Q4 2025 Tenable Holdings Inc Earnings Call Transcript
Key Points
- Tenable Holdings Inc (TENB) exceeded all guided metrics with 11% year-over-year revenue growth and a 24% operating margin in Q4 2025.
- Tenable One, the company's AI-powered exposure management platform, accounted for 46% of new business in the quarter, marking a record high.
- The company added over 500 new enterprise platform customers, the best quarter in two years, driven by strong demand for preemptive security.
- Tenable Holdings Inc (TENB) was recognized as a leader in the exposure management category by major industry analyst firms, including Gartner and Forrester.
- The company reported a high percentage of recurring revenue at 96% for the year, indicating strong customer retention and consistent revenue streams.
- Despite strong performance, the guidance for 2026 indicates a slower revenue growth rate of 7.1% year-over-year at the midpoint.
- The company is experiencing changes in billing patterns and increasing contract durations, causing divergence in growth rates for calculated current billings (CCB) and remaining purchase obligations (RPO).
- Tenable Holdings Inc (TENB) incurred $3.1 million in restructuring expenses in Q4 2025 and expects to incur approximately $5 million more in the first half of 2026.
- The company is no longer providing specific guidance for CCB due to billing duration headwinds, which may cause uncertainty for investors tracking this metric.
- There is a noted decline in the net additions of $100,000 ACV customers, which was lower than seen in previous periods, potentially indicating challenges in expanding large customer accounts.
Greetings, and welcome to the Tenable fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Erin Karney, Vice President, Investor Relations. Please go ahead.
Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's fourth quarter and full year 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 first quarter and full year 2026, growth and drivers in our business, changes in the threat landscape in the security industry, particularly
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