Tenable shares surged in pre-market trading following the company’s release of fourth-quarter results that outperformed consensus estimates. The cybersecurity specialist reported non-GAAP earnings per share of $0.48, $0.06 above analysts’ projections, on revenue of $260.53 million, which exceeded the consensus by $8.74 million. Trading volume reached 2.33 million shares, reflecting heightened investor interest in the beat-and-raise report.

Tenable delivered 10.5% year-over-year revenue growth, driven by strong adoption of its Tenable One platform and recurring subscription renewals. The firm posted a positive return on equity of 0.20% despite a net margin of –3.61%, reflecting continued investments in R&D and sales capacity. Compared to the prior-year quarter’s $0.41 EPS, non-GAAP diluted earnings improved by 17%, underscoring operating leverage in the business.

Management set fiscal 2026 non-GAAP EPS guidance in the range of $1.81 to $1.90, and first-quarter EPS guidance of $0.39 to $0.42, both above Street forecasts. The board also authorized a $150 million increase to its share repurchase program, boosting the total authorization to $338 million, a move aimed at returning excess cash to shareholders.

Following the earnings release, Zacks upgraded its rating to Strong Buy, while Needham reiterated its Buy call with a $28 price target. However, several firms, including DA Davidson, Wedbush, TD Cowen and JPMorgan, trimmed their near-term target projections, narrowing upside expectations despite maintaining constructive opinions on the long-term growth trajectory of Tenable’s exposure management platform.