Jamf (JAMF) Q2 Revenue Jumps 15%
Jamf posted $176.5 million in GAAP revenue, surpassing analyst estimates by $7.7 million (GAAP).
Non-GAAP operating income rose 42.6% to $33.5 million, with record Security ARR up 40% year-over-year to $203 million.
Net loss (GAAP) widened to $20.9 million despite improved operating results and strong cash generation.
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Jamf (NASDAQ:JAMF), a tech firm specializing in Apple device management and enterprise security, reported results on August 7, 2025. The company delivered $176.5 million in GAAP revenue, topping GAAP expectations of $168.8 million. Non-GAAP earnings per share (EPS) reached $0.18. Non-GAAP operating income jumped to $33.5 million, up from $23.5 million in non-GAAP operating income in Q2 2024. The most notable news was steady top-line growth, as Jamf reported GAAP revenue growth of 15% year-over-year. and a 40% year-over-year boost in Security annual recurring revenue (ARR) after the recent Identity Automation acquisition. However, GAAP net losses expanded, mainly due to higher integration and transformation costs. Overall, the period showed strong underlying growth.
Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change
EPS (Non-GAAP) $0.18 $0.17 $0.14 28.6%
Revenue (GAAP) $176.5 million $168.8 million $153.0 million 15.4%
Gross Profit (Non-GAAP) $141.6 million $124.9 million 13.4%
Operating Income (Non-GAAP) $33.5 million $23.5 million 42.6%
Adjusted EBITDA $35.3 million $25.3 million N/A
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q2 2025 earnings report.
What Jamf Does and Where It's Focused
Jamf provides cloud-based software to help businesses and schools manage, secure, and automate Apple devices. Its platform is designed to work seamlessly with Apple products such as iPads, iPhones, and Macs. Jamf's approach centers on providing IT departments with advanced controls for security and user experience in Apple-first environments.
Jamf's current business strategy hinges on several key areas. The most important is its Apple-first approach. This means every product is built with Apple integration in mind, helping Jamf win customers who need advanced but easy-to-use management. Its main customers include large corporations, hospitals, and schools. Another focus is product innovation, especially investing in artificial intelligence (AI) and automation to stay ahead as Apple devices proliferate in the workplace. Building recurring revenue through its software-as-a-service (SaaS) model and keeping customer satisfaction high remain core to its long-term growth.
Q2 2025: Revenue Growth, Security Shift, and Cost Pressures
The second quarter marked a solid revenue performance as total sales (GAAP) climbed 15% year over year, surpassing management's outlook and Wall Street estimates. Subscription revenue, which makes up almost all of Jamf's sales, increased 15.6% year-over-year. International business delivered year-over-year revenue growth of 15%.
Security products emerged as a key revenue engine, as Security ARR jumped 40% year-over-year to $203 million, now making up 29% of total ARR as of June 30, 2025. With the integration of Identity Automation—a recent acquisition focused on digital identity and cybersecurity—the company aims to address security and compliance needs more directly for its customers. This shift diversifies Jamf's revenue away from basic management tools toward a broader range of enterprise services.
Margins improved on an operating basis, with non-GAAP gross margin at 80% and non-GAAP operating income up by $10.0 million year over year. However, some pressure appeared on non-GAAP gross margins (down from 82% in Q2 2024, now at 80%). The company also highlighted the launch of a new platform reinvestment plan designed to accelerate AI innovation and enhance go-to-market activities.
Despite strong recurring revenue and higher profits before certain costs, the company's GAAP net loss widened to $20.9 million. Management cited heavier charges related to stock-based compensation totaling $27.8 million. No dividend is paid to shareholders.
Looking Ahead: Guidance and Key Watch Points
For Q3 2025, management is guiding for total revenue between $176.0 and $178.0 million. Non-GAAP operating income is expected in the range of $41.5 to $42.5 million, up from $33.5 million in non-GAAP operating income. For the full year, Jamf raised its outlook, projecting total revenue between $701.0 and $704.0 million and non-GAAP operating income between $153.5 and $155.5 million. The unlevered free cash flow (non-GAAP) is forecast to rise at least 75% year-over-year. Management has not provided guidance for GAAP earnings per share, citing volatility in items such as stock-based compensation and integration costs.
Investors may focus on several trends going forward. First, the success of the Identity Automation integration and further expansion of security offerings could reshape Jamf's business mix. Second, continued investment in AI and automation are key to keeping Jamf's platform competitive as the enterprise software landscape shifts. Finally, monitoring net retention rates and margin trends will be important as costs rise and the company seeks to balance growth with profitability.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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