Jfrog Ltd

jfrog.com

What Do They Do?

Builds a software platform that helps enterprise development, security and AI teams store, secure, govern and deliver software packages and AI models.

How Do They Make Money?

Customers buy self-managed subscriptions for annual or multi-year terms, billed upfront or in annual installments, or cloud access for monthly, annual, or multi-year terms. Minimum cloud-use commitments are billed upfront, and extra usage is billed after each commitment period.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Subscription-self-managed and SaaS Recurring	95% FY2022: 93%		Recurring
License—self-managed Licensed	5.5% FY2022: 6.6%		Licensed

Who Are Their Customers?

Developers, security teams, AI teams and IT operators can start with open-source tools or free trials, then buy subscriptions through self-service or enterprise sales.

Do Revenues Turn Into Profits?

Not on paper. It lost $71.8M in FY2025, but brought in more cash than it spent: $142.3M of free cash flow.

Operating income, FY2025

−17% of revenue

▲ +1% (Loss) vs FY2024 (−$91.1M, −21%)

Net income, FY2025

−14% of revenue

▲ +4% (Loss) vs FY2024 (−$69.2M, −16%)

Free cash flow, FY2025

27% of revenue

▲ +32% vs FY2024 ($107.8M, 25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +29%; vs $127.2M in Q2 FY2025
Net income: ▼ −81% (Loss); vs −$21.7M in Q2 FY2025

Subscription-self-managed and SaaS share of revenue vs 95.2% in Q2 FY2025

Aug 6, 2026 Set third-quarter and full-year revenue outlook Guided to third-quarter revenue of $164 million to $166 million and full-year revenue of $648 million to $652 million.

Growing. Revenue grew 2.6x in 4 years, from $206.7M in FY2021 to $531.8M in FY2025, about 27% a year.

AI and governance added The older report focuses on a platform for managing and securing software packages across development and release workflows. The latest report extends it to AI/ML models, AI development workflows and software governance.

Revenue over time

Subscription-self-managed and SaaS License—self-managed Subscription—self-managed and SaaS

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Microsoft, GitLab, Cloudsmith, Sonatype, Amazon Web Services, Microsoft Azure, Google Cloud, Aqua Security, Snyk, and Black Duck

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