Revenue growth decelerated from 14.4% in 2024Q1 to 8.6% in 2026Q2, while operating margin swung from -7.4% in 2025Q1 to 4.6% in 2026Q2, indicating a cost-driven recovery.
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 | 1.04B | 999.4M | 900.02M | 798.71M | 683.19M | 541.13M | 440.22M | 354.59M | 267.36M | 187.73M | 124.37M |
| Revenue Growth % | 9.93% | 11.04% | 12.68% | 16.91% | 26.25% | 22.92% | 24.15% | 32.62% | 42.42% | 50.94% | - |
| Cost of Goods Sold | 229.04M | 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 | 814.49M | 780.47M | 700.35M | 615.13M | 528.4M | 434.73M | 362.67M | 293.77M | 224.19M | 162.14M | 110.15M |
| Gross Margin % | 78.05% | 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 | 764.57M | 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 | 547.21M | 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 | 223.97M | 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 | -349K | -7.26M | 6.07M | 4.5M | 0 | 0 | 0 | -680K | 1.42M | -91K | -532K |
| Operating Income | 49.94M | 1.2M | -6.86M | -52.16M | -67.81M | -41.77M | -36.43M | -90.8M | -72.58M | -40.76M | -35.83M |
| Operating Margin % | 4.79% | 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 | 82.75M | 43.16M | 26.35M | -25.05M | -45.62M | -25.6M | -25.8M | -83.92M | -66.39M | -36.07M | -32.77M |
| EBITDA Margin % | 7.93% | 4.32% | 2.93% | -3.14% | -6.68% | -4.73% | -5.86% | -23.67% | -24.83% | -19.21% | -26.35% |
| EBITDA Growth % | 248.32% | 63.76% | 205.19% | 45.09% | -78.22% | 0.78% | 69.26% | -26.41% | -84.07% | -10.05% | - |
| D&A (Non-Cash Add-back) | 31.5M | 41.95M | 33.21M | 27.11M | 22.19M | 16.17M | 10.63M | 6.88M | 6.19M | 4.69M | 3.06M |
| EBIT | 88.8M | 5.49M | 13.03M | -36.06M | -66.29M | -43.73M | -36.58M | -90.8M | -72.58M | -40.76M | -35.83M |
| Net Interest Income | -57.27M | -12.43M | -8.6M | -6.64M | -12.72M | -6.9M | 1.24M | 5.83M | 2.35M | -75K | 0 |
| Interest Income | 12.34M | 15.99M | 23.32M | 24.7M | 6.28M | 606K | 1.74M | 5.83M | 2.35M | 0 | 0 |
| Interest Expense | 69.61M | 28.42M | 31.92M | 31.34M | 19M | 7.5M | 496K | 0 | 0 | 75K | 0 |
| Other Income/Expense | -31.05M | -24.13M | -12.03M | -15.24M | -17.47M | -8.86M | -641K | 5.15M | 1.42M | -91K | -532K |
| Pretax Income | 18.89M | -22.93M | -18.89M | -67.4M | -85.29M | -50.63M | -37.07M | -85.65M | -71.16M | -40.85M | -36.37M |
| Pretax Margin % | 1.81% | -2.29% | -2.1% | -8.44% | -12.48% | -9.36% | -8.42% | -24.15% | -26.61% | -21.76% | -29.24% |
| Income Tax | 12.15M | 13.19M | 17.41M | 10.88M | 6.93M | -3.95M | 5.66M | 13.36M | 2.36M | 171K | 843K |
| Effective Tax Rate % | 64.31% | -57.49% | -92.21% | -16.15% | -8.13% | 7.81% | -15.26% | -15.6% | -3.32% | -0.42% | -2.32% |
| Net Income | 6.74M | -36.12M | -36.3M | -78.28M | -92.22M | -46.68M | -42.73M | -99.01M | -73.52M | -41.02M | -37.21M |
| Net Margin % | 0.65% | -3.61% | -4.03% | -9.8% | -13.5% | -8.63% | -9.71% | -27.92% | -27.5% | -21.85% | -29.92% |
| Net Income Growth % | 114.99% | 0.5% | 53.63% | 15.11% | -97.57% | -9.23% | 56.84% | -34.67% | -79.22% | -10.25% | - |
| Net Income (Continuing) | 6.74M | -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) | 0.06 | -0.30 | -0.31 | -0.68 | -0.83 | -0.44 | -0.42 | -1.03 | -1.37 | -0.52 | -0.47 |
| EPS Growth % | 116.74% | 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 | 115.72M | 120.12M | 118.79M | 115.41M | 111.32M | 106.39M | 101.01M | 96.01M | 53.67M | 78.88M | 78.88M |
| Basic Shares Outstanding | 113.31M | 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
Revenue growth deceleration and profitability volatility
Metrics are mathematically derived from official filings.
Growth Deceleration Amidst Market Maturity
Tenable's revenue growth has steadily declined from 14.4% in 2024Q1 to 8.6% in 2026Q2, as reported in financial statements, suggesting a maturing market and potential saturation.
The sequential deceleration in revenue growth, from double-digit rates in early 2024 to high-single-digit by 2026, indicates a cooling demand environment. This trend may reflect increased competition or market saturation, and investors should monitor whether Tenable can sustain even this reduced pace.
Stable Gross Margins, Yet Below Peers
Gross margin has remained consistently around 77-78% over the past ten quarters, as per SEC filings, but lags Qualys' 82.8% and Check Point's 86.7%, indicating potential pricing or cost structure differences.
The stability in gross margin suggests Tenable has maintained pricing power, but the gap to higher-margin peers may indicate a less efficient cost structure or a different product mix. This could limit future profitability expansion unless Tenable can optimize its COGS or shift to higher-margin offerings.
Operating Leverage Emerging, Yet Inconsistent
Operating income swung from -$17.7M in 2025Q1 to $12.4M in 2026Q2, as reported, showing that revenue growth is finally outpacing expense growth, but the path has been volatile.
The recent improvement in operating margin from -7.4% to 4.6% suggests that Tenable is beginning to realize operating leverage, as SG&A and R&D growth have moderated relative to revenue. However, the inconsistency in prior quarters indicates that this leverage is not yet structural, and investors should watch for sustained discipline in expense management.
Earnings Quality Masked by Stock Compensation
Reported net income turned positive in 2026, but stock-based compensation of $43.9M in 2026Q1, as per financial statements, exceeds net income, suggesting reported profitability is heavily reliant on non-cash adjustments.
The substantial SBC expenses, which are not reflected in the reported net income figures for some quarters, indicate that GAAP earnings may overstate the underlying cash profitability. This warrants scrutiny, as the true economic cost of employee compensation is higher than what the income statement suggests, potentially impacting future cash flows.
R&D and SG&A Discipline Driving Turnaround
SG&A as a percentage of revenue fell from 63.2% in 2025Q1 to 51.5% in 2026Q2, based on reported figures, while R&D remained stable, indicating a strategic focus on cost control.
The significant reduction in SG&A intensity, coupled with stable R&D investment, suggests that Tenable is prioritizing operational efficiency without sacrificing innovation. This cost discipline has been instrumental in transitioning from operating losses to profitability, but the sustainability of these cuts remains to be seen.
2025Q1: The Trough Before the Turnaround
The most pronounced inflection occurred in 2025Q1, when operating income hit -$17.7M and net margin -9.6%, as reported, marking the lowest point before a steady recovery to profitability.
The sharp deterioration in 2025Q1, driven by elevated SG&A and R&D costs, appears to have been a strategic investment phase. The subsequent quarters show a clear recovery trajectory, with operating income turning positive by 2025Q4 and continuing to improve, suggesting that the cost rationalization initiated after that trough has been effective.
What Could Invalidate the Base Case
Despite recent profitability, Tenable's revenue growth deceleration and reliance on cost cuts, as per reported figures, may signal unsustainable earnings if growth stalls further.
The improvement in operating income is largely driven by SG&A reductions rather than accelerating revenue, which may not be repeatable. If revenue growth continues to decelerate, the recent margin expansion could reverse, and the elevated stock-based compensation could pressure cash flows, challenging the sustainability of current profitability levels.