Tenable Raises Full-Year Outlook After Third-Quarter Beat

The Tip Desk · November 9, 2026 · 3 min read

Revenue reached $276.4 million, and the company lifted 2026 revenue guidance to as much as $1.087 billion.

Tenable Holdings (TENB), the exposure management company, reported third-quarter revenue of $276.4 million, up 9.5% from a year earlier, and raised its full-year 2026 outlook after exceeding the third-quarter ranges it had issued in July.

The company said it exceeded every one of its guided metrics. Year-over-year revenue growth of 9.5% followed 8.6% in the second quarter and 9.6% in the first quarter.

GAAP income from operations was $16.7 million, and GAAP operating margin expanded to 6.0% from 2.8% a year earlier. Non-GAAP income from operations was $74.9 million, and non-GAAP operating margin was 27.1%, up 380 basis points from 23.3% in the third quarter of 2025. GAAP net income was $11.3 million, or $0.10 a share, compared with $2.3 million, or $0.02 a share, a year earlier. Non-GAAP net income was $72.9 million, or $0.63 a share.

Subscription revenue was $254.6 million. Perpetual license and maintenance revenue was $9.7 million, and professional services and other revenue was $12.1 million. Recurring revenue represented 95% of the quarter’s total.

The company added 413 new enterprise platform customers and 39 net new six-figure customers. The dollar-based net expansion rate was 107%, compared with 106% in the second quarter of 2026. Remaining performance obligations were $1.063 billion, up 14.4% from $928.9 million a year earlier, including $747.2 million of short-term obligations and $315.8 million of long-term obligations.

Net cash provided by operating activities was $72.5 million. Unlevered free cash flow was $69.4 million.

Tenable closed an upsized $800 million convertible senior notes offering and a new $400 million secured revolving credit facility. Convertible senior notes of $779.0 million appeared on the September 30, 2026 balance sheet, versus none at December 31, 2025, and the term loan was paid off. Cash and cash equivalents were $317.4 million. The company repurchased 6.8 million shares for $223.8 million, including 5.3 million shares for $170.5 million in connection with the convertible notes.

Co-CEOs Steve Vintz and Mark Thurmond said customers were moving from conversation to commitment and that the quarter increasingly meant expanding relationships with Tenable One. The company said it integrated Anthropic’s Claude Mythos into Tenable One to power Adversary View, launched CyberAgents Exchange, and expanded Tenable Hexa AI with always-on agentic capabilities. It also said it joined the White House-led Project Watershed initiative.

For the fourth quarter of 2026, Tenable expects revenue of $277.0 million to $280.0 million, non-GAAP income from operations of $67.1 million to $70.1 million, and non-GAAP diluted earnings of $0.56 to $0.58 a share. The fourth-quarter revenue range sits above the third-quarter outlook it issued in July of $270.0 million to $273.0 million; the non-GAAP operating-income range has higher endpoints than the July range of $66.0 million to $69.0 million.

For the year ending December 31, 2026, the company now expects revenue of $1.084 billion to $1.087 billion, non-GAAP income from operations of $270.0 million to $273.0 million, and non-GAAP diluted earnings of $2.16 to $2.19 a share. Unlevered free cash flow is expected in a range of $289.0 million to $295.0 million. The prior full-year revenue outlook, issued after the second quarter, was $1.075 billion to $1.081 billion, and non-GAAP operating income was $258.0 million to $264.0 million.