Revenue grew 25.8% year-over-year to $154.0 million in 2026Q1, though operating margins remain negative at -9.6% due to elevated operating expenses.
| Sales/Revenue | 563.41M | 531.84M | 428.49M | 349.89M | 280.04M | 206.68M | 150.83M | 104.72M | 63.53M |
| Revenue Growth % | 25.04% | 24.12% | 22.46% | 24.94% | 35.49% | 37.03% | 44.03% | 64.82% | - |
| Cost of Goods Sold | 126.87M | 123.45M | 98.3M | 77.04M | 62.29M | 41.82M | 28.45M | 20.04M | 10.82M |
| COGS % of Revenue | - | 23.21% | 22.94% | 22.02% | 22.24% | 20.24% | 18.86% | 19.13% | 17.03% |
| Gross Profit | 436.54M | 408.39M | 330.19M | 272.84M | 217.75M | 164.86M | 122.38M | 84.68M | 52.71M |
| Gross Margin % | 77.48% | 76.79% | 77.06% | 77.98% | 77.76% | 79.76% | 81.14% | 80.87% | 82.97% |
| Gross Profit Growth % | - | 23.68% | 21.02% | 25.3% | 32.08% | 34.72% | 44.51% | 60.64% | - |
| Operating Expenses | 517.75M | 498.31M | 421.29M | 348.39M | 307.59M | 233.23M | 136.57M | 91.62M | 78.8M |
| OpEx % of Revenue | - | 93.7% | 98.32% | 99.57% | 109.84% | 112.84% | 90.55% | 87.49% | 124.03% |
| Selling, General & Admin | 308.67M | 300.42M | 260.42M | 213.81M | 186.37M | 153.63M | 95.45M | 61.89M | 53.03M |
| SG&A % of Revenue | - | 56.49% | 60.78% | 61.11% | 66.55% | 74.33% | 63.29% | 59.1% | 83.47% |
| Research & Development | 204.61M | 195.09M | 160.86M | 134.58M | 121.22M | 79.6M | 41.11M | 29.73M | 25.77M |
| R&D % of Revenue | - | 36.68% | 37.54% | 38.47% | 43.29% | 38.52% | 27.26% | 28.39% | 40.55% |
| Other Operating Expenses | 2M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -81.68M | -89.93M | -91.1M | -75.55M | -89.84M | -68.37M | -14.19M | -6.94M | -26.08M |
| Operating Margin % | -14.5% | -16.91% | -21.26% | -21.59% | -32.08% | -33.08% | -9.41% | -6.62% | -41.06% |
| Operating Income Growth % | - | 1.28% | -20.58% | 15.91% | -31.4% | -381.74% | -104.58% | 73.41% | - |
| EBITDA | -58.33M | -65.42M | -69.64M | -60.24M | -75.19M | -59.62M | -10.53M | -4.13M | -24.96M |
| EBITDA Margin % | -10.35% | -12.3% | -16.25% | -17.22% | -26.85% | -28.85% | -6.98% | -3.94% | -39.29% |
| EBITDA Growth % | 20.16% | 6.05% | -15.59% | 19.87% | -26.1% | -466.11% | -155.2% | 83.47% | - |
| D&A (Non-Cash Add-back) | 23.35M | 24.5M | 21.46M | 15.3M | 14.65M | 8.75M | 3.66M | 2.81M | 1.12M |
| EBIT | -74.51M | -89.93M | -91.1M | -75.55M | -89.84M | -68.37M | -14.19M | -6.94M | -25.55M |
| Net Interest Income | 26.97M | 25.82M | 25.28M | 21.03M | 5.09M | 744K | 2.04M | 3.17M | 1.31M |
| Interest Income | 26.97M | 25.82M | 25.28M | 21.03M | 5.09M | 744K | 2.04M | 3.17M | 1.31M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 26.87M | 23.89M | 25.28M | 21.03M | 5.09M | 744K | 2.04M | 3.17M | 539K |
| Pretax Income | -54.81M | -66.04M | -65.82M | -54.52M | -84.75M | -67.63M | -12.15M | -3.77M | -25.55M |
| Pretax Margin % | -9.73% | -12.42% | -15.36% | -15.58% | -30.26% | -32.72% | -8.05% | -3.6% | -40.21% |
| Income Tax | 6.77M | 5.78M | 3.42M | 6.74M | 5.44M | -3.42M | -2.74M | 1.63M | 470K |
| Effective Tax Rate % | -12.36% | -8.76% | -5.19% | -12.36% | -6.42% | 5.06% | 22.57% | -43.23% | -1.84% |
| Net Income | -61.58M | -71.82M | -69.24M | -61.26M | -90.18M | -64.2M | -9.4M | -5.39M | -26.02M |
| Net Margin % | -10.93% | -13.5% | -16.16% | -17.51% | -32.2% | -31.06% | -6.24% | -5.15% | -40.95% |
| Net Income Growth % | 22% | -3.73% | -13.03% | 32.08% | -40.47% | -582.65% | -74.36% | 79.27% | - |
| Net Income (Continuing) | -61.58M | -71.82M | -69.24M | -61.26M | -90.18M | -64.2M | -9.4M | -5.39M | -26.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.51 | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 | -0.20 | -0.07 | -0.32 |
| EPS Growth % | 25.52% | 1.59% | -6.78% | 35.16% | -33.82% | -240% | -197.62% | 79% | - |
| EPS (Basic) | - | -0.62 | -0.63 | -0.59 | -0.91 | -0.68 | -0.20 | -0.07 | -0.32 |
| Diluted Shares Outstanding | 120.16M | 116.2M | 109.69M | 103.32M | 99.24M | 94.78M | 46.49M | 80.31M | 80.31M |
| Basic Shares Outstanding | 120.16M | 116.2M | 109.69M | 103.32M | 99.24M | 94.78M | 46.49M | 80.31M | 80.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Persistent GAAP operating losses
According to recent financial disclosures, JFrog has maintained a steady revenue growth trajectory, with the most recent quarter reporting a 25.8% year-over-year increase to $154.0 million, suggesting that the company's core binary repository platform continues to capture enterprise demand despite broader macroeconomic headwinds in software spending.
The stability in top-line expansion appears to reflect the mission-critical nature of the company's artifact management tools within enterprise CI/CD pipelines. Investors should monitor whether the shift toward consumption-based cloud pricing introduces greater volatility in future growth rates compared to the historical predictability of fixed-term subscription contracts.
As reported in quarterly filings, JFrog has sustained gross margins in the 75% to 79% range, with the most recent period reaching 78.2%, indicating that the company retains significant pricing power despite the increasing costs associated with supporting complex, multi-cloud hybrid infrastructure environments for its global client base.
While these margins are robust, they remain slightly below pure-play SaaS peers, likely due to the higher delivery costs inherent in supporting self-managed on-premise deployments. Any sustained compression in these margins may suggest that cloud hosting costs are outpacing the company's ability to pass those expenses through to customers.
Based on the provided income statement data, JFrog's operating margin has improved from a low of -27.4% in 2024Q3 to -9.6% in 2026Q1, suggesting that while the company is beginning to scale, it has yet to achieve the operating leverage required to reach consistent GAAP profitability.
The persistent gap between gross profit and operating income highlights the heavy investment in sales, marketing, and R&D necessary to maintain market share. Analysts should investigate whether the recent narrowing of operating losses is a result of genuine efficiency gains or merely a temporary reduction in discretionary spending.
Analysis of recent SEC filings reveals that stock-based compensation remains a significant non-cash expense, with $39.6 million recorded in 2026Q1 alone, which effectively obscures the underlying cash burn and complicates the assessment of the company's true path toward sustainable GAAP net income and positive earnings per share.
The reliance on equity-based incentives suggests that management is prioritizing talent retention in a competitive DevOps labor market, though this practice dilutes existing shareholders. Investors should scrutinize the relationship between these compensation levels and the company's ability to drive incremental revenue growth from its existing customer base.
As indicated by recent market trends, the intensifying integration of package management and security features by competitors like GitLab poses a potential threat to JFrog's pricing power, which warrants further investigation into whether the company's 'binary-first' moat can withstand the pressure of all-in-one DevOps platform consolidation.
If enterprise customers increasingly prioritize vendor consolidation over specialized binary management, JFrog may face significant headwinds in its 'expand' motion. This competitive dynamic could force the company to increase its sales and marketing spend, further delaying the achievement of GAAP profitability and pressuring long-term margin expansion.
Quick answers to the most common questions about buying FROG stock.
For fiscal year 2025, JFrog Ltd. (FROG) reported total revenue of $531.8M. This represents a 737.1% increase compared to $63.5M in 2018.
JFrog Ltd. (FROG) reported a net loss of $71.8M for the fiscal year ending 2025.
JFrog Ltd. (FROG) reported an operating income of $-89.9M, resulting in an operating profit margin of -16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
JFrog Ltd. (FROG) generated $408.4M in gross profit for the year, representing a gross profit margin of 76.8%. This demonstrates the company's core pricing power and production efficiency.