JFrog Ltd
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 13, 2026
FROG$100.98+35.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-14.
0000950170-25-021340
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-13.
0001193125-26-051382
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 100 previous paragraphs and 97 current paragraphs.
71 unchanged; 23 reworded; 2 added; 6 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Gross margin remained consistent for the year ended December 31, 2025 compared to the year ended December 31, 2024.
Current report
As of December 31, 2025, we had an additional commitment of $114.0 million for an operating lease related to a facility that had not yet commenced. The lease will commence in 2026 with a lease term of 10 years.
Removed paragraphs (6)
Previous report
Middle East Conflict
Previous report
On October 7, 2023, Hamas militants and members of other terrorist organizations infiltrated Israel’s southern border from the Gaza Strip and conducted a series of terror attacks on civilian and military targets. Following the attack, Israel’s security cabinet declared war against Hamas and commenced a military campaign against these terrorist organizations. Since the commencement of these events, there have been additional active hostilities, including with Hezbollah in Lebanon, Iran, and most recently, the Houthi movement which controls parts of Yemen. The conflict has recently expanded into Lebanon and though ceasefires have been reached with Hamas in Gaza and Hezbollah in Lebanon, it is possible that hostilities will resume without warning and escalate into a greater regional conflict, and that additional terrorist organizations and countries could actively join the hostilities.
Previous report
Although we are domiciled in Israel, we are a global, cloud-based company, with operations spanning numerous countries with redundant infrastructure and code located outside of Israel. We have activated and maintained a comprehensive three-pillar business continuity plan and have taken the necessary steps which we believe are in line with such plan, in an effort to ensure that our operations and service to our customers remain consistent. The first pillar is our internal plan focused on the safety of our employees in Israel and maintaining internal communication channels. The second pillar revolves around technology to support continuity of our services, security, cyber defense, and research and development. The third pillar is dedicated to our external-facing activities to promote continuity of customer engagements, support and external communication. While certain of our employees and consultants have been called into military service, there has been no major interruption or material adverse impact on our operating results as of the date of this Annual Report on Form 10-K. We will continue to monitor the situation as it progresses.
Previous report
(4) Includes legal settlement costs as follows:
Previous report
Gross margin slightly decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023, reflecting a shift in our revenue mix, as SaaS subscriptions, which incur higher hosting costs, contributed to a lower overall margin.
Previous report
Interest and other income, net increased for the year ended December 31, 2024 compared to the year ended December 31, 2023, primarily due to higher interest income as a result of higher interest rates on our deposits and marketable securities.
Reworded paragraphs (23)
Previous wording
JFrog provides a hybrid, universal, end-to-end software supply chain platform for delivering trusted, secure software updates from code to production. Our goal is to function as the single source of truth for an organization’s software footprint, bridging digital gaps between developers, security teams, machine learning engineers, data scientists, and other business units to empower a world of always-on, always-current software which we refer to as “Liquid Software.” As of December 31, 2024, we had a global customer base of approximately 7,300 organizations across all industries and sizes, including approximately 82% of Fortune 100 organizations. All of the top 10 technology organizations and top 10 financial services organizations, 8 of the top 10 retail organizations, 8 of the top 10 healthcare organizations, and all of the top 5 telecommunications organizations in the Fortune 500 have adopted the JFrog platform, embarking on their journey towards Liquid Software. For the year ended December 31, 2024, our 10 largest customers represented approximately 8% of our total revenue and 40% of our revenue was generated from customers outside of the United States.
Current wording
JFrog provides a foundational platform for managing and securing the software supply chain. The JFrog Platform enables organizations to unify software development, security, governance, and distribution across hybrid teams, including developers, security professionals, Artificial Intelligence/Machine Learning (“AI/ML”) engineers and Artificial Intelligence agents. It supports the consumption, creation, and continuous delivery of software from any user to any destination which we refer to as “Liquid Software.” During 2025, we revised our customer logo methodology to eliminate friction for our customers and sales teams to better align with global go-to-market practices, which resulted in the consolidation of certain organizations with multiple subsidiaries into a single entity. As of December 31, 2025, we had a global customer base of approximately 6,600 organizations across all industries and sizes, including approximately 83% of Fortune 100 organizations. All of the top 10 technology organizations and top 10 financial services organizations, 8 of the top 10 retail organizations, 8 of the top 10 healthcare organizations, and all of the top 7 telecommunications organizations in the Fortune 500 have adopted the JFrog Platform, embarking on their journey towards Liquid Software. For the year ended December 31, 2025, our 10 largest customers represented approximately 9% of our total revenue and 40% of our revenue was generated from customers outside of the United States.
Previous wording
We have designed our subscription structure and go-to-market strategy to align our growth with the success of our customers. Our business model benefits from our ability to serve the needs of all customers, from individual software developers, security teams, MLOps teams, and IT operators to the largest organizations, in a value-oriented manner.
Current wording
We have designed our subscription structure and go-to-market strategy to align our growth with the success of our customers. Our business model benefits from our ability to serve the needs of all customers, from individual software developers, security teams, AI/ML teams, and IT operators to the largest organizations, in a value-oriented manner.
Previous wording
We generate revenue from the sale of subscriptions to customers. We offer subscription tiers for self-managed deployments, where our customers deploy and manage our products across their public cloud, on-premise, private cloud, or hybrid environments, as well as JFrog-managed public cloud deployments, which we refer to as our SaaS subscriptions. Revenue from SaaS subscriptions contributed 39% of our total revenue for the year ended December 31, 2024, compared to 34% for the year ended December 31, 2023.
Current wording
We generate revenue from the sale of subscriptions to customers. We offer subscription tiers for self-managed deployments, where our customers deploy and manage our products across their public cloud, on-premises, private cloud, or hybrid environments, as well as JFrog-managed public cloud deployments, which we refer to as our SaaS subscriptions. Revenue from SaaS subscriptions contributed 46% of our total revenue for the year ended December 31, 2025, compared to 39% for the year ended December 31, 2024.
Previous wording
Our self-managed subscriptions are offered on an annual and multi-year basis, and our SaaS subscriptions are offered on a monthly, annual, and multi-year basis. Revenue from Enterprise Plus subscription represented approximately 51% of our total revenue for the year ended December 31, 2024, compared to approximately 46% for the year ended December 31, 2023. The growth in revenue from our Enterprise Plus subscription demonstrates the increased demand for our end-to-end solutions for customers’ entire software supply chain management.
Current wording
Our self-managed subscriptions are offered on an annual and multi-year basis, and our SaaS subscriptions are offered on a monthly, annual, and multi-year basis. Revenue from Enterprise Plus subscription represented approximately 56% of our total revenue for the year ended December 31, 2025, compared to approximately 51% for the year ended December 31, 2024. The growth in revenue from our Enterprise Plus subscription demonstrates the increased demand for our end-to-end solutions for customers’ entire software supply chain management.
Previous wording
We have an unwavering commitment to the software developer, security teams, MLOps teams, and IT operator communities, and show this commitment by offering varying forms of free access to our products in addition to the paid subscriptions described above. This free access takes the form of free trials and open source software, and helps generate demand for our paid offerings within the software developer, security and IT operator communities.
Current wording
We have an unwavering commitment to the software developer, security teams, AI/ML engineers, and IT operator communities, and show this commitment by offering varying forms of free access to our products in addition to the paid subscriptions described above. This free access takes the form of free trials and open source software, and helps generate demand for our paid offerings within the software developer, security professionals, AI/ML engineers, and IT operator communities.
Previous wording
We generated revenue of $428.5 million and $349.9 million for the years ended December 31, 2024 and 2023, respectively, representing year-over-year growth rate of 22%. We continued to invest in our business and had net loss of $69.2 million and $61.3 million for the years ended December 31, 2024 and 2023, respectively.
Current wording
We generated revenue of $531.8 million and $428.5 million for the years ended December 31, 2025 and 2024, respectively, representing year-over-year growth rate of 24%. We continued to invest in our business and had net loss of $71.8 million and $69.2 million for the years ended December 31, 2025 and 2024, respectively.
Previous wording
We believe that our future performance will depend on many factors, including the following:
Current wording
We believe that our future performance will depend on many factors, including, but not limited to, the following:
Previous wording
We quantify our expansion across existing customers through our net dollar retention rate. Our net dollar retention rate compares our annual recurring revenue (“ARR”) from the same set of customers across comparable periods. We define ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers so long as we generate revenue from these customers. We annualize our monthly subscriptions by taking the revenue we would contractually expect to receive from such customers in a given month and multiplying it by 12. We calculate net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). We then calculate the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. We then divide total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. Our net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. Our net dollar retention rate may fluctuate as a result of a number of factors, including the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. As of December 31, 2024 and 2023, our net dollar retention rate was 116% and 119%, respectively. We expect our net dollar retention rate to remain relatively stable, with minor fluctuations around current levels.
Current wording
We quantify our expansion across existing customers through our net dollar retention rate. Our net dollar retention rate compares our annual recurring revenue (“ARR”) from the same set of customers across comparable periods. We define ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers so long as we generate revenue from these customers. We annualize our monthly subscriptions by taking the revenue we would contractually expect to receive from such customers in a given month and multiplying it by 12. We calculate net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). We then calculate the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. We then divide total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. Our net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters. Our net dollar retention rate may fluctuate as a result of a number of factors, including the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. As of December 31, 2025 and 2024, our net dollar retention rate was 119% and 116%, respectively. We expect our net dollar retention rate to remain relatively stable, with minor fluctuations around current levels.
Previous wording
We focus on growing the number of large customers as a measure of our ability to scale with our customers and attract larger organizations to adopt our products. As of December 31, 2024, 1,018 of our customers had ARR of $100,000 or more, increasing from 886 customers as of December 31, 2023. We had 52 customers with ARR of at least $1.0 million as of December 31, 2024, increasing from 37 customers as of December 31, 2023.
Current wording
We focus on growing the number of large customers as a measure of our ability to scale with our customers and attract larger organizations to adopt our products. As of December 31, 2025, 1,168 of our customers had ARR of $100,000 or more, increasing from 1,018 customers as of December 31, 2024. We had 74 customers with ARR of at least $1.0 million as of December 31, 2025, increasing from 52 customers as of December 31, 2024.
Previous wording
We believe there is a significant opportunity to grow the number of customers that use our platform. As of December 31, 2024, approximately 32% of the Forbes Global 2000 were our customers. Our operating results and growth prospects will depend in part on our ability to attract new customers. To date, we have primarily relied on our self-service and inbound sales model to attract new customers. Prospective customers can evaluate and adopt our products through our free trials and open source software options. The costs associated with providing these free trials and open source software options are included in sales and marketing. While we believe we have a significant market opportunity that our platform addresses, we will need to continue to invest in customer support, research and development, and sales and marketing in order to address this opportunity.
Current wording
We believe there is a significant opportunity to grow the number of customers that use our platform. As of December 31, 2025, approximately 31% of the Forbes Global 2000 were our customers. Our operating results and growth prospects will depend in part on our ability to attract new customers. To date, we have primarily relied on our self-service and inbound sales model to attract new customers. Prospective customers can evaluate and adopt our products through our free trials and open source software options. The costs associated with providing these free trials and open source software options are included in sales and marketing. While we believe we have a significant market opportunity that our platform addresses, we will need to continue to invest in customer support, research and development, and sales and marketing in order to address this opportunity.
Previous wording
Sales and marketing expenses primarily consist of personnel-related expenses, share-based compensation expenses, sales commissions primarily associated with our sales and marketing organizations, public cloud infrastructure costs associated with our free trials and open source software options, and costs associated with marketing programs and user events. Marketing programs include advertising, promotional events, and brand-building activities. We plan to increase our investment in sales and marketing over the foreseeable future, as we continue to hire additional personnel and invest in sales and marketing programs.
Current wording
Sales and marketing expenses primarily consist of personnel-related expenses, share-based compensation expenses, sales commissions, public cloud infrastructure costs associated with our free trials and open source software options, and costs associated with marketing programs and user events. Marketing programs include advertising, promotional events, and brand-building activities. We plan to increase our investment in sales and marketing over the foreseeable future, as we continue to hire additional personnel and invest in sales and marketing programs.
Previous wording
The increase in total subscription revenue for the year ended December 31, 2024 compared to the year ended December 31, 2023 consisted of approximately $70.3 million growth from existing customers and the remaining attributable to new customers.
Current wording
The increase in total subscription revenue for the year ended December 31, 2025 compared to the year ended December 31, 2024 consisted of approximately $93.9 million growth from existing customers and the remaining attributable to new customers.
Previous wording
Total cost of revenue increased for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily attributable to an increase of $9.9 million in third-party hosting costs primarily driven by increased revenue from SaaS subscriptions, an increase of $4.8 million in personnel-related expenses mainly as a result of increased headcount, an increase of $4.8 million in share-based compensation expense as discussed in the section titled“Share-Based Compensation Expense” below, and an increase of $4.0 million in intangible amortization mainly as a result of our acquisition of Qwak AI Ltd. (“Qwak”) in July 2024, partially offset by a decrease of $2.5 million in costs associated with software and subscription costs.
Current wording
Total cost of revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily attributable to an increase of $10.6 million in third-party hosting costs primarily driven by increased revenue from SaaS subscriptions, an increase of $5.9 million in personnel-related expenses mainly as a result of increased headcount, an increase of $3.8 million in intangible amortization as a result of our acquisition of Qwak AI Ltd. (“Qwak”) in July 2024, and an increase of $2.2 million in share-based compensation expense as discussed in the section titled“Share-Based Compensation Expense” below.
Previous wording
Research and development expense increased for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily attributable to an increase of $15.5 million in share-based compensation expense, an increase of $9.0 million in personnel-related expenses mainly as a result of increased headcount, and an increase of $3.0 million in costs of development environments and tools, partially offset by a decrease of $3.6 million in compensation expense associated with holdback and retention arrangements from our acquisitions.
Current wording
Research and development expense increased for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily attributable to an increase of $20.7 million in personnel-related expenses mainly as a result of increased headcount and an increase of $10.0 million in share-based compensation expense.
Previous wording
Sales and marketing expense increased for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily attributable to an increase of $17.3 million in share-based compensation expense, an increase of $13.6 million in personnel-related expenses mainly as a result of increased headcount, an increase of $2.7 million in allocated overhead costs, and an increase of $2.6 million in commissions.
Current wording
Sales and marketing expense increased for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily attributable to an increase of $11.9 million in personnel-related expenses mainly as a result of increased headcount, an increase of $8.1 million in share-based compensation expense, an increase of $7.3 million in commission expense, and an increase of $5.1 million in allocated overhead costs.
Previous wording
General and administrative expense increased for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily attributable to an increase of $5.1 million in personnel-related expenses mainly as a result of increased headcount and an increase of $2.7 million in professional fees mainly related to legal and recruiting services.
Current wording
General and administrative expense increased for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily attributable to an increase of $5.2 million in share-based compensation expense and an increase of $5.0 million in personnel-related expenses mainly as a result of increased headcount.
Previous wording
The increase in share-based compensation expenses for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily attributable to grants to new and existing employees. Additionally, in 2024, we recognized $5.2 million share-based compensation expense primarily in research and development, related to Qwak acquisition holdback ordinary shares and replacement RSUs.
Current wording
The increase in share-based compensation expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily attributable to grants to new and existing employees. The increase also includes $5.4 million, mostly in research and development, related to ordinary share holdbacks and replacement equity awards from the Qwak acquisition.
Previous wording
Income tax expense decreased for the year ended December 31, 2024 compared to the year ended December 31, 2023 primarily due to higher excess tax benefits from share-based compensation awards and a discrete tax benefit in Israel attributable to the release of valuation allowance as a result of recognizing deferred tax liabilities associated with the Qwak acquisition.
Current wording
Income tax expense increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to the absence of a discrete tax benefit in Israel in 2024 attributable to the release of valuation allowance as a result of recognizing deferred tax liabilities associated with the Qwak acquisition, partially offset by higher excess tax benefits from share-based compensation awards.
Previous wording
As of December 31, 2024, our principal sources of liquidity were cash, cash equivalents, and short-term investments of $522.0 million. Cash and cash equivalents primarily consist of cash in banks and money market funds. Short-term investments generally consist of bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, and government and agency debt. We believe our existing cash, cash equivalents, and short-term investments, together with cash provided by operations, will be sufficient to meet our needs for the next 12 months, as well as in the long-term.
Current wording
As of December 31, 2025, our principal sources of liquidity were cash, cash equivalents, and short-term investments of $704.4 million. Cash and cash equivalents primarily consist of cash in banks and money market funds. Short-term investments generally consist of bank deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, and government and agency debt. We believe our existing cash, cash equivalents, and short-term investments, together with cash provided by operations, will be sufficient to meet our needs for the next 12 months, as well as in the long-term.
Previous wording
Net cash provided by operating activities of $74.2 million for the year ended December 31, 2023 was primarily related to our net loss of $61.3 million, adjusted for non-cash charges of $112.1 million, including share-based compensation expense of $95.2 million and depreciation and amortization of $15.3 million, and changes in our operating assets and liabilities of $23.3 million. The changes in operating assets and liabilities were primarily related to an increase of $38.4 million in deferred revenue and an increase of $10.7 million in accrued expense and other liabilities mainly due to higher accrued compensation and benefits, partially offset by an increase of $14.1 million in accounts receivable, an increase of $7.8 million in net deferred contract acquisition costs, and a decrease of $7.7 million in operating lease liabilities primarily as a result of payments. The increases in deferred revenue, accounts receivable, and deferred contract acquisition costs were driven by higher sales.
Current wording
Net cash provided by operating activities of $145.7 million for the year ended December 31, 2025 was primarily related to our net loss of $71.8 million, adjusted for non-cash charges of $184.1 million, including share-based compensation expense of $156.7 million and depreciation and amortization of $24.5 million, and changes in our operating assets and liabilities of $33.5 million. Changes in operating assets and liabilities were primarily related to an increase of $67.8 million in deferred revenue and an increase of $20.8 million in accrued expense and other liabilities mainly due to higher accrued compensation and benefits. These inflows were partially offset by an increase of $29.3 million in accounts receivable, an increase of $15.1 million in net deferred contract acquisition costs, and a decrease of $8.8 million in operating lease liabilities as a result of payments. The increases in deferred revenue, accounts receivable, and deferred contract acquisition costs were driven by higher sales.
Previous wording
Net cash used in investing activities of $53.5 million for the year ended December 31, 2023 consisted primarily of net purchase of short-term investments of $51.5 million.
Current wording
Net cash used in investing activities of $152.3 million for the year ended December 31, 2025 consisted primarily of net purchases of short-term investments of $148.8 million.
Previous wording
Net cash provided by financing activities of $18.4 million for the year ended December 31, 2023 consisted primarily of proceeds from exercise of share options of $10.0 million and proceeds from employee share purchases under our ESPP of $6.7 million.
Current wording
Net cash provided by financing activities of $31.2 million for the year ended December 31, 2025 consisted of proceeds from exercise of share options of $12.1 million, proceeds from our employee share purchase plan of $11.9 million, and net proceeds from employee equity transactions to be remitted to tax authorities or employees of $7.2 million.
Previous wording
Net cash provided by financing activities of $21.2 million for the year ended December 31, 2024 consisted primarily of proceeds from exercise of share options of $10.4 million and proceeds from employee share purchases under our ESPP of $8.7 million.
Current wording
Net cash provided by financing activities of $21.2 million for the year ended December 31, 2024 consisted primarily of proceeds from exercise of share options of $10.4 million and proceeds from our employee share purchase plan of $8.7 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Interest and other income, net remained consistent for the year ended December 31, 2025 compared to the year ended December 31, 2024.