Fastly
Fastly runs a worldwide network that makes big websites and apps load fast and keeps attackers and bad bots out.
The scores
Growth3/4 ↑
Revenue grew 23% in Q2 and 15% in 2025, but the ten largest customers drove it, others grew 12%, and part was one-off.
Business quality2/4 ↑
Delivery is multi-sourced and priced down every year against larger rivals; rising retention and security sales are real but rest on a few customers.
Financial position3/4 ↑
About $14M of net cash and positive operating cash, but $150M of 7.75% notes fall due in 2028 and free cash flow is thin.
Execution record3/4 ↑
The 2026 guide was raised from $700M-$720M to $732M-$746M, but the team is a year old and a control weakness was only just fixed.
Per share capture2/4 →
Share pay of a fifth of sales lifts the count about 8% a year, both notes are in the money, and nothing is bought back.
Potential2/4 →
The 2029 plan needs delivery above its market and security near 30% a year; little is signed beyond a year, and nobody outside sizes it.
Risk profile3/4 ↓
One serious concentration: the TikTok group is 11% of revenue and the top ten 37%, disclosed and survivable if traffic moves.
Valuation2/4 ↓
About 6 times trailing sales and 26 times the 2029 plan's free cash flow: the price assumes the plan works, leaving little if it half-happens.
Evidence quality3/4 →
Financials are filed and position is measured from outside, but the top-ten split, pricing and AI traffic are management's word; the prize is uncounted.
If it works 1.2× · if it fails you keep about 100%.
The Verdict
We rate Fastly Unattractive. The business is mixed: sales grew 23% last quarter, but mostly from its ten largest customers, the prices it charges for delivery fall every year, and paying staff in shares keeps adding new shares. The price is full: at about 6 times a year's sales, buyers already count management's 2029 targets as met, so a miss would hurt. As a bet on its fast-growing security business it is safe but with little upside: delivery alone, valued like its oldest rival, covers most of today's price, and security growing near 30% a year adds only a little.
The long caseAs bots and AI agents overtake people on the web, every site must sort them at the edge; Fastly must sell that faster than delivery prices fall.
The evidence under this - 8 claims
- A little under half of the quarter's $10M beat over the guide was one-off events such as the World Cup, by the finance chief's account (C16).
- Growth came mostly from the ten largest customers: they grew 48% and everyone else 12% (C04).
Management says the top ten also buy more security and that growth outside them was 17% in Q1, so one quarter may overstate the gap.
Akamai announced surcharges in April 2026 and the finance chief called pricing rational since rivals exited, so the erosion may slow.
- The vendor puts company value at $4.40B because it leaves out $247.7M of marketable securities.
- If both notes convert, about 19.4M more shares are issued and the debt goes away, so the value per share is about the same.
- The operating margin is adjusted and excludes share pay of about a fifth of revenue (C09).
- The low end, 14% a year, is below the 18% guided for 2026.
- Network services grew 17% in Q2 on the largest customers' traffic; if that holds the core is larger.
- At the market's 5% to 6% the core would be about $610M.
- Q2's 43% included cross-sell into the largest customers (C04), which may not repeat.
- Cloudflare, Akamai and the clouds all sell the same firewall and bot defence (C21).
The company
When you open Reddit, the New York Times or Spotify, much of what loads comes from a nearby Fastly server rather than the company's own computers far away. Fastly keeps copies of pages, video and software close to users so they load fast, checks each request to block attacks and bad bots, and runs small pieces of customer code there too.
About 624 customers pay over $100,000 a year and bring 94% of revenue. Without Fastly they would serve from their own cloud or use Akamai or Cloudflare.
The evidence under this - 5 claims
W3Techs counts sites, not traffic or revenue; Fastly serves few, very large customers, so its share of spending is far higher than its share of sites.
Net retention of 117% (C06) and rising gross margin (C34) say customers are adding, not leaving.
How it makes money
Delivery, 73% of revenue, is billed by the amount of traffic carried, above a monthly minimum, under contracts of about a year. Security, 23%, is mostly yearly subscriptions paid in advance, which makes it steadier. The rest is running customers' code. Contracts already signed but not yet delivered come to $340.9M, most of it due within a year.
The evidence under this - 4 claims
- A little under half of the quarter's $10M beat over the guide was one-off events such as the World Cup, by the finance chief's account (C16).
- Growth came mostly from the ten largest customers: they grew 48% and everyone else 12% (C04).
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| Network Services | 73.0% | Delivery of websites, video, apps and downloads, billed on traffic above monthly minimums; prices fall mid-single digits a year while traffic grows about 20%. |
| Security | 22.8% | Web firewall, bot management, DDoS and API protection, mostly annual subscriptions billed ahead; the fastest-growing established line. |
| Other (compute and observability) | 4.2% | Running customer code on the edge network and logging, small and growing about two-thirds a year. |
Who runs it
Kip Compton became chief executive in June 2025, promoted from running products after his predecessor resigned, and Richard Wong joined as finance chief that August. Insiders own only about 4% of the company, most of it the founder Artur Bergman's, and he has sold steadily under a set plan. Nobody inside bought shares in the past year. Bonuses pay on revenue and, from 2026, on committed revenue and free cash, never on profit after share pay.
The evidence under this - 4 claims
Most sales were scheduled, and the founder's plan sales began in late 2025 at under $9.
Why it wins, and who could beat it
Why customers come back
Engineers write their caching and security rules in Fastly's own tools, so moving everything elsewhere is work, and customers tend to add products rather than leave: for every dollar existing customers spent a year ago they now spend $1.17.
But most large customers also run a second network and can shift traffic without rewriting anything. That caps what Fastly can charge: delivery prices fall by a mid-single-digit percentage every year, by management's account, while traffic grows about 20%.
The evidence under this - 5 claims
The rise came with the top ten customers growing 48% (C04), so it may measure a few large accounts' traffic more than broad expansion.
Net retention of 117% (C06) and rising gross margin (C34) say customers are adding, not leaving.
Akamai announced surcharges in April 2026 and the finance chief called pricing rational since rivals exited, so the erosion may slow.
About 1.6 points of the rise is the accounting change, not the business.
W3Techs counts sites, not traffic or revenue; Fastly serves few, very large customers, so its share of spending is far higher than its share of sites.
The threat
Cloudflare is the giant: it sits in front of a quarter of all websites, up from a fifth a year earlier, against under 1% for Fastly. Akamai sells the same delivery and security to the same large companies, and Amazon, Google and Microsoft bundle their own networks with the cloud accounts customers already pay for.
The evidence under this - 5 claims
W3Techs counts sites, not traffic or revenue; Fastly serves few, very large customers, so its share of spending is far higher than its share of sites.
The rivals: NET, AKAM, AMZN, GOOGL, MSFT, FFIV, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| NET | CloudflarePriced against it: Yes | Network Services | On sale | Yes |
| AKAM | AkamaiPriced against it: Yes | Network Services | On sale | Yes |
| AMZN · GOOGL · MSFT | AWS CloudFront, Google Cloud CDN and Azure Front DoorPriced against it: Shown, not counted | Network Services | On sale | Shown, not counted |
| Private | Bunny CDN, CDN77 and QwiltPriced against it: Private | Network Services | On sale | Private |
| NET · AKAM | Cloudflare and Akamai application securityPriced against it: Yes | Security | On sale | Yes |
| FFIV | F5 and Thales' ImpervaPriced against it: One segment only | Security | On sale | One segment only |
How big it could get
How big this could get
About a third of all websites use a network like Fastly's, and Fastly is on 3% of those, mostly very large ones. Its finance chief says the delivery market grows 5% to 6% a year. Management puts the whole market at $22B, but that is the seller's number. No outside body counts what companies spend on delivery and web security, so the true size is not known.
The evidence under this - 4 claims
W3Techs counts sites, not traffic or revenue; Fastly serves few, very large customers, so its share of spending is far higher than its share of sites.
Network services grew 17% in Q2, far above that range, on the largest customers' traffic and one-off events (C02, C16).
The figure is the seller's and no method was published; it counts security and compute markets Fastly has barely entered.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Network Services | 73% | +16.6% | +14.0% | +12.3% | 55% |
| Security | 23% | +42.6% | +44.5% | +34.0% | 35% |
| Rest of the company | 4% | +68.6% | +67.7% | +62.7% | 10% |
| Whole company | 100% | +23.3% | +21.5% | +17.9% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 23% next year and 28% in year 3, against 20.4% over the last twelve months. Security carries the case: it grows 44% against 17% for the rest, and would be 35% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The score reads the blend: security's 44% is real but rides delivery customers, and the blend's 21% half-year pace already includes it.
The results
The numbers
Sales grew 20% over the twelve months to Jun 2026, faster than the 15% in the year to Dec 2025.
Operating margin is −12%, up from −39% in the year to Dec 2023.
Running costs take 73¢ of each sales dollar, down from 115¢ in the year to Dec 2021.
Shareholders' money lost 8.4% a year, up from −21% in the year to Dec 2021.
It turned 7.4% of sales into free cash, $50.7M over the last twelve months.
It holds $337M of cash against $324M of debt, $13.5M more cash than it owes.
The share count rose 36% in 4.5 years, and pay in shares costs 20% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-06. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $354M | $433M | $506M | $544M | $624M | $687M |
| Sales growth | +22% | +22% | +17% | +7.4% | +15% | +20% |
| Profit | ||||||
| Gross margin | 53% | 48% | 53% | 54% | 57% | 61% |
| Operating margin | −62% | −57% | −39% | −31% | −19% | −12% |
| Net margin | −63% | −44% | −26% | −29% | −19% | −12% |
| What growth costs, per sales dollar | ||||||
| Research and development | 36% | 36% | 30% | 25% | 26% | 24% |
| Sales and marketing | 43% | 42% | 38% | 37% | 32% | 31% |
| General and admin | 36% | 28% | 23% | 21% | 18% | 18% |
| Pay in shares | 40% | 34% | 27% | 20% | 19% | 20% |
| Capital spending | 9.8% | 4.6% | 2.2% | 1.9% | 4.6% | 10% |
| Cash | ||||||
| Cash from operations | −$38.5M | −$69.6M | $362K | $16.4M | $94.4M | $120M |
| Free cash flow | −$73.3M | −$89.6M | −$10.6M | $6.08M | $65.8M | $50.7M |
| Balance sheet | ||||||
| Cash and short-term investments | $528M | $518M | $323M | $296M | $362M | $337M |
| Debt | $933M | $705M | $344M | $338M | $362M | $324M |
| Net cash | −$405M | −$187M | −$20.8M | −$41.7M | −$80.0K | $13.5M |
| Returns and shares | ||||||
| Shares (diluted) | 116M | 122M | 129M | 138M | 147M | 158M |
What growth costs
Fastly now spends far less of each sales dollar to grow: selling costs fell from 43 cents in 2021 to 31, and share pay from 40 cents to 20. But it is spending more on servers, 10 cents of each sales dollar against 2 in 2024, so cash grows more slowly than profit.
The evidence under this - 3 claims
The last report (5 Aug)
Quarter ended June 2026, filed figures.
Q2 2026 looked strong: sales up 23%, security up 43%, and gross margin, the share of each sales dollar left after running the network, up to 63.3% from 54.5%.
Underneath, the ten largest customers grew 48% and everyone else 12%. The finance chief said a little under half the quarter's beat came from one-off events such as the World Cup, and the Q3 guide of $184M to $190M is roughly flat on Q2.
What it did to the thesisIt proved growth is back and that customers are spending more, but it showed the growth is coming mostly from the largest customers and one-off events, which leaves open whether it lasts beyond them.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.15 against $0.07 expected; $-0.10 as filed, the gap being what the company adds back.
The evidence under this - 6 claims
- A little under half of the quarter's $10M beat over the guide was one-off events such as the World Cup, by the finance chief's account (C16).
- Growth came mostly from the ten largest customers: they grew 48% and everyone else 12% (C04).
Management says the top ten also buy more security and that growth outside them was 17% in Q1, so one quarter may overstate the gap.
Live events recur every year in some form, so some one-off traffic is ordinary business rather than a windfall.
The rise came with the top ten customers growing 48% (C04), so it may measure a few large accounts' traffic more than broad expansion.
About 1.6 points of the rise is the accounting change, not the business.
The guide falls from Q2's $183.3M plus one-offs to roughly flat, which the finance chief attributes to the World Cup.
What management did with the money
Insiders in 2026Q3: 0 purchases and 61 sales, from their Form 4 filings.
The price, and where we disagree
In short. Full. At about 6 times a year's sales, the price pays for the 2029 plan working, so little is left over if growth only half-happens.
The shares nearly tripled in a year, almost all of it buyers paying more for each dollar of sales rather than sales per share rising. The path was violent: they fell 18% in April when Anthropic launched a way to run AI agents without edge networks, and 38% after the May results.
In September management set 2029 targets of $1.1B to $1.3B of sales. The Q3 results on November 4 are the first test after the World Cup, and the first to split revenue by product.
The evidence under this - 6 claims
- The operating margin is adjusted and excludes share pay of about a fifth of revenue (C09).
- The low end, 14% a year, is below the 18% guided for 2026.
The guide falls from Q2's $183.3M plus one-offs to roughly flat, which the finance chief attributes to the World Cup.
How we read the multiple
Fastly still loses money once share pay is counted, so the price is read against sales and against the cash the 2029 plan promises:
- The whole business is valued at about $4.13B, after cash and debt.
- That is about 6 times the last year's $687.2M of sales.
- If 2029 brings $1.2B of sales with about 13.5 cents of free cash per dollar, that is about $160M.
- Today's value is about 26 times that: the plan, three years out, is already paid for.
Against its own history. Dearer than its own past, because buyers now pay for growth that has only just returned after years of slow sales and losses.
The evidence under this - 4 claims
- The vendor puts company value at $4.40B because it leaves out $247.7M of marketable securities.
- If both notes convert, about 19.4M more shares are issued and the debt goes away, so the value per share is about the same.
- The operating margin is adjusted and excludes share pay of about a fifth of revenue (C09).
- The low end, 14% a year, is below the 18% guided for 2026.
Spending at 10% to 12% of revenue is double 2025's, with memory prices up, so free cash flow falls from 2025's $45.8M at the midpoint.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of sales, cheapest first:
| Ticker | Company | company value for each $1 of sales |
|---|---|---|
| AKAM | Akamai Technologies | 5.5× |
| FSLY | Fastly | 6.4× |
| NET | Cloudflare | 51.4× |
| AMZN | Amazon.com not in the median | 3.7× |
| GOOGL | Alphabet not in the median | 9.5× |
| MSFT | Microsoft not in the median | 12.3× |
The middle of the other 2 is 28.4. Amazon.com, Inc., Alphabet Inc., Microsoft Corporation compete with it in one product line inside a much bigger company, so their price says little about this business and they are not counted in the middle. Fastly, Inc. is 2nd cheapest of 3.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
It sits between its two rivals, close to slow Akamai and far below fast Cloudflare, so the group says little about the right price.
Private or foreign rivals that cannot be priced: Bunny CDN, CDN77, Qwilt, CDNetworks, Thales (Imperva), Radware.
The bet: what it pays if it works
The bet is on security alone. Delivery and the rest are counted separately, at what Akamai is worth for each dollar of sales.
If security keeps growing near the top of management's range for two more years, the whole company ends up worth only a little more than today, so it is an expensive bet. If security stalls, delivery and the cash still cover nearly all of today's price, so the downside looks small, though Akamai's value is generous to a business still losing money.
| Security revenue in two to three years | Security books of today's size needed | Valued like its peers | Like the cheapest |
|---|---|---|---|
| $300.00M (the big win) | about 2 at 100% kept | 2.8× | 1.2× |
| $400.00M | about 3 at 100% kept | 3.4× | 1.3× |
To pay 2× (a Fair bet) it would need about $938.08M of Security revenue (about 6 security books of today's size); to pay 5× (a Cheap bet), about $3.34B of Security revenue (about 22 security books of today's size), at the same multiple.
Each row is Security alone, plus the rest of the company (Network services and compute) counted at about $3.63B.
The steps it has to take
- Done Security passes $150M of trailing revenue
- In progress Security and other pass a $200M annual run rate due 2026-12
- Not started Product-suite revenue reported, with multi-product customer shares due 2027-02
- Not started Security reaches about $300M of yearly revenue due 2028-12
The detail behind the label
The evidence under this - 5 claims
- Network services grew 17% in Q2 on the largest customers' traffic; if that holds the core is larger.
- At the market's 5% to 6% the core would be about $610M.
Akamai's multiple may not hold for a smaller, faster but loss-making rival.
- Q2's 43% included cross-sell into the largest customers (C04), which may not repeat.
- Cloudflare, Akamai and the clouds all sell the same firewall and bot defence (C21).
- A little under half of the quarter's $10M beat over the guide was one-off events such as the World Cup, by the finance chief's account (C16).
- Growth came mostly from the ten largest customers: they grew 48% and everyone else 12% (C04).
Where we disagree with the market
Growth is back for good, with security and AI traffic driving it: analysts have warmed sharply in a year.
Growth is real but narrow, delivery keeps getting cheaper, and the price already pays for the plan.
The headline 23% hides where it came from: outside the ten largest customers revenue grew 12%, and the number of customers paying over $100,000 a year has not grown in a year.
The case against us is that existing customers keep spending more, now $1.17 for each past dollar. If growth outside the largest customers returns toward 18%, we are too harsh.
What analysts say, and the evidence
The evidence under this - 6 claims
Management says the top ten also buy more security and that growth outside them was 17% in Q1, so one quarter may overstate the gap.
The rise came with the top ten customers growing 48% (C04), so it may measure a few large accounts' traffic more than broad expansion.
Live events recur every year in some form, so some one-off traffic is ordinary business rather than a windfall.
What could go wrong, and how we would know
The risks
- One customer group TikTok's group brings 11% of revenue, and the ten largest customers 37%; if one moves traffic, a big piece of growth goes.
- Prices keep falling Delivery prices fall every year, and Cloudflare, Akamai and the cloud companies sell the same service at larger scale.
- New shares Share pay is a fifth of sales and both convertible notes are worth converting, adding about 12% more shares.
- Insiders are selling Insiders sold 4.67M shares in a year and bought none; the finance chief sold outside a set plan near the high.
- AI may route around it AI companies running agents on their own clouds could take that traffic off edge networks, the fear behind April's fall.
The evidence under this - 8 claims
No single legal entity reached 10%, and the group's US business was restructured into a new joint venture in January 2026 without a revenue loss so far.
Management says the top ten also buy more security and that growth outside them was 17% in Q1, so one quarter may overstate the gap.
Akamai announced surcharges in April 2026 and the finance chief called pricing rational since rivals exited, so the erosion may slow.
Most sales were scheduled, and the founder's plan sales began in late 2025 at under $9.
What we still do not know
- How much of Fastly's traffic and revenue comes from AI agents and crawlers, and whether it pays as well as human traffic.
- Whether TikTok's group plans to move traffic to its own network or a rival.
- How much of last year's revenue customers keep before adding more; Fastly stopped reporting it.
The evidence under this - 3 claims
No outside body confirms the ratio, and management does not split AI traffic out of revenue.
No single legal entity reached 10%, and the group's US business was restructured into a new joint venture in January 2026 without a revenue loss so far.
The rise came with the top ten customers growing 48% (C04), so it may measure a few large accounts' traffic more than broad expansion.
What would change our view
- Unattractive→NeutralThe price falls on an unchanged business
It needs all of:
- ○The business is valued at 4.5 times a year's sales or less, down from about 6.about ≈$19.51 today, 25% below the last close
- ○Existing customers still spend at least $1.10 for each dollar they spent a year earlier.checked at the next results, due by 4 Nov
- Unattractive→NeutralGrowth broadens beyond the largest customers
It needs all of:
- ○Revenue outside the ten largest customers grows 18% or more in a year.checked at the next results, due by 4 Nov
- ○Customers paying over $100,000 a year reach 680, from 624.checked at the next results, due by 4 Nov
- Unattractive→AttractiveBroad growth at a lower price
It needs all of:
- ○The business is valued at 3.5 times a year's sales or less.about ≈$15.17 today, 42% below the last close
- ○Revenue outside the ten largest customers grows 18% or more in a year.checked at the next results, due by 4 Nov
We would also be wrong if
- Security grows above 30% a year while existing customers keep spending at least $1.15 per past dollar.
What is coming
- 4 November 2026 Q3 2026 results: Whether revenue lands in the $184M to $190M guide after the World Cup, whether growth outside the top ten holds at 12% or better, and the first product-suite revenue split.
Every dated event ahead
- 4 November 2026 Q3 2026 results: Whether revenue lands in the $184M to $190M guide after the World Cup, whether growth outside the top ten holds at 12% or better, and the first product-suite revenue split.
- 15 February 2027 Q4 2026 results and 2027 guidance: Whether security and other pass a $200M run rate, and whether the 2027 guide implies growth near the 2029 path's 18% or nearer its 14% low end.
- 30 April 2027 2027 proxy statement: Whether pay keeps free cash flow and committed revenue as targets, and whether insider ownership keeps falling.
Since we wrote this
- 6 OctThesis writtenUnattractive, medium convictionGrowth is real but narrow and delivery is priced down every year, while dilution is heavy and the price already pays for the 2029 plan.
Also checked 1 time with nothing new to act on.
Sources 22
Sources - 22
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-25Item 1 platform, usage contracts with monthly minimums, security subscriptions billed in advance; Competition naming twelve rivals in six classes; affiliated customer group at 10% of 2025 revenue; 1,140 employees; 2025 revenue by line; net loss of $121.7MbacksC01C03C05C08C21C38C39
- S02primarycompany filing2026-08-05Q2 income statement, balance sheet and cash flow; revenue by line; non-GAAP reconciliation; share pay; free cash flow; net retention 117%; Q3 and 2026 guidancebacksC02C06C08C09C11C34C36C40C41
- S03primarycompany filing2026-08-05revenue by line for eight quarters; top-ten share; large customer counts; RPObacksC02C04C25
- S04primarycompany filing2026-08-05the convertible notes' terms, cash and securities, 159.3M shares on the cover, the customer group at 11% of Q2 revenue, server useful-life change, the remediated material weaknessbacksC05C07C10C30C34
- S05primarytranscript2026-08-05Q2 2026 earnings call transcript (FMP)data/cache/transcripts/FSLY-2026Q2.jsontop-ten growth of 48% against 12%; the 11% customer group; AI traffic growing about 6.5 times human traffic; mid-single-digit price erosion and low-20s traffic growth; the episodic share of the beat; memory prices
Revenue from customers outside our top 10 grew 12% year over year.
backsC04C05C06C07C11C14C16C24C25C35 - S06primarytranscript2026-05-06Q1 2026 earnings call transcript (FMP)data/cache/transcripts/FSLY-2026Q1.jsonthe market growth rate; 2026 growth of 9% to 11% for network services and 25% to 30% for security; the goal of security and other passing a $200M run rate by late 2026; the 190 basis point one-off margin benefit
we think network services is probably like 6% -- 5% to 6% market grower
backsC15C33 - S07primarytranscript2026-02-11Q4 2025 earnings call transcript (FMP)data/cache/transcripts/FSLY-2025Q4.jsonthe first year of adjusted profit; the initial 2026 guide of $700M to $720M; 3,092 customers; the TikTok US restructuring
Our stellar Q4 results also capped off a strong 2025, marking our first profitable fiscal year.
backsC40 - S08primarycompany filing2026-02-112025 revenue by line, free cash flow of $45.8M, the 2026 guidebacksC03C36
- S09primarycompany filing2026-04-22beneficial ownership at March 15, 2026; officer biographies; the 2025 bonus goals and 135.4% payout; the 2026 PSU metricsbacksC27C28C29
- S10primarycompany filing2026-08-17the revolver raised to $100M to August 2029, with a springing maturity tied to the 2028 notesbacksC10C44
- S11primarycompany filing2026-03-05Deloitte dismissed and KPMG appointed; the 2024 material weakness in revenue controls named as a reportable event, remediatedbacksC30
- S12primarytranscript2026-09-22the 2029 targets; the $22B addressable market at about 3% share; the new product-suite disclosure from Q3 2026; the chief executive's answer on Mythos
Revenues of $1.1 billion to $1.3 billion. That implies 14% to 21% revenue CAGR from 2026- 2029.
backsC13C37C47 - S13primarycompany filing2026-02-20Akamai Technologies Form 10-K for 2025 Akamai Technologies, Inc.Akamai's three offerings, security, cloud computing and deliverybacksC19
- S14primarycompany filing2026-02-26Cloudflare Form 10-K for 2025 Cloudflare, Inc.Cloudflare's product list: content delivery, application security, Workers compute and corporate-network servicesbacksC20
- S15primarycompany filing2025-11-25F5 Form 10-K for fiscal 2025 F5, Inc.F5 naming Fastly, Akamai and Cloudflare as edge competitorsbacksC21
- S16primaryindustry data2026-10-06Cloudflare's share of sites with a known reverse proxy; Cloudflare's CDN at 25% of all websites, up from 19.6% a year earlier
Cloudflare is used by 26.5% of all the websites, that is a reverse proxy service market share of 85.3%.
backsC17C18 - S17primaryindustry data2026-10-06Fastly's share of sites and its best-known customers
Fastly is used by 3.0% of all the websites whose reverse proxy service we know. This is 0.9% of all websites .
backsC17 - S18primaryindustry data2025-04-15automated traffic at 51% of web traffic in 2024 and bad bots at 37% against 32%
For the first time in a decade, automated traffic surpassed human activity, accounting for 51% of all web traffic
backsC23 - S19secondarynews2026-04-13the April 8 launch of Claude Managed Agents and the moves in Fastly, Cloudflare and Akamai
Fastly closed April 10 at $23.07, approximately 18 percent lower than the prior session
backsC22 - S20secondaryvendor data2026-10-06Research pack (FMP market tier, FINRA short interest), frozencontent/FSLY/research-pack.jsonthe October 5 close of $26.01, the 252-session price split, analyst series, short interest, cohort multiples, headcountbacksC22C31C32C33C38
- S21primarycompany filing2026-09-30every open-market insider sale with its Rule 10b5-1 flag; no purchasesbacksC26
- S22primarycompany filing2026-10-06Filed statements, numbers card (financials.json from SEC XBRL)content/FSLY/financials.jsonfive years and the trailing year of revenue, margins, cost shares, share pay, capital spending, cash flow and diluted sharesbacksC03C09C32C35C46