix - today
40Sources, CrowdStrike, 2026 Verizon DBIR 03 Orchestrate the fix - Today Manual of must-patch KEVs fixed in 2025 % days to patch before Tenable Hexa AI
Slide 40: With Tenable Hexa AI agentic fixing
41Sources, CrowdStrike, 2026 Verizon DBIR 03 With Tenable Hexa AI Agentic Fixing of must- patch KEVs Patching Hexa Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Auto Auto Resolves non-CVE exposures for you
Slide 41: Tenable One platform architecture
D A T A F LO W Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS Hexa Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Tenable Sensors IDENTITY Threat Intelligence300+ Data Integrations Z
Slide 42: Demo: From 10K findings to attack path
43 DEMO From 10K findings to 1 attack path
Slide 43: Demo: Hexa AI makes super humans
44 DEMO Hexa AI makes super humans
Slide 44: Tenable Hexa AI fixes exposure for you
Tenable Hexa AI fixes exposure for you 45 DEMO
Slide 45: Tenable Hexa AI breaks attack paths for you
Tenable Hexa AI Breaks attack paths for you 46 DEMO
Slide 46: Your exposure ends here.
Your exposure ends here.
Slide 47: Customer Panel
Customer Panel
Slide 48: Durable growth at scale
Durable growth at scale Dino DiMarino Chief Revenue Officer
Slide 49: Global presence at scale
Global Presence at Scale 40K+ 8K+Customers across 160 Countries 100% Channel Sales Motion with 8,200 Partners across the globe ~30% 2K+One third Tenable One penetration Large and XL Customer Footprint with 2,000+ >$100 k+ Customers
Slide 50: High-velocity, unaided, channel-led, no touch
High-Velocity, Unaided • Channel Led • No Touch Nessus High Velocity Engine • Digital Marketing Focused Global GTM Motion 500-5,000 employees (Mid-Market Customers) < 500 employees (Unaided) Enterprise Commercial Velocity / E-Commerce Marketing and Sales Development Cu st om er S uc ce ss / P ro Se
Slide 51: Channel and tech alliance partners
Channel ● 8,000+ Partners across the Globe ● Assure World Program with Delivery Certification ● Partner Guardians SE Program MSSP and GSI’s ● 9 of top 10 MSSPs and 7 of top 10 SIs ● IBM; Deloitte; Accenture; PWC; Dell ● MSSP Portal - Auto Provisioning Tech Alliance ● Anthropic, Open AI ● AWS, Splunk
Slide 52: Tenable GTM going native on AI
Tenable GTM going native on AI 53
Slide 53: AI across enablement, demand gen and customer engagement
54 Enablement Agentic deal coaching, real-time competitive battlecards, and automated playbooks that ensure every rep performs like a top-tier expert Demand Gen Streamlined Click to Chat for rapid engagement, Signal-based account targeting and autonomous sourcing that identifies high-intent accounts
Slide 54: Tenable One pricing, packaging and customer journey
Tenable One Pricing, Packaging and the Customer Journey 55
Slide 55: Domain expansion
Domain expansion Domain expansion Low-Friction VM to EM On- Ramp Built-In Expansion Engine 'All domain access' accelerates capability adoption, license flexibility and provides a path for tier progression and domain expansion. Creates a natural land-and-expand motion. Standalone products serve as en
Slide 56: Multiple on ramps, one platform
Multiple on ramps. One powerful platform No matter where you start, every path leads to Tenable One. ● Nessus ● Vulnerability Management ● Point Solutions Upgrade with Tenable ● VM Competitors ● Single domain security vendors ● Large platform players Displace Competitors ● AI Security ● Cloud Securi
Slide 57: Major Telecommunications Company
Major Telecommunications Company The Challenge Long term vulnerability management customer needed to accommodate growth through acquisitions, extend visibility, and unify tools and data. 7x increase in ARR since initial land. Top 5 Telecom 90K Employees Global Enterprise Phase Core VM Tenable VM Ten
Slide 58: Focus areas
Focus Areas Migrate and Expand VM Base to Tenable One Deliver GTM Speed, Scale and Efficiency with AI and Automation Land with Tenable One
Slide 59: Financial Update
Update Matt Brown Chief Financial Officer Financial
Slide 60: Tenable in 2021 vs Tenable Today
61 Tenable in 2021 Tenable Today
Slide 61: Financial Performance
Financial Performance Note: All of the financial measures included above, with the exception of revenue, are non-GAAP financial measures. See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures, where applicable. +38% CAGR +1460 ba
Slide 62: Tenable One platform architecture
D A T A F LO W Exposure Data Fabric ANALYZE ENRICHCORRELATE VERIFY EXPLOITABILITY SCORE RISK MAP RELATIONSHIPS Tenable Hexa AI Agentic Engine ORCHESTRATION VALIDATIONREMEDIATIONWORKFLOWS Tenable Built-in, Third-Party and Customer-built agents Tenable Sensors IDENTITY Threat Intelligence300+ Data Int
Slide 63: Domain expansion
Domain expansion Domain expansion Low-Friction VM On-Ramp Built-In Expansion Engine 'All domain access' accelerates capability adoption and provides a path for tier progression and domain expansion. Creates a natural land-and-expand motion. Standalone products serve as entry points to the Foundation
Slide 64: Tenable One benefits
Tenable One 2x-3x higher ACV than non-platform Benefits of Tenable One Tenable One Revenue Growth: Mid-Teens Higher ACV Attractive Uplift ~60% price uplift to Tenable One Advanced over standalone VM; more when considering asset expansion Longer Contract Duration Tenable One average contract duration
Slide 65: Revenue growth algorithm
Today Exiting 2029 2026 Revenue Growth Algorithm 66 Tenable One Platform Mid-Teens Growth Non-Platform Mid-Single Digit Growth FY 2029 targets do not constitute formal financial guidance. Total Revenue Growth: High-Single Digit 2029 Total Revenue Growth: High-Single Digit / Low-Double Digit
Slide 66: Profitability strategy
Cloud cost optimization, zero- marginal-cost asset scalingProfitability Strategy Go-to-Market Efficiencies Steady Gross Margins AI-powered prospecting, automated quoting Administrative Efficiencies AI-driven data entry and queries, automated workflows Investing for Growth Investment in sales capacit
Slide 67: Capital Allocation
Capital Allocation Uses of Cash Diluted Shares Outstanding Note: Unlevered free cash flow is a non-GAAP financial measure. See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures, where applicable. (1) $ in millions In millions (1)
Slide 68: FY2026 guide and mid-term financial targets
FY 2026 Guide (Midpoint) Exiting FY 2029 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% Operating margin 24.0% 28% Un
Slide 69: Q&A
Q&A
Slide 70: Appendix
Appendix
Slide 71: 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 72: 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