JFrog (FROG) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached $531.8 million, up 24% year-over-year, with Q4 revenue of $145.3 million, up 25% year-over-year, and cloud revenue growing 45% to $243.3 million, representing 46% of total revenue.

• Significant expansion in large enterprise customers, with those spending over $1 million growing 42% year-over-year to 74, and $100K+ customers up 15% to 1,168.

• Enterprise Plus subscriptions contributed 57% of Q4 revenue, up from 54% prior year, with 33% year-over-year growth.

• Security solutions, including Advanced Security and Curation, now comprise over 10% of total ARR, 16% of ending RPO, and 7% of FY2025 revenue.

• Strong operational discipline and innovation in AI, security, and cloud, with strategic partnerships and new product launches.

Financial highlights

• Q4 gross profit was $121.6 million (gross margin 83.7%); FY2025 non-GAAP gross profit was $443.3 million (gross margin 83.3%).

• Q4 operating profit was $25.7 million (17.7% margin); FY2025 non-GAAP operating income was $92.1 million (margin 17.3%).

• Free cash flow for FY2025 was $142.3 million (margin 26.7%), with Q4 free cash flow at $49.9 million (34% margin).

• Ended 2025 with $704 million in cash and short-term investments.

• RPO at year-end totaled $566 million, up 40% year-over-year.

Outlook and guidance

• FY2026 revenue guidance: $623–$628 million, representing 17.5% growth at midpoint; non-GAAP operating income $106–$108 million; EPS $0.88–$0.92.

• FY2026 baseline cloud growth expected at 30–32%.

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

• Free cash flow for FY2026 projected at $142–$146 million.

• Net dollar retention rate expected at 117% for 2026.