JFrog Earnings Call Transcripts
Fiscal Year 2026
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AI-driven security tools have increased market volatility, but customer feedback affirms the complementary role of LLMs and the defensibility of binary security. Strong SaaS growth, expanding security adoption, and a $300M buyback highlight momentum, while new governance products target evolving AI/ML needs.
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The company has evolved from a point solution to a comprehensive platform, driving strong growth in cloud and security segments. Security ARR doubled in 2025, with Curation and Advanced Security products gaining traction amid rising enterprise demand. Guidance is set as a floor, with upside from usage and large deals.
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The discussion highlighted the platform's evolution as a universal system of record for binaries and AI artifacts, with security and governance as core differentiators. Financially, a $300M share buyback was announced, and growth is driven by enterprise expansion, rising security attach rates, and strong retention.
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The platform is seeing strong growth driven by AI adoption, cloud expansion, and enterprise focus, with security and holistic supply chain management as key differentiators. Strategic partnerships and disciplined financial management support continued innovation and market leadership.
Fiscal Year 2025
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Revenue grew 24% to $531.8M in FY2025, with cloud up 45% and security solutions now over 10% of ARR. FY2026 guidance calls for 17.5% revenue growth, 30–32% cloud growth, and continued focus on AI, security, and enterprise expansion.
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2025 saw a shift to consumption-driven growth, fueled by AI/ML usage and strong security demand after a major npm attack. New products like Fly, AppTrust, and AI Catalog were launched, with future growth expected from platform expansion and continued focus on security and consumption.
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The discussion highlighted the company's evolution from a product to a platform model, emphasizing security and AI/ML integration as key growth drivers. Conservative financial guidance, strong RPO growth, and a focus on binary management position the firm as a leader in the software supply chain space.
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Strong cloud growth, enterprise expansion, and security demand are driving robust results, with conservative guidance reflecting unpredictable large deals. Product innovation in AI, security, and governance, along with deep ecosystem integrations, position the platform for continued leadership.
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Q3 2025 saw 26% revenue growth, 50% cloud revenue growth, and strong security-driven expansion. Guidance for FY2025 was raised, with continued focus on cloud, security, and AI/ML solutions amid a cautious macro outlook.
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Major product launches included FLY, AI Catalog, and Uptrust, targeting AI, security, and compliance needs for large enterprises. Financial results showed strong cloud and security growth, with bundled offerings driving upgrades. AT&T's case highlighted successful modernization and compliance automation. Partnerships and hybrid deployment remain key differentiators.
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Strong cloud and security growth drove record results, with longer-term contracts and increased platform adoption. Strategic partnerships, especially in AI and security, are expanding, while disciplined investment and a hybrid cloud approach position the business for continued success.
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Expanded platform now covers DevOps, DevSecOps, and MLOps, with security and cloud driving growth. Large deals and strategic partnerships, especially with GitHub and NVIDIA, are fueling momentum, while AI and MLOps adoption present new opportunities.
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Q2 2025 saw 23% revenue growth, strong cloud and security adoption, and record free cash flow. AI-driven demand, major enterprise wins, and new partnerships fueled momentum, while guidance remains cautious amid macro uncertainties.
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The discussion highlighted strong Q1 results driven by enterprise sales, security, and cloud usage, with significant growth in large deals and security revenue. Strategic focus is on AI, LLMs, and MLOps, supported by recent acquisitions and a conservative financial approach.
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The company reported strong revenue and cash flow growth, driven by a unified DevOps, security, and MLOps platform. Strategic partnerships, especially with GitHub, and a maturing enterprise sales motion are fueling expansion, while AI trends are expected to further boost binary management demand.
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Unexpected Q1 usage growth was driven by AI experimentation, but future trends remain uncertain. Security and cloud migration are key growth drivers, with large enterprise deals and strategic partnerships, especially with GitHub, supporting expansion. Conservative guidance and strong ROI continue to shape performance.
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JFrog is advancing its cloud-first, hybrid platform with integrated DevOps, security, and MLOps, driving strong enterprise adoption and multi-year deals. Security revenue is rising, partnerships like GitHub are deepening, and the company is positioned for growth in AI-driven development.
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Q1 2025 saw 22% revenue growth, strong cloud and enterprise-plus momentum, and improved margins. Platform innovation, major partnerships, and robust multi-year deals drove results, while guidance remains cautious amid macro uncertainty.
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Leadership emphasized a shift to enterprise sales, driving record large deals and strong cloud growth. The platform strategy consolidates point solutions, with security and cloud migration as key growth drivers. Conservative guidance for 2025 reflects deal timing and market uncertainty.
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2024 saw strong revenue and margin growth despite macro challenges, with major wins in cloud and security. The outlook for 2025 is cautious, focusing on large enterprise deals, security expansion, and cloud migration, while maintaining financial discipline and investing in ML and partnerships.
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Customers are consolidating DevOps, security, and MLOps tools, with cloud migration and AI adoption progressing but slowed by compliance and budget concerns. Security and MLOps are now core to the platform, driving larger deals and new product adoption, while enterprise focus fuels growth.
Fiscal Year 2024
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Fiscal 2024 saw 22% revenue growth, strong cloud adoption, and increased enterprise focus, with security solutions now over 5% of ARR and major multi-year deals driving record free cash flow. 2025 guidance is conservative, targeting 17% revenue growth and 30–32% cloud growth.
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The platform has evolved to integrate security and MLOps, driving larger, multi-year enterprise deals and deeper partnerships, notably with GitHub. Security and cloud migrations are key growth drivers, with a focus on disciplined, top-down sales and conservative guidance amid longer sales cycles.
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Q3 saw strong execution with large, multi-year enterprise wins, especially in cloud and security. Revenue guidance remains conservative due to macro uncertainty, with growth driven by cloud migrations and advanced security. Strategic focus includes MLOps integration and disciplined financial management.
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Q3 2024 delivered 23% revenue growth, driven by strong cloud and security demand, major platform wins, and robust customer expansion. Guidance remains cautious due to macro headwinds, but cloud growth is forecasted at ~40% for FY24.
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Key announcements included a unified software supply chain platform, expanded GitHub and NVIDIA partnerships, and new MLOps offerings. Macroeconomic headwinds delayed cloud migrations, but security and platform consolidation are expected to drive future growth.
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Uncertainty in the macro environment has delayed large enterprise deals, but customer retention remains strong and optimism persists for resumed growth. Strategic focus on platform, cloud, and security is driving expansion, with significant runway in cloud adoption and E+ platform penetration. Momentum is expected to continue, with AI as a potential future tailwind.
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Q2 2024 saw 22% revenue growth and strong margins, with cloud revenue up 42% year-over-year. Guidance for FY2024 was revised downward due to delayed migrations and macro headwinds, but the company remains confident in its platform, security, and MLOps strategy.
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JFrog is evolving from a developer tool to an enterprise DevSecOps platform, with strong cloud growth, stable self-hosted business, and a growing security offering. AI and MLOps are expected to drive future opportunities, while strategic partnerships and channel expansion support long-term growth.
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JFrog continues to deliver strong growth and high retention, driven by its critical role in automating and securing software delivery for major enterprises. The company is expanding its platform with advanced security and AI integrations, while maintaining operational resilience and targeting significant long-term revenue and margin improvements.