Revenue rose from $221.2M in 2024Q2 to $276.4M in 2026Q3 with gross margin near 78%, but operating margin of 6.0% and net margin of 4.1% in the latest quarter suggest profitability remains thin relative to peers.
Tenable Holdings, Inc. (TENB) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 1.07B | 999.4M | 900.02M | 798.71M | 683.19M | 541.13M | 440.22M | 354.59M | 267.36M | 187.73M | 124.37M |
| Revenue Growth % | 9.53% | 11.04% | 12.68% | 16.91% | 26.25% | 22.92% | 24.15% | 32.62% | 42.42% | 50.94% | - |
| Cost of Goods Sold | 233.62M | 218.94M | 199.67M | 183.58M | 154.79M | 106.4M | 77.55M | 60.82M | 43.17M | 25.59M | 14.22M |
| COGS % of Revenue | - | 21.91% | 22.18% | 22.98% | 22.66% | 19.66% | 17.62% | 17.15% | 16.15% | 13.63% | 11.43% |
| Gross Profit | 833.86M | 780.47M | 700.35M | 615.13M | 528.4M | 434.73M | 362.67M | 293.77M | 224.19M | 162.14M | 110.15M |
| Gross Margin % | 78.11% | 78.09% | 77.82% | 77.02% | 77.34% | 80.34% | 82.38% | 82.85% | 83.85% | 86.37% | 88.57% |
| Gross Profit Growth % | - | 11.44% | 13.85% | 16.41% | 21.55% | 19.87% | 23.45% | 31.03% | 38.27% | 47.2% | - |
| Operating Expenses | 774.37M | 779.27M | 707.21M | 667.29M | 596.22M | 476.5M | 399.1M | 384.57M | 296.77M | 202.9M | 145.99M |
| OpEx % of Revenue | - | 77.97% | 78.58% | 83.55% | 87.27% | 88.06% | 90.66% | 108.46% | 111% | 108.08% | 117.38% |
| Selling, General & Admin | 550.98M | 562.85M | 519.51M | 509.63M | 452.66M | 360.07M | 297.41M | 297.5M | 220.08M | 145.23M | 105.9M |
| SG&A % of Revenue | - | 56.32% | 57.72% | 63.81% | 66.26% | 66.54% | 67.56% | 83.9% | 82.31% | 77.36% | 85.15% |
| Research & Development | 229.85M | 223.67M | 181.62M | 153.16M | 143.56M | 116.43M | 101.69M | 87.06M | 76.7M | 57.67M | 40.09M |
| R&D % of Revenue | - | 22.38% | 20.18% | 19.18% | 21.01% | 21.52% | 23.1% | 24.55% | 28.69% | 30.72% | 32.23% |
| Other Operating Expenses | -202K | -7.26M | 6.07M | 4.5M | 0 | 0 | 0 | -680K | 1.42M | -91K | -532K |
| Operating Income | 59.52M | 1.2M | -6.86M | -52.16M | -67.81M | -41.77M | -36.43M | -90.8M | -72.58M | -40.76M | -35.83M |
| Operating Margin % | 5.58% | 0.12% | -0.76% | -6.53% | -9.93% | -7.72% | -8.28% | -25.61% | -27.15% | -21.71% | -28.81% |
| Operating Income Growth % | - | 117.52% | 86.86% | 23.08% | -62.36% | -14.64% | 59.88% | -25.1% | -78.07% | -13.75% | - |
| EBITDA | 100.74M | 43.16M | 26.35M | -25.05M | -45.62M | -25.6M | -25.8M | -83.92M | -66.39M | -36.07M | -32.77M |
| EBITDA Margin % | 9.44% | 4.32% | 2.93% | -3.14% | -6.68% | -4.73% | -5.86% | -23.67% | -24.83% | -19.21% | -26.35% |
| EBITDA Growth % | 183.43% | 63.76% | 205.19% | 45.09% | -78.22% | 0.78% | 69.26% | -26.41% | -84.07% | -10.05% | - |
| D&A (Non-Cash Add-back) | 41.23M | 41.95M | 33.21M | 27.11M | 22.19M | 16.17M | 10.63M | 6.88M | 6.19M | 4.69M | 3.06M |
| EBIT | 69.51M | 5.49M | 13.03M | -36.06M | -66.29M | -43.73M | -36.58M | -90.8M | -72.58M | -40.76M | -35.83M |
| Net Interest Income | -31.04M | -12.43M | -8.6M | -6.64M | -12.72M | -6.9M | 1.24M | 5.83M | 2.35M | -75K | 0 |
| Interest Income | 11.32M | 15.99M | 23.32M | 24.7M | 6.28M | 606K | 1.74M | 5.83M | 2.35M | 0 | 0 |
| Interest Expense | 42.36M | 28.42M | 31.92M | 31.34M | 19M | 7.5M | 496K | 0 | 0 | 75K | 0 |
| Other Income/Expense | -32.67M | -24.13M | -12.03M | -15.24M | -17.47M | -8.86M | -641K | 5.15M | 1.42M | -91K | -532K |
| Pretax Income | 26.85M | -22.93M | -18.89M | -67.4M | -85.29M | -50.63M | -37.07M | -85.65M | -71.16M | -40.85M | -36.37M |
| Pretax Margin % | 2.51% | -2.29% | -2.1% | -8.44% | -12.48% | -9.36% | -8.42% | -24.15% | -26.61% | -21.76% | -29.24% |
| Income Tax | 11.07M | 13.19M | 17.41M | 10.88M | 6.93M | -3.95M | 5.66M | 13.36M | 2.36M | 171K | 843K |
| Effective Tax Rate % | 41.22% | -57.49% | -92.21% | -16.15% | -8.13% | 7.81% | -15.26% | -15.6% | -3.32% | -0.42% | -2.32% |
| Net Income | 15.78M | -36.12M | -36.3M | -78.28M | -92.22M | -46.68M | -42.73M | -99.01M | -73.52M | -41.02M | -37.21M |
| Net Margin % | 1.48% | -3.61% | -4.03% | -9.8% | -13.5% | -8.63% | -9.71% | -27.92% | -27.5% | -21.85% | -29.92% |
| Net Income Growth % | 147.09% | 0.5% | 53.63% | 15.11% | -97.57% | -9.23% | 56.84% | -34.67% | -79.22% | -10.25% | - |
| Net Income (Continuing) | 15.78M | -36.12M | -36.3M | -78.28M | -92.22M | -46.68M | -42.73M | -99.01M | -73.52M | -41.02M | -37.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.14 | -0.30 | -0.31 | -0.68 | -0.83 | -0.44 | -0.42 | -1.03 | -1.37 | -0.52 | -0.47 |
| EPS Growth % | 152.03% | 3.23% | 54.41% | 18.07% | -88.64% | -4.76% | 59.22% | 24.82% | -163.46% | -10.64% | - |
| EPS (Basic) | - | -0.30 | -0.31 | -0.68 | -0.83 | -0.44 | -0.42 | -1.03 | -1.37 | -0.52 | -0.47 |
| Diluted Shares Outstanding | 115.97M | 120.12M | 118.79M | 115.41M | 111.32M | 106.39M | 101.01M | 96.01M | 53.67M | 78.88M | 78.88M |
| Basic Shares Outstanding | 108.97M | 120.12M | 118.79M | 115.41M | 111.32M | 106.39M | 101.01M | 96.01M | 53.59M | 78.88M | 78.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying TENB stock.
For fiscal year 2025, Tenable Holdings, Inc. (TENB) reported total revenue of $999.4M. This represents a 703.6% increase compared to $124.4M in 2016.
Tenable Holdings, Inc. (TENB) reported a net loss of $36.1M for the fiscal year ending 2025.
Tenable Holdings, Inc. (TENB) reported an operating income of $1.2M, resulting in an operating profit margin of 0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Tenable Holdings, Inc. (TENB) generated $780.5M in gross profit for the year, representing a gross profit margin of 78.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin operating margins versus peers
Metrics are mathematically derived from official filings.
Revenue Growth Steadily Moderating Near Ten Percent
Based on Tenable's reported quarterly figures, revenue rose from $221.2M in 2024Q2 to $276.4M in 2026Q3, with year-over-year growth holding near 9.5% to 11.8% across recent quarters.
The consistency of roughly ten percent growth suggests a durable subscription base rather than a one-time demand spike, though the modest deceleration from the low-teens range in 2024 may indicate maturing customer acquisition. Investors should monitor whether the 2026Q3 rate of 9.5% continues to compress, as the data alone cannot confirm the underlying drivers of volume versus pricing.
Gross Margin Holds Firm Against Peer Median
Reported gross margins have held between 77.5% and 78.8% across the ten quarters, placing Tenable below Qualys at 82.8% and Check Point at 86.7%, but comfortably above Rapid7 at 70.3%.
Stability within a tight band suggests predictable cost of revenue for its software delivery, which supports pricing discipline without evidence of material erosion. The gap to Qualys and Check Point implies either a less favorable hosting or support cost structure, or a product mix that warrants further investigation.
Operating Margin Recovery Remains Incomplete
Operating margin improved from a negative 7.4% in 2025Q1 to 6.0% in 2026Q3, yet SG&A consumed roughly half of gross profit in the latest quarter, leaving limited scaling evidence.
The swing to positive operating income indicates that revenue growth outpaced the cost base over the past several quarters, which is the core of operating leverage. However, SG&A held near $136M to $138M through most periods, so the improvement appears driven more by cost containment than by a sustained efficiency trend that would clearly expand margins further.
Net Income Thin Despite Operating Turnaround
Reported net margin reached only 4.1% in 2026Q3 against a 6.0% operating margin, and stock-based compensation of $51.2M in that quarter far exceeds the net income generated.
The gap between operating and net income is consistent with interest and tax items, but the magnitude of stock-based compensation relative to earnings suggests reported profitability is partly absorbed by equity dilution. Investors may wish to evaluate earnings on an adjusted basis while recognizing that the GAAP figures themselves remain thin.
Margin Gap Versus Peers Raises Questions
Compared with Qualys, which reports a 33.2% operating margin and 29.6% net margin, Tenable's 6.0% and 4.1% respectively suggest meaningful room for improvement or a structurally weaker profit model.
A bearish reading would argue that sustained high SBC and elevated SG&A could keep margins suppressed even as revenue grows near ten percent, limiting long-term earnings power. Based on reported figures, the operating turnaround may prove fragile if growth decelerates further, and investors should monitor whether margin expansion continues at the pace seen in recent quarters.