The complimentary practices of DevOps, DevSecOps, DevGovOps, MLOps and AI development are converging within organizations, exposing new challenges in process, security, governance and compliance for software delivery. This unification continues to re-shape the composition of development teams, increase software volume, and expand enterprise digital footprints. As a pioneer in DevOps, DevSecOps, and DevGovOps, JFrog recognizes the unique potential of technology shifts and how they are best adopted within an organization.7From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$531.8M in 2025+408% since 2019Gross profit91011128$408.4M in 2025+382% since 2019Operating income91011128-$91.9M in 2025+1224% since 2019Net income91011128-$71.8M in 2025+1231% since 2019
Revenue1314$163.8M in Q2 FY2026+6% since Q1 FY2026Gross profit1314$127.6M in Q2 FY2026+6% since Q1 FY2026Operating income1314-$13.2M in Q2 FY2026+2% since Q1 FY2026Net income1314-$4.2M in Q2 FY2026−50% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Total subscription revenue
$531.8M
$428.5M
$349.9M
Total cost of revenuesubscription
$123.5M
$98.3M
$77.0M
Gross profit
$408.4M
$330.2M
$272.8M
Research and development
$195.1M
$160.9M
$134.6M
Sales and marketing
$223.9M
$190.4M
$150.7M
General and administrative
$81.2M
$70.0M
$63.1M
Total operating expenses
$500.2M
$421.3M
$348.4M
Operating loss
-$91.9M
-$91.1M
-$75.5M
Interest and other income, net
$25.8M
$25.3M
$21.0M
Loss before income taxes
-$66.0M
-$65.8M
-$54.5M
Income tax expense
$5.8M
$3.4M
$6.7M
Net loss
-$71.8M
-$69.2M
-$61.3M
Net loss per share, basic
-$0.62
-$0.63
-$0.59
Net loss per share, diluted
-$0.62
-$0.63
-$0.59
Weighted-average shares used in computing net loss per share, basic
116.2M shares
109.7M shares
103.3M shares
Weighted-average shares used in computing net loss per share, diluted
116.2M shares
109.7M shares
103.3M shares
No quarter-by-quarter statement was filed.
Total assets1591011128$1.3B in 2025+464% since 2019Total liabilities1591011128$453.9M in 2025+375% since 2019Shareholders’ equity1011128$887.4M in 2025Cash91011128$75.8M in 2025+94% since 2019
Total assets1314$1.5B in Q2 FY2026+11% since Q1 FY2025Total liabilities1314$528.6M in Q2 FY2026+16% since Q1 FY2025Shareholders’ equity1314$960.7M in Q2 FY2026+8% since Q1 FY2025Cash1314$96.7M in Q2 FY2026+27% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$75.8M
$49.9M
$84.8M
Short-term investments
$628.6M
$472.1M
Accounts receivable, net
$119.9M
$90.7M
Deferred contract acquisition costs
$22.3M
$16.5M
Prepaid expenses and other current assets
$26.4M
$20.0M
Total current assets
$873.0M
$649.2M
Property and equipment, net
$5.5M
$5.7M
Deferred contract acquisition costs, noncurrent
$34.3M
$25.0M
Operating lease right-of-use assets
$12.1M
$14.2M
Intangible assets, net
$39.9M
$60.8M
Goodwill
$371.5M
$371.5M
$248.0M
Other assets, noncurrent
$5.0M
$3.4M
Total assets
$1.3B
$1.1B
Accounts payable
$14.2M
$10.6M
Accrued expenses and other current liabilities
$78.0M
$51.9M
Operating lease liabilities
$5.8M
$7.8M
Deferred revenue
$309.6M
$247.2M
Total current liabilities
$407.5M
$317.5M
Deferred revenue, noncurrent
$32.4M
$27.1M
Operating lease liabilities, noncurrent
$6.7M
$6.2M
Other liabilities, noncurrent
$7.3M
$5.6M
Total liabilities
$453.9M
$356.4M
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; and 119,615,355 and 112,754,822 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
$335.0K
$315.0K
Additional paid-in capital
$1.3B
$1.1B
Accumulated other comprehensive income
$5.8M
$655.0K
Accumulated deficit
-$431.5M
-$359.7M
Total shareholders' equity
$887.4M
$773.5M
$679.1M
$624.8M
Total liabilities and shareholders' equity
$1.3B
$1.1B
Preferred stock par value
0.01 ILS
0.01 ILS
Preferred stock authorized
50.0M shares
50.0M shares
Preferred stock issued
0 shares
0 shares
Preferred stock Outstanding
0 shares
0 shares
Common stock par value
0.01 ILS
0.01 ILS
Common stock Authorized
500.0M shares
500.0M shares
Common stock issued
119.6M shares
112.8M shares
Common stock Outstanding
119.6M shares
112.8M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$75.8M
$49.9M
$84.8M
Short-term investments
$628.6M
$472.1M
Accounts receivable, net
$119.9M
$90.7M
Deferred contract acquisition costs
$22.3M
$16.5M
Prepaid expenses and other current assets
$26.4M
$20.0M
Total current assets
$873.0M
$649.2M
Property and equipment, net
$5.5M
$5.7M
Deferred contract acquisition costs, noncurrent
$34.3M
$25.0M
Operating lease right-of-use assets
$12.1M
$14.2M
Intangible assets, net
$39.9M
$60.8M
Goodwill
$371.5M
$371.5M
$248.0M
Other assets, noncurrent
$5.0M
$3.4M
Total assets
$1.3B
$1.1B
Accounts payable
$14.2M
$10.6M
Accrued expenses and other current liabilities
$78.0M
$51.9M
Operating lease liabilities
$5.8M
$7.8M
Deferred revenue
$309.6M
$247.2M
Total current liabilities
$407.5M
$317.5M
Deferred revenue, noncurrent
$32.4M
$27.1M
Operating lease liabilities, noncurrent
$6.7M
$6.2M
Other liabilities, noncurrent
$7.3M
$5.6M
Total liabilities
$453.9M
$356.4M
Preferred shares, NIS 0.01 par value per share; 50,000,000 shares authorized; 0 issued and outstanding as of December 31, 2025 and December 31, 2024
$0
$0
Ordinary shares, NIS 0.01 par value per share, 500,000,000 shares authorized; and 119,615,355 and 112,754,822 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
$335.0K
$315.0K
Additional paid-in capital
$1.3B
$1.1B
Accumulated other comprehensive income
$5.8M
$655.0K
Accumulated deficit
-$431.5M
-$359.7M
Total shareholders' equity
$887.4M
$773.5M
$679.1M
$624.8M
Total liabilities and shareholders' equity
$1.3B
$1.1B
Preferred stock par value
0.01 ILS
0.01 ILS
Preferred stock authorized
50.0M shares
50.0M shares
Preferred stock issued
0 shares
0 shares
Preferred stock Outstanding
0 shares
0 shares
Common stock par value
0.01 ILS
0.01 ILS
Common stock Authorized
500.0M shares
500.0M shares
Common stock issued
119.6M shares
112.8M shares
Common stock Outstanding
119.6M shares
112.8M shares
Cash from operations91011128$145.7M in 2025+1357% since 2019Capital spending91011128$3.5M in 2025+92% since 2019Free cash flow91011128$142.3M in 2025+1635% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net loss
-$71.8M
-$69.2M
-$61.3M
Depreciation and amortization
$24.5M
$21.5M
$15.3M
Share-based compensation expense
$156.7M
$131.1M
$95.2M
Non-cash operating lease expense
$9.0M
$8.4M
$8.5M
Net amortization of premium or discount on investments
-$5.2M
-$6.6M
-$6.4M
Losses (gains) on foreign exchange
-$819.0K
$642.0K
-$421.0K
Accounts receivable
-$29.3M
-$13.5M
-$14.1M
Prepaid expenses and other assets
-$5.5M
-$7.8M
$2.2M
Deferred contract acquisition costs
-$15.1M
-$12.1M
-$7.8M
Accounts payable
$3.6M
-$7.3M
$1.7M
Accrued expenses and other liabilities
$20.8M
$13.8M
$10.7M
Operating lease liabilities
-$8.8M
-$8.1M
-$7.7M
Deferred revenue
$67.8M
$60.1M
$38.4M
Net cash provided by operating activities
$145.7M
$110.9M
$74.2M
Purchases of short-term investments
-$625.9M
-$513.6M
-$392.4M
Maturities of short-term investments
$477.1M
$409.9M
$336.9M
Sales of short-term investments
$0
$98.2M
$4.0M
Purchases of property and equipment
-$3.5M
-$3.1M
-$2.0M
Payments for business combinations, net of cash acquired
$0
-$156.7M
$0
Net cash used in investing activities
-$152.3M
-$165.4M
-$53.5M
Proceeds from exercise of share options
$12.1M
$10.4M
$10.0M
Proceeds from employee share purchase plan
$11.9M
$8.7M
$6.7M
Proceeds from employee equity transactions, net of payments to tax authorities and employees
$7.2M
$2.1M
$1.7M
Net cash provided by financing activities
$31.2M
$21.2M
$18.4M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$1.3M
-$949.0K
$120.0K
Net increase (decrease) in cash, cash equivalents, and restricted cash
$25.9M
-$34.1M
$39.2M
Purchase of property and equipment during the period included in accounts payable
$53.0K
$60.0K
$187.0K
Fair value of ordinary shares issued as consideration for business combination
$0
$13.4M
$0
Fair value of replacement awards in business combination
JFrog Ltd sits at the top of its group. 3 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of JFrog Ltd
BlackRockFiled SCHEDULE 13G on JFrog Ltd, latest Jul 28, 2026
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What JFrog Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We are co-headquartered in Sunnyvale, California and in Netanya, Israel. We lease approximately 64,000 square feet of office space in Sunnyvale under leases expiring through 2031, and approximately 52,000 square feet of office space in Netanya under a lease expiring in 2026.
We lease all of our facilities and do not own any real property. We believe that our facilities are adequate for our current needs and anticipate that suitable additional space will be readily available to accommodate any foreseeable expansion of our operations.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
804 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 35 major events, 429 insider forms, 23 large holders, 297 other. The latest 20:
374 open-market trades by officers, directors and large owners since October 2021: 0 buys and 374 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).7
Risk factors and legal proceedings
The risks JFrog Ltd names in Item 1A of its 10-K filed Feb 13, 2026: 69 risks under these headings, as written.7
Risks Related to Our Business and Industry
Our business and operations have experienced significant growth, and if we do not appropriately manage future growth, if any, or are unable to improve and scale our systems, processes, and controls, our business, financial condition, results of operations, and prospects will be adversely affected.
Our recent results may not be indicative of our future performance, and we may not be able to sustain our revenue growth rate in the future. Our growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
Our results of operations are likely to fluctuate from quarter to quarter, which could adversely affect the trading price of our ordinary shares.
We have a history of losses and may not be able to achieve profitability on a consistent basis. If we cannot achieve profitability, our business, financial condition, and results of operations may suffer.
The markets for our products are maturing and may evolve more slowly or differently than we expect. Our future success depends on the growth and expansion of these markets and our ability to adapt and respond effectively to evolving markets.
We expect our revenue mix to vary over time, which could harm our gross margin and results of operations.
If we are not able to keep pace with technological and competitive developments or fail to integrate our products with a variety of technologies that are developed by others, our products may become less marketable, less competitive, or obsolete, and our results of operations may be adversely affected.
We may not be able to compete successfully against current and future competitors, some of whom have greater financial, technical, and other resources than we do. If we do not compete successfully, our business, financial condition, and results of operations could be harmed.
JFrog Artifactory is at the center of our platform and any decline in demand for JFrog Artifactory occasioned by malfunction, inferior performance, increased competition, or otherwise, will impact our business, results of operations and financial condition.
We recognize a significant portion of revenue from subscriptions over the term of the relevant subscription period, and as a result, downturns or upturns in sales may not immediately be fully reflected in our results of operations.
If our existing customers do not renew their subscriptions, our business and results of operations could be adversely affected.
The other 58 risks
If we are unable to increase sales of our subscriptions to new customers, sell additional subscriptions to our existing customers, or expand the value of our existing customers’ subscriptions, our future revenue and results of operations will be harmed.
We depend on our executive officers and other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could harm our business.
Our business and success depend in part on our strategic relationships with third parties, including our public cloud providers and our channel partners. If we fail to maintain or expand these relationships, our results of operations and reputation could be harmed.
A limited-functionality version of JFrog Artifactory is licensed under an open source license, which could negatively affect our ability to monetize our products and protect our intellectual property rights.
Our ability to achieve customer renewals and increase sales of our products is highly dependent on the quality of our customer support, and our failure to offer high quality support would have an adverse effect on our business, reputation, and results of operations.
Seasonality may cause fluctuations in our sales and results of operations.
A real or perceived defect, security vulnerability, error, or performance failure in our platform could cause us to lose revenue, expose us to liability, and damage our reputation.
Incorrect implementation or use of, or our customers’ failure to update, our products could result in customer dissatisfaction and negatively affect our business, operations, financial results, and growth prospects.
Interruptions or performance problems associated with our technology and infrastructure, and our reliance on technologies from third parties, may adversely affect our business operations and financial results.
We provide service-level commitments under our subscription agreements. If we fail to meet these or materially breach other contractual commitments, we could face liabilities or subscription termination with refunds of prepaid amounts, which would decrease our revenue and harm our business, financial condition, and results of operations.
If we are not able to maintain and enhance our brand, especially among developers, security teams, data scientists and IT operators, our business and results of operations may be adversely affected.
Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and entrepreneurial spirit we have worked to foster, which could harm our business.
Our inbound sales model may not continue to be as successful as we anticipate and our direct, traditional sales functions may not be able to fully compensate for a potential large downturn in the inbound business.
The sales prices of our products may fluctuate or decline, which may reduce our revenue and gross profit and adversely affect our financial results.
The length of our sales cycle can be unpredictable, particularly with respect to sales to large customers, and our sales efforts may require considerable time and expense.
We rely on traditional web search engines and AI-powered synopses to direct traffic to our website. If our website fails to rank prominently in these search results, traffic to our website could decline and our business would be adversely affected.
Unfavorable economic conditions may adversely affect our business and financial condition due to impacts on enterprise spending trends, including reductions in information technology spending and decreased demand for our products, which could limit our ability to grow our business.
We have acquired, and may in the future acquire, complementary businesses which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our results of operations.
Our failure to generate significant capital or raise additional capital necessary to expand our operations and invest in new products could reduce our ability to compete and could harm our business.
A minor portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks.
Issues in the development and use of AI, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business operations.
Expectations of our performance relating to sustainability and governance factors may impose additional costs and expose us to new risks.
Risks Related to our Intellectual Property
Failure to protect our proprietary technology and intellectual property rights could substantially harm our business and results of operations.
We could incur substantial costs as a result of any claim of infringement, misappropriation, or violation of another party’s intellectual property rights.
We may become subject to claims for remuneration or royalties for assigned service invention rights by our employees, which could result in litigation and would adversely affect our business.
Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, misappropriation, violation, and other losses.
Our use of open source software could negatively affect our ability to sell our products and subject us to possible litigation.
Risks Related to Privacy, Data Protection, and Cybersecurity
A breach of our security measures or unauthorized access to proprietary and confidential data, or a perception that any security breach or other incident has occurred, may result in our platform or products being perceived as not secure, lower customer use or stoppage of use of our products, and significant liabilities.
We are subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Our actual or perceived failure to comply with such obligations could harm our business.
Risks Related to Foreign Operations
Our international operations and expansion expose us to risks.
If we are not successful in sustaining and expanding our international business, we may incur additional losses and our revenue growth could be harmed.
As we conduct operations in China, risks associated with economic, political, and social events in China could negatively affect our business and results of operations.
We are subject to various governmental export controls, trade sanctions, and import laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate these controls.
Failure to comply with anti-bribery, anti-corruption, anti-money laundering laws, and similar laws, could subject us to penalties and other adverse consequences.
We are exposed to fluctuations in currency exchange rates, which could negatively affect our financial condition and results of operations.
Risks Related to Taxation
Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could expose us to greater than anticipated tax liabilities.
Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our results of operations.
The tax benefits that are available to us require us to continue to meet various conditions and may be terminated or reduced in the future, which could increase our costs and taxes.
We could be required to collect additional sales, use, value added, digital services, or other similar taxes or be subject to other liabilities that may increase the costs our clients would have to pay for our products which would adversely affect our results of operations.
Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
Risks Related to Our Ordinary Shares
The market price for our ordinary shares may be volatile or may decline regardless of our operating performance.
The concentration of our share ownership with insiders will likely limit your ability to influence corporate matters, including the ability to influence the outcome of director elections and other matters requiring shareholder approval.
If industry or financial analysts do not publish research or reports about our business, or if they issue inaccurate or unfavorable research regarding our ordinary shares, our share price and trading volume could decline.
Sales of substantial amounts of our ordinary shares in the public markets, or the perception that they might occur, could reduce the price that our ordinary shares might otherwise attain.
The issuance of additional shares in connection with financings, acquisitions, investments, our share incentive plans or otherwise will dilute all other shareholders.
Provisions of Israeli law and our amended and restated articles of association may delay, prevent, or make undesirable an acquisition of all or a significant portion of our shares or assets.
Our amended and restated Articles of Association provide that the federal district courts of the United States of America will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act, which could limit our shareholders’ ability to choose the judicial forum for disputes with us or our directors, shareholders, officers, or other employees.
We have not in the past and do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our ordinary shares.
Risks Related to Our Incorporation and Location in Israel
While most of our go-to-market and support services are located outside of Israel (mainly in the U.S., India, and Europe), given the conditions in Israel and the regional conflict in the Middle East, it is possible that our operations could be adversely affected over time, which could lead to a disruption in our business.
It may be difficult to enforce a U.S. judgment against us, our officers and directors in Israel or the U.S., or to assert U.S. securities laws claims in Israel or serve process on our Israeli officers and directors.
Your rights and responsibilities as our shareholder are governed by Israeli law, which may differ in some respects from the rights and responsibilities of shareholders of U.S. corporations.
We have received Israeli government grants for certain of our research and development activities. The terms of these grants may require us to satisfy specified conditions in order to develop and transfer technologies supported by such grants outside of Israel. In addition, in some circumstances, we may be required to pay penalties in addition to repaying the grants.
General Risk Factors
The requirements of being a public company may strain our resources and divert management’s attention.
If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
The impact of the regional conflict in the Middle East, the war between Russia and Ukraine, and other areas of geopolitical tension around the world, including the related global economic disruptions, remains uncertain at this time, and could harm or continue to harm our business and results of operations.
If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below expectations of securities analysts and investors, resulting in a decline in the trading price of our ordinary shares.
We are exposed to credit risk and fluctuations in the market values of our investment portfolio.
Catastrophic events, or man-made problems such as terrorism, may disrupt our business.
Legal proceedings
The information set forth under the heading “Legal Proceedings” in Note 11 to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K is incorporated herein by reference.