JFrog Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data JFrog Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	63.5	105	151	207	280	350	428	532
Cost of revenue	10.7	20	28.5	41.8	62.3	77	98.3	123
Gross profit	52.8	84.7	122	165	218	273	330	408
Research and development	25.9	29.7	41.1	79.6	121	135	161	195
Selling and marketing	35	44.1	60.9	97	131	151	190	224
General and administrative	18.8	17.8	34.5	56.7	55.6	63.1	70	81.2
Operating expenses	79.7	91.6	137	233	308	348	421	500
Operating income	-26.9	-6.94	-14.2	-68.4	-89.8	-75.5	-91.1	-91.9
Other non-operating income	1.31	3.17	2.05	0.74	5.09	21	25.3	25.8
Pre-tax income	-25.5	-3.77	-12.1	-67.6	-84.7	-54.5	-65.8	-66
Income tax	0.47	1.63	-2.74	-3.42	5.44	6.74	3.42	5.78
Net income	-26	-5.39	-9.41	-64.2	-90.2	-61.3	-69.2	-71.8
EBITDA	-25.7	-4.13	-10.5	-59.6	-75.2	-60.2	-69.6	-67.4
EPS, basic	-1.00	-0.20	-0.20	-0.68	-0.91	-0.59	-0.63	-0.62
EPS, diluted	-1.00	-0.20	-0.20	-0.68	-0.91	-0.59	-0.63	-0.62
Shares, basic (weighted)	26.1	27.1	46.5	94.8	99.2	103	110	116
Shares, diluted (weighted)	26.1	27.1	46.5	94.8	99.2	103	110	116
Dividend per share			0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	178	39.2	164	68.3	45.6	84.8	49.9	75.8
Short-term investments		127	434	353	398	460	472	629
Receivables		24.7	37	50.5	62.1	76.4	90.7	120
Other current assets		5.36	14.2	22.1	18.6	13	20	26.4
Total current assets		199	653	499	532	646	649	873
Property, plant and equipment		3.53	4.96	6.69	8.02	6.66	5.67	5.54
Lease right-of-use assets			0	26	24.6	22.4	14.2	12.1
Goodwill	1.63	17.3	17.3	248	248	248	372	372
Intangible assets		5.61	4.05	48	37.5	25.8	60.8	39.9
Other non-current assets		9.01	5.39	15.9	7.58	5.91	3.44	5.04
Total assets		238	689	853	871	973	1,130	1,341
Accounts payable		4.99	9.91	10.9	14.9	17	10.6	14.2
Accrued liabilities		5.33	8.8	17.6	28.8	35.8	51.9	78
Deferred revenue		72.7	91.8	129	159	201	247	310
Total current liabilities		86	123	175	210	262	318	408
Lease liabilities			0	20	16.8	14	6.18	6.68
Other non-current liabilities			1.55	0.71	3.06	4.32	5.62	7.33
Total liabilities		95.6	135	214	246	293	356	454
Paid-in capital		31.8	628	777	856	968	1,132	1,313
Retained earnings		-65.4	-74.8	-139	-229	-290	-360	-431
Treasury stock								0
Other comprehensive income	0	0.04	0.37	0.61	-2.77	1.01	0.66	5.77
Shareholders' equity	-38.7	-33.4	554	639	625	679	774	887
Total equity	-38.7	-33.4	554	639	625	679	774	887
Total liabilities and equity		238	689	853	871	973	1,130	1,341
Shares outstanding		27.9	92.1	97.3	101	106	113	120

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26	-5.39	-9.41	-64.2	-90.2	-61.3	-69.2	-71.8
Depreciation and amortization	1.12	2.81	3.66	8.75	14.7	15.3	21.5	24.5
Stock-based compensation	20.2	9.37	23.9	56.9	68.7	95.2	131	157
Deferred income tax	-0.89	0.11	0.58	-3.6	1.47	0.99	-1.39	1.14
Change in receivables	-6.96	-4.93	-12.3	-12.8	-11.2	-14.1	-13.5	-29.3
Change in payables	1.48	1.79	4.92	0.5	4.1	1.71	-7.32	3.62
Cash from operations	8.56	10	29.5	27.9	21.4	74.2	111	146
Capital expenditures	-2.08	-1.8	-3.52	-4.23	-4.33	-1.98	-3.14	-3.46
Acquisitions		-20.9	0	-196	-0.18	0	-157	0
Purchases of investments		-203	-451	-266	-411	-392	-514	-626
Cash from investing	-3.08	-150	-312	-126	-53.3	-53.5	-165	-152
Stock issued	0.27	1.22	3.47	6.84	5.92	9.99	10.4	12.1
Cash from financing	114	0.74	406	1.44	11	18.4	21.2	31.2
Exchange rate effect			0	0	-2.05	0.12	-0.95	1.25
Net change in cash	120	-139	124	-96.2	-22.9	39.2	-34.2	25.9
Free cash flow	6.49	8.2	25.9	23.7	17.1	72.2	108	142
Income taxes paid	2.97	2.07	-0.24	0.15	-1.71	5	4.24	7.94

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	77.9%	Gross profit / revenue.
Operating margin	-11.5%	Operating income / revenue.
EBITDA margin	-9.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-6.8%	Pre-tax income / revenue.
Net margin	-7.3%	Net income / revenue.
FCF margin	28.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.4%	Cash from operations / revenue.
Return on equity (ROE)	-4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.0%	Net income / average total assets.
Return on invested capital (ROIC)	-6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	35.0%	Research and development expense / revenue.
Stock-based pay / revenue	26.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	23.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	27.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	31.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	89.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	37.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	32.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	102.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	2.02x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.73x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.5%	Total liabilities / total assets.
Working capital	$541.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$558.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	74.1x	Revenue / average property, plant and equipment.
Receivables turnover	4.41x	Revenue / average receivables.
Days sales outstanding	83 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	3.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.36	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.93	Revenue / diluted weighted shares.
FCF per share	$1.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.45	Cash from operations / diluted weighted shares.
Book value per share	$7.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.54	Tangible book value / shares outstanding.
Cash per share	$6.70	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$11.00B	Share price x shares outstanding.
Enterprise value	$10.17B	Market cap + total debt - cash - short-term investments.
P/S	18.3x	Market cap / revenue.
P/B	11.4x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	19.7x	Market cap / tangible book value, when positive.
P/FCF	64.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	62.4x	Market cap / cash from operations, when positive.
EV/Sales	17.0x	Enterprise value / revenue.
EV/FCF	59.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.5%	Free cash flow / market cap.
Earnings yield	-0.4%	Net income / market cap (the inverse of P/E).

What was JFrog Ltd's revenue in fiscal 2025?

JFrog Ltd reported revenue of $531.8M for fiscal 2025, 24.1% higher than the year before.

Was JFrog Ltd profitable in fiscal 2025?

No. It reported a net loss of $71.8M.

How much free cash flow did JFrog Ltd generate in fiscal 2025?

Cash from operations of $145.7M minus capital expenditures of $3.5M left free cash flow of $142.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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