FROG

MKT CAP:$5B

JFrog Ltd.

Market Cap

$5B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$45.56-$14.01 (-23.52%)

Apr 20, 2026

Company Details

JFrog Ltd. provides DevOps platform in the United States. The company's products include JFrog Artifactory, a package repository that allows teams and organizations to store, update, and manage their software packages at any scale; JFrog Pi...

CEO

Shlomi Ben Haim

IPO Date

Sep 16, 2020

Website

www.jfrog.com

Key Metrics TTM

Revenue

$532M

+24.1% YoY

Net Income

-$72M

EPS (Diluted)

-$0.62

Free Cash Flow

$142M

Revenue / Share

$4.48

Gross Margin

76.7%

Operating Margin

-17.7%

Net Margin

-13.5%

FCF Margin

26.8%

P/S

10.3x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 13, 2026

$532M+24.1%EPS -$0.62

Q4 2025

Feb 13, 2026

$145M+25.2%EPS -$0.13

Q3 2025

Nov 7, 2025

$137M+25.5%EPS -$0.14

Q2 2025

Aug 8, 2025

$127M+23.5%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$64M	$50M	-$16M
Q2 22	$68M	$52M	-$19M
Q3 22	$72M	$56M	-$23M
Q4 22	$77M	$59M	-$20M
Q1 23	$80M	$61M	-$23M
Q2 23	$84M	$65M	-$17M
Q3 23	$89M	$69M	-$18M
Q4 23	$97M	$77M	-$15M
Q1 24	$100M	$80M	-$17M
Q2 24	$103M	$81M	-$19M
Q3 24	$109M	$82M	-$30M
Q4 24	$116M	$88M	-$25M
Q1 25	$122M	$92M	-$23M
Q2 25	$127M	$97M	-$26M
Q3 25	$137M	$106M	-$22M
Q4 25	$145M	$113M	-$23M

Valuation

Quarter	P/S	P/E
Q1 22	11.0x	—
Q2 22	9.2x	—
Q3 22	8.8x	—
Q4 22	7.9x	—
Q1 23	6.7x	—
Q2 23	9.0x	—
Q3 23	8.2x	—
Q4 23	9.7x	—
Q1 24	12.6x	—
Q2 24	10.3x	—
Q3 24	7.7x	—
Q4 24	7.5x	—
Q1 25	8.0x	—
Q2 25	10.5x	—
Q3 25	11.3x	—
Q4 25	14.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$5M	$4M
Q2 22	$4M	$3M
Q3 22	$5M	$4M
Q4 22	$7M	$6M
Q1 23	-$1M	-$1M
Q2 23	$17M	$16M
Q3 23	$26M	$25M
Q4 23	$33M	$32M
Q1 24	$17M	$17M
Q2 24	$17M	$16M
Q3 24	$28M	$27M
Q4 24	$49M	$48M
Q1 25	$29M	$28M
Q2 25	$36M	$35M
Q3 25	$30M	$29M
Q4 25	$51M	$50M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$988.0K
Q3 22	$2M
Q4 22	$891.0K
Q1 23	$266.0K
Q2 23	$507.0K
Q3 23	$591.0K
Q4 23	$618.0K
Q1 24	$841.0K
Q2 24	$732.0K
Q3 24	$936.0K
Q4 24	$634.0K
Q1 25	$647.0K
Q2 25	$627.0K
Q3 25	$1M
Q4 25	$840.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+41.3%	+45.3%
Q2 22	+39.4%	+38.8%
Q3 22	+34.1%	+33.6%
Q4 22	+29.2%	+26.6%
Q1 23	+25.3%	+28.9%
Q2 23	+24.1%	+17.6%
Q3 23	+23.1%	+11.8%
Q4 23	+27.1%	+16.1%
Q1 24	+25.7%	+13.5%
Q2 24	+22.4%	+20.3%
Q3 24	+23.0%	+30.3%
Q4 24	+19.3%	+25.6%
Q1 25	+22.0%	+24.3%
Q2 25	+23.5%	+25.4%
Q3 25	+25.5%	+14.0%
Q4 25	+25.2%	+19.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$19M	26.7%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$26M	29.0%
Q4 23	$28M	29.0%
Q1 24	$27M	27.2%
Q2 24	$29M	27.8%
Q3 24	$36M	33.4%
Q4 24	$39M	33.4%
Q1 25	$37M	30.1%
Q2 25	$38M	29.9%
Q3 25	$41M	29.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$25M	—	—	$41M
Q2 22	$26M	—	—	$45M
Q3 22	$32M	$15M	$33M	—
Q4 22	$30M	—	—	$50M
Q1 23	$35M	$14M	$35M	—
Q2 23	$32M	—	—	$51M
Q3 23	$33M	$16M	$38M	—
Q4 23	$33M	$18M	$41M	—
Q1 24	$36M	$17M	$43M	—
Q2 24	$37M	$17M	$46M	—
Q3 24	$43M	$18M	$51M	—
Q4 24	$45M	$18M	$50M	—
Q1 25	$43M	$19M	$51M	—
Q2 25	$47M	$20M	$54M	—
Q3 25	$51M	$20M	$56M	—
Q4 25	$54M	—	—	$82M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	41.3%	-21.3%	20.0
Q2 22	39.4%	-24.4%	15.0
Q3 22	34.1%	-27.4%	6.6
Q4 22	29.2%	-21.1%	8.1
Q1 23	25.3%	-24.1%	1.2
Q2 23	24.1%	-9.6%	14.6
Q3 23	23.1%	-16.0%	7.1
Q4 23	27.1%	-11.9%	15.1
Q1 24	25.7%	-12.8%	12.9
Q2 24	22.4%	-14.2%	8.3
Q3 24	23.0%	-21.0%	2.0
Q4 24	19.3%	-16.0%	3.4
Q1 25	22.0%	-12.9%	9.1
Q2 25	23.5%	-14.9%	8.6
Q3 25	25.5%	-6.8%	18.8
Q4 25	25.2%	-12.3%	12.9

Rule of 40

Revenue by Geography

Quarter	Israel	Rest of world	United States
Q1 22	$2M	$22M	$40M
Q2 22	$2M	$23M	$43M
Q3 22	$2M	$25M	$45M
Q4 22	$2M	$27M	$48M
Q1 23	$2M	$28M	$50M
Q2 23	$2M	$30M	$52M
Q3 23	$2M	$31M	$55M
Q4 23	$3M	$35M	$59M
Q1 24	$3M	$37M	$61M
Q2 24	$3M	$38M	$62M
Q3 24	$3M	$40M	$66M
Q4 24	$3M	$43M	$70M
Q1 25	$4M	$46M	$73M
Q2 25	$4M	$47M	$76M
Q3 25	$4M	$51M	$82M
Q4 25	$4M	$56M	$85M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$60M	$368M	$428M
Q2 22	$55M	$375M	$430M
Q3 22	$54M	$380M	$434M
Q4 22	$46M	$398M	$443M
Q1 23	$40M	$407M	$447M
Q2 23	$47M	$423M	$470M
Q3 23	$61M	$441M	$502M
Q4 23	$85M	$460M	$545M
Q1 24	$71M	$508M	$580M
Q2 24	$218M	$373M	$591M
Q3 24	$63M	$406M	$469M
Q4 24	$51M	$472M	$523M
Q1 25	$45M	$519M	$564M
Q2 25	$51M	$560M	$612M
Q3 25	$79M	$573M	$652M
Q4 25	$77M	$629M	$705M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	98M	+0.9%	+5.6%
Q2 22	99M	+1.1%	+5.6%
Q3 22	100M	+0.7%	+4.1%
Q4 22	100M	+0.9%	+3.6%
Q1 23	101M	+0.8%	+3.5%
Q2 23	103M	+1.2%	+3.6%
Q3 23	104M	+1.6%	+4.5%
Q4 23	105M	+1.1%	+4.8%
Q1 24	107M	+1.6%	+5.7%
Q2 24	109M	+1.8%	+6.3%
Q3 24	109M	-0.0%	+4.6%
Q4 24	112M	+2.8%	+6.3%
Q1 25	113M	+1.3%	+6.0%
Q2 25	115M	+1.6%	+5.8%
Q3 25	117M	+1.7%	+7.7%
Q4 25	119M	+1.3%	+6.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$63.7K	1K
Q2 22	$67.8K	1K
Q3 22	$72.0K	1K
Q4 22	$58.9K	1K
Q1 23	$61.4K	1K
Q2 23	$64.7K	1K
Q3 23	$68.2K	1K
Q4 23	$69.5K	1K
Q1 24	$71.7K	1K
Q2 24	$73.6K	1K
Q3 24	$77.9K	1K
Q4 24	$72.5K	2K
Q1 25	$76.5K	2K
Q2 25	$79.5K	2K
Q3 25	$85.6K	2K
Q4 25	$80.7K	2K

Revenue / Employee