Slides
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Your exposure ends here Q3 2026 Earnings
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2 This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, are forward-looking statements. 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. 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, 2025, 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 presentation 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 after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We make no representation or warranty as to the accuracy or completeness of such data and undertake no obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the GAAP to Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Any information in this presentation on unreleased services or features is intended to outline our general product direction and should not be relied upon in making a purchasing decision. They are intended for informational purposes only and may not be incorporated into any contract. The development, release, and timing of any features or functionality described for our products remains at our sole discretion. All third-party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. These references are made solely for identification purposes and should not be construed as an endorsement of our products or services. Forward-Looking Statements
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About Tenable 3 40K+ Customers across 160 countries 1.7T Unique exposure data points / year, unifying across the attack surface ~65% of Fortune 500 companies 5K+ Customers leveraging Tenable One for Exposure Management 3 NASDAQ: TENB Revenue, 95% recurring $1B+ 25% Unlevered free cash flow margin
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4 Sources: Zero Day Clock, Anthropic Known exploits stay open Patching is getting slower CVE-only programs miss most risk A new attack surface: shadow AI of actively exploited vulnerabilities are still not fully patched Source: 2026 Verizon DBIR median time-to-patch, up from 32 days in the prior year's report Source: 2026 Verizon DBIR AI-related exposures per organization in 30 days (457M across 7,000 organizations) Source: Tenable One telemetry of breach entry points are non-CVE issues, such as misconfigurations and exposed credentials Source: Tenable One telemetry 74% 62K43 days 63%
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Exposure management doesn’t just reduce risk, it transforms how security operates x Asset visibility improvement % Less time aggregating data Reduction in SOC ticket volume Lower licensing costs 5 %%
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6 Tenable One Exposure Management Platform Data Flow Data Flow 300+ Data Integrations Tenable Sensors Threat Intelligence AI Systems & Models Surfaces and Signals AI IT/Device OT/IoT Cloud Identity Web Apps Attack Surface Attacker Tactics Zero Day Research Industry Context Fix Guidance Complete Exposure Visibility Attack Path Visualizations Predictive Risk Prioritization Automated Remediation Business-Aligned Risk Metrics Risk Reduction Outcomes Exposure Data Fabric Analyze Correlate Enrich Verify Exploitability Score Risk Map Relationships Hexa AI Agentic Layer Tenable Built-in, Third Party and Customer-built Agents Workflows OrchestrationRemediation Validation Agentic Harness P e r m i s s i o n s P o l i c i e s A p p r o v a l s M C P t o o l c o n n e c t i v i t y A u d i t CyberAgents Exchange Open ecosystem Agents, skills, MCP servers & playbooks Customer tools Customer’s choice of stack MCP
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Tenable Hexa AI: Turn exposure intelligence into machine-speed action Understand context Hexa operates from a live, connected model of your entire environment. It knows how your assets, identities, vulnerabilities, and AI systems interact. No guesswork. No stale data. Take action Hexa orchestrates remediation automatically. It routes findings to the right owner with fix guidance attached, validates that controls are working, and confirms closure. Your team approves. Hexa executes. Hexa goes beyond severity scores. It correlates attack paths, asset importance, and business impact to identify the exposures most likely to cause real harm, and acts on them first. Determine priority 7
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Industry Analyst and Peer Recognition Tenable Leads the market for Worldwide Device Vulnerability and Exposure Management2 A Leader in the IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment1 A Leader in The Forrester Wave™: UVM, Q3 20253 8 1 SOURCE: “IDC MarketScape: Worldwide Exposure Management 2025 Vendor Assessment IDC #US52994525. August 2025” IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the circles. Vendor year-over-year growth rate relative to the given market is indicated by a plus, neutral or minus next to the vendor name. 2 SOURCE: “IDC: Worldwide Device Vulnerability and Exposure Management Market Shares, 2024, IDC #US53330526, August 2025 3 The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. 26.6% Tenable 17.3% Qualys 12.5% Rapid7 4.0% ServiceNow 2.8% CrowdStrike 2.4% Positive Technologies 34.4% Rest of market Total Market $2.6B 8.1% #1 Market Share
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Industry Analyst and Peer Recognition Tenable is Positioned as a Leader in the 2025 Gartner® Magic QuadrantTM for Exposure Assessment Platforms1 Tenable Named a Customers’ Choice in the 2025 Gartner Peer InsightsTM Voice of the Customer for Cloud-Native Application Protection Platforms3 9 1Source: Gartner, Inc., Magic Quadrant for Exposure Assessment Platforms, Mitchell Schneider, Dhivya Poole, Jonathan Nunez, November 10, 2025 2Source: Gartner, AI Vendor Race: Tenable Is the Company to Beat for AI-Powered Exposure Assessment, Elizabeth Kim, Isy Bangurah, Mitchell Schneider and Luis Castillo, June 24, 2026. 3Source: Gartner, Voice of the Customer for Cloud-Native Application Protection Platforms, 24 December 2025, By Peer Community Contributor. Gartner, Magic Quadrant and Peer Insights are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. These graphics were published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Tenable. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. AI Exposure Gartner names Tenable as the Current Company to Beat for AI-Powered Exposure Assessment in a June 2026 Report2 “Tenable identifies shadow AI usage and can also prioritize AI exposures like sensitive data leakage, misconfigurations, novel AI attacks, risky agent behavior, and unsafe integrations with external tools.”
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Q3 2026 quarterly earnings results Tenable One as a % of new sales 59% New enterprise platform customers in Q3 413 Non-GAAP Operating Margin 27% Quarterly revenue 9.5% YoY growth $276.4M Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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High recurring revenue and double digit revenue growth 11 Trailing twelve months (TTM) revenue ($m) 95% Q3 2026 recurring revenue $770.0 $877.6 $974.6 $1,067.5 Q3 '23 Q3 '24 Q3 '25 Q3 '26 Revenue growing at 12% CAGR
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Landing Higher Value Customers 12 1,565 1,853 2,156 2,275 Q3 '23 Q3 '24 Q3 '25 Q3 '26 LTM $100K+ ACV accounts(1) 1 Chart represents the number of customers with $100K and greater of annual contract value (ACV) for the last 12 months.
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Strong operating leverage 13 10.3% 16.9% 21.2% 22.7% Trailing twelve months (TTM) Non-GAAP operating income and margins ($M) Trailing twelve months (TTM) Unlevered Free Cash Flow and margins ($M) $104.9 $160.8 $214.6 $266.6 Q3 '23 Q3 '24 Q3 '25 Q3 '26 $164.2 $195.3 $275.3 $290.8 Q3 '23 Q3 '24 Q3 '25 Q3 '26 21.3% 22.3% 28.2% 27.2%13.6% 18.3% 22.0% 25.0% Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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Significant increase in earnings per share 14 Non-GAAP EPS 18.2M Shares repurchased YTD, driving decrease in diluted shares outstanding $0.23 $0.32 $0.42 $0.63 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Note: See Appendix for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP measures.
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Q4 and FY 2026 outlook 15 Revenue $277.0 million - $280.0 million $1.084 billion - $1.087 billion Non-GAAP income from ops $67.1 million - $70.1 million $270.0 million - $273.0 million Non-GAAP net income $63.6 million - $66.6 million(1) $250.0 million - $253.0 million(2) Non-GAAP diluted EPS $0.56 - $0.58 $2.16 - $2.19 Diluted weighted average shares outstanding 114.0 million 115.5 million Unlevered free cash flow NA $289.0 million - $295.0 million FY26 forecastQ4 2026 forecast 1 - Assumes interest income of $3.8 million, interest expense of $1.9 million and a provision for income taxes of $4.6 million. 2 - Assumes interest income of $11.8 million, interest expense of $20.4 million and a provision for income taxes of $8.7 million. Note - See Q3 2026 earnings release for definitions of non-GAAP financial measures and a reconciliation from GAAP measures to the non-GAAP forecast measures.
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Appendix 16
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17 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 income (loss), excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, loss on extinguishment of debt 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 and deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share. The weighted average shares used to calculate GAAP diluted earnings per share may include dilutive shares related to the potential conversion of our convertible senior notes in periods in which the quarterly average stock price per share exceeds the conversion price of the convertible senior notes. We entered into capped call contracts which are expected to reduce the share dilution related to any conversion of the convertible senior notes, subject to a cap. The weighted average shares used to calculate non-GAAP earnings per share excludes dilution resulting from the potential conversion of our convertible senior notes expected to be offset by the capped call contracts. 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 Financial Measures
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18 GAAP to Non-GAAP Reconciliations Unlevered Free Cash Flow: Q3 2026 TTM Q3 '26 TTM Q3 '25 TTM Q3 '24 TTM Q3 '23 Net cash provided by operating activities $ 72,516 $ 288,233 $ 264,839 $ 174,862 $ 143,268 Purchases of property and equipment (3,504) (7,798) (14,091) (2,329) (5,526) Capitalized software development costs (4,789) (13,510) (3,197) (8,275) (5,718) Cash paid for interest and other financing costs 5,176 23,846 27,759 31,042 32,214 Unlevered free cash flow $ 69,399 $ 290,771 $ 275,310 $ 195,300 $ 164,238 Unlevered free cash flow margin 25.1 % 27.2 % 28.2 % 22.3 % 21.3 % Non-GAAP Income from Operations and Non-GAAP Operating Margin: Q3 2026 TTM Q3 '26 TTM Q3 '25 TTM Q3 '24 TTM Q3 '23 Income (loss) from operations $ 16,709 $ 46,695 $ (5,048) $ (34,177) $ (51,903) Stock-based compensation 51,217 185,922 188,025 159,316 139,491 Acquisition-related expenses 33 531 7,463 6,028 4,994 Restructuring 147 6,342 — 10,569 — Amortization of acquired intangible assets 6,782 27,129 24,197 19,094 12,288 Non-GAAP income from operations $ 74,888 $ 266,619 $ 214,637 $ 160,830 $ 104,870 Operating margin 6.0 % 4.4 % (0.5) % (3.9) % (6.7) % Non-GAAP operating margin 27.1 % 25.0 % 22.0 % 18.3 % 13.6 %
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19 GAAP to Non-GAAP Reconciliations Non-GAAP Net Income and Non-GAAP Earnings Per Share: Q3 2023 Q3 2024 Q3 2025 Q3 2026 Net (loss) income $ (15,565) $ (9,211) $ 2,260 $ 11,299 Stock-based compensation 36,835 41,684 44,882 51,217 Tax impact of stock-based compensation (1,207) 1,528 (2,552) 832 Acquisition-related expenses 4,598 360 113 33 Restructuring — — — 147 Loss on extinguishment of debt — — — 2,637 Amortization of acquired intangible assets 3,055 5,014 6,782 6,782 Tax impact of acquisitions (48) (52) (47) (35) Non-GAAP net income $ 27,668 $ 39,323 $ 51,438 $ 72,912 Net earnings (loss) per share, diluted $ (0.13) $ (0.08) $ 0.02 $ 0.10 Stock-based compensation 0.32 0.35 0.37 0.44 Tax impact of stock-based compensation (0.01) 0.01 (0.02) 0.01 Acquisition-related expenses 0.04 0.01 — — Restructuring — — — — Loss on extinguishment of debt — — — 0.02 Amortization of acquired intangible assets 0.02 0.04 0.05 0.06 Tax impact of acquisitions — — — — Adjustment to diluted earnings per share (0.01) (0.01) — — Non-GAAP earnings per share, diluted $ 0.23 $ 0.32 $ 0.42 $ 0.63 Weighted-average shares used to compute GAAP net earnings (loss) per share, diluted 115,954 119,169 121,953 115,970 Weighted-average shares used to compute non GAAP net earnings per share, diluted 121,473 123,288 121,953 115,970