JFrog (FROG) Company Report

JFrog reported a strong acceleration in its software group, reaching 26% growth in the most recent quarter, with 50% year-over-year cloud growth driven by usage exceeding minimum commitments and an increase in large deals.
The company's guidance philosophy is "responsible," excluding unpredictable usage over minimum commit and large eight-figure deals. The Q4 2025 cloud guide implies a steep deceleration due to challenging comparisons from large cloud deals in Q4 2024, but management anticipates a "very nice and attractive setup" if current momentum persists.
Key growth drivers for 2026 include security (with strong demand for curation following npm events), expansion of usage over minimum commit, and potential for renewed cloud migrations (currently paused by large customers due to AI cost predictability concerns).
Recent product launches, such as AppTrust for DevGovOps and AI Catalog for securing large language models, are expected to contribute to future growth, though the direct revenue impact from AI is still in early stages and not yet definitively quantifiable.

3 days ago

Transcript

JFrog Discusses 2025 Growth Drivers, Cloud Migration Trends, and New Product Initiatives

FROG

Revenue Acceleration/Inflection

Product Launch

Guidance Update

JFrog reported strong execution in 2025, with 50% year-over-year cloud growth driven by usage over minimum commit, increased average selling prices (ASPs), more large deals, enterprise expansion, and security.
A pause in cloud migrations by large customers is noted due to concerns about AI's impact on cost predictability and governance. The Q4 2025 cloud guide implies a steep deceleration compared to a strong H2 2024, reflecting a responsible guidance philosophy that excludes unpredictable usage and large deals.
New product initiatives include App Trust for software delivery compliance, AI Catalog for securing large language models (seeing a 100% increase in Hugging Face model pulls since Q1), and Fly for small teams using emerging technologies.
Security, particularly curation, is experiencing significant demand, especially following npm events, where JFrog has no competitive alternative, though budget alignment remains a focus.

3 days ago

Transcript

JFrog Discusses Strong 2025 Performance, AI Opportunities, and Q4 Outlook

FROG

Revenue Acceleration/Inflection

Product Launch

New Projects/Investments

JFrog reported strong acceleration in its software group, with a 6-point acceleration to 26% in the most recent quarter and 50% year-over-year cloud growth, driven by increased usage, large deals, and security offerings.
The company's guidance philosophy is responsible, excluding large deals and usage over minimum commit. The implied steep deceleration in the Q4 2025 cloud guide is due to a difficult comparison with Q4 2024, which included three of the largest deals in the company's history.
JFrog sees significant opportunity in AI, particularly for security of machine-generated code and large language models, with its new AI Catalog seeing a 100% increase in models pulled into Artifactory since Q1.
Curation is the strongest performing area within its security suite, especially after npm events, and the company is actively consolidating point solutions with its Advanced Security offerings.

3 days ago

Transcript

FROG Reports Strong Q3 2025 Results and Raises Full-Year Guidance

FROG

Earnings

Guidance Update

Revenue Acceleration/Inflection

JFrog reported Q3 2025 total revenue of $136.9 million, marking a 26% year-over-year increase, with an operating margin of 18.7%.
Cloud revenue surged by 50% year-over-year to $63.4 million, comprising 46% of total revenues, while customers spending over $1 million annually grew 54% to 71.
The company maintained a strong net dollar retention of 118% for the trailing four quarters and ended Q3 2025 with $651.1 million in cash and short-term investments.
JFrog provided Q4 2025 revenue guidance of $136.5 million to $138.5 million and raised its full-year 2025 revenue outlook to $523 million to $525 million, projecting approximately 22.3% year-over-year growth at the midpoint.

Nov 6, 2025, 10:00 PM

Transcript

JFrog Announces Strong Q3 2025 Financial Results and Raises Full-Year Guidance

FROG

Earnings

Guidance Update

Product Launch

JFrog reported Q3 2025 revenues of $136.9 million, a 26% year-over-year increase, with cloud revenues growing 50% year over year to $63.4 million. The company achieved a gross margin of 83.9% and an operating margin of 18.7%.
The company secured significant multi-year customer wins, including a $9 million deal with the UK Customs and Revenue Agency and a $4 million deal with a top energy corporation, highlighting strong adoption of JFrog's security solutions and the core platform. Net dollar retention for the trailing four quarters remained strong at 118%.
JFrog introduced several key innovations, including the AI Catalog for securing AI models, JFrog Uptrust for automated governance, and JFrog Fly, an agentic repository, positioning the company as a system of record for AI delivery.
For full year 2025, JFrog raised its revenue guidance to $523 million - $525 million, representing approximately 22.3% year-over-year growth at the midpoint, and expects non-GAAP diluted EPS of $0.78-$0.80.

Nov 6, 2025, 10:00 PM

Transcript

JFrog Reports Q3 2025 Highlights and Provides Future Revenue Guidance

FROG

Earnings

Guidance Update

New Projects/Investments

JFrog projects FY25 revenue to be between $523 million and $525 million, with a midpoint of $524 million, and FY27 revenue between $775 million and $825 million.
Revenue from Enterprise Plus Subscriptions reached $76 million in Q3 2025, representing 56% of total revenue.
JFrog has established strategic partnerships with NVIDIA for enterprise-approved NIM consumption and enhanced security, and with GitHub to simplify SSO, improve traceability, and unify advanced security.
A Forrester study indicates a 393% ROI and <6 months payback for the JFrog platform, while JFrog Security Research has discovered over 2.8 million malicious artifacts and 200+ zero-day vulnerabilities.

Nov 6, 2025, 10:00 PM

Presentation

JFrog Reports Strong Q3 2025 Results and Updates Full-Year Guidance

FROG

Earnings

Guidance Update

Product Launch

JFrog reported Q3 2025 total revenue of $136.9 million, a 26% year-over-year increase, with cloud revenue growing 50% to $63.4 million.
The company achieved an operating margin of 18.7% in Q3 2025 and maintained a net dollar retention of 118% for the trailing four quarters.
JFrog saw significant customer expansion, with customers spending over $1 million annually growing 54% to 71, and those spending over $100,000 annually increasing 16% to 1,121.
For Q4 2025, JFrog anticipates revenues between $136.5 million and $138.5 million, and for the full year 2025, revenues are expected to be in the range of $523 million to $525 million.
Strategic initiatives include advancements in AI and machine learning with the launch of JFrog Fly and continued focus on software supply chain security solutions.

Nov 6, 2025, 10:00 PM

Transcript

JFrog Announces Third Quarter 2025 Results and Full-Year Outlook

FROG

Earnings

Guidance Update

Product Launch

JFrog reported total revenues of $136.9 million for the third quarter ended September 30, 2025, representing a 26% year-over-year increase, with cloud revenues growing 50% year-over-year to $63.4 million.
Non-GAAP diluted earnings per share for Q3 2025 was $0.22, and the company generated $30.2 million in operating cash flow and $28.8 million in free cash flow.
The company saw an increase in key customer metrics, with customers having ARR greater than $1 million rising to 71 (up 54% year-over-year) and customers with ARR greater than $100K reaching 1,121.
JFrog provided Q4 2025 revenue guidance between $136.5 million and $138.5 million and non-GAAP diluted EPS guidance between $0.18 and $0.20. For Fiscal Year 2025, the company expects revenue between $523 million to $525 million and non-GAAP diluted EPS between $0.78 and $0.80.

Nov 6, 2025, 9:14 PM

8-K

JFrog Announces Third Quarter 2025 Results

FROG

Earnings

Guidance Update

Product Launch

JFrog reported total revenues of $136.9 million for the third quarter ended September 30, 2025, marking a 26% year-over-year increase. Cloud revenues grew 50% year-over-year to $63.4 million.
Non-GAAP diluted earnings per share for Q3 2025 was $0.22, with non-GAAP operating income reaching $25.6 million. The company generated $30.2 million in operating cash flow and $28.8 million in free cash flow.
The number of customers with Annual Recurring Revenue (ARR) greater than $1 million increased to 71, up 54% year-over-year. The Net Dollar Retention rate for the trailing four quarters was 118%.
For the fourth quarter of 2025, JFrog anticipates revenue between $136.5 million and $138.5 million, and non-GAAP net income per diluted share between $0.18 and $0.20.

Nov 6, 2025, 9:05 PM

Press Release

JFrog Enhances Growth with Enterprise Deals and AI-Driven Innovation

FROG

Product Launch

M&A

Revenue Acceleration/Inflection

Enterprise Focus and Large Deals: JFrog noted a strategic shift toward penetrating enterprise markets, highlighted by a landmark $30M ACV deal, marking a significant transformation from earlier smaller deals.
Cloud Usage and Security Expansion: The firm experienced robust cloud usage during Q1 along with increased adoption of its security product, JFrog X-ray, by more than half of its 7,000+ customers.
AI and ML Investments: With the acquisition of QuocAI, JFrog is positioning itself to capture the AI opportunity by integrating large language model management into its platform.
Strong Profitability Discipline: The company continues to emphasize profitability, achieving a 26% free cash flow margin in Q1 as part of its broader strategy to balance innovation with financial discipline.

Jun 5, 2025, 6:51 PM

Earnings Transcripts

Quarterly earnings call transcripts for JFrog.

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