The earnings call reflects JFrog's strong financial performance and growth in its cloud and security segments, bolstered by strategic partnerships. However, challenges in cloud adoption due to AI cost predictability and macroeconomic uncertainties pose potential risks.

Company Guidance

In the JFrog Second Quarter 2025 earnings call, guidance was provided for both Q3 and the full fiscal year. For the full year 2025, JFrog anticipates revenues between $507 million to $510 million, representing approximately 18.7% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be between $75 million and $78 million, with non-GAAP diluted earnings per share ranging from $0.68 to $0.70, based on an estimated share count of approximately 121 million. Cloud revenue growth is estimated to be between 34% to 36%, with expectations for net dollar retention to remain in the mid-teens throughout the year. For Q3, JFrog projects revenues between $127 million and $129 million, a non-GAAP operating profit between $16.5 million and $18.5 million, and non-GAAP earnings per diluted share of $0.15 to $0.17, assuming 122 million shares. These projections reflect cautious optimism amidst macroeconomic uncertainties and are supported by strong performance in cloud and security segments.

Strong Revenue Growth

JFrog reported Q2 2025 software revenue of $127.2 million, up 23% year-over-year, with cloud revenue growing 45% year-over-year to $57.1 million.

Increased Large Customer Base

Customers spending over $1 million annually grew to 61, up 45% year-over-year, and those spending over $100,000 annually grew to 1,076, a 16% increase.

Robust Operating Margin

Operating margin for Q2 was 15.2%, showing consistent execution with disciplined strategic investments.

Partnership with NVIDIA

JFrog was announced as a cornerstone software artifact repository for NVIDIA's enterprise AI initiatives, enhancing its credibility in the AI ecosystem.

Strong Cash Flow and RPO Growth

Cash flow from operations was $36.1 million, with free cash flow reaching $35.5 million. RPO increased by 75% year-over-year, reflecting strong multi-year commitments.

JFrog (FROG) Earnings, Revenues Date & History

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FROG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.16 / -	0.15	―	―	―
Aug 07, 2025	2025 (Q2)	0.16 / 0.18	0.15	20.00% (+0.03)
May 08, 2025	2025 (Q1)	0.16 / 0.20	0.16	25.00% (+0.04)
Feb 13, 2025	2024 (Q4)	0.14 / 0.19	0.19	0.00% (0.00)
Nov 07, 2024	2024 (Q3)	0.11 / 0.15	0.15	0.00% (0.00)
Aug 07, 2024	2024 (Q2)	0.14 / 0.15	0.11	36.36% (+0.04)
May 09, 2024	2024 (Q1)	0.14 / 0.16	0.06	166.67% (+0.10)
Feb 14, 2024	2023 (Q4)	0.13 / 0.19	0.04	375.00% (+0.15)
Nov 01, 2023	2023 (Q3)	0.08 / 0.15	0.02	650.00% (+0.13)
Aug 02, 2023	2023 (Q2)	0.05 / 0.11	-0.02	650.00% (+0.13)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FROG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$38.79	$43.62	+12.45%
May 08, 2025	$35.26	$39.00	+10.61%
Feb 13, 2025	$37.71	$39.80	+5.54%
Nov 07, 2024	$32.86	$31.10	-5.36%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.