--- title: "Tenable | 10-K: FY2025 Revenue Beats Estimate at USD 999.41 M" type: "news" locale: "en" url: "https://longbridge.com/en/news/277253815.md" published_at: "2026-02-27T22:02:12.000Z" --- # Tenable | 10-K: FY2025 Revenue Beats Estimate at USD 999.41 M Revenue: As of FY2025, the actual value is USD 999.41 M, beating the estimate of USD 990.63 M. EPS: As of FY2025, the actual value is USD -0.3, beating the estimate of USD -0.3105. EBIT: As of FY2025, the actual value is USD 3.259 M. #### Geographic Revenue - In 2025, Tenable Holdings, Inc.’s revenue from the Americas was $611.0 million, EMEA contributed $273.1 million, and Asia Pacific $115.3 million. - For 2024, the Americas contributed $558.1 million, EMEA $239.7 million, and Asia Pacific $102.2 million. - In 2023, the Americas contributed $500.5 million, EMEA $205.9 million, and Asia Pacific $92.3 million. - U.S. revenue increased by $40.9 million, or 8%, from 2024 to 2025, while international revenue increased by $58.5 million, or 14% over the same period. #### Operational Metrics - Tenable Holdings, Inc. reported a net loss of - $36.1 million in 2025, compared to - $36.3 million in 2024 and - $78.3 million in 2023. - Loss from operations was - $9.2 million in 2025, compared to - $6.9 million in 2024 and - $52.2 million in 2023. - Gross profit reached $780.5 million in 2025, an 11% increase from $700.4 million in 2024, with gross profit at $615.1 million in 2023. - Gross margin remained at 78% in both 2025 and 2024, up from 77% in 2023. - Cost of revenue increased by 10% to $218.9 million in 2025 from $199.7 million in 2024, primarily due to increases in amortization of acquired intangible assets, third-party cloud infrastructure costs, personnel costs, and depreciation and amortization. - Sales and marketing expense rose by 5% to $416.9 million in 2025 from $395.4 million in 2024, mainly driven by increases in personnel costs, sales commissions, demand generation programs, and selling expenses. - Research and development expense grew by 23% to $223.7 million in 2025 from $181.6 million in 2024, primarily due to a $34.9 million increase in personnel costs (including stock-based compensation) and allocated overhead expenses. - General and administrative expense increased by 18% to $145.9 million in 2025 from $124.1 million in 2024, largely due to a $17.0 million increase in personnel costs (including termination benefits) and acquisition-related expenses. - Restructuring expense was $3.1 million in 2025, a decrease of -49% from $6.1 million in 2024, with the 2025 expense including $3.1 million in non-ordinary course severance and employee-related benefits. - Interest income decreased to $16.0 million in 2025 from $23.3 million in 2024, mainly due to a decrease in cash and cash equivalents, short-term investments, and lower interest rates. - Interest expense was - $28.4 million in 2025, a decrease from - $31.9 million in 2024, primarily due to a decrease in the variable rate of the Term Loan. - Other expense, net, was - $1.3 million in 2025, a decrease from - $3.4 million in 2024, primarily due to a $3.4 million decrease in foreign exchange losses, partially offset by a prior year gain on SAFE investment conversion. - Provision for income taxes was $13.2 million in 2025, including $7.0 million of discrete expenses and $6.2 million of income taxes in foreign jurisdictions. - Total stock-based compensation expense was $191.8 million in 2025, $163.5 million in 2024, and $145.3 million in 2023. #### Cash Flow - Net cash provided by operating activities was $266.8 million in 2025, an increase from $217.5 million in 2024 and $149.9 million in 2023. - Net cash used in investing activities was - $174.6 million in 2025, a significant increase from - $41.4 million in 2024, primarily driven by a $167.0 million increase in cash paid for acquisitions and increased property and equipment purchases, partially offset by a net decrease in short-term investments purchases. - Net cash used in financing activities was - $234.1 million in 2025, an increase from - $79.4 million in 2024, mainly due to a $147.5 million increase in common stock repurchases. #### Unique Metrics - Calculated current billings reached $1,049.2 million in 2025, up from $969.5 million in 2024 and $873.3 million in 2023. - Tenable Holdings, Inc. added 1,667 new enterprise platform customers in 2025, compared to 1,689 in 2024 and 1,788 in 2023. - Customers with $100,000 and greater in annual contract value totaled 2,161 at December 31, 2025, an increase from 1,988 in 2024 and 1,721 in 2023. - The dollar-based net expansion rate was 106% at December 31, 2025, a decrease from 108% in 2024 and 111% in 2023. - Backlog stood at $159.9 million at December 31, 2025, significantly higher than $33.2 million at December 31, 2024. #### Outlook / Guidance Tenable Holdings, Inc. expects to continue incurring operating losses in the near term, despite generating positive cash flows from operations and free cash flow in 2023, 2024, and 2025, which may not be sustainable. The company anticipates continued investments to support business growth, including further infrastructure, research and development efforts, and potential acquisitions. 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