Cloud Crossed More Than Half of Revenue
JFrog's investor relations release (also carried on Business Wire) put total revenue at $179.2 million, up 31% from a year earlier. Cloud revenue was $101.5 million, up 60%, and accounted for 57% of total revenue, versus 46% a year ago. Non-GAAP diluted EPS was $0.32; GAAP diluted EPS was $0.05. Non-GAAP operating income was $40.7 million, a 22.7% margin. Free cash flow was $66.5 million, and remaining performance obligations were $812.4 million, up 60% year over year.
Trailing four-quarter net dollar retention was 124%, up from 118% a year earlier. Customers with more than $1 million of ARR rose to 112, up 58%, and customers above $100,000 of ARR rose to 1,357 from 1,121. Enterprise Plus subscriptions were 61% of revenue, up from 56%. Investing.com listed Street estimates near $165.8 million of revenue and $0.23 of adjusted EPS, so both headline lines beat.
Guidance That Cleared Consensus by Tens of Millions
The outlook did as much work as the quarter. For the fourth quarter, JFrog guided revenue to $183 million to $185 million and non-GAAP diluted EPS to $0.28 to $0.30. For full-year 2026, it raised revenue guidance to $680 million to $682 million and non-GAAP diluted EPS to $1.14 to $1.16. Investing.com put full-year consensus near $650.7 million of revenue and $0.98 of adjusted EPS, so the new midpoint sits tens of millions and more than a dime above those Street figures. On a day when many software and AI-linked names were sold in the cash session, a raise of that size is the kind of print that can reopen a name that just printed a double-digit regular-session loss.
Twenty-Four Percent Against a Twenty-Percent Monthly Chain
FROG does not list weekly options. The nearest listed expiry into the report was November 20. Delayed quotes around Thursday's close showed the November 20 $75 call near $6.10 bid / $7.70 ask and the $75 put near $7.00 / $8.70, a midpoint straddle near $14.75, or about 19.8% of the $74.62 close (Cboe delayed quotes). Break-evens on that midpoint sit near $59.87 and $89.37. An after-hours print near $92 is roughly $2.60 above the upper break-even: the $75 call would carry about $17 of intrinsic value against a straddle that cost about $14.75 at the midpoint. EarningsMoves had tracked an implied move near 20% into the report, consistent with that monthly chain.
Front-month implied volatility on those $75 strikes was quoted near 114% to 123% annualized. Once the event passes, that event premium usually collapses toward longer-dated levels. Those quotes are reference points, not fills: spreads are wide, after-hours stock prints can fade or extend before Friday's open, and equity options do not trade until 9:30 AM ET.
Soft Cash Session, Then a Gap Past Prepaid Premium
A stock that falls about 13% in the regular session and then gaps about 24% after the print is hard on short calls and short call spreads written into earnings, especially if Friday's open retests the after-hours high. Defined-risk call debit spreads or long calls that were already underwater into the close can recover from direction but still lose most of the remaining time value once implied volatility resets. Short straddles that looked cheap after the cash-session selloff are the structures under the most pressure when the gap clears the upper break-even. Our implied volatility guide covers how post-earnings IV usually compresses, and the OCC options disclosure document explains the risks of standardized options, including assignment.
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*By the OptionsPilot Editorial Team. Published November 5, 2026, 3:25 PM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
