FSLY

MKT CAP:$4B

Fastly, Inc.

Market Cap

$4B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$24.96+$14.77 (+144.95%)

Apr 23, 2026

Company Details

Fastly, Inc. operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service ...

CEO

Charles Compton

IPO Date

May 17, 2019

Website

www.fastly.com

Key Metrics TTM

Revenue

$624M

+14.8% YoY

Net Income

-$122M

EPS (Diluted)

-$0.83

Free Cash Flow

$61M

Revenue / Share

$4.15

Gross Margin

56.3%

Operating Margin

-19.0%

Net Margin

-19.5%

FCF Margin

9.8%

P/S

5.8x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$624M+14.8%EPS -$0.83

Q4 2025

Feb 25, 2026

$173M+22.8%EPS -$0.10

Q3 2025

Nov 7, 2025

$158M+15.3%EPS -$0.20

Q2 2025

Aug 6, 2025

$149M+12.3%EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$102M	$48M	-$63M
Q2 22	$103M	$46M	-$69M
Q3 22	$109M	$53M	-$66M
Q4 22	$119M	$63M	-$48M
Q1 23	$118M	$60M	-$47M
Q2 23	$123M	$64M	-$50M
Q3 23	$128M	$66M	-$58M
Q4 23	$138M	$76M	-$43M
Q1 24	$134M	$73M	-$46M
Q2 24	$132M	$73M	-$47M
Q3 24	$137M	$75M	-$41M
Q4 24	$141M	$75M	-$34M
Q1 25	$144M	$77M	-$38M
Q2 25	$149M	$76M	-$37M
Q3 25	$158M	$92M	-$29M
Q4 25	$173M	$106M	-$15M

Valuation

Quarter	P/S	P/E
Q1 22	9.7x	—
Q2 22	9.3x	—
Q3 22	8.8x	—
Q4 22	8.3x	—
Q1 23	8.1x	—
Q2 23	7.7x	—
Q3 23	7.4x	—
Q4 23	7.1x	—
Q1 24	6.9x	—
Q2 24	6.8x	—
Q3 24	6.7x	—
Q4 24	6.6x	—
Q1 25	6.5x	—
Q2 25	6.3x	—
Q3 25	6.1x	—
Q4 25	5.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$13M	-$19M
Q2 22	-$17M	-$57M
Q3 22	-$28M	-$37M
Q4 22	-$12M	-$36M
Q1 23	-$9M	-$17M
Q2 23	$25M	$14M
Q3 23	-$8M	-$14M
Q4 23	-$7M	-$16M
Q1 24	$11M	$3M
Q2 24	-$5M	-$14M
Q3 24	$5M	-$4M
Q4 24	$5M	-$5M
Q1 25	$17M	$10M
Q2 25	$26M	$21M
Q3 25	$29M	$18M
Q4 25	$22M	$12M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$41M
Q3 22	$10M
Q4 22	$24M
Q1 23	$8M
Q2 23	$11M
Q3 23	$5M
Q4 23	$9M
Q1 24	$8M
Q2 24	$9M
Q3 24	$9M
Q4 24	$11M
Q1 25	$7M
Q2 25	$5M
Q3 25	$11M
Q4 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+20.7%	+22.7%
Q2 22	+20.6%	+20.3%
Q3 22	+25.1%	+23.0%
Q4 22	+22.1%	+8.7%
Q1 23	+14.8%	-0.3%
Q2 23	+19.8%	+0.7%
Q3 23	+17.8%	+6.8%
Q4 23	+15.5%	+7.5%
Q1 24	+13.6%	+9.1%
Q2 24	+7.8%	+3.7%
Q3 24	+7.3%	-4.5%
Q4 24	+2.0%	-3.0%
Q1 25	+8.2%	+1.6%
Q2 25	+12.3%	+3.4%
Q3 25	+15.3%	+5.2%
Q4 25	+22.8%	+7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$40M	39.1%
Q2 22	$35M	34.1%
Q3 22	$39M	36.3%
Q4 22	$31M	26.3%
Q1 23	$28M	23.9%
Q2 23	$37M	30.1%
Q3 23	$36M	27.9%
Q4 23	$35M	25.7%
Q1 24	$32M	23.8%
Q2 24	$26M	19.8%
Q3 24	$25M	18.2%
Q4 24	$25M	17.7%
Q1 25	$26M	17.7%
Q2 25	$26M	17.7%
Q3 25	$33M	20.9%
Q4 25	$32M	18.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$40M	$30M	$41M
Q2 22	$39M	$30M	$47M
Q3 22	$39M	$32M	$47M
Q4 22	$37M	$29M	$45M
Q1 23	$37M	$26M	$44M
Q2 23	$37M	$29M	$48M
Q3 23	$39M	$30M	$51M
Q4 23	$38M	$31M	$49M
Q1 24	$38M	$32M	$50M
Q2 24	$35M	$28M	$53M
Q3 24	$32M	$27M	$46M
Q4 24	$33M	$26M	$50M
Q1 25	$37M	$28M	$49M
Q2 25	$42M	$24M	$51M
Q3 25	$41M	$30M	$50M
Q4 25	$42M	$28M	$51M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	20.7%	-46.3%	-25.7
Q2 22	20.6%	3.3%	23.8
Q3 22	25.1%	-40.3%	-15.2
Q4 22	22.1%	3.4%	25.5
Q1 23	14.8%	-22.2%	-7.4
Q2 23	19.8%	7.1%	26.9
Q3 23	17.8%	-27.6%	-9.8
Q4 23	15.5%	-3.4%	12.1
Q1 24	13.6%	-18.2%	-4.6
Q2 24	7.8%	-18.4%	-10.7
Q3 24	7.3%	-13.5%	-6.2
Q4 24	2.0%	-8.4%	-6.4
Q1 25	8.2%	-10.5%	-2.3
Q2 25	12.3%	-6.2%	6.2
Q3 25	15.3%	-0.3%	15.0
Q4 25	22.8%	6.2%	29.0

Rule of 40

Revenue Segments

Quarter	Network Services	Other	Security
Q1 24	$106M	$3M	$25M
Q2 24	$104M	$3M	$25M
Q3 24	$107M	$4M	$26M
Q1 25	$113M	$5M	$26M
Q2 25	$115M	$5M	$29M
Q3 25	$119M	$5M	$34M
Q4 25	$131M	$6M	$35M

Revenue by Geography

Quarter	All Other Countries	Asia Pacific	Europe	United States
Q1 22	$6M	$12M	$9M	$76M
Q2 22	$4M	$13M	$9M	$76M
Q3 22	$4M	$14M	$10M	$80M
Q4 22	—	$19M	$10M	$84M
Q1 23	$5M	$16M	$11M	$85M
Q2 23	$5M	$17M	$11M	$90M
Q3 23	$5M	$19M	$10M	$93M
Q4 23	—	$20M	$11M	$102M
Q1 24	$5M	$19M	$11M	$98M
Q2 24	$5M	$17M	$12M	$98M
Q3 24	$5M	$15M	$13M	$104M
Q1 25	$5M	$15M	$14M	$111M
Q2 25	$5M	$16M	$15M	$113M
Q3 25	$6M	$22M	$17M	$114M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$246M	$394M	$640M
Q2 22	$63M	$420M	$482M
Q3 22	$88M	$445M	$533M
Q4 22	$143M	$375M	$518M
Q1 23	$348M	$198M	$547M
Q2 23	$274M	$124M	$397M
Q3 23	$270M	$158M	$428M
Q4 23	$108M	$215M	$323M
Q1 24	$151M	$179M	$329M
Q2 24	$147M	$165M	$312M
Q3 24	$218M	$91M	$308M
Q4 24	$286M	$10M	$296M
Q1 25	$125M	$182M	$307M
Q2 25	$82M	$239M	$321M
Q3 25	$113M	$230M	$343M
Q4 25	$181M	$181M	$362M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	120M	+1.3%	+4.9%
Q2 22	121M	+1.3%	+5.1%
Q3 22	122M	+0.9%	+5.0%
Q4 22	124M	+1.0%	+4.6%
Q1 23	125M	+1.5%	+4.8%
Q2 23	128M	+1.9%	+5.5%
Q3 23	130M	+1.6%	+6.2%
Q4 23	132M	+1.5%	+6.7%
Q1 24	135M	+2.1%	+7.3%
Q2 24	137M	+2.1%	+7.5%
Q3 24	139M	+1.3%	+7.2%
Q4 24	141M	+1.3%	+7.0%
Q1 25	143M	+1.6%	+6.5%
Q2 25	146M	+1.7%	+6.1%
Q3 25	148M	+1.6%	+6.4%
Q4 25	150M	+1.5%	+6.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$104.9K	976
Q2 22	$105.0K	976
Q3 22	$111.2K	976
Q4 22	$107.3K	1K
Q1 23	$105.7K	1K
Q2 23	$110.5K	1K
Q3 23	$114.9K	1K
Q4 23	$326.5K	422
Q1 24	$316.4K	422
Q2 24	$313.7K	422
Q3 24	$325.1K	422
Q4 24	$127.8K	1K
Q1 25	$131.3K	1K
Q2 25	$135.2K	1K
Q3 25	$143.8K	1K
Q4 25	$151.4K	1K

Revenue / Employee