The significant guidance raise and margin expansion signal accelerating operating leverage. Watch Q4 revenue trajectory and whether the dollar-based net expansion rate continues to improve, as this indicates platform adoption momentum.
Price Chart
Executive Summary
Tenable reported Q3 2026 revenue of $276.4M (up 9.5% YoY) and non-GAAP EPS of $0.63, both above consensus estimates of $271.6M and $0.51. The company raised its full-year 2026 revenue guidance to $1.084B-$1.087B and non-GAAP EPS to $2.16-$2.19, reflecting strong operating leverage with non-GAAP operating margin expanding 380 bps to 27.1%.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $276.4M, up 9.5% YoY, above consensus of $271.6M
- Non-GAAP diluted EPS of $0.63, above consensus of $0.51
- GAAP net income of $11.3M vs $2.3M in Q3 2025
- Non-GAAP operating margin expanded to 27.1% from 23.3% YoY
- Full-year 2026 revenue guidance raised to $1.084B-$1.087B from prior $1.065B-$1.075B
- Full-year 2026 non-GAAP EPS guidance raised to $2.16-$2.19 from prior $1.81-$1.90
- Unlevered free cash flow of $69.4M in Q3, up from $58.5M YoY
- Repurchased 6.8M shares for $223.8M in Q3, including 5.3M shares for $170.5M in connection with convertible notes issuance
- Dollar-based net expansion rate improved to 107% from 106% in Q2 2026
- Closed an upsized $800M convertible senior notes offering and a new $400M secured revolving credit facility
Financial Impact
Revenue beat consensus by $4.8M (1.8%), non-GAAP EPS beat consensus by $0.12 (23.5%). Full-year revenue guidance raised by $19M-$12M at midpoint, non-GAAP EPS guidance raised by $0.35-$0.29 at midpoint.
Risk Factors
- Convertible notes issuance adds $800M in debt, increasing leverage and interest expense
- Share repurchase activity may slow given the large buyback already executed in Q3
- Cybersecurity spending environment remains competitive with potential macro headwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001660280-26-000050 |
| Document: tenb-20261028.htm | 0001660280-26-000050 |
| Document: 0001660280-26-000050-index-headers.html | 0001660280-26-000050 |
| Document: 0001660280-26-000050-index.html | 0001660280-26-000050 |
| Document: 0001660280-26-000050.txt | 0001660280-26-000050 |
| 8-K Data (Synthetic) | 0001660280-26-000050 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 28, 2026 1d ago | Press Release | $50.00 | awaiting T+20 | awaiting T+20 | $51.78 (+3.56%) |
Oct 13, 2026 16d ago | 8-K | $38.12 | awaiting T+20 | awaiting T+20 | $51.78 (+35.83%) |
Oct 6, 2026 23d ago | 3 | $38.94 | awaiting T+20 | awaiting T+20 | $51.78 (+32.97%) |
Oct 6, 2026 23d ago | 8-K | $39.47 | awaiting T+20 | awaiting T+20 | $51.78 (+31.20%) |
Sep 10, 2026 6w ago | Press Release | $30.11 $41.59 | ▼ −38.13% | ▼ −36.26% | $51.78 (−71.97%) |
Sep 3, 2026 8w ago | Press Release | $34.25 $38.51 | ▲ +12.44% | ▲ +11.84% | $51.78 (+51.18%) |
Jul 15, 2026 15w ago | Press Release | $40.19 $37.00 | ▼ −7.94% | ▼ −10.28% | $51.78 (+28.84%) |
Jun 29, 2026 17w ago | Press Release | $33.49 $32.25 | ▼ −3.70% | ▼ −3.42% | $51.78 (+54.61%) |
May 21, 2026 23w ago | 8-K | $25.45 $26.92 | ▲ +5.78% | ▲ +7.19% | $51.78 (+103.46%) |
US Market Status
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