Short answer
Tenable Holdings, Inc. (TENB) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $999M (+11.0% year over year) and net income of −$36M.
- Top risk flagged: Regulatory risk: potential impact of U.S. government funding freezes and tariffs on sales cycle length in 2026
FY2025 key financial metrics · XBRL
- Revenue
- $999M
- +11.0% YoY
- Net income
- −$36M
- +0.5% YoY
- Operating margin
- -0.9%
- −0.2 pp YoY
- Gross margin
- 78.1%
- +0.3 pp YoY
- EPS (diluted)
- −$0.30
- +3.2% YoY
- ROE
- -11.1%
- −2.0 pp YoY
- Operating cash flow
- $267M
- +22.7% YoY
Source: XBRL data from the Tenable Holdings, Inc. (TENB) FY2025 10-K on SEC EDGAR. USD.
Tenable Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Exposure management platform integrating vulnerability management, risk prioritization across IT, cloud, AI, OT, and hybrid environments
- New emphasis: Introduction of Tenable AI Exposure for AI-specific risk detection and mitigation across AI assets and configurations
- Strategic shift: Increased focus on unified risk visibility and AI-driven cyber risk insights addressing expanded attack surface complexity
- Quantitative highlight: Backlog growth from $33.2M in 2024 to $159.9M in 2025 indicating strong order commitments
- Noteworthy fact: Over 40,000 customers globally, including ~65% of Fortune 500, with AI security integral to go-to-market and R&D strategy
Management Discussion & Analysis
- Cash flow, capital allocation (buybacks, dividends, capex) not detailed
- Forward-looking statements highlight risks and uncertainties, no specific guidance given
Risk Factors
- Regulatory risk: potential impact of U.S. government funding freezes and tariffs on sales cycle length in 2026
- Macroeconomic threat: international revenue grew 14% ($58.5M), exposing business to foreign market fluctuations
- Operational risk: shift to annual installment billing reduces billing duration, distorting calculated current billings metric
- Competitive risk: exposure management platform competes with offerings by established cybersecurity providers innovating in AI and cloud
- Financial risk: accumulated deficit of $897.5M at year-end 2025 despite positive cash from operations in recent years
Generated from the filing text; verify against the original. How to read a 10-K
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