Q3 2025 Tenable Holdings Inc Earnings Call Transcript
Key Points
- Tenable Holdings Inc (TENB) exceeded all guidance metrics for Q3 2025, delivering 11% year-over-year revenue growth and a 23% operating margin.
- The company added 437 new enterprise platform customers, a 13% increase compared to Q3 2024, with strong global momentum.
- Tenable One, the exposure management platform, represented approximately 40% of new business during the quarter, indicating strong adoption.
- R&D investments increased by over 20% year-to-date, reflecting significant investments in innovation and the Tenable One platform.
- Tenable Holdings Inc (TENB) was recognized as a leader in exposure management by top industry analyst firms, enhancing its competitive position.
- The company noted that the current threat landscape, driven by AI, is becoming more sophisticated, posing challenges to traditional security measures.
- Despite strong performance, the net dollar expansion rate was in line with expectations at 106%, indicating limited growth in existing customer spending.
- The percentage of recurring revenue remained high at 95%, but there is a need to diversify revenue streams to mitigate risks.
- The company faces challenges in the federal sector due to potential government shutdowns, which could impact future quarters.
- Tenable Holdings Inc (TENB) is experiencing changes in upfront billing patterns and increasing contract durations, which may affect short-term financial metrics.
Greetings, and welcome to the Tenable Q3 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Erin Karney, Vice President, Investor Relations. Thank you. You may begin.
Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's third-quarter 2025 financial results. With me on the call today are Co-Chief Executive Officer; Steve Vintz and Mark Thurmond; and Chief Financial Officer, Matt Brown.
Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press release on our IR website at tenable.com. We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the fourth quarter and full year 2025 and growth and drivers in our business, changes in the threat landscape in the security industry and anticipated shift towards preemptive
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