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Jun 30
Tenable Q2 2025 Earnings Report
Tenable reported its financial results for the second quarter ended June 30, 2025, exceeding guided metrics with strong revenue growth and operating margin.
Key Takeaways
Tenable announced strong second-quarter 2025 financial results, with revenue increasing by 12% year-over-year to $247.3 million and non-GAAP operating margin reaching 19%. The company also reported significant growth in calculated current billings and unlevered free cash flow, driven by the adoption of its exposure management platform and strategic customer investments in security.
Revenue for Q2 2025 reached $247.3 million, marking a 12% increase year-over-year.
Non-GAAP operating margin stood at 19%, demonstrating strong operational efficiency.
Calculated current billings grew by 8% year-over-year to $238.6 million.
Unlevered free cash flow was $44.3 million, significantly up from the previous year.
Tenable
Tenable
Tenable Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comPerpetual License & Maintenance Revenue
CapyFin.comProfessional Services & Other Revenue
CapyFin.com Forward Guidance
For the third quarter of 2025, Tenable expects revenue between $246.0 million and $248.0 million, non-GAAP income from operations between $52.0 million and $54.0 million, and non-GAAP diluted earnings per share between $0.36 and $0.37. For the full year 2025, the company anticipates calculated current billings between $1.038 billion and $1.048 billion, revenue between $981.0 million and $987.0 million, non-GAAP income from operations between $205.0 million and $215.0 million, non-GAAP diluted earnings per share between $1.45 and $1.53, and unlevered free cash flow between $265.0 million and $275.0 million.
Positive Outlook
- Expected revenue growth for Q3 2025 and full year 2025.
- Anticipated increase in non-GAAP income from operations for both Q3 and full year 2025.
- Projected positive non-GAAP diluted earnings per share for Q3 and full year 2025.
- Strong full-year forecast for calculated current billings.
- Positive outlook for unlevered free cash flow for the full year 2025.
Challenges Ahead
- Forecasted GAAP net loss for Q3 2025 and full year 2025.
- Forecasted GAAP loss from operations for Q3 2025 and full year 2025.
- Interest expense is expected to be a notable deduction from income.
- The company continues to project a GAAP net loss per share.
- No specific negative guidance points were highlighted beyond the GAAP losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income