TENB Reported this cycle

Tenable

Columbia, MD Founded 2002 Cybersecurity

AI-generated · informational only · not investment advice · verify before relying.

Latest analysis

Updated Nov 3, 2026

Tenable posts 9% revenue growth in Q3 2026, issues $800M convertible notes to retire term loan and accelerate buybacks amid intensifying AI-driven competitive risk.

Tenable delivered $276.4 million in Q3 2026 revenue, up 9% year-over-year, with operating income of $16.7 million versus $7.1 million in the prior-year quarter, driven entirely by expansion within the existing customer base as new customer revenue declined. The company completed an $800 million convertible notes offering in September 2026, using proceeds to retire its term loan, repurchase $170.5 million of common stock, and fund capped call transactions — a capital structure reconfiguration that materially increases leverage risk while extending debt maturity to 2031. The most consequential new disclosure is an explicit risk acknowledgment that AI is lowering barriers to competitive entry, that Microsoft has an active vulnerability management offering, and that Wiz — now a Google subsidiary — competes directly in cloud security, narrowing Tenable's differentiation window.

Tone: cautious

Revenue

$999.4M

TENB 10-K · FY 2025

Employees

1,995

Revenue FY2024

$900M

Founded

2002

Profile

TENB 10-K Item 1 · Feb 27, 2026

Tenable is a cybersecurity software company and self-described leading provider of exposure management solutions. Its platform extends traditional vulnerability management across modern attack surfaces spanning IT, cloud, OT, identity, AI, and web applications. The company sells primarily on a subscription basis through a two-tiered channel model to over 40,000 customers in more than 170 countries.

Read filing description ↓

Tenable is the leading provider of exposure management solutions. Exposure management is an increasingly critical category that extends foundational vulnerability management capabilities to advance risk assessment and prioritization across the entire attack surface – from IT infrastructure and cloud environments to critical infrastructure and artificial intelligence (AI). Tenable unifies security visibility, insight and action across this attack surface, equipping modern organizations to quickly identify and close the cybersecurity gaps that erode business value, reputation and trust. Business dynamics continue to shift under pressure of geopolitical tensions, talent shortages, the push for greater automation, unrelenting compliance and regulatory pressures, along with the drive to out-innovate and out-pace competitors. AI is now a constant undercurrent and is recognized as both a business enabler and a cybersecurity risk. Tenable One, our AI-powered exposure management platform, gives enterprises a single, unified view of risk across all types of assets and attack pathways. The platform combines broad, industry-leading vulnerability coverage, spanning IT assets, cloud resources, containers, web apps, identity systems, third-party connectors and AI-related assets and workloads. Our solutions are primarily sold on a subscription basis with a one-year term, but are increasingly being sold with longer contractual durations. We sell and market our products and services through our field sales force that works closely with our channel network of distributors, resellers and managed security service providers.

Primary products

Tenable One Exposure Management Platform
Tenable AI Exposure
Tenable Vulnerability Management
Tenable Cloud Security
Tenable Identity Exposure
Tenable Web App Scanning

End markets

manufacturing, energy and industrials technology, media and telecommunications banking, insurance and finance government, education and non-profit healthcare retail and consumer

Geographies

Americas Europe, the Middle East and Africa Asia Pacific and Japan

Named customers

U.S. government and federal agencies Financial services institutions Energy sector customers Healthcare organizations

In 2025, 2024 and 2023, no single customer represented more than 2% of our revenue.

Named competitors

Qualys Rapid7 CrowdStrike Palo Alto Networks Wiz Microsoft

“We believe that our suite of solutions generally competes favorably with respect to these factors and may serve as a complement to the solutions offered by our competitors in some cases.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Revenue grew from $900.0 million in 2024 to $999.4 million in 2025, reflecting continued expansion of enterprise platform and subscription customers.

The rest of TENB is for subscribers

Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 9 diligence answers SWOT

View plans Sign in