Tenable Holdings, Inc.

Second-quarter revenue was $268.5 million, up 8.6% year over year. Non-GAAP gross margin was 81.4% versus 82.0% in Q2 2025. Non-GAAP income from operations was $66.2 million, or 24.7% of revenue, versus $47.7 million last year; non-GAAP EPS was $0.51 versus $0.34. Cash and short-term investments were $298.2 million, and unlevered free cash flow was $45.3 million versus $44.3 million in Q2 2025. For Q3 2026, Tenable guided revenue to $270 million to $273 million and non-GAAP EPS to $0.49 to $0.52. For full-year 2026, the company raised revenue guidance to $1.075 billion to $1.081 billion, non-GAAP operating income to $258 million to $264 million, non-GAAP net income to $228 million to $234 million, non-GAAP EPS to $1.95 to $2.00, and unlevered free cash flow to $289 million to $295 million.

Steve Vintz said the quarter validated Tenable’s strategy, pointing to record Tenable One adoption, greater-than-anticipated uptake of Tenable One Advanced, and the first expansion-rate acceleration in many quarters. His message was that AI is expanding the attack surface and customers want a unified platform that can understand exposures, prioritize risk, and act on fixes through the company’s ‘harness’ and Hexa AI engine. He struck an upbeat tone, arguing Tenable is building a durable differentiator as exposure management moves toward always-on, agentic defense.

Matt Brown emphasized that the company beat the high end of guidance on every metric and raised the full-year outlook. He cited revenue of $268.5 million, non-GAAP gross margin of 81.4%, non-GAAP operating income of $66.2 million, EPS of $0.51, and unlevered free cash flow of $45.3 million. He also highlighted capital returns: Tenable repurchased 5.2 million shares for $100 million in the quarter, has $108 million remaining on authorization, and has bought back 11.4 million shares year to date for about $230 million at an average price of $20.23.

Analysts focused on whether the improved net dollar expansion rate marks a low point, how AI-related concerns are affecting demand, and how pricing/packaging and Hexa are changing customer behavior. Management said 106% NDR is expected to hold steady for the rest of the year and that post-Mythos threat concerns are creating urgency, more competitive displacements, and larger platform deals. They also said Hexa is seeing strong early adoption, with more than 80% of users submitting prompts and nearly half taking action, while Advanced is taking a roughly 2:1 share versus Foundation.