Summary
Jamf reported second quarter revenue of $176.5 million, up 15.3% from the prior-year quarter. Year-to-date revenue reached $344.1 million, up 12.8%. Subscription revenue accounted for 98% of total revenue. The company said growth came from the Identity Automation acquisition, device expansion, cross-selling, and new customers. Annual recurring revenue was $710.0 million as of June 30, 2025, up 14% year over year. Dollar-based net retention was 103% for the trailing twelve months ended June 30, 2025, down from 106% a year earlier. Deferred revenue rose 10.3% to $408.2 million. Remaining performance obligations rose 20.9% to $612.4 million. The Identity Automation deal closed on April 1, 2025, for total consideration of $216.1 million, including $176.1 million paid at closing and $40.0 million deferred to October 1, 2025.
Gross profit rose 12.5% to $132.7 million, but gross margin slipped 1.9 percentage points to 75.2%. Year-to-date gross profit was $263.2 million, up 12.0%, with gross margin of 76.5%, down 0.5 percentage points. Operating loss narrowed 25.0% to $14.98 million, and operating margin improved 4.6 percentage points to negative 8.5%. Year-to-date operating loss narrowed 53.4% to $19.14 million, and operating margin improved 7.9 percentage points to negative 5.6%. Net loss widened 8.4% to $20.88 million, while diluted EPS was negative $0.16, down 6.7%. On a year-to-date basis, net loss narrowed 48.9% to $20.35 million, and diluted EPS was negative $0.16, up 48.4%. Non-GAAP operating income was $33.5 million, up from $23.5 million. Non-GAAP net income was $24.8 million, up from $19.7 million. Adjusted EBITDA was $35.3 million, up from $25.3 million. Non-GAAP gross profit was $141.6 million, and non-GAAP gross margin was 80%. Year-to-date non-GAAP operating income was $71.1 million, up from $45.7 million. Year-to-date non-GAAP net income was $55.0 million, up from $38.6 million. Year-to-date adjusted EBITDA was $74.7 million, up from $49.2 million.
Operating cash flow was $37.7 million for the quarter, up 163.5%. Year-to-date operating cash flow was $41.8 million, up 2726.3%. Capital expenditures were $0.8 million for the quarter, down 17.4%, and $3.9 million year to date, up 41.1%. The company also amended a hosting services agreement with a non-cancelable commitment of $147.3 million over the next three years. The strategic reinvestment plan announced on July 15, 2025, is expected to affect about 6.4% of full-time employees. The company estimates charges of $11.0 million to $12.5 million, with the majority in the third quarter of 2025 and completion substantially by the end of the fourth quarter of 2025.
Management pointed to macroeconomic risks including inflation, elevated interest rates, supply chain disruptions, tariffs, trade relations, and uncertainty that could reduce IT spending. Some customers have taken a more moderate outlook on hiring and device growth. The company also faces competition, retention pressure, and dependence on continued demand for Apple products. Dollar-based net retention of 103% shows expansion is modest. The Identity Automation acquisition adds identity and access management capabilities for education and healthcare, but it also increases amortization and integration work. The strategic plan aims to reduce operating costs and improve operating margins while allowing reinvestment. The plan is subject to local law and consultation requirements.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q2 FY2025 | Q1 FY2025 | QoQ | Q2 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $176.5M | $167.6M | +5.3% | $153.0M | +15.3% |
| Gross profit | $132.7M | $130.5M | +1.7% | $118.0M | +12.5% |
| Gross margin | 75.2% | 77.9% | -2.7 pp | 77.1% | -1.9 pp |
| Research & development | $39.2M | $35.5M | +10.6% | $34.8M | +12.8% |
| Sales & marketing | $64.2M | $59.7M | +7.6% | $61.9M | +3.8% |
| General & administrative | $35.9M | $32.7M | +9.8% | $34.4M | +4.2% |
| Total operating expenses | $147.7M | $134.7M | +9.7% | $138.0M | +7.0% |
| Operating income (loss) | -$15.0M | -$4.2M | -260.4% | -$20.0M | +25.0% |
| Operating margin | -8.5% | -2.5% | -6.0 pp | -13.1% | +4.6 pp |
| Net income (loss) | -$20.9M | $529.0K | -4046.1% | -$19.3M | -8.4% |
| Net margin | -11.8% | 0.3% | -12.2 pp | -12.6% | +0.8 pp |
| Diluted EPS | -$0.16 | $0.00 | -$0.16 | -$0.15 | -$0.01 |
| Net retention rate | 103.0% | 104.0% | -1.0 pp | 106.0% | -3.0 pp |
Risks
The filing expands on dependence on key personnel, noting recent senior management changes including a new CEO, CFO, and Chief Sales Officer in the last two years. It also states that the July 2025 strategic reinvestment plan is expected to impact approximately 6.4% of full-time employees and could negatively affect the ability to attract, integrate, retain, and motivate key employees.
The strategic reinvestment plan announced July 15, 2025 is intended to reduce operating costs and improve operating margins, with estimated charges of approximately $11.0 million to $12.5 million. The majority of charges are expected in Q3 2025, and execution is expected to be substantially complete by the end of Q4 2025, subject to local law and consultation requirements.
Dollar-based net retention rate was 103% for the trailing twelve months ended June 30, 2025, compared with 106% for the trailing twelve months ended June 30, 2024. The MD&A identifies existing customer retention and expansion as a key factor affecting performance.
The MD&A states that revenue, results of operations, and cash flows depend on overall demand for Apple products and Jamf products, and cites high inflation, elevated interest rates, supply chain disruptions, volatility in credit, equity, and foreign exchange markets, the Russia-Ukraine war, U.S. tariff announcements, potential retaliatory measures, and overall economic uncertainty. It also notes some customers have continued to take a more moderate outlook when planning future hiring and device growth needs.
Jamf completed the acquisition of Identity Automation on April 1, 2025 for total purchase consideration of $216.1 million, including $176.1 million paid upon closing and $40.0 million of deferred cash consideration due October 1, 2025. The MD&A attributes ARR growth partly to the acquisition and notes increased amortization expense from acquired intangible assets.
As of June 30, 2025, Jamf had $370.8 million outstanding on its 2026 Notes and entered into a $400.0 million 2025 Term Loan in May 2025. Interest (expense) income, net changed from income of $1.641 million in Q2 2024 to expense of $1.621 million in Q2 2025, primarily due to increased interest expense related to the 2025 Term Loan and lower earned interest rates.
The effective tax rate changed to (21.0)% for Q2 2025 from (7.6)% for Q2 2024, and to (20.4)% for the six months ended June 30, 2025 from (6.4)% for the six months ended June 30, 2024. The MD&A states the change was primarily due to the impact of the BEAT, which Jamf was not subject to prior to Q1 2025.
SaaS KPIs
All quarters →Non-GAAP Gross Profit Margin
Non-GAAP Operating Income Margin
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q2 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.