Tenable Q1 2025 Earnings Summary
Tenable reported strong first-quarter 2025 results with solid revenue growth, improving margins, and robust cash flow generation, driven by larger deal sizes, continued adoption of the Tenable One platform, and AI-driven expansion.
Financial Highlights (Q1 2025 vs. Q1 2024)
Revenue: $239.1M, +11% YoY
Calculated Current Billings: $215.4M, +9% YoY
GAAP Operating Loss: -$17.7M vs. -$8.9M
Non-GAAP Operating Income: $48.7M vs. $37.0M
GAAP Net Loss: -$22.9M or ($0.19) per share
Non-GAAP Net Income: $44.3M or $0.36 per share, +44% YoY
Gross Margin: 78% GAAP, 82% Non-GAAP
Non-GAAP Operating Margin: 20%, up from 17%
Cash from Operations: $87.4M vs. $50.3M
Unlevered Free Cash Flow: $86.8M vs. $54.7M
Cash & Investments: $460.3M (↓ from $577.2M in Q4 2024)
Operational Highlights
New Enterprise Customers: +361
New Six-Figure Deals: +54
Acquisition of Vulcan Cyber Ltd. to enhance remediation and attack surface coverage
Launches:
Identity 360 – targets identity-based risk
Exposure Center – for prioritized risk response
FedRAMP Authorization for Tenable One and Tenable Cloud Security
Research: Published 2025 Cloud AI Risk Report
Outlook
Q2 2025 Guidance:
Revenue: $241M – $243M
Non-GAAP EPS: $0.29 – $0.31
Non-GAAP Net Income: $36M – $38M
FY 2025 Guidance:
Revenue: $970M – $980M
Billings: $1.025B – $1.045B
Non-GAAP EPS: $1.44 – $1.52
Free Cash Flow: $238M – $248M
Unlevered Free Cash Flow: $265M – $275M
Summary: Tenable posted record operational cash flow and expanded margins in Q1 2025, fueled by large enterprise deals and platform growth. With momentum in Tenable One and AI integration, the company raised its non-GAAP profitability metrics and remains on track to surpass $1B in annual billings.
