Tenable Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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2. Revenue
- Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Subscription revenue | $919,573 | $824,659 | $725,013 |
| Perpetual license and maintenance revenue | 44,661 | 47,774 | 48,729 |
| Professional services and other revenue | 35,171 | 27,588 | 24,968 |
| Revenue | $999,405 | $900,021 | $798,710 |
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%,94% and 93% of revenue in 2025, 2024 and 2023, respectively. One of our distributors accounted for 32%,34% and 36% of revenue in 2025, 2024 and 2023, respectively. That same distributor accounted for 27% and 29% of accounts receivable at December 31, 2025 and 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 2025, 2024 and 2023, we recognized revenue of $650.0 million, $581.8 million and $502.8 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:
| December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Remaining performance obligations, short-term | $748,616 | $660,647 |
| Remaining performance obligations, long-term | 312,449 | 206,879 |
| Remaining performance obligations | $1,061,065 | $867,526 |
The following summarizes the activity of deferred incremental costs of obtaining a contract:
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Beginning balance | $119,705 | $121,953 |
| Capitalization of contract acquisition costs | 62,517 | 52,263 |
| Amortization of deferred contract acquisition costs | (57,593) | (54,511) |
| Ending balance | $124,629 | $119,705 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.