JFrog (FROG) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached $531.8M, up 24% year-over-year, with cloud revenue growing 45% to $243.3M and 6,600 customers, including strong Fortune 100 presence.

• Q4 2025 revenue was $145.3M, up 25% year-over-year, with cloud representing 48% of total revenue.

• Customers with ARR over $1M grew 42% to 74, and those over $100K ARR reached 1,168, up 15%.

• Security solutions, including Advanced Security and Curation, now comprise over 10% of total ARR and 16% of ending RPO.

• Strategic partnerships with major cloud providers, NVIDIA, GitHub, and Hugging Face, plus platform adoption expansion.

Financial highlights

• FY2025 cloud revenue was $243.3M (46% of total), up from 39% prior year; on-prem revenue was $288.5M, up 11%.

• Non-GAAP gross margin for FY2025 was 83.3%; operating margin was 17.3%.

• Free cash flow for FY2025 was $142.3M (margin 26.7%–27%); year-end cash and investments totaled $704M.

• RPO at year-end was $566M, up 40% year-over-year.

• Net dollar retention rate for trailing four quarters was 119%; gross retention 97%.

Outlook and guidance

• FY2026 revenue guidance: $623M–$628M (17.5% growth at midpoint); cloud growth expected at 30%–32%.

• FY2026 non-GAAP operating income expected at $106M–$108M; EPS $0.88–$0.92.

• Q1 2026 revenue guidance: $146M–$148M; non-GAAP EPS $0.20–$0.22.

• FY2027 revenue target is $775M–$825M, with free cash flow margin expected at 26%–29%.