JFrog (FROG) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue reached $531.8 million, up 24% year-over-year, with cloud revenue of $243.3 million, up 45% year-over-year.

• Security solutions became a significant growth engine, with Security Core products comprising over 10% of total ARR and representing 16% of ending RPO.

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

• Expanded partnerships with major cloud and AI leaders, including NVIDIA, GitHub, and Hugging Face, reinforcing platform leadership in software supply chain security and AI artifact management.

• Net dollar retention rate for the trailing four quarters was 119%.

Financial highlights

• Q4 2025 revenue was $145.3 million, up 25% year-over-year; cloud revenue in Q4 was $70.2 million, up 42% year-over-year, representing 48% of total revenue.

• Non-GAAP gross margin for FY25 was 83.3%; operating margin was 17.3%.

• Non-GAAP EPS for 2025 was $0.82, up 26% year-over-year.

• Free cash flow for 2025 was $142.3 million, with a margin of approximately 26.8%; cash and short-term investments at year-end were $704.4 million.

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

Outlook and guidance

• Fiscal 2026 revenue guidance is $623–$628 million, representing 17.5% year-over-year growth at midpoint.

• Baseline cloud growth expected at 30%–32% for 2026.

• Non-GAAP operating income for 2026 expected between $106 million and $108 million; EPS of $0.88–$0.92.

• Q1 2026 revenue guidance is $146 million–$148 million.

• FY27 revenue target is $775M–$825M, with free cash flow margin expected to be 26.0%–29.0%.