JFROG Surpasses Expectations; Shares Drop 10.4% After Q4 Beat

JFrog (NASDAQ:FROG) reports Q4 CY2025 results exceeding expectations: revenue up 25.2% YoY to $145.3M, non-GAAP profit of $0.22/share 16.2% above consensus. Guidance for Q1 CY2026 is $147M at midpoint, 2.4% above estimates, and billings reach $178.5M, with a 22.8% average YoY growth over four quarters. The stock fell 10.4% to $48.67 in after-hours trading. Q4 net revenue retention was 118%, indicating 17.8% growth from existing customers alone. Management projects 20.1% YoY sales growth in Q1, while sell-side analysts average 15% CAGR over the next 12 months, down from the prior two-year run rate. Despite strong cash collection and healthy demand, growth is expected to decelerate, contributing to the price weakness following the report.