JFrog Ltd. (FROG): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of JFrog Ltd. to see exactly how they are turning their unified, secure software supply chain vision into hard revenue, especially as they project Fiscal Year 2025 revenue landing between $523 million and $525 million. Honestly, the story isn't just about their universal artifact repository anymore; it's about capturing high-value Enterprise+ subscription bundles, which already drive 56% of their Q3 revenue, while securing deep integration across DevOps, DevSecOps, and MLOps for 82% of the Fortune 100. So, if you want the precise map of the key partnerships, activities, and revenue streams fueling this enterprise platform strategy, the full Business Model Canvas is detailed right here for your review.

JFrog Ltd. (FROG) - Canvas Business Model: Key Partnerships

You're looking at the structure that lets JFrog Ltd. scale its Liquid Software vision across the enterprise landscape. These relationships aren't just nice-to-haves; they are critical pathways to revenue and market penetration, especially in the cloud and AI spaces.

Major Cloud Providers: AWS, Microsoft Azure, and Google Cloud Platform

JFrog's hybrid, universal, multi-cloud platform is deployed across all major providers. The success of this strategy is clear in the numbers. For the third quarter of 2025, JFrog's total Cloud revenue hit $63.4 million, marking a 50% increase year-over-year. This cloud segment now accounts for 46% of the total Q3 2025 revenue of $136.9 million, up from 39% in the prior year period. Management noted this growth was driven by increased usage of artifacts, including those related to AI.

DevOps/DevSecOps Integrators: GitHub (2025 Tech Partner of the Year) and Sonar

The integration with GitHub is a cornerstone of the DevSecOps strategy. JFrog was honored as GitHub's 2025 Technology Partner of the Year on October 28, 2025. This recognition validates the co-engineered solution that unifies visibility, tracing a binary in Artifactory back to the precise GitHub commit. This joint effort supports software supply chain security by consolidating source-based findings from GitHub Advanced Security with binary-based findings from JFrog Advanced Security. The platform also natively integrates with GitHub code repositories and the GitHub Copilot IDE.

Strategic AI/ML Partners: NVIDIA and Hugging Face for model security

The expansion into MLOps is heavily reliant on ecosystem support. JFrog's Q3 2025 earnings call specifically cited strong growth driven by increased usage of artifacts like models coming from Hugging Face for AI and machine learning workloads. While direct financial metrics for the NVIDIA partnership aren't public, the enterprise focus is evident, as major consulting partners like Accenture, recognized by NVIDIA in March 2025, are driving AI Refinery platform adoption, which aligns with JFrog's need to secure the AI software supply chain.

Global Consulting Firms: Accenture and Deloitte for enterprise transformation services

These firms act as massive multipliers for enterprise adoption. Accenture, for instance, was recognized by Google Cloud in 2025 as the winner for Global: Artificial Intelligence - Innovation and Solutions and Global: Public Sector. Separately, NVIDIA named Accenture its Global Consulting Partner of the Year in 2025 for its AI Refinery platform. JFrog's success in landing large deals is supported by this ecosystem, evidenced by the increase in customers with greater than $1 million ARR reaching 71 in Q3 2025, a 54% increase year-over-year.

IT Service Management: ServiceNow for streamlined operations and evidence

While specific ServiceNow co-sell metrics aren't itemized, the focus on Governance and Compliance, including the release of JFrog AppTrust for GRC, points to deep integration needs within IT Service Management. The platform helps collect cryptographically verifiable evidence, integrating with systems like GitHub using OIDC-based trust for DevGovOps compliance.

Here's a quick look at the partnership impact points we can quantify from the late 2025 data:

Customers adopting the end-to-end JFrog Platform Enterprise+ subscription represented 56% of total revenue during the third quarter of 2025.

The Net Dollar Retention rate for the trailing four quarters was 118% as of Q3 2025.

JFrog ended Q3 2025 with $651.1 million in Cash, Cash Equivalents and Investments.

The company's Remaining Performance Obligations (RPO) totaled $508 million as of September 30, 2025.

Finance: review RPO growth against Q4 revenue guidance of $137.5 million midpoint by Monday.

JFrog Ltd. (FROG) - Canvas Business Model: Key Activities

Here's the quick math on the core operational metrics driving JFrog Ltd. as of late 2025.

Continuous R&D for the Software Supply Chain Platform

JFrog Ltd. poured significant capital into its platform development. Research and development expenses for the twelve months ending September 30, 2025, hit $0.187B. That represents a 25.62% increase year-over-year, showing a commitment to continuous evolution.

Integrating DevOps, DevSecOps, and MLOps workflows

The platform activity centers on unifying these distinct workflows. JFrog announced the release of JFrog ML, which delivers MLOps features, to all JFrog Enterprise cloud customers in the first quarter of 2025.

The platform unifies these areas, as stated by management, to form the foundation of enterprise software supply chains in the era of AI.

Enterprise sales execution and land-and-expand strategy

The execution of the enterprise go-to-market strategy is clearly reflected in the high-value customer growth. You can see the scale-up in the table below:

The land-and-expand motion is working; the Net Dollar Retention rate for the trailing four quarters was 118%. Honestly, that retention figure shows customers are deepening their commitment.

Managing and securing the universal artifact repository (Artifactory)

The core activity involves managing all artifact types as the system of record. Cloud revenue, a key indicator of SaaS adoption, reached $63.4 million in the third quarter of 2025, a 50% year-on-year increase. For the full fiscal year 2025, management projected total revenue between $523 million to $525 million.

The platform supports the broadest of technologies and artifact types, helping organizations serve and receive build outputs to any tool across pipelines.

Developing governance and compliance features (JFrog AppTrust)

JFrog actively develops features to automate and manage audit and compliance requirements. The company released AppTrust for Governance, Risk, and Compliance (GRC) in the third quarter of 2025, framing it as a solution for 'DevGovOps.'

This activity involves integrating evidence from an ecosystem of partners to create a trusted audit trail. The evidence partners for AppTrust include:

• GitHub
• ServiceNow
• Sonar
• Shipyard
• Troj.ai
• Gradle
• NightVision
• Akto
• Akuity
• CoGuard
• Dagger

AppTrust consolidates security, compliance, and operational data, providing a single, centralized view of an application's integrity.

JFrog Ltd. (FROG) - Canvas Business Model: Key Resources

You're looking at the core assets JFrog Ltd. (FROG) uses to run its business as of late 2025. These aren't just things they own; they are the competitive advantages that drive their recurring revenue streams.

Proprietary JFrog Platform IP (Artifactory, Xray, Pipelines)

The intellectual property is centered on the JFrog Software Supply Chain Platform, which the CEO positions as the definitive system of record for modern software development, security, and deployment, especially in the AI era. This platform is built around several core components:

• JFrog Artifactory: The universal binary repository manager, supporting all major programming languages, package managers, and technologies, now serving as a secure model registry for AI artifacts.
• JFrog Xray: The universal Software Composition Analysis (SCA) tool that natively integrates to continuously scan artifacts for security risks, compliance violations, and license issues across the entire software lifecycle.
• JFrog Pipelines: Next-generation CI/CD orchestration that uses standardized YAML syntax and integrates deeply with Artifactory and Xray for rapid build, security scanning, and deployment.

The platform's IP is continually expanded, with recent releases including JFrog AppTrust for evidence-based software release governance and the JFrog AI Catalog for governing and securing AI model delivery.

Global Engineering Talent and R&D Capabilities

A key resource is the deep technical expertise, particularly within the JFrog Security Research team, which informs the platform's intelligence. This team actively analyzes real-world threat data. For instance, based on an analysis of 140 high-profile Common Vulnerabilities and Exposures (CVEs), the JFrog Security Research team found that they reduced the severity rating of Critical CVEs 88% of the time and High CVE scores 57% of the time for vulnerabilities found in their Cloud customers' scanned applications. This capability to contextualize and de-risk vulnerability data is a direct output of their R&D investment.

Financial Strength and Liquidity

JFrog Ltd. maintains a strong balance sheet, providing significant flexibility for strategic investments and weathering economic shifts. As of the end of the third quarter of 2025, the company reported:

This cash position is up from $522 million at the end of 2024. Also, Remaining Performance Obligations (RPO) totaled $508 million as of September 30, 2025, reflecting strong forward-looking commitments.

Extensive Customer Base and Market Penetration

The customer base represents a massive installed base and a proven track record of expansion within the largest global enterprises. JFrog Ltd. serves a significant portion of the world's leading technology organizations. The penetration statistics as of late 2025 include:

• Fortune 100 Companies Served: 82%.
• Customers with greater than $1 million Annual Recurring Revenue (ARR): 71, up 54% year-over-year as of Q3 2025.
• Customers with greater than $100K ARR: 1,121 as of Q3 2025.
• Net Dollar Retention (NDR) for the trailing four quarters: 118%.

Furthermore, the stickiness of the platform is evident as revenue from the end-to-end Enterprise Plus subscription represented 56% of total revenue in Q3 2025, up from 50% in the prior year period. That's defintely a sign of platform consolidation.

Finance: draft 13-week cash view by Friday.

JFrog Ltd. (FROG) - Canvas Business Model: Value Propositions

You're looking at the core value JFrog Ltd. (FROG) delivers to its customers, which is why so many large enterprises rely on them. It's about making the entire software delivery process-from code to production-frictionless and secure, no matter where that software lives.

Unified platform for DevOps, DevSecOps, and MLOps

JFrog Ltd. (FROG) offers one central hub for all software assets, which is key when you consider the complexity developers face today. This unified approach is clearly reflected in their financial performance; for instance, in the third quarter of 2025, their cloud revenue hit $63.4 million, showing a massive 50% year-over-year increase. This growth is fueled by customers adopting their security and AI-related offerings alongside core DevOps functions.

The platform helps organizations manage the entire software supply chain, which is critical since the typical organization brings in about 458 new packages a year. The company serves over 7,300 customers, including 82% of Fortune 100 companies, showing deep enterprise penetration.

Secure and govern AI model delivery via JFrog AI Catalog

The rapid expansion of AI means governing models is now as important as governing code. JFrog addresses this with the AI Catalog, which acts as a centralized hub for discovery, access, and governance for AI/ML models. This is timely, as in 2024, over 1 million new ML models were added to public registries like Hugging Face, which also saw a 5x increase in malicious models. The AI Catalog helps you manage this risk by bringing models into the same trusted supply chain, providing end-to-end control.

Universal artifact management supporting 30+ package types

You need a repository that doesn't force you to use separate tools for every language or framework. JFrog Artifactory delivers this by natively supporting 40 unique package types, clients, and technologies. This breadth is a major differentiator, allowing you to consolidate management and security checks in one place. Here's a look at the scale they handle:

Hybrid and multi-cloud deployment flexibility (SaaS or self-hosted)

The platform is designed to meet you where you are, offering deployment as a major Software-as-a-Service offering or as a self-hosted solution. This flexibility is essential because market trends show that 92% of organizations now use a multicloud approach to optimize performance and avoid vendor lock-in. Furthermore, 56% of companies with over $500 million in revenue report using a hybrid cloud approach, making JFrog's deployment options a direct response to modern infrastructure reality.

Automated compliance and governance (DevGovOps) with verifiable evidence

Moving beyond just security, JFrog introduced JFrog AppTrust to automate governance, risk, and compliance (GRC) directly into the DevOps lifecycle-what they call DevGovOps. This is about providing verifiable evidence for every release, which is necessary because, according to a 2025 report, 40% of organizations still lack full visibility into the provenance of software running in production. AppTrust creates an Evidence System of Record, automating policy enforcement and ensuring every release is trusted and auditable. The company's focus on this area is clear, as they also reported a strong non-GAAP operating income of $25.6 million in Q3 2025.

• Automates policy gates for GRC integration.
• Provides signed evidence for irrefutable metadata.
• Helps close the 40% gap in software provenance visibility.
• Maintains strong customer loyalty, evidenced by a 118% Net Dollar Retention rate in Q3 2025.

Finance: draft 13-week cash view by Friday.

JFrog Ltd. (FROG) - Canvas Business Model: Customer Relationships

You're looking at how JFrog Ltd. (FROG) keeps its customers engaged and growing their spend, which is key to their financial story. The data from late 2025 shows a very sticky customer base.

The Net Dollar Retention rate for the trailing four quarters, as of the third quarter of 2025, held steady at an impressive 118%. This means that existing customers, on average, increased their spending by 18% over the year, which is the classic sign of successful land-and-expand motion. To back that up, the gross retention rate, which measures how many customers stayed without reducing spend, was 97% as of the third quarter of 2025. Management raised the full-year 2025 expectation for net dollar retention to above 116%.

This stickiness is heavily driven by the success of the dedicated enterprise sales motions. The number of customers with Annual Recurring Revenue (ARR) greater than $1 million grew to 71 in Q3 2025, a 54% increase year-over-year from the 46 customers reported in the year-ago period. Also, the cohort of customers spending over $100K ARR reached 1,121, marking a 16% year-over-year growth. The Customer Success teams are clearly effective at driving adoption of the full platform, as evidenced by the Enterprise+ subscription tier. Customers adopting the end-to-end JFrog Platform Enterprise+ subscription accounted for 56% of total revenue in Q3 2025, up from 50% in the prior year, with that contribution growing 39% year-over-year. Honestly, this signals that the enterprise go-to-market strategy is working to consolidate the software supply chain.

Engagement is also fostered through large-scale events. The annual user conference, SwampUP, held its 10th iteration in September 2025. The event is kept small and intimate by design, allowing for direct interaction between customers, analysts, and JFrog management. While the 2024 attendance was over 3,000 attendees, the 2025 event focused heavily on strategic vision, including the move into AI catalogs and agentic development.

Community-driven adoption is a foundational element, though specific freemium tier numbers aren't as public. The company has millions of users globally relying on its solutions. Furthermore, for newer strategic areas like AI, JFrog anticipates adoption of new features, such as FLY, starting with the community before moving into enterprise accounts. This bottom-up approach definitely helps seed future enterprise expansion.

Here is a quick look at the key customer metrics as of Q3 2025:

The relationship strategy is clearly focused on deep platform embedding, which translates directly into high retention and expansion revenue. You can see the focus on driving customers up the value chain:

• Guiding cloud customers with usage overages toward higher annual commitments.
• Focus on Enterprise+ subscription adoption for the end-to-end platform.
• Prioritizing customer success with extensive support and training resources.
• Leveraging community adoption for new product rollouts like FLY.
• Deep engagement via the annual SwampUP conference.

Finance: draft 13-week cash view by Friday.

JFrog Ltd. (FROG) - Canvas Business Model: Channels

You're looking at how JFrog Ltd. gets its software-the platform for the software supply chain-into the hands of developers and enterprises as of late 2025. The channel strategy is clearly shifting, with cloud adoption accelerating the mix away from traditional self-managed deployments.

Direct Enterprise Sales Force

The direct sales force is heavily focused on landing and expanding within major companies, which you can see in the growth of their highest-value accounts. This team is executing on enterprise go-to-market strategies, which management noted was a key driver for recent traction.

Here are the numbers showing that enterprise focus is paying off:

• Customers with Annual Recurring Revenue (ARR) greater than $1 million reached 71 as of the third quarter of 2025.
• That cohort of million-dollar-plus customers grew by 54% year-over-year.
• Customers spending $100,000 or more annually grew to 1,121 in Q3 2025, a 16% increase year-over-year.
• The adoption of the end-to-end JFrog Platform Enterprise+ subscription, which these direct sales efforts push, now accounts for 56% of total revenue, up from 50% in the year-ago period.

The company finished Q3 2025 with $651.1 million in cash, cash equivalents, and investments, giving the direct sales team plenty of resources to capture that enterprise momentum.

Cloud Provider Marketplaces (AWS, Azure, GCP)

The cloud channel is definitely the fastest-growing engine for JFrog Ltd. right now. It's not just about selling the software; it's about driving consumption on the major hyperscalers, which is reflected in the revenue mix.

The shift is stark:

This 50% jump in cloud revenue is a massive acceleration for a company that historically had a large self-managed base. It shows customers are definitely embracing the Software-as-a-Service (SaaS) offering for critical workloads.

Partner Ecosystem (System Integrators and Technology Partners)

JFrog Ltd. relies on a strong partner ecosystem to extend reach, especially for complex enterprise integrations and technology alignment. While specific revenue attribution from System Integrators isn't broken out, the technology partnerships are clearly validated by industry recognition.

For instance, JFrog was honored as GitHub's Technology Partner of the Year 2025. This recognition highlights deep, co-engineered integrations that deliver tangible benefits to joint customers, such as:

• Unified visibility and traceability from an Artifactory binary back to the precise GitHub commit.
• Consolidated security view combining GitHub Advanced Security (source scanning) and JFrog Advanced Security (binary scanning).
• A seamless developer experience that avoids context-switching between systems.

Also, the company announced a partnership with Hugging Face to secure machine learning models, showing the ecosystem extends into emerging areas like MLOps (Machine Learning Operations).

JFrog website and community for product downloads and trials

The community and direct digital channels serve as the top-of-funnel for developers who are the ultimate end-users. This is where the product mindshare is built, often leading to bottom-up adoption that the direct sales team later expands into Enterprise+ deals.

The platform is designed to meet developers where they are, which includes:

• Serving build outputs to any tool across pipelines.
• Meeting developers in their IDEs, Git repositories, and directly through their CLI (Command Line Interface).

While I don't have a specific number for trial sign-ups or community downloads for 2025, the overall Net Dollar Retention rate holding steady at 118% suggests that once users start, they stick around and expand usage, which is the goal of those initial touchpoints.

Finance: review the Q4 2025 sales pipeline coverage against the full-year revenue guidance of $523M-$525M by next Tuesday.

JFrog Ltd. (FROG) - Canvas Business Model: Customer Segments

You're looking at the core buyers for JFrog Ltd. (FROG) as of late 2025. The focus is clearly on organizations that build, secure, and deploy software at scale, which means targeting the enterprise level where compliance and supply chain integrity are non-negotiable.

The top tier of JFrog Ltd.'s customer base consists of Large Enterprises and Global 2000 companies. This segment is mission-critical, as evidenced by the fact that a majority of the Fortune 100 depend on JFrog solutions to securely embrace digital transformation. One data point suggests that JFrog Ltd. serves 82% of Fortune 100 companies. The overall customer base is substantial, standing at over 7,000 customers worldwide as of fiscal year 2024.

The most valuable customers, those with significant Annual Recurring Revenue (ARR), show rapid expansion. This high-value cohort is a key indicator of platform stickiness and successful land-and-expand motions within major accounts. Here's the quick math on the top spenders as of the third quarter of 2025:

The individuals driving the adoption and use of the JFrog Platform are the technical practitioners. This includes Software Developers, DevOps, and Security Professionals. The platform's evolution reflects this user base, with strong execution noted across DevOps, DevSecOps, and MLOps capabilities. The growth in platform adoption is directly tied to these users embracing the unified software supply chain approach, with customers adopting the end-to-end JFrog Platform Enterprise+ subscription representing 56% of total revenue in Q3 2025.

A definite growth area involves Organizations in regulated industries requiring strict compliance. JFrog Ltd. is actively expanding its focus into Governance and Compliance, innovating in the evolving domain of what they term 'DevGovOps'. This is supported by product releases like JFrog AppTrust, which is designed for evidence-based software release governance. This push directly addresses the stringent requirements of regulated sectors that need verifiable trust and compliance across their software artifacts, including those generated by AI/ML workflows, as seen with the launch of JFrog AI Catalog.

The core user groups and their associated platform focus areas include:

• Developers: Using Artifactory for universal artifact management.
• DevOps Teams: Utilizing Pipelines for automation and distribution.
• Security Professionals: Leveraging Xray and Curation for vulnerability scanning and security policy enforcement.
• MLOps Teams: Governing AI models via the new AI Catalog.

The Net Dollar Retention rate for the trailing four quarters was 118% as of Q3 2025. This metric shows that existing customers are increasing their spending by 18% on average over the year, which is a direct result of these user segments expanding their use of the platform across more workloads and security features.

Finance: draft 13-week cash view by Friday.

JFrog Ltd. (FROG) - Canvas Business Model: Cost Structure

You're looking at the core expenses JFrog Ltd. incurs to run its platform and drive its enterprise go-to-market strategy. For a company scaling its cloud presence, these costs are heavily weighted toward engineering talent and the infrastructure to support that growth. We'll look at the latest actual numbers from the third quarter of 2025, which gives us the clearest picture of the current cost base.

Significant investment in Research and Development (R&D).

JFrog Ltd. consistently allocates substantial capital to R&D to maintain its position as the system of record for the software supply chain, especially with the rapid evolution into AI model governance. For the third quarter ended September 30, 2025, the GAAP Research and Development expense was $51,167 thousand.

Sales and Marketing expenses for enterprise go-to-market.

The enterprise go-to-market motion, which drives the adoption of higher-value Enterprise+ subscriptions, is a major cost center. The GAAP Sales and Marketing expense for the third quarter of 2025 was $55,969 thousand.

Cloud infrastructure costs to support the SaaS offering.

As Cloud Revenue hit $63.4 million in Q3 2025, representing 46% of total revenue, the associated infrastructure costs are material. The GAAP Cost of Revenue specifically for Subscription-self-managed and SaaS for the third quarter of 2025 was $30,900 thousand. Management noted a focus on cost optimization with cloud service providers, expecting annual gross margins to remain between 82.5% and 83.5% for 2025.

Personnel costs for engineering, support, and sales teams.

Personnel costs are the largest driver across all operating expense categories. Total GAAP Operating Expenses for the third quarter of 2025 were $89,300 thousand, which represented 65% of the quarter's total revenue of $136.9 million. While the exact personnel spend is embedded within the GAAP figures for R&D, Sales and Marketing, and General and Administrative, it is the primary component of these investments.

Here's a look at the nine-month figures ending September 30, 2025, which better capture the scale of these investments over a longer period:

You can see the commitment to engineering talent is significant, with GAAP R&D for the nine-month period reaching $141,926 thousand. The Sales and Marketing spend over the same period was even higher at $164,212 thousand, reflecting the aggressive enterprise go-to-market strategy.

• GAAP Sales and Marketing expense for Q3 2025 was $55,969 thousand.
• GAAP General and Administrative expense for the nine months ended September 30, 2025, was $59,644 thousand.
• Customers with ARR greater than $1 million increased to 71 as of September 30, 2025.
• The company's full-year 2025 revenue outlook was projected between $523 million to $525 million.

JFrog Ltd. (FROG) - Canvas Business Model: Revenue Streams

You're looking at how JFrog Ltd. actually brings in the money, and honestly, the story is clearly shifting toward the cloud. As a seasoned analyst, I can tell you the mix of revenue sources is what really matters for valuation, so let's break down the numbers we have as of late 2025.

The core of JFrog Ltd.'s revenue generation is subscription-based, split between their managed cloud offering and the traditional self-managed licenses. The momentum is undeniably with the Software as a Service (SaaS) side of the business, which is growing fast and changing the overall revenue profile.

Here are the key components driving the top line:

• Subscription Revenue from Cloud (SaaS) services: This is the fastest growth engine, representing 46% of Q3 2025 revenue.
• High-value Enterprise+ subscription bundles: These comprehensive platform deals are capturing more of the total spend, making up 56% of Q3 2025 revenue.

To give you a clearer picture of the Q3 2025 snapshot, here's how the major components stack up against the total reported revenue of $136.9 million for that quarter:

Subscription Revenue from Self-managed (on-premises) licenses still contributes, but its proportion is shrinking relative to the cloud. While we don't have the exact Q3 2025 dollar amount for self-managed subscriptions specifically, we know that Cloud made up 46% of the total revenue in Q3 2025. This means the remainder, which includes self-managed licenses and other fees, accounted for the other 54% of that quarter's revenue base. For context, in Q4 2024, the self-managed segment saw growth of only 13% year-over-year, totaling $66.7 million then, so the shift is clear.

Regarding Usage-based overage fees for consumption exceeding contract minimums, this is an important nuance. Management has been clear that the reported baseline cloud growth forecast for the year excludes revenue generated from usage above customers' annual minimum commitments. This suggests that while overage fees are a component of revenue, they are treated separately from the core subscription growth metrics, which helps derisk the outlook, but we don't have a specific dollar amount for these overages in Q3 2025.

Finally, looking at the full picture for the year, the Total Fiscal Year 2025 Revenue Outlook is set between $523 million to $525 million. This implies a year-over-year growth rate of about 22.3% at the midpoint, which is healthy growth for a company of this scale.

Finance: draft 13-week cash view by Friday.