Revenue growth has moderated to 15.2% in 2025Q3, while the company continues to struggle with operating leverage, evidenced by a -1.9% operating margin.
| Sales/Revenue | 690.59M | 627.4M | 560.57M | 478.78M | 366.39M | 269.13M | 203.97M | 146.56M |
| Revenue Growth % | 12.28% | 11.92% | 17.08% | 30.67% | 36.14% | 31.95% | 39.17% | - |
| Cost of Goods Sold | 160.08M | 141.33M | 112.11M | 119.23M | 90.36M | 61.01M | 55.96M | 49.3M |
| COGS % of Revenue | - | 22.53% | 20% | 24.9% | 24.66% | 22.67% | 27.44% | 33.64% |
| Gross Profit | 530.51M | 486.07M | 448.47M | 359.55M | 276.03M | 208.12M | 148M | 97.26M |
| Gross Margin % | 76.82% | 77.47% | 80% | 75.1% | 75.34% | 77.33% | 72.56% | 66.36% |
| Gross Profit Growth % | - | 8.39% | 24.73% | 30.26% | 32.63% | 40.62% | 52.17% | - |
| Operating Expenses | 565.22M | 555.17M | 563.72M | 498.42M | 352.23M | 225.58M | 169.93M | 127.25M |
| OpEx % of Revenue | - | 88.49% | 100.56% | 104.1% | 96.14% | 83.82% | 83.31% | 86.82% |
| Selling, General & Admin | 418.78M | 388.69M | 374.81M | 350.29M | 244.4M | 150.49M | 104.61M | 74.25M |
| SG&A % of Revenue | - | 61.95% | 66.86% | 73.16% | 66.7% | 55.92% | 51.29% | 50.66% |
| Research & Development | 147.25M | 138.96M | 134.42M | 119.91M | 82.54M | 52.51M | 42.9M | 31.52M |
| R&D % of Revenue | - | 22.15% | 23.98% | 25.04% | 22.53% | 19.51% | 21.03% | 21.5% |
| Other Operating Expenses | 2M | 27.51M | 54.49M | 28.23M | 25.29M | 22.57M | 22.42M | 221K |
| Operating Income | -34.71M | -69.1M | -115.25M | -138.87M | -76.2M | -17.45M | -21.92M | -29.99M |
| Operating Margin % | -5.03% | -11.01% | -20.56% | -29.01% | -20.8% | -6.48% | -10.75% | -20.46% |
| Operating Income Growth % | - | 40.05% | 17.01% | -82.24% | -336.64% | 20.39% | 26.91% | - |
| EBITDA | 18.24M | -22.15M | -64.95M | -84.04M | -29.13M | 21.06M | 15.16M | 3.92M |
| EBITDA Margin % | 2.64% | -3.53% | -11.59% | -17.55% | -7.95% | 7.82% | 7.43% | 2.68% |
| EBITDA Growth % | 163.3% | 65.9% | 22.72% | -188.48% | -238.34% | 38.92% | 286.61% | - |
| D&A (Non-Cash Add-back) | 52.96M | 46.95M | 50.3M | 54.83M | 47.07M | 38.51M | 37.08M | 33.91M |
| EBIT | -35.82M | -69.1M | -104.86M | -133.54M | -58.78M | -23.3M | -22.95M | -30.19M |
| Net Interest Income | -1.28M | 6.62M | 6.53M | -538K | -2.48M | -10.74M | -21.42M | -18.2M |
| Interest Income | 2.69M | 6.62M | 6.53M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.97M | 0 | 0 | 538K | 2.48M | 10.74M | 21.42M | 18.2M |
| Other Income/Expense | -5M | 4.34M | 7.44M | -3.34M | -3.78M | -16.59M | -22.45M | -18.56M |
| Pretax Income | -39.72M | -64.76M | -107.81M | -142.21M | -79.98M | -34.04M | -44.38M | -48.39M |
| Pretax Margin % | -5.75% | -10.32% | -19.23% | -29.7% | -21.83% | -12.65% | -21.76% | -33.02% |
| Income Tax | 1.57M | 3.7M | 2.28M | -913K | -4.79M | -9.96M | -10.03M | -12.14M |
| Effective Tax Rate % | -3.96% | -5.71% | -2.11% | 0.64% | 5.99% | 29.25% | 22.61% | 25.08% |
| Net Income | -41.29M | -68.45M | -110.09M | -141.3M | -75.19M | -24.08M | -34.34M | -36.26M |
| Net Margin % | -5.98% | -10.91% | -19.64% | -29.51% | -20.52% | -8.95% | -16.84% | -24.74% |
| Net Income Growth % | 40.54% | 37.82% | 22.09% | -87.93% | -212.22% | 29.88% | 5.27% | - |
| Net Income (Continuing) | -41.29M | -68.45M | -110.09M | -141.3M | -75.19M | -24.08M | -34.34M | -36.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.31 | -0.53 | -0.88 | -1.17 | -0.64 | -0.22 | -0.28 | -0.33 |
| EPS Growth % | 42.05% | 39.77% | 24.79% | -82.81% | -190.91% | 21.43% | 15.15% | - |
| EPS (Basic) | - | -0.53 | -0.88 | -1.17 | -0.64 | -0.22 | -0.28 | -0.33 |
| Diluted Shares Outstanding | 132.9M | 128.02M | 124.94M | 120.72M | 118.28M | 108.91M | 116.36M | 110.75M |
| Basic Shares Outstanding | 132.9M | 128.02M | 124.94M | 120.72M | 118.28M | 108.91M | 116.36M | 110.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Security pivot execution uncertainty
As reported in recent financial filings, Jamf's year-over-year revenue growth has decelerated to 15.2% in 2025Q3, reflecting a potential maturation in the core Apple device management market that necessitates a successful transition toward higher-value security modules to sustain historical expansion rates for the long term.
The company's revenue trajectory suggests that the initial tailwinds from enterprise Mac adoption are normalizing, placing increased pressure on the security-focused product suite to drive future growth. Investors should monitor whether the current growth rate can be maintained without significant increases in customer acquisition costs as the market for basic MDM becomes increasingly crowded.
Based on the provided income statement data, Jamf's operating margin improved to -1.9% in 2025Q3 from -27.8% in 2023Q2, indicating that while the company is scaling its revenue base, it has yet to achieve the operating leverage required to consistently generate positive GAAP operating income.
The persistent gap between gross profit and operating income suggests that heavy investment in R&D and sales infrastructure continues to weigh on the bottom line. While the trend toward breakeven is evident, the sustainability of this improvement warrants further investigation into whether it stems from genuine operational efficiency or temporary cost-cutting measures.
According to quarterly income statements, Jamf's reliance on stock-based compensation, which reached $21.9 million in 2025Q3, significantly obscures the company's underlying GAAP profitability, as these non-cash expenses frequently bridge the gap between reported net losses and the company's internal metrics for operational performance.
The recurring nature of these equity-based awards suggests that shareholders face ongoing dilution, which may not be fully captured in the headline EPS figures. Analysts should carefully adjust for these items to determine the true cash-generating capacity of the business model independent of its compensation structure.
Financial data indicates that Jamf's aggressive R&D spending on security modules has yet to yield a clear inflection in profitability, raising concerns that the company may struggle to compete against well-capitalized security incumbents as it attempts to move beyond its traditional device management utility role.
The shift toward security-centric offerings appears to be a defensive necessity, yet the lack of immediate margin expansion suggests that this transition is capital-intensive and fraught with execution risk. Investors should remain cautious regarding whether the company can successfully differentiate its security value proposition in a market dominated by established, broad-spectrum security platforms.
Quick answers to the most common questions about buying JAMF stock.
For fiscal year 2024, Jamf Holding Corp. (JAMF) reported total revenue of $627.4M. This represents a 328.1% increase compared to $146.6M in 2018.
Jamf Holding Corp. (JAMF) reported a net loss of $68.5M for the fiscal year ending 2024.
Jamf Holding Corp. (JAMF) reported an operating income of $-69.1M, resulting in an operating profit margin of -11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Jamf Holding Corp. (JAMF) generated $486.1M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.