JFrog
FROG · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
JFrog reported revenue of $532M in the fiscal year ended Dec 2025, up 24.1% from the year before. Operating income was −$92M, an operating margin of −17.3%, and net income was −$72M. Operating cash flow of $146M less capital expenditure of $3M left free cash flow of $142M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $207M | $280M | $350M | $428M | $532M |
| Cost of revenue | $42M | $62M | $77M | $98M | $123M |
| Gross profit | $165M | $218M | $273M | $330M | $408M |
| Research & development | $80M | $121M | $135M | $161M | $195M |
| Operating income | −$68M | −$90M | −$76M | −$91M | −$92M |
| Pre-tax income | −$68M | −$85M | −$55M | −$66M | −$66M |
| Income tax | −$3M | $5M | $7M | $3M | $6M |
| Net income | −$64M | −$90M | −$61M | −$69M | −$72M |
| Diluted EPS | −0.68 | −0.91 | −0.59 | −0.63 | −0.62 |
| Diluted shares | 95M | 99M | 103M | 110M | 116M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $68M | $46M | $85M | $50M | $76M |
| Receivables | $50M | $62M | $76M | $91M | $120M |
| Current assets | $499M | $532M | $646M | $649M | $873M |
| Net PP&E | $7M | $8M | $7M | $6M | $6M |
| Goodwill | $248M | $248M | $248M | $372M | $372M |
| Total assets | $853M | $871M | $973M | $1.1B | $1.3B |
| Payables | $11M | $15M | $17M | $11M | $14M |
| Deferred revenue | $129M | $159M | $201M | $247M | $310M |
| Current liabilities | $175M | $210M | $262M | $318M | $408M |
| Total liabilities | $214M | $246M | $293M | $356M | $454M |
| Shareholders' equity | $639M | $625M | $679M | $774M | $887M |
| Backlog (remaining obligations) | $162M | $205M | $260M | $403M | $566M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $28M | $21M | $74M | $111M | $146M |
| Capital expenditure | $4M | $4M | $2M | $3M | $3M |
| Free cash flow | $24M | $17M | $72M | $108M | $142M |
| Depreciation & amortisation | $9M | $15M | $15M | $21M | $25M |
| Stock-based compensation | $57M | $69M | $95M | $131M | $157M |
| Acquisitions | $196M | $179,000 | $0 | $157M | $0 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.5% | 24.9% | 22.5% | 24.1% |
| Gross margin | 79.8% | 77.8% | 78.0% | 77.1% | 76.8% |
| Operating margin | −33.1% | −32.1% | −21.6% | −21.3% | −17.3% |
| Net margin | −31.1% | −32.2% | −17.5% | −16.2% | −13.5% |
| Return on equityBlank when equity is negative | −10.1% | −14.4% | −9.0% | −9.0% | −8.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −10.1% | −13.6% | −10.6% | −11.2% | −9.8% |
| Free cash flow margin | 11.5% | 6.1% | 20.6% | 25.2% | 26.8% |
| Cash conversion (CFO ÷ net income) | −0.43x | −0.24x | −1.21x | −1.60x | −2.03x |
| Receivable days | 89 | 81 | 80 | 77 | 82 |
| Payable days | 95 | 87 | 80 | 40 | 42 |
| Current ratio | 2.85x | 2.54x | 2.46x | 2.04x | 2.14x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.