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.