Jamf’s (NASDAQ:JAMF) Q2 Sales Beat Estimates, Stock Soars

August 07, 2025 at 17:38 PM EDT

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Apple device management company, Jamf (NASDAQ: JAMF) reported revenue ahead of Wall Street’s expectations in Q2 CY2025, with sales up 15.3% year on year to $176.5 million. Guidance for next quarter’s revenue was better than expected at $177 million at the midpoint, 0.7% above analysts’ estimates. Its non-GAAP profit of $0.18 per share was in line with analysts’ consensus estimates.

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Jamf (JAMF) Q2 CY2025 Highlights:

Revenue: $176.5 million vs analyst estimates of $168.6 million (15.3% year-on-year growth, 4.7% beat)
Adjusted EPS: $0.18 vs analyst estimates of $0.18 (in line)
Adjusted Operating Income: $33.49 million vs analyst estimates of $30.46 million (19% margin, 10% beat)
The company lifted its revenue guidance for the full year to $702.5 million at the midpoint from $693 million, a 1.4% increase
Operating Margin: -8.5%, up from -13% in the same quarter last year
Free Cash Flow Margin: 20.9%, up from 0.6% in the previous quarter
Billings: $176.5 million at quarter end, up 11.2% year on year
Market Capitalization: $941.5 million

Company Overview

Founded in 2002 by Zach Halmstad and Chip Pearson, right around the time when Apple began to dominate the personal computing market, Jamf (NASDAQ: JAMF) provides software for companies to manage Apple devices such as Macs, iPads, and iPhones.

Revenue Growth

A company’s long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last three years, Jamf grew its sales at a 16.3% compounded annual growth rate. Although this growth is acceptable on an absolute basis, it fell slightly short of our standards for the software sector, which enjoys a number of secular tailwinds.

This quarter, Jamf reported year-on-year revenue growth of 15.3%, and its $176.5 million of revenue exceeded Wall Street’s estimates by 4.7%. Company management is currently guiding for a 11.1% year-on-year increase in sales next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 8.6% over the next 12 months, a deceleration versus the last three years. This projection is underwhelming and suggests its products and services will face some demand challenges.

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Billings

Billings is a non-GAAP metric that is often called “cash revenue” because it shows how much money the company has collected from customers in a certain period. This is different from revenue, which must be recognized in pieces over the length of a contract.

Jamf’s billings punched in at $176.5 million in Q2, and over the last four quarters, its growth slightly outpaced the sector as it averaged 10.1% year-on-year increases. This performance aligned with its total sales growth and shows the company is successfully converting sales into cash. Its growth also enhances liquidity and provides a solid foundation for future investments. Jamf Billings

Customer Acquisition Efficiency

The customer acquisition cost (CAC) payback period represents the months required to recover the cost of acquiring a new customer. Essentially, it’s the break-even point for sales and marketing investments. A shorter CAC payback period is ideal, as it implies better returns on investment and business scalability.

Jamf does a decent job acquiring new customers, and its CAC payback period checked in at 44 months this quarter. The company’s relatively fast recovery of its customer acquisition costs gives it the option to accelerate growth by increasing its sales and marketing investments.

Key Takeaways from Jamf’s Q2 Results

We enjoyed seeing Jamf beat analysts’ EBITDA expectations this quarter. We were also happy its revenue outperformed Wall Street’s estimates. Overall, this print had some key positives. The stock traded up 5.6% to $7.77 immediately after reporting.

Indeed, Jamf had a rock-solid quarterly earnings result, but is this stock a good investment here? We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

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