Jamf Holding Corp.

Jamf reported Q2 2025 revenue of $176.5 million, up 15% year over year, and non-GAAP operating income of $33.5 million with a 19% margin, up 360 basis points from Q2 2024. Adjusted EBITDA was $35.3 million with a 20% margin, and trailing 12-month unlevered free cash flow was $102.9 million, up 24% year over year. ARR increased 14% year over year to $710 million; Security ARR grew 40% to $203 million; recurring revenue grew 16% and represented 98% of total revenue. For Q3 2025, Jamf guided to revenue of $176 million to $178 million and non-GAAP operating income of $41.5 million to $42.5 million. For full-year 2025, it raised guidance to revenue of $701 million to $704 million and non-GAAP operating income of $153.5 million to $155.5 million, and still expects unlevered free cash flow growth of at least 75%.

John Strosahl framed the quarter as evidence that Jamf's platform strategy is working, pointing to wins in mobile, Mac, education, and security. He emphasized that customers want combined management and security in a single SKU, and said the company is broadening its addressable opportunity through Android enrollment, cross-sell, and channel expansion. His tone was upbeat and confident, with a focus on long-term growth and operational leverage rather than short-term disruption.

David Rudow highlighted that the Q2 beat was helped by timing of revenue recognition and stronger-than-expected Identity Automation results, which was a full-quarter contribution after the April 1 close. He said non-GAAP operating margin improved to 19%, sales and marketing improved by about 300 basis points as a percent of revenue, G&A improved by about 150 basis points, and trailing 12-month unlevered free cash flow reached $102.9 million. Cash ended Q2 at $482 million versus $222 million at Q1, driven mainly by the $400 million term loan facility and partly offset by the $175 million acquisition payment; proceeds will fund the $40 million deferred Identity Automation payment, repurchase some 2026 convertible notes, and support general corporate purposes.

Analysts focused on the new strategic reinvestment plan, asking whether it changes the path to the company’s Rule of 40 and whether it implies a different margin profile. Management said there is no change to the goal of exiting 2026 at a Rule of 40 run rate, and that the plan is meant to realign resources toward enterprise, channel, automation, and AI while extracting efficiencies in SMB. Questions also centered on channel momentum, Android support, and Identity Automation; management said channel adoption is increasing, over two-thirds of business now comes through the channel globally, Android enrollment is already getting interest from existing customers, and Identity Automation is being integrated into education with early cross-sells and a building pipeline.