Fastly

FSLY · Nasdaq · Information Technology · Financials, fiscal 2017 to 2025

FSLY · Last close · November 6, 2026

$15.85

Fastly's revenue rose 14.8% to $624 million in fiscal 2025. Its operating margin was −19.1%, up from −30.9% a year earlier. Free cash flow was $66 million, up 982.1%. The diluted share count rose 6.4%.

FASTLY, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001517413-26-000053 Updated November 5, 2026

Revenue

$624M

14.8%

Operating margin

−19.1%

11.8 pts

Net income

−$122M

Free cash flow

$66M

982.1%

Return on capital

−9.7%

3.4 pts

Market cap

$2.5B

Nov 6 close

P/E

—

Loss: no P/E

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.

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

What Fastly does

Fastly runs what it calls an edge cloud: a network of servers placed close to internet users. Companies use it to deliver websites, apps, video and other content quickly, to run software code near their users, and to block attacks such as bots, web application attacks and denial-of-service floods. It grew out of the content delivery network (a system that speeds up delivery of web content) and has added security and computing services.

Fastly sells access to this platform to organizations of all sizes, including large companies that run around the clock. Its customers come from ecommerce, streaming media, gaming, digital publishing, high tech and financial services. Fastly says it also handles traffic from AI agents, and that it helps customers manage that traffic and block abuse.

Revenue depends heavily on a limited number of customers. Fastly's 10 largest customers generated 32% of its revenue in the twelve months ended December 31, 2025.

Its biggest risks, as it describes them

Outages or defects in its platform that could cost it customers or lead to claims.
Winning new enterprise customers and getting existing ones to use more of the platform.
Depending on a limited number of customers, in a limited number of industries, for much of its revenue.
Component delays, shortages or price increases that could slow the building of its servers.
A history of operating losses.

From Fastly's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Fastly lost money in fiscal 2025: a net loss of $122 million.

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

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	528	518	323	296	362
Debt incl. finance leases	977	749	361	340	362
Net debt (negative means net cash)	449	231	38	44	0
Net debt to EBITDA	—	—	—	—	—
Debt to equity	1.0x	0.8x	0.4x	0.3x	0.4x
Interest coverage	−41.8x	−41.8x	−48.9x	−61.1x	−9.4x
Current ratio	4.7x	4.2x	3.1x	4.2x	2.6x
Quick ratio	4.7x	4.2x	3.1x	4.2x	2.6x

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.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Fastly's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Fastly's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Fastly shares on the open market, and 8 insiders sold $86.4 million, $73.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 29, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	3,961	$25.26	$100,055	Form 4
Sep 28, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	33,078	$24.75	$818,776	Form 4
Sep 23, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	379,602	$30.16	$11.4 million	Form 4
Sep 22, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	27,900	$27.82	$776,178	Form 4
Sep 21, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	49,146	$27.38	$1.3 million	Form 4
Sep 17, 2026	Jeffrey FordPrincipal Accounting Officer	Sold plan	45,832	$24.65	$1.1 million	Form 4
Sep 17, 2026	Scott R. LovettPresident, Go to Market	Sold plan	41,815	$24.64	$1.0 million	Form 4
Sep 17, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	2,200	$25.30	$55,660	Form 4
Sep 16, 2026	Jeffrey FordPrincipal Accounting Officer	Sold	37,091	$23.84	$884,249	Form 4
Sep 16, 2026	Scott R. LovettPresident, Go to Market	Sold	34,820	$23.85	$830,457	Form 4
Sep 15, 2026	Artur BergmanChief Technology Officer, Director	Sold plan	2,500	$25.14	$62,850	Form 4
Sep 14, 2026	Charles Lacey Compton IIICEO, Director	Sold plan	50,392	$24.93	$1.3 million	Form 4

The latest 12 of 108 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

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	5 of 9	5 of 9
Rule of 40	14.8%	8.6%	25.3%
Altman Z''	0.59	0.59	0.12
Accruals ratio	−7.8%	−11.7%	−14.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

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

Companies that report no gross profit are scored on the other eight.

Compare

Put Fastly 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
Fastly	FY25	14.8%	−19.1%	10.5%	−9.7%	—	5
Riot Platforms	FY25	71.9%	−96.1%	−119.6%	−14.2%	—	1	Compare
IREN	FY26	41.1%	−148.1%	−127.0%	−19.8%	—	3	Compare
CleanSpark	FY25	102.2%	41.6%	−79.0%	12.9%	0.9x	3	Compare
DigitalOcean	FY25	15.5%	17.4%	20.0%	15.7%	4.0x	7	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 under Indicators.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	105	145	200	291	354	433	506	544	624
Revenue growth	—	37.8%	38.7%	45.1%	21.8%	22.1%	16.9%	7.5%	14.8%
Gross profit	56	79	112	171	187	210	266	296	356
Research and development	29	35	46	75	127	155	152	138	163
Operating income	−31	−29	−46	−107	−219	−246	−198	−168	−119
Net income	−32	−31	−52	−96	−223	−191	−133	−158	−122
Diluted EPS (US$)	−1.39	−1.27	−0.75	−0.93	−1.92	−1.57	−1.03	−1.14	−0.83
Diluted shares (millions)	23	24	68	104	116	122	129	138	147
Cash flow
Cash from operations	−26	−17	−31	−20	−38	−70	0	16	94
Capital expenditure	12	17	15	30	35	20	11	10	29
Free cash flow	−38	−34	−46	−49	−73	−90	−11	6	66
Dividends paid	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	201	1	26	0	0	0
Stock-based compensation	3	4	12	64	140	146	136	108	117
Balance sheet at fiscal year end
Cash and short-term investments	31	84	131	194	528	518	323	296	362
Debt incl. finance leases	—	51	25	—	977	749	361	340	362
Total assets	—	163	321	1,220	2,159	1,896	1,525	1,451	1,500
Total liabilities	—	75	63	158	1,145	941	546	486	570
Shareholders' equity	−107	−132	258	1,062	1,014	955	980	965	930
Margins and ratios
Gross margin	53.6%	54.7%	55.9%	58.7%	52.9%	48.5%	52.6%	54.4%	57.1%
Operating margin	−29.6%	−20.2%	−23.2%	−36.9%	−61.8%	−56.9%	−39.1%	−30.9%	−19.1%
Net margin	−30.9%	−21.4%	−25.7%	−33.0%	−62.9%	−44.1%	−26.3%	−29.1%	−19.5%
Free cash flow margin	−36.2%	−23.3%	−22.9%	−17.0%	−20.7%	−20.7%	−2.1%	1.1%	10.5%
Rule of 40 (growth + FCF margin)	—	14.5%	15.8%	28.1%	1.1%	1.4%	14.8%	8.6%	25.3%
Return on capital	—	—	—	—	—	−14.7%	−14.2%	−13.1%	−9.7%
Return on equity	—	—	−82.0%	−14.5%	−21.5%	−19.4%	−13.8%	−16.2%	−12.8%
Return on assets	—	—	−21.3%	−12.4%	−13.2%	−9.4%	−7.8%	−10.6%	−8.2%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—

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