Tenable Announces Second Quarter 2025 Financial Results

Revenue of $247.3 million, up 12% year-over-year.Calculated current billings of $238.6 million, up 8% year-over-year.GAAP operating margin of (3)%; Non-GAAP operating margin of 19%.Net cash provided by operating activities of $42.5 million; Unlevered free cash flow of $44.3 million.Announced a $250 million expansion of our existing stock repurchase program. COLUMBIA, Md., July 30, 2025 (GLOBE NEWSWIRE) -- Tenable Holdings, Inc. ("Tenable") (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended June 30, 2025. "We beat all of our guided metrics during the quarter, delivering 12% revenue growth and 19% operating margin," said Steve Vintz, Co-CEO of Tenable. "Our outperformance was driven by the adoption of our exposure management platform, as customers are becoming more strategic with their security investments, prioritizing preemptive measures and seeking a unified view of their attack surface to reduce risk." "This quarter showcased the exceptional value Tenable One delivers, as we saw major expansions across industries and secured strong wins against major players," said Mark Thurmond, Co-CEO of Tenable. "Our leadership in exposure management uniquely positions us to help customers address their complex security challenges." Second Quarter 2025 Financial Highlights Revenue was $247.3 million, a 12% increase year-over-year.Calculated current billings was $238.6 million, an 8% increase year-over-year.GAAP loss from operations was $7.4 million, compared to $8.8 million in the second quarter of 2024.Non-GAAP income from operations was $47.7 million, compared to $42.8 million in the second quarter of 2024.GAAP net loss was $14.7 million, compared to $14.6 million in the second quarter of 2024.GAAP net loss per share was $0.12, consistent with the second quarter of 2024.Non-GAAP net income was $41.4 million, compared to $38.2 million in the second quarter of 2024.Non-GAAP diluted earnings per share was $0.34, compared to $0.31 in the second quarter of 2024.Cash and cash equivalents and short-term investments were $386.5 million at June 30, 2025, compared to $577.2 million at December 31, 2024.Net cash provided by operating activities was $42.5 million, compared to $31.4 million in the second quarter of 2024.Unlevered free cash flow was $44.3 million, compared to $36.5 million in the second quarter of 2024.Repurchased 2.0 million shares of our common stock for $65.0 million. Recent Business Highlights Added 367 new enterprise platform customers and 76 net new six-figure customers.Announced a $250 million expansion of our existing stock repurchase program.Completed our acquisition of Apex Security, which is expected to strengthen our industry-leading exposure management platform to help organizations secure both the AI they use and the AI they build.Launched Tenable One connectors and advanced risk dashboards, which are designed to seamlessly combine data from third-party security tools with our native sensor data for a comprehensive and actionable view of organizational risk.Named a "Major Player" in IDC’s inaugural MarketScape report for Cloud-Native Application Protection Platforms (CNAPP).Published the 2025 Cloud Security Risk Report, delivering in-depth, real-world insights into the most pressing security challenges organizations face.Awarded two AI-powered security awards from the 2025 Globee Awards and 2025 Cybersecurity Excellence Awards. Financial Outlook For the third quarter of 2025, we currently expect: Revenue in the range of $246.0 million to $248.0 million.Non-GAAP income from operations in the range of $52.0 million to $54.0 million.Non-GAAP net income in the range of $44.0 million to $46.0 million, assuming interest expense of $7.2 million, interest income of $3.3 million and a provision for income taxes of $3.4 million.Non-GAAP diluted earnings per share in the range of $0.36 to $0.37.123.0 million diluted weighted average shares outstanding. For the year ending December 31, 2025, we currently expect: Calculated current billings in the range of $1.038 billion to $1.048 billion.Revenue in the range of $981.0 million to $987.0 million.Non-GAAP income from operations in the range of $205.0 million to $215.0 million.Non-GAAP net income in the range of $179.0 million to $189.0 million, assuming interest expense of $28.5 million, interest income of $15.6 million and a provision for income taxes of $12.8 million.Non-GAAP diluted earnings per share in the range of $1.45 to $1.53.123.5 million diluted weighted average shares outstanding.Unlevered free cash flow in the range of $265.0 million to $275.0 million. Conference Call Information Tenable will host a conference call on July 30, 2025 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call. About Tenable Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com. Contact Information Investor Relationsinvestors@tenable.com Media Relationstenablepr@tenable.com Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform's ability to help protect enterprises from security exposure and streamline vulnerability analysis and response, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” "believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release. Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another. Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses. Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses. Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share. Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue. Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities. TENABLE HOLDINGS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) Three Months Ended June 30, Six Months Ended June 30,(in thousands, except per share data) 2025 2024 2025 2024 Revenue$247,295 $221,241 $486,432 $437,202 Cost of revenue(1) 54,434 48,798 106,894 97,730 Gross profit 192,861 172,443 379,538 339,472 Operating expenses: Sales and marketing(1) 107,091 101,129 210,273 200,954 Research and development(1) 59,236 45,149 112,459 88,876 General and administrative(1) 33,982 30,302 81,965 61,320 Restructuring — 4,681 — 6,070 Total operating expenses 200,309 181,261 404,697 357,220 Loss from operations (7,448) (8,818) (25,159) (17,748)Interest income 4,080 5,974 9,007 11,598 Interest expense (7,139) (8,073) (14,150) (16,185)Other income (expense), net 25 93 499 (1,217)Loss before income taxes (10,482) (10,824) (29,803) (23,552)Provision for income taxes 4,224 3,748 7,838 5,406 Net loss$(14,706) $(14,572) $(37,641) $(28,958) Net loss per share, basic and diluted$(0.12) $(0.12) $(0.31) $(0.25)Weighted-average shares used to compute net loss per share, basic and diluted 120,979 118,681 120,533 118,111 _______________ (1) Includes stock-based compensation as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of revenue$3,460 $3,288 $6,775 $6,270 Sales and marketing 17,818 16,276 34,448 31,576 Research and development 15,300 11,799 28,267 22,960 General and administrative(2) 9,948 10,035 32,939 20,311 Total stock-based compensation$46,526 $41,398 $102,429 $81,117 _______________ (2) Stock-based compensation in the six months ended June 30, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards in Q1 for our late CEO. TENABLE HOLDINGS, INC.CONSOLIDATED BALANCE SHEETS June 30, 2025 December 31, 2024(in thousands, except per share data)(unaudited) Assets Current assets: Cash and cash equivalents$175,025 $328,647 Short-term investments 211,489 248,547 Accounts receivable (net of allowance for doubtful accounts of $691 and $525 at June 30, 2025 and December 31, 2024, respectively) 181,114 258,734 Deferred commissions 50,785 51,791 Prepaid expenses and other current assets 54,079 53,026 Total current assets 672,492 940,745 Property and equipment, net 42,577 39,265 Deferred commissions (net of current portion) 64,274 67,914 Operating lease right-of-use assets 36,880 45,139 Acquired intangible assets, net 128,860 94,461 Goodwill 697,769 541,292 Other assets 13,720 13,303 Total assets$1,656,572 $1,742,119 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses$18,828 $19,981 Accrued compensation 55,574 55,784 Deferred revenue 624,548 650,372 Operating lease liabilities 7,138 6,801 Other current liabilities 7,179 5,154 Total current liabilities 713,267 738,092 Deferred revenue (net of current portion) 173,261 182,815 Term loan, net of issuance costs (net of current portion) 355,439 356,705 Operating lease liabilities (net of current portion) 54,059 56,224 Other liabilities 9,847 8,329 Total liabilities 1,305,873 1,342,165 Stockholders’ equity: Common stock (par value: $0.01; 500,000 shares authorized; 127,352 and 122,371 shares issued at June 30, 2025 and December 31, 2024, respectively) 1,274 1,224 Additional paid-in capital 1,489,379 1,374,659 Treasury stock (at cost: 6,365 and 2,673 shares at June 30, 2025 and December 31, 2024, respectively) (241,239) (114,911)Accumulated other comprehensive income 262 318 Accumulated deficit (898,977) (861,336)Total stockholders’ equity 350,699 399,954 Total liabilities and stockholders’ equity$1,656,572 $1,742,119 TENABLE HOLDINGS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Six Months Ended June 30,(in thousands) 2025 2024 Cash flows from operating activities: Net loss$(37,641) $(28,958)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 20,680 15,864 Stock-based compensation 102,429 81,117 Net accretion of discounts and amortization of premiums on short-term investments (1,975) (4,378)Amortization of debt issuance costs 707 662 Restructuring — 4,528 Other 1,496 2,184 Changes in operating assets and liabilities: Accounts receivable 79,766 40,462 Prepaid expenses and other assets 5,092 18,105 Accounts payable, accrued expenses and accrued compensation (4,120) (20,162)Deferred revenue (43,107) (24,807)Other current and noncurrent liabilities 6,543 (2,867)Net cash provided by operating activities 129,870 81,750 Cash flows from investing activities: Purchases of property and equipment (10,901) (1,191)Capitalized software development costs (1,323) (4,767)Purchases of short-term investments (83,338) (160,405)Sales and maturities of short-term investments 122,314 147,778 Proceeds from other investments 664 3,512 Purchases of other investments — (250)Business combinations, net of cash acquired (196,182) (29,162)Net cash used in investing activities (168,766) (44,485) Cash flows from financing activities: Payments on term loan (1,875) (1,875)Proceeds from stock issued in connection with the employee stock purchase plan 9,712 9,878 Proceeds from the exercise of stock options 2,187 4,135 Payments for taxes related to net share settlement of equity awards (1,329) — Purchase of treasury stock (124,999) (49,991)Net cash used in financing activities (116,304) (37,853)Effect of exchange rate changes on cash and cash equivalents and restricted cash 1,578 (3,077)Net decrease in cash and cash equivalents and restricted cash (153,622) (3,665)Cash and cash equivalents and restricted cash at beginning of period 328,647 237,132 Cash and cash equivalents and restricted cash at end of period$175,025 $233,467 TENABLE HOLDINGS, INC.REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(unaudited) RevenueThree Months Ended June 30, Six Months Ended June 30,(in thousands) 2025 2024 2025 2024 Subscription revenue$228,031 $202,538 $448,474 $400,173 Perpetual license and maintenance revenue 11,411 12,016 22,963 24,172 Professional services and other revenue 7,853 6,687 14,995 12,857 Revenue(1)$247,295 $221,241 $486,432 $437,202 _______________ (1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three and six months ended June 30, 2025 and 2024. Calculated Current BillingsThree Months Ended June 30, Six Months Ended June 30,(in thousands) 2025 2024 2025 2024 Revenue$247,295 $221,241 $486,432 $437,202 Deferred revenue (current), end of period 624,548 562,587 624,548 562,587 Deferred revenue (current), beginning of period(1) (633,258) (562,683) (657,035) (580,887)Calculated current billings$238,585 $221,145 $453,945 $418,902 ________________(1) Deferred revenue (current), beginning of period for the three months ended June 30, 2025 and 2024, and the six months ended June 30, 2025 and 2024 includes $0.1 million, $0.1 million, $6.7 million and $0.1 million, respectively, related to acquired deferred revenue. Remaining Performance ObligationsJune 30, Change(in thousands) 2025 2024 %Remaining performance obligations, short-term$641,918 $572,015 12%Remaining performance obligations, long-term 247,225 175,526 41%Remaining performance obligations$889,143 $747,541 19% Free Cash Flow and Unlevered Free Cash FlowThree Months Ended June 30, Six Months Ended June 30,(in thousands) 2025 2024 2025 2024 Net cash provided by operating activities$42,463 $31,424 $129,870 $81,750 Purchases of property and equipment (4,348) (526) (10,901) (1,191)Capitalized software development costs (699) (2,235) (1,323) (4,767)Free cash flow 37,416 28,663 117,646 75,792 Cash paid for interest and other financing costs 6,859 7,839 13,433 15,450 Unlevered free cash flow$44,275 $36,502 $131,079 $91,242 Free cash flow and unlevered free cash flow for the periods presented were impacted by: Three Months Ended June 30, Six Months Ended June 30,(in thousands) 2025 2024 2025 2024 Employee stock purchase plan activity$4,923 $3,702 $(490) $(2,630)Acquisition-related expenses (1,630) (197) (4,819) (663)Restructuring — (1,597) — (5,419) Non-GAAP Income from Operations and Non-GAAP Operating MarginThree Months Ended June 30, Six Months Ended June 30,(dollars in thousands) 2025 2024 2025 2024 Loss from operations$(7,448) $(8,818) $(25,159) $(17,748)Stock-based compensation 46,526 41,398 102,429 81,117 Acquisition-related expenses 2,081 763 6,702 924 Restructuring — 4,681 — 6,070 Amortization of acquired intangible assets 6,537 4,760 12,401 9,429 Non-GAAP income from operations$47,696 $42,784 $96,373 $79,792 Operating margin (3)% (4)% (5)% (4)%Non-GAAP operating margin 19% 19% 20% 18% Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months Ended June 30, Six Months Ended June 30,(in thousands, except per share data) 2025 2024 2025 2024 Net loss$(14,706) $(14,572) $(37,641) $(28,958)Stock-based compensation 46,526 41,398 102,429 81,117 Tax impact of stock-based compensation(1) 1,041 1,175 1,896 98 Acquisition-related expenses(2) 2,081 763 6,702 924 Restructuring(2) — 4,681 — 6,070 Amortization of acquired intangible assets(2) 6,537 4,760 12,401 9,429 Tax impact of acquisitions (42) (43) (100) (78)Non-GAAP net income$41,437 $38,162 $85,687 $68,602 Net loss per share, diluted$(0.12) $(0.12) $(0.31) $(0.25)Stock-based compensation 0.38 0.35 0.85 0.69 Tax impact of stock-based compensation(1) 0.01 0.01 0.02 — Acquisition-related expenses(2) 0.02 — 0.05 0.01 Restructuring(2) — 0.04 — 0.05 Amortization of acquired intangible assets(2) 0.05 0.04 0.10 0.08 Tax impact of acquisitions — — — — Adjustment to diluted earnings per share(3) — (0.01) (0.02) (0.02)Non-GAAP earnings per share, diluted$0.34 $0.31 $0.69 $0.56 Weighted-average shares used to compute GAAP net loss per share, diluted 120,979 118,681 120,533 118,111 Weighted-average shares used to compute non-GAAP earnings per share, diluted 122,875 123,056 123,516 123,161 ________________ (1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.(2) The tax impact of acquisition-related expenses, restructuring and the amortization of acquired intangible assets are not material.(3) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares. Non-GAAP Gross Profit and Non-GAAP Gross MarginThree Months Ended June 30, Six Months Ended June 30,(dollars in thousands) 2025 2024 2025 2024 Gross profit$192,861 $172,443 $379,538 $339,472 Stock-based compensation 3,460 3,288 6,775 6,270 Amortization of acquired intangible assets 6,537 4,760 12,401 9,429 Non-GAAP gross profit$202,858 $180,491 $398,714 $355,171 Gross margin 78% 78% 78% 78%Non-GAAP gross margin 82% 82% 82% 81% Non-GAAP Sales and Marketing ExpenseThree Months Ended June 30, Six Months Ended June 30,(dollars in thousands) 2025 2024 2025 2024 Sales and marketing expense$107,091 $101,129 $210,273 $200,954 Less: Stock-based compensation 17,818 16,276 34,448 31,576 Less: Acquisition-related expenses 258 49 1,312 49 Non-GAAP sales and marketing expense$89,015 $84,804 $174,513 $169,329 Non-GAAP sales and marketing expense % of revenue 36% 38% 36% 39% Non-GAAP Research and Development ExpenseThree Months Ended June 30, Six Months Ended June 30,(dollars in thousands) 2025 2024 2025 2024 Research and development expense$59,236 $45,149 $112,459 $88,876 Less: Stock-based compensation 15,300 11,799 28,267 22,960 Less: Acquisition-related expenses 532 — 1,771 (20)Non-GAAP research and development expense$43,404 $33,350 $82,421 $65,936 Non-GAAP research and development expense % of revenue 18% 15% 17% 15% Non-GAAP General and Administrative ExpenseThree Months Ended June 30, Six Months Ended June 30,(dollars in thousands) 2025 2024 2025 2024 General and administrative expense$33,982 $30,302 $81,965 $61,320 Less: Stock-based compensation 9,948 10,035 32,939 20,311 Less: Acquisition-related expenses 1,291 714 3,619 895 Non-GAAP general and administrative expense$22,743 $19,553 $45,407 $40,114 Non-GAAP general and administrative expense % of revenue 9% 9% 9% 9% The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially. Forecasted Non-GAAP Income from OperationsThree Months EndingSeptember 30, 2025 Year EndingDecember 31, 2025(in millions)Low High Low HighForecasted loss from operations$(3.1) $(1.1) $(25.8) $(15.8)Forecasted stock-based compensation 47.6 47.6 197.5 197.5 Forecasted acquisition-related expenses 0.7 0.7 7.3 7.3 Forecasted amortization of acquired intangible assets 6.8 6.8 26.0 26.0 Forecasted non-GAAP income from operations$52.0 $54.0 $205.0 $215.0 Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months EndingSeptember 30, 2025 Year EndingDecember 31, 2025(in millions, except per share data)Low High Low HighForecasted net loss(1)$(12.0) $(10.0) $(55.4) $(45.4)Forecasted stock-based compensation 47.6 47.6 197.5 197.5 Forecasted tax impact of stock-based compensation 1.0 1.0 3.8 3.8 Forecasted acquisition-related expenses 0.7 0.7 7.3 7.3 Forecasted amortization of acquired intangible assets 6.8 6.8 26.0 26.0 Forecasted tax impact of acquisitions (0.1) (0.1) (0.2) (0.2)Forecasted non-GAAP net income$44.0 $46.0 $179.0 $189.0 Forecasted net loss per share, diluted(1)$(0.10) $(0.08) $(0.46) $(0.38)Forecasted stock-based compensation 0.39 0.39 1.63 1.63 Forecasted tax impact of stock-based compensation 0.01 0.01 0.03 0.03 Forecasted acquisition-related expenses 0.01 0.01 0.06 0.06 Forecasted amortization of acquired intangible assets 0.06 0.06 0.21 0.21 Forecasted tax impact of acquisitions — — — — Adjustment to diluted earnings per share(2) (0.01) (0.02) (0.02) (0.02)Forecasted non-GAAP earnings per share, diluted$0.36 $0.37 $1.45 $1.53 Forecasted weighted-average shares used to compute GAAP net loss per share, diluted 121.0 121.0 121.0 121.0 Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted 123.0 123.0 123.5 123.5 ________________(1) The forecasted GAAP net loss assumes income tax expense of $4.3 million and $16.4 million in the three months ending September 30, 2025 and year ending December 31, 2025, respectively. (2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares. Forecasted Free Cash Flow and Unlevered Free Cash FlowYear EndingDecember 31, 2025(in millions)Low HighForecasted net cash provided by operating activities$254.0 $264.0 Forecasted purchases of property and equipment (13.0) (13.0)Forecasted capitalized software development costs (3.0) (3.0)Forecasted free cash flow 238.0 248.0 Forecasted cash paid for interest and other financing costs 27.0 27.0 Forecasted unlevered free cash flow$265.0 $275.0

Tenable Announces Second Quarter 2025 Financial Results

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