Akamai Technologies

AKAM · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

AKAM · Last close · October 26, 2026

$98.50

Akamai Technologies' revenue rose 5.4% to $4.2 billion in fiscal 2025. Its operating margin was 13.5%, up from 13.4% a year earlier. Free cash flow was $1.0 billion, down 10.4%. It paid out $800 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 4.7%.

Akamai Technologies, Inc Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001086222-26-000022 Updated October 9, 2026

Revenue

$4.2B

5.4%

Operating margin

13.5%

0.1 pts

Net income

$452M

10.5%

Free cash flow

$1.0B

10.4%

Return on capital

6.3%

0.8 pts

Market cap

$15.1B

Oct 26 close

P/E

35.6x

On $2.77 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Akamai Technologies does

Akamai sells internet services that help businesses and government agencies keep their websites, apps and networks secure, fast and running. It runs a large network of servers spread around the world, with more than 4,300 edge points-of-presence (sites close to users) in over 130 countries at the end of 2025. Its customers include companies such as Airbnb, eBay, Marriott and Spotify, and U.S. federal departments.

It sells three main kinds of service, mostly on contracts of a year or longer. Security, its largest line, blocks attacks such as floods of fake traffic, bad bots and break-ins through apps. Delivery speeds up websites and streams video, games and software downloads. Cloud computing rents computing power and storage, now including chips for running AI models close to users. Akamai reports one business segment. It competes with other content delivery, security and cloud computing providers, and expects to face the very large cloud companies more often. Customers may also build their own systems instead.

At the end of 2025 Akamai had over 11,000 employees in more than 30 countries, about 65% of them outside the U.S. In November 2025 it bought Fermyon, a company that lets developers run small programs at the edge of its network.

Its biggest risks, as it describes them

Slow or flat revenue growth, and failing to keep costs under control.
Large customers building their own delivery or security tools instead of buying Akamai's.
Not securing enough network capacity, data center space and equipment to run its network.
Outages or defects in its products and network, or attacks on its own systems.
Its new AI products may not succeed, and competition may outpace it as technology changes.

From Akamai Technologies's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 6.0% a year and net income 3.9% a year, as buybacks cut the share count by 17%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Akamai Technologies yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Akamai Technologies' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Akamai Technologies' fiscal 2025 free cash flow of $1.0B, net cash of −$2.9B at December 31, 2025 and 147 million diluted shares, from its filings. The scenarios are fitted to Akamai Technologies: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Internet Services & Infrastructure); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Akamai Technologies's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 8% then 5.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $98.50
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Akamai Technologies' earnings per share of $2.77 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.3×, the middle of Akamai Technologies' own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: GoDaddy, Verisign.

Earnings growth in the years ahead (% a year) Starts at Akamai Technologies' revenue growth over the last 3 years, 5.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $98.50
Value at this multiple, against the last close: —
Akamai Technologies' P/E at the last close: 35.6×

Company	Last close	Earnings per share	P/E today
Akamai TechnologiesAKAM	$98.50	$2.77	35.6×
VerisignVRSN	$308.72	$9.30	33.2×
GoDaddyGDDY	$109.82	$6.72	16.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,078	1,105	864	1,597	1,186
Debt incl. finance leases	1,976	2,285	3,538	2,397	4,105
Net debt (negative means net cash)	898	1,180	2,674	800	2,919
Net debt to EBITDA	0.7x	0.9x	2.2x	0.7x	2.3x
Debt to equity	0.4x	0.5x	0.8x	0.5x	0.8x
Interest coverage	10.8x	61.0x	36.0x	19.7x	18.4x
Current ratio	2.4x	2.4x	2.2x	1.2x	2.4x
Quick ratio	2.4x	2.4x	2.2x	1.2x	2.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Akamai Technologies shares on the open market, and 11 insiders sold $17.1 million, $9.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 25, 2026	Mani SundaramEVP and GM Security	Sold plan	7,022	$125.62	$882,104	Form 4
Sep 25, 2026	Kim Salem-JacksonEVP, Chief Marketing Officer	Sold plan	2,013	$128.00	$257,664	Form 4
Sep 15, 2026	Paul C JosephEVP - Global Sales	Sold plan	3,100	$105.63	$327,453	Form 4
Jul 15, 2026	Paul C JosephEVP - Global Sales	Sold plan	3,100	$126.77	$392,987	Form 4
Jun 18, 2026	Robert BlumofeChief Technology Officer	Sold plan	243	$129.41	$31,447	Form 4
Jun 10, 2026	Kim Salem-JacksonEVP, Chief Marketing Officer	Sold plan	2,300	$135.57	$311,811	Form 4
Mar 16, 2026	Paul C JosephEVP - Global Sales	Sold plan	5,000	$106.25	$531,263	Form 4
Mar 16, 2026	Aaron AholaEVP & General Counsel	Sold	4,500	$106.27	$478,215	Form 4
Mar 12, 2026	Adam KaronCOO & GM Edge Technology Group	Sold	17,000	$107.43	$1.8 million	Form 4
Mar 11, 2026	Anthony P WilliamsEVP and CHRO	Sold	15,000	$104.29	$1.6 million	Form 4
Mar 10, 2026	Edward J McGowanChief Financial Officer	Sold plan	13,745	$101.20	$1.4 million	Form 4
Mar 9, 2026	Mani SundaramEVP and GM Security	Sold plan	1,722	$98.58	$169,755	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	5 of 9	6 of 9
Accruals ratio	−8.8%	−10.0%	−9.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Akamai Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Akamai Technologies	FY25	5.4%	13.5%	24.0%	6.3%	2.3x	6
GoDaddy	FY25	8.3%	22.8%	31.8%	30.6%	2.2x	5	Compare
Cloudflare	FY25	29.9%	−9.6%	13.3%	−29.7%	—	3	Compare
Wix.com	FY25	13.2%	0.1%	29.2%	—	9.9x	7	Compare
Verisign	FY25	6.4%	67.7%	64.5%	—	1.1x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,340	2,503	2,714	2,894	3,198	3,461	3,617	3,812	3,991	4,208
Revenue growth	6.5%	7.0%	8.4%	6.6%	10.5%	8.2%	4.5%	5.4%	4.7%	5.4%
Gross profit	1,531	1,627	1,761	1,906	2,066	2,192	2,233	2,301	2,370	2,481
Research and development	168	222	246	261	269	335	391	406	471	514
Operating income	466	314	362	549	658	783	676	637	533	567
Net income	321	223	298	478	557	652	524	548	505	452
Diluted EPS (US$)	1.82	1.29	1.76	2.90	3.37	3.93	3.26	3.52	3.27	3.07
Diluted shares (millions)	176	173	169	165	165	166	160	155	154	147
Cash flow
Cash from operations	872	801	1,008	1,058	1,215	1,405	1,275	1,348	1,519	1,519
Capital expenditure	181	254	218	360	514	329	241	458	390	508
Free cash flow	691	547	791	699	701	1,076	1,033	891	1,129	1,011
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	374	361	750	334	194	522	608	654	558	800
Acquisitions	95	369	0	165	128	599	872	106	434	55
Stock-based compensation	144	164	184	187	197	203	217	328	393	459
Balance sheet at fiscal year end
Cash and short-term investments	324	313	1,892	1,537	1,098	1,078	1,105	864	1,597	1,186
Debt incl. finance leases	640	663	874	1,840	1,907	1,976	2,285	3,538	2,397	4,105
Total assets	4,373	4,649	5,462	7,007	7,764	8,139	8,303	9,900	10,369	11,480
Total liabilities	1,149	1,286	2,270	3,349	3,513	3,609	3,943	5,303	5,490	6,502
Shareholders' equity	3,270	3,362	3,192	3,658	4,251	4,530	4,360	4,597	4,878	4,977
Margins and ratios
Gross margin	65.4%	65.0%	64.9%	65.9%	64.6%	63.3%	61.7%	60.4%	59.4%	59.0%
Operating margin	19.9%	12.6%	13.3%	19.0%	20.6%	22.6%	18.7%	16.7%	13.4%	13.5%
Net margin	13.7%	8.9%	11.0%	16.5%	17.4%	18.8%	14.5%	14.4%	12.7%	10.7%
Free cash flow margin	29.5%	21.9%	29.1%	24.1%	21.9%	31.1%	28.6%	23.4%	28.3%	24.0%
Return on capital	9.1%	6.1%	10.7%	16.1%	13.5%	13.7%	10.0%	8.3%	7.1%	6.3%
Return on equity	10.0%	6.7%	9.1%	14.0%	14.1%	14.8%	11.8%	12.2%	10.7%	9.2%
Return on assets	7.5%	4.9%	5.9%	7.7%	7.5%	8.2%	6.4%	6.0%	5.0%	4.1%
Net debt to EBITDA	0.4x	0.5x	−1.3x	0.3x	0.7x	0.7x	0.9x	2.2x	0.7x	2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Akamai Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Akamai Technologies.