Tenable Holdings, Inc. (Nasdaq: TENB) sells cybersecurity exposure-management software. Its Nessus vulnerability-assessment technology and Tenable One platform help organizations identify weaknesses, understand attack paths and prioritize remediation across IT, cloud, identity, operational technology and AI assets.
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A snapshot of what Tenable Holdings, Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001660280-24-000033 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001660280-25-000034 | Feb 24, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001660280-26-000005 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Tenable’s subscription-led business is generating more cash and has reached modest interim GAAP profitability, but growth has moderated and adjusted earnings remain substantially higher than GAAP results. Revenue reached $999.405 million in 2025, while dollar-based net expansion slowed to 106%. First-half 2026 net income of $5.219 million benefited from revenue growth, expense discipline and the absence of a substantial prior-year accelerated-equity charge. Repurchases and acquisitions have nevertheless consumed considerable liquidity. September’s completed $800 million convertible financing retired the old term loan and funded repurchases and capped calls; October’s $400 million revolver was initially undrawn, not additional cash. The central uncertainties are whether platform expansion can strengthen customer growth and sustain profitability, and whether capital allocation preserves flexibility alongside conversion obligations, infrastructure commitments and continuing equity compensation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-10 · 8-K · 2026-10-13
Tenable sells tools that identify vulnerabilities, misconfigurations and attack paths rather than replace every other security control. Nessus underpins its enterprise offerings; Tenable One combines vulnerability, cloud, identity and other exposure-management capabilities. Products remain available separately, with cloud, on-premises and hybrid deployment options. Tenable reports one operating segment, so product-level margins and AI-specific revenue cannot be established.
Pricing generally depends on monitored IP addresses or IT assets. Contracts typically run one year, with longer subscriptions generally limited to three years. Company-defined recurring revenue represented 96% of 2025 revenue, but includes some licenses recognized upon delivery—not exclusively ratable SaaS revenue. More multi-year contracts are being billed annually, changing the timing of collections without necessarily changing the underlying contractual commitment.
Sources: 10-K · 2023-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue increased from $798.710 million in 2023 to $900.021 million in 2024 and $999.405 million in 2025; reported growth moderated from 17% to 13% and then 11%. Management attributed most incremental revenue to existing customers. Dollar-based net expansion fell from 111% to 108% and 106%, even as customers spending at least $100,000 annually increased. That metric includes expansion, contraction and retention within a fixed customer cohort; it is not gross retention.
The 2025 GAAP operating loss widened slightly to $9.168 million from $6.856 million as R&D and administrative spending outpaced revenue growth, despite sales-and-marketing leverage. Net loss remained approximately $36 million because lower interest expense, other expense and taxes offset operating and investment-income pressure. Administrative costs included $15.5 million of former-CEO termination benefits, including—not additional to—$14.6 million of accelerated equity vesting.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
Operating cash flow reached $266.750 million in 2025 despite the GAAP loss. Advance customer collections, working-capital movements and $191.813 million of noncash stock compensation explain much of the difference. Cash generation does not eliminate compensation’s dilution cost. Acquisitions consumed $196.182 million and treasury-stock cash purchases $247.468 million, leaving year-end cash and equivalents of $187.762 million, including $8.7 million restricted, plus $214.419 million of separately classified investments.
Sources: 10-K · 2025-12-31
The June 2026 quarterly report, filed August 4, showed first-half revenue of $530.566 million, up a reported 9%, and GAAP net income of $5.219 million versus a $37.641 million loss. Revenue growth and lower expenses helped, but the comparison also benefited from the prior-year accelerated-equity charge. Second-quarter gross margin actually declined to 77.5% from 78.0%; profitability did not result from uniform margin improvement.
First-half operating cash flow was $132.687 million, only modestly above $129.870 million a year earlier. Treasury-stock cash purchases of $230.218 million exceeded that inflow. June cash and equivalents were $125.351 million, including $8.9 million restricted, alongside $172.858 million of investments. These are pre-refinancing balances, not October liquidity.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
On September 15, 2026, Tenable completed $800 million of 0.25% senior unsecured convertible notes due September 15, 2031. Approximately $778.8 million of net proceeds funded capped calls, concurrent repurchases and full repayment of the old term loans. The October 13 secured revolver added a $400 million commitment but no initial revolving loans. Conversion requires cash up to principal; capped calls provide limited protection above principal. Neither realized refinancing savings nor post-transaction cash is established.
Sources: 8-K · 2026-09-10 · 8-K · 2026-10-13
Diversified end customers do not remove channel concentration: Ingram Micro generated 32% of 2025 revenue and can terminate on 30 days’ notice. Tenable One depends on AWS, while cloud commitments create spending obligations even if usage disappoints. Bundled competing products, longer procurement cycles, government funding changes and Israel-based development operations can affect execution. Security defects, missed vulnerabilities and AI errors threaten customer trust; disclosed controls and insurance do not guarantee protection.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 683.191 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 683.191 m | 26.3% |
| 2021 | USD 541.13 m | — |
Consolidated revenue, net of distributor and reseller margins.
Sources: 10-K · 2023-12-31
USD 999.405 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 999.405 m | 11.0% |
| 2024 | USD 900.021 m | 12.7% |
| 2023 | USD 798.71 m | — |
Consolidated revenue from subscriptions, perpetual licenses and maintenance, and professional services and other.
Sources: 10-K · 2025-12-31
USD -92.222 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD -92.222 m | Loss widened |
| 2021 | USD -46.677 m | — |
Consolidated GAAP net income or loss; losses are negative.
Sources: 10-K · 2023-12-31
USD -36.118 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -36.118 m | Loss narrowed |
| 2024 | USD -36.301 m | Loss narrowed |
| 2023 | USD -78.284 m | — |
Consolidated GAAP net income or loss; negative indicates loss.
Sources: 10-K · 2025-12-31
USD 131.151 m
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 131.151 m | 35.5% |
| 2021 | USD 96.765 m | — |
GAAP consolidated operating cash flow, not net income.
Sources: 10-K · 2023-12-31
USD 266.75 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 266.75 m | 22.7% |
| 2024 | USD 217.476 m | 45.1% |
| 2023 | USD 149.855 m | — |
GAAP consolidated operating cash flow, not profit.
Sources: 10-K · 2025-12-31
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