Prepared Highlights
- Total revenue: Q4 2025 $145.3M, +25% YoY; FY2025 $531.8M, +24% YoY (CFO, prepared).
- Cloud revenue: Q4 $70.2M, +42% YoY (48% of total vs 43% prior year); FY $243.3M, +45% YoY (46% of total vs 39% prior year) (CFO).
- Self-managed/on-prem revenue: Q4 $75.1M; FY $288.5M, +11% YoY (CFO).
- Enterprise Plus subscriptions: Q4 57% of total revenues (vs 54% prior year), +33% YoY; FY +36% YoY (CFO).
- Security Core products (excl. Xray): FY 7% of total revenue; >10% of ending total ARR; 16% of RPO (vs 12% prior year) (CEO, CFO).
- Customer metrics: >$1M customers grew to 74 (+42% YoY); >$100K customers grew to 1,168 (+15% YoY); total customers ~6,600 (CEO, CFO).
- Net dollar retention: 119% trailing four quarters, +1 ppt from prior quarter (CFO).
- Gross retention: 97% as of Q4 2025 (CFO).
- Gross margin: Q4 83.7% vs 83.2% prior year; FY 2026 expected range 82%-83% (CFO).
- RPO (remaining performance obligation): $566M, +40% YoY (CFO).
- Free cash flow: Q4 $49.9M (34% margin); FY $142.2M (27% margin) (CFO).
- Cash & short-term investments: $704M at Dec 31, 2025 vs $522M at end of 2024 (CFO).
- Non-GAAP EPS: FY2025 $0.82 (+26% YoY) on ~122M diluted shares; FY2024 $0.65 on ~115M shares (CFO).
Official guidance (CFO, prepared):
- Q1 2026: Revenue $146M–$148M; non-GAAP operating profit $25M–$26M; non-GAAP diluted EPS $0.20–$0.22 (~127M shares).
- Full year 2026: Revenue $623M–$628M (+17.5% YoY at midpoint); non-GAAP operating income $106M–$108M; non-GAAP diluted EPS $0.88–$0.92 (~128M shares).
- Cloud growth assumption FY2026: baseline 30%–32%.
- Net dollar retention expectation FY2026: 117%.
Mgmt quotes:
- "2025 was a remarkable year for the Frogs. We didn't just fire on all cylinders, we set the pace." (CEO)
- "JFrog has now established itself as a complete system of record for software supply chain security that protects companies binaries, software packages and AI models even before software enters the organization." (CEO)
- "Our security, RPO and pipeline numbers show strong momentum carrying into 2026." (CEO)
- "We are very pleased by the results of the fourth quarter, exceeding the high end of the range on every metric we guided for the quarter." (CFO)
- "2025 is now in the rearview and I'm proud to say that what we committed to our partners, customers and shareholders was consistently delivered." (CEO)
Prepared Metrics
| Metric | Value | Speaker/Context |
|---|
| Total Revenue Q4 | $145.3M (+25% YoY) | CFO |
| Total Revenue FY2025 | $531.8M (+24% YoY) | CFO |
| Cloud Revenue Q4 | $70.2M (+42% YoY) | CFO |
| Cloud Revenue FY2025 | $243.3M (+45% YoY) | CFO |
| Enterprise Plus Revenue Q4 | 57% of total (+33% YoY) | CFO |
| Non-GAAP Operating Margin Q4 | 17.7% | CFO |
| Free Cash Flow Q4 | $49.9M (34% margin) | CFO |
| Free Cash Flow FY2025 | $142.2M (27% margin) | CFO |
| RPO as of Dec 31, 2025 | $566M (+40% YoY) | CFO |
| Cash & Short-Term Investments | $704M | CFO |
| Net Dollar Retention (TTM) | 119% | CFO |
| Gross Retention Q4 2025 | 97% | CFO |
| Customers >$1M | 74 (+42% YoY) | CEO |
| Customers >$100K | 1,168 (+15% YoY) | CEO |
| Security Core % of ARR | >10% | CEO, CFO |
| Security Core % of RPO | 16% (vs 12% prior year) | CFO |
Q&A Batch (1-5 of 5)
Q1 — Oscar Saavedra
- Topic: 客户数量变化趋势（转向高支出大客户）
- Key points:
- 公司主动聚焦更高消费意愿的大客户，100,000客户增量来自这一策略
- 问题：未来客户数量是否预计继续下降，同时大客户数量上升？
- Mgmt stance: 未提供具体回应（仅表示将回答，无实际内容）
Q2 — Radi Sultan
- Topic: 安全事件是否成为结构性增长驱动力
- Key points:
- 软件供应链攻击自3年前Log4j开始，后续有Python、NPM、Shai-Hulud三次事件
- 每个企业都意识到软件包/二进制文件需要保护；代码代理加速生成更多二进制文件
- 威胁趋势预计只会增长，JFrog安全套件专门应对
- Mgmt stance: 看涨——认为威胁环境永久性提高，公司产品直接受益
Q3 — Michael Cikos
- Topic: 安全事件与收入增长的关联规则
- Key points:
- 负责任的分析方式是看未采用JFrog安全的企业客户数量，仍有大量渗透空间
- JFrog Curation近两个季度“爆炸”增长，源于威胁真实、需要快速行动
- 新企业客户从订阅一开始就采用安全平台，三条增长路径：未使用安全的客户、新企业客户、已采用客户内部项目扩张
- Mgmt stance: 看涨——强调尚未渗透的客户基数大，且新客户自然带安全
Q4 — William Miller Jump
- Topic: AI驱动的二进制“海啸”是否导致客户消费超承诺
- Key points:
- 每周数据显示软件工件和二进制文件数量显著增加，因为每个开发者借助代码代理成为“超级开发者”
- 代理（如Anthropic、OpenAI、Gemini）比人类开发者更快，产生更多二进制文件
- JFrog作为单一可信源（系统记录）用于代理和开发者，预计规模
Q&A Batch (11-14 of 14)
Q11 — Jason Ader
- Topic: FY 2027 $800M revenue target and AI binary consumption impact on guidance
- Key points:
- $800M target is not part of current conservative guidance philosophy; focus is on delivering 2026 results.
- AI-related binaries (PyPI, NPM, Docker, Conda) show usage spikes, but management does not guide on usage trends.
- Customer commitments, not usage data, drive guidance; commitments occur only after usage stabilizes.
- Mgmt stance: Neutral – management avoids committing to aspirational targets and defers guidance to confirmed customer commitments.
Q12 — Andrew Sherman
- Topic: Curation demand acceleration post-NPM attack and pipeline growth
- Key points:
- Curation benefited from the NPM attack in late November, with strong Q4 performance.
- Pipeline for Curation is building forward, as mentioned in the call.
- Management does not quantify pull-forward of deals or year-over-year pipeline growth.
- Mgmt stance: Neutral – acknowledges benefit from security incidents but does not provide specific metrics on acceleration or pipeline size.
Q13 — Jonathan Ruykhaver
- Topic: DevOps/MLOps convergence, JFrog ML adoption trends for 2026
- Key points:
- JFrog ML was included in the platform in Q2 or Q3 2025; some customers already use it for full model lifecycle management.
- Models are treated as binaries, reinforcing JFrog as a central trusted source for both legacy and new artifacts.
- MLOps landscape is evolving with LLMs and code agents interacting with the platform; management will provide updates as market evolves.
- Mgmt stance: Neutral – acknowledges early adoption and evolving market, but no specific adoption metrics or 2026 expectations given.
Q14 — Eamon Coughlin
- Topic: MLOps consumption profile for LLMs vs. traditional binaries, JFrog positioning as LLM repository
- Key points:
- MLOps solution provides CI/CD for models; models are larger binaries than traditional ones, leading to higher data transfer and storage.
- Consumption-based pricing means higher usage (storage/data transfer) from models could increase customer commitments.
- Management tracks this closely but does not provide current consumption or commitment numbers.
- Mgmt stance: Neutral – highlights potential for monetization through storage, but no concrete results or guidance provided.