Tenable Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
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2. Revenue
- Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| Subscription revenue | $232,211 | $208,554 | $680,685 | $608,727 |
| Perpetual license and maintenance revenue | 11,088 | 11,769 | 34,051 | 35,941 |
| Professional services and other revenue | 9,141 | 6,765 | 24,136 | 19,622 |
| Revenue | $252,440 | $227,088 | $738,872 | $664,290 |
Concentrations
We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. Revenue derived through our channel network comprised 94% of revenue in the three and nine months ended September 30, 2025 and 2024. One of our distributors accounted for 32% of revenue in the three and nine months ended September 30, 2025 and 33% and 34% of revenue in the three and nine months ended September 30, 2024, respectively. That same distributor accounted for 28% and 29% of accounts receivable at September 30, 2025 and December 31, 2024, respectively.
Contract Balances
We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 and 2024, we recognized revenue of $235.8 million, $209.6 million, $556.4 million and $497.3 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period.
Remaining Performance Obligations
The following summarizes the future estimated revenue related to unsatisfied performance obligations:
| September 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Remaining performance obligations, short-term | $669,015 | $592,351 |
| Remaining performance obligations, long-term | 259,849 | 179,210 |
| Remaining performance obligations | $928,864 | $771,561 |
Deferred Commissions
The following summarizes the activity of deferred incremental costs of obtaining a contract:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2025 | 2024 |
| Beginning balance | $115,059 | $115,529 | $119,705 | $121,953 |
| Capitalization of contract acquisition costs | 14,556 | 12,420 | 38,294 | 32,921 |
| Amortization of deferred contract acquisition costs | (14,515) | (13,686) | (42,899) | (40,611) |
| Ending balance | $115,100 | $114,263 | $115,100 | $114,263 |
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