What is Fastly's operating income?

Fastly's total operating income in 2025 was -$119 million, based on the following breakdown: Total Gross Profit: $356.20 million Total Operating Expenses: $475.20 million

Fastly (FSLY) Financials

$23.04 -1.60 (-6.49%)

As of 08/28/2026 04:00 PM Eastern

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Annual Income Statements for Fastly

This table shows Fastly's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	-31	-52	-96	-223	-191	-133	-158	-122
Consolidated Net Income / (Loss)	-32	-31	-52	-96	-223	-191	-133	-158	-122
Net Income / (Loss) Continuing Operations	-32	-31	-52	-96	-223	-191	-133	-158	-122
Total Pre-Tax Income	-32	-31	-51	-107	-223	-191	-133	-155	-119
Total Operating Income	-31	-29	-47	-107	-219	-246	-198	-168	-119
Total Gross Profit	56	79	112	171	187	210	266	296	356
Total Revenue	105	145	200	291	354	433	506	544	624
Operating Revenue	105	145	200	291	354	433	506	544	624
Total Cost of Revenue	49	65	88	120	167	223	240	248	268
Operating Cost of Revenue	49	65	88	120	167	223	240	248	268
Total Operating Expenses	87	108	159	278	406	456	464	464	475
Selling, General & Admin Expense	17	23	41	102	127	121	116	113	111
Marketing Expense	41	50	71	101	153	180	192	199	201
Research & Development Expense	29	35	46	75	127	155	152	138	163
Restructuring Charge	-	-	-	-	-	0.00	0.00	9.72	0.00
Total Other Income / (Expense), net	-1.21	-1.61	-4.51	-0.20	-3.61	56	65	12	-0.19
Interest Expense	1.12	1.81	5.24	1.55	5.25	-49	-48	1.38	12
Interest & Investment Income	0.44	0.94	3.29	1.63	1.28	7.04	18	15	12
Other Income / (Expense), net	-0.54	-0.74	-2.56	-0.28	0.36	-0.03	-1.83	-1.03	-0.72
Income Tax Expense	0.21	0.19	0.49	-11	0.07	0.09	-0.22	2.60	2.49
Basic Earnings per Share	($1.39)	($1.27)	($0.75)	($0.93)	($1.92)	($1.57)	($1.03)	($1.14)	($0.83)
Weighted Average Basic Shares Outstanding	23.40M	24.38M	68.35M	103.55M	116.05M	121.72M	128.77M	138.10M	146.90M
Diluted Earnings per Share	($1.39)	($1.27)	($0.75)	($0.93)	($1.92)	($1.57)	($1.03)	($1.14)	($0.83)
Weighted Average Diluted Shares Outstanding	23.40M	24.38M	68.35M	103.55M	116.05M	121.72M	128.77M	138.10M	146.90M
Weighted Average Basic & Diluted Shares Outstanding	23.40M	24.38M	68.35M	103.55M	120.30M	125.40M	134.20M	142.30M	151.80M

This table shows Fastly's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-23	-43	-44	-38	-33	-39	-38	-29	-16	-21	-16
Consolidated Net Income / (Loss)	-23	-43	-44	-38	-33	-39	-38	-29	-16	-21	-16
Net Income / (Loss) Continuing Operations	-23	-43	-44	-38	-33	-39	-38	-29	-16	-21	-16
Total Pre-Tax Income	-24	-43	-43	-38	-32	-38	-37	-29	-15	-25	-15
Total Operating Income	-43	-46	-47	-41	-34	-38	-37	-29	-15	-24	-14
Total Gross Profit	76	73	73	75	75	77	81	92	106	108	116
Total Revenue	138	134	132	137	141	144	149	158	173	173	183
Operating Revenue	138	134	132	137	141	144	149	158	173	173	183
Total Cost of Revenue	62	60	59	62	66	68	68	66	67	65	67
Operating Cost of Revenue	62	60	59	62	66	68	68	66	67	65	67
Total Operating Expenses	118	119	120	115	109	115	118	121	121	132	130
Selling, General & Admin Expense	31	32	28	27	26	28	24	30	28	35	32
Marketing Expense	49	50	53	46	50	49	51	50	51	55	57
Research & Development Expense	38	38	35	32	33	37	42	41	42	42	42
Total Other Income / (Expense), net	19	3.18	3.67	3.03	2.59	-0.28	-0.04	-0.14	0.27	-0.76	-0.91
Interest Expense	-15	0.58	0.46	0.47	-0.13	3.17	3.16	3.16	2.26	3.31	3.35
Interest & Investment Income	4.58	3.85	3.94	3.82	3.27	2.98	3.08	3.08	3.15	2.93	2.84
Other Income / (Expense), net	-0.76	-0.09	0.19	-0.32	-0.82	-0.08	0.04	-0.06	-0.63	-0.38	-0.40
Income Tax Expense	-0.47	0.35	0.66	0.46	1.14	0.69	0.56	0.56	0.68	-4.13	0.25
Basic Earnings per Share	($0.17)	($0.32)	($0.32)	($0.27)	($0.23)	($0.27)	($0.26)	($0.20)	($0.10)	($0.13)	($0.10)
Weighted Average Basic Shares Outstanding	128.77M	134.59M	137.44M	139.24M	138.10M	143.28M	145.78M	148.13M	146.90M	153.58M	157.60M
Diluted Earnings per Share	($0.17)	($0.32)	($0.32)	($0.27)	($0.23)	($0.27)	($0.26)	($0.20)	($0.10)	($0.13)	($0.10)
Weighted Average Diluted Shares Outstanding	128.77M	134.59M	137.44M	139.24M	138.10M	143.28M	145.78M	148.13M	146.90M	153.58M	157.60M
Weighted Average Basic & Diluted Shares Outstanding	134.20M	136.60M	138.60M	140.30M	142.30M	144.80M	147.40M	149.40M	151.80M	156.50M	159.30M

This table details how cash moves in and out of Fastly's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	14	5.55	49	-22	103	-23	-35	178	-106
Net Cash From Operating Activities	-26	-17	-31	-20	-38	-70	0.36	16	94
Net Cash From Continuing Operating Activities	-26	-17	-31	-12	-38	-70	0.36	16	94
Net Income / (Loss) Continuing Operations	-32	-31	-52	-96	-223	-191	-133	-158	-122
Consolidated Net Income / (Loss)	-32	-31	-52	-96	-223	-191	-133	-158	-122
Depreciation Expense	9.64	13	17	20	29	43	52	54	61
Amortization Expense	0.43	-0.34	3.49	26	56	37	38	36	32
Non-Cash Adjustments To Reconcile Net Income	4.00	4.73	14	67	140	126	115	137	145
Changes in Operating Assets and Liabilities, net	-7.48	-3.84	-14	-28	-41	-84	-71	-52	-23
Net Cash From Investing Activities	-16	-47	-88	-275	-795	236	295	179	-213
Net Cash From Continuing Investing Activities	-16	-47	-88	-275	-795	236	295	179	-213
Purchase of Property, Plant & Equipment	-13	-20	-19	-36	-48	-80	-32	-37	-46
Purchase of Investments	-46	-63	-191	-269	-928	-355	-132	-155	-390
Sale of Property, Plant & Equipment	-	0.00	0.00	0.58	0.59	0.49	0.05	0.02	0.04
Sale and/or Maturity of Investments	44	35	123	232	185	697	459	371	223
Net Cash From Financing Activities	55	70	168	273	937	-189	-331	-17	13
Net Cash From Continuing Financing Activities	56	70	168	273	935	-189	-331	-17	13
Repayment of Debt	-7.85	-1.09	-49	-20	-1.35	-200	-338	-21	-155
Issuance of Debt	13	29	20	0.00	931	-	0.00	0.00	180
Issuance of Common Equity	0.00	0.12	198	284	8.07	4.78	8.56	6.24	7.01
Other Financing Activities, net	0.62	1.44	4.80	9.50	-2.70	5.69	-2.22	-2.66	-19
Effect of Exchange Rate Changes	-	-	-	-0.15	-0.48	-0.39	0.61	-0.10	0.22
Cash Interest Paid	1.00	1.83	5.42	1.59	1.94	5.04	2.90	0.91	12
Cash Income Taxes Paid	0.17	0.06	0.36	1.22	0.27	0.25	0.33	0.81	1.34

This table details how cash moves in and out of Fastly's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-162	43	-3.76	70	69	-161	-43	31	67	-34	-57
Net Cash From Operating Activities	-7.38	11	-4.95	5.00	5.22	17	26	29	22	29	39
Net Cash From Continuing Operating Activities	-7.38	11	-4.95	5.00	5.22	17	26	29	22	29	39
Net Income / (Loss) Continuing Operations	-23	-43	-44	-38	-33	-39	-38	-29	-16	-21	-16
Consolidated Net Income / (Loss)	-23	-43	-44	-38	-33	-39	-38	-29	-16	-21	-16
Depreciation Expense	14	13	13	14	14	15	15	16	15	12	13
Amortization Expense	8.66	8.67	8.54	8.97	9.46	9.34	8.59	8.54	5.93	6.64	6.34
Non-Cash Adjustments To Reconcile Net Income	27	38	35	33	30	33	33	40	40	43	44
Changes in Operating Assets and Liabilities, net	-33	-5.86	-18	-13	-15	-0.63	6.43	-5.42	-23	-12	-8.11
Net Cash From Investing Activities	-37	34	7.99	66	71	-179	-70	-0.34	36	-27	-99
Net Cash From Continuing Investing Activities	-37	34	7.99	66	71	-179	-70	-0.34	36	-27	-99
Purchase of Property, Plant & Equipment	-8.60	-8.45	-9.38	-8.81	-11	-7.37	-14	-11	-14	-25	-36
Purchase of Investments	-59	-57	-60	-38	-	-179	-93	-79	-38	-179	-87
Sale and/or Maturity of Investments	30	99	78	113	81	7.97	38	90	88	177	24
Net Cash From Financing Activities	-118	-1.88	-6.79	-1.11	-7.32	0.83	0.98	2.10	8.85	-36	2.49
Net Cash From Continuing Financing Activities	-118	-1.88	-6.79	-1.11	-7.32	0.83	0.98	2.10	8.85	-36	2.49
Issuance of Common Equity	1.55	2.88	1.03	2.17	0.16	2.13	1.24	2.11	1.53	2.28	2.40
Other Financing Activities, net	0.16	0.11	-3.59	0.02	0.81	0.41	0.28	0.07	-20	1.04	0.09
Effect of Exchange Rate Changes	0.07	-0.05	-0.01	0.11	-0.15	0.08	0.18	-0.03	-0.01	-0.03	-0.00
Cash Interest Paid	0.51	0.39	0.22	0.19	0.11	0.06	5.69	0.04	5.79	0.04	5.89
Cash Income Taxes Paid	-0.04	0.29	0.23	0.21	0.07	0.45	0.30	0.36	0.23	0.36	0.23

This table presents Fastly's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	163	321	1,220	2,159	1,896	1,525	1,451	1,499
Total Current Assets	117	249	261	625	636	464	440	507
Cash & Equivalents	37	16	63	166	143	108	286	181
Short-Term Investments	47	115	131	362	375	215	9.71	181
Accounts Receivable	25	37	50	65	90	120	116	118
Prepaid Expenses	8.90	11	17	32	29	20	28	27
Plant, Property, & Equipment, net	42	0.00	0.00	167	180	177	179	187
Total Noncurrent Assets	3.13	72	959	1,367	1,079	885	832	806
Goodwill	0.36	0.37	636	637	670	670	670	670
Intangible Assets	0.61	1.13	122	103	83	62	43	26
Other Noncurrent Operating Assets	2.16	70	181	99	161	146	119	110
Total Liabilities & Shareholders' Equity	163	321	1,220	2,159	1,896	1,525	1,451	1,499
Total Liabilities	75	63	158	1,145	941	546	486	570
Total Current Liabilities	32	37	94	132	152	148	104	194
Short-Term Debt	11	-	-	-	-	-	0.00	39
Accounts Payable	2.33	4.60	9.15	9.26	4.79	5.61	6.04	18
Accrued Expenses	16	20	34	36	61	62	42	71
Current Deferred Revenue	-	-	-	-	-	-	27	35
Other Current Liabilities	2.51	13	51	87	86	80	30	32
Total Noncurrent Liabilities	43	26	64	1,013	789	398	382	376
Long-Term Debt	39	20	0.00	933	705	344	338	323
Other Noncurrent Operating Liabilities	0.65	6.12	64	80	84	55	44	53
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-132	258	1,062	1,014	955	979	965	930
Total Preferred & Common Equity	-132	258	1,062	1,014	955	979	965	930
Total Common Equity	-132	258	1,062	1,014	955	979	965	930
Common Stock	16	449	1,350	1,527	1,666	1,815	1,958	2,044
Retained Earnings	-146	-192	-288	-511	-702	-835	-993	-1,114
Accumulated Other Comprehensive Income / (Loss)	-0.04	0.20	0.01	-2.63	-9.29	-1.01	-0.10	-0.04

This table presents Fastly's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,862	1,657	1,641	1,506	1,483	1,472	1,449	1,463	1,471	1,514	1,504
Total Current Assets	662	505	551	460	451	453	453	465	480	490	479
Cash & Equivalents	348	274	270	151	147	218	125	82	113	147	90
Short-Term Investments	198	124	158	179	165	91	182	239	230	184	248
Accounts Receivable	85	78	99	108	114	117	119	117	109	130	114
Prepaid Expenses	30	30	24	23	25	28	26	26	28	30	27
Plant, Property, & Equipment, net	180	179	172	178	177	180	178	182	183	216	220
Total Noncurrent Assets	1,021	973	917	868	855	838	819	817	808	808	804
Goodwill	670	670	670	670	670	670	670	670	670	670	670
Intangible Assets	78	73	67	58	53	48	38	33	28	23	21
Other Noncurrent Operating Assets	155	152	147	138	132	120	110	114	110	114	113
Total Liabilities & Shareholders' Equity	1,862	1,657	1,641	1,506	1,483	1,472	1,449	1,463	1,471	1,514	1,504
Total Liabilities	904	670	672	514	501	502	492	521	534	536	513
Total Current Liabilities	125	132	143	120	109	114	301	313	329	163	143
Short-Term Debt	-	-	-	-	-	-	188	188	188	0.00	0.00
Accounts Payable	4.67	5.56	5.72	5.49	5.53	11	9.80	13	11	39	20
Accrued Expenses	42	47	57	36	34	41	37	45	60	46	53
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	40	34
Other Current Liabilities	78	79	81	79	69	62	66	66	69	39	35
Total Noncurrent Liabilities	779	538	529	394	392	388	191	208	205	373	370
Long-Term Debt	705	472	473	344	344	344	150	150	150	324	324
Other Noncurrent Operating Liabilities	73	66	56	50	48	44	41	58	55	49	46
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	959	988	969	992	981	969	957	943	937	977	991
Total Preferred & Common Equity	959	988	969	992	981	969	957	943	937	977	991
Total Common Equity	959	988	969	992	981	969	957	943	937	977	991
Common Stock	1,711	1,748	1,782	1,871	1,903	1,929	1,989	2,012	2,036	2,113	2,142
Retained Earnings	-746	-757	-811	-878	-922	-960	-1,032	-1,069	-1,099	-1,135	-1,151
Accumulated Other Comprehensive Income / (Loss)	-5.59	-3.15	-1.93	-0.52	-0.28	-0.02	-0.13	-0.17	-0.01	-0.42	-0.49

This table displays calculated financial ratios and metrics derived from Fastly's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	37.81%	38.67%	45.10%	21.82%	22.12%	16.93%	7.45%	14.78%
EBITDA Growth	0.00%	21.78%	-72.80%	-113.36%	-115.87%	-24.52%	33.74%	28.22%	66.83%
EBIT Growth	0.00%	5.35%	-64.36%	-118.88%	-103.43%	-12.61%	18.83%	15.47%	29.14%
NOPAT Growth	0.00%	6.10%	-59.75%	-130.33%	-104.29%	-12.41%	19.57%	15.21%	29.13%
Net Income Growth	0.00%	4.67%	-66.64%	-86.10%	-132.14%	14.33%	30.24%	-18.76%	23.02%
EPS Growth	0.00%	8.63%	40.94%	-24.00%	-106.45%	18.23%	34.39%	-10.68%	27.19%
Operating Cash Flow Growth	0.00%	34.32%	-84.30%	36.38%	-93.22%	-80.95%	100.52%	4,432.04%	475.67%
Free Cash Flow Firm Growth	0.00%	0.00%	34.97%	-1,557.00%	76.76%	-31.64%	39.70%	16.46%	95.41%
Invested Capital Growth	0.00%	0.00%	31.77%	1,006.85%	5.10%	9.70%	1.78%	1.29%	-7.68%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	8.88%	4.44%	5.25%	3.79%	0.52%	5.41%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-97.40%	7.16%	4.35%	5.34%	10.39%	39.79%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-68.80%	0.72%	3.16%	2.47%	4.63%	13.96%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-67.78%	0.31%	3.22%	2.88%	4.68%	13.92%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-49.19%	-5.60%	5.39%	14.88%	-6.39%	12.50%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-97.87%	-2.67%	7.10%	16.26%	-5.56%	13.54%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-7.83%	-343.68%	37.65%	-6.45%	108.25%	330.72%	22.29%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	78.95%	-1.42%	9.02%	12.09%	74.29%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	793.33%	1.76%	2.60%	1.37%	0.13%	-0.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	53.60%	54.69%	55.94%	58.74%	52.87%	48.48%	52.64%	54.43%	57.08%
EBITDA Margin	-20.50%	-11.63%	-14.50%	-21.32%	-37.78%	-38.52%	-21.83%	-14.58%	-4.21%
Operating Margin	-29.58%	-20.16%	-23.22%	-36.86%	-61.81%	-56.90%	-39.14%	-30.89%	-19.07%
EBIT Margin	-30.09%	-20.67%	-24.50%	-36.95%	-61.71%	-56.90%	-39.50%	-31.07%	-19.19%
Profit (Net Income) Margin	-30.93%	-21.40%	-25.72%	-32.98%	-62.85%	-44.09%	-26.30%	-29.07%	-19.50%
Tax Burden Percent	100.65%	100.60%	100.96%	89.31%	100.03%	100.05%	99.83%	101.68%	102.09%
Interest Burden Percent	102.13%	102.92%	103.97%	99.93%	101.81%	77.44%	66.70%	92.02%	99.56%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-70.23%	-48.41%	-16.25%	-17.65%	-18.46%	-14.07%	-11.75%	-8.60%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	1.04%	-30.40%	-5.70%	23.37%	17.71%	16.38%	-155.35%	-192.17%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.35%	18.55%	1.71%	-3.81%	-0.92%	0.31%	-4.51%	-4.24%
Return on Equity (ROE)	0.00%	-70.58%	-29.86%	-14.54%	-21.46%	-19.38%	-13.76%	-16.25%	-12.84%
Cash Return on Invested Capital (CROIC)	0.00%	-270.23%	-75.82%	-183.11%	-22.62%	-27.72%	-15.83%	-13.03%	-0.62%
Operating Return on Assets (OROA)	0.00%	-18.36%	-20.30%	-13.95%	-12.94%	-12.14%	-11.68%	-11.35%	-8.11%
Return on Assets (ROA)	0.00%	-19.01%	-21.31%	-12.45%	-13.18%	-9.41%	-7.78%	-10.62%	-8.25%
Return on Common Equity (ROCE)	0.00%	106.23%	-10.87%	-14.54%	-21.46%	-19.38%	-13.76%	-16.25%	-12.84%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.45%	-20.01%	-9.03%	-21.96%	-19.97%	-13.59%	-16.37%	0.00%
Net Operating Profit after Tax (NOPAT)	-22	-20	-33	-75	-153	-172	-139	-118	-83
NOPAT Margin	-20.71%	-14.11%	-16.25%	-25.80%	-43.27%	-39.83%	-27.40%	-21.62%	-13.35%
Net Nonoperating Expense Percent (NNEP)	0.00%	-71.27%	-18.00%	-10.55%	-41.02%	-36.17%	-30.45%	143.60%	183.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-10.38%	-10.48%	-9.02%	-6.45%
Cost of Revenue to Revenue	46.40%	45.31%	44.06%	41.26%	47.13%	51.52%	47.36%	45.57%	42.92%
SG&A Expenses to Revenue	16.64%	16.22%	20.50%	35.10%	35.80%	27.92%	22.94%	20.86%	17.74%
R&D to Revenue	27.63%	23.95%	23.19%	25.72%	35.80%	35.89%	30.08%	25.38%	26.07%
Operating Expenses to Revenue	83.18%	74.85%	79.16%	95.60%	114.68%	105.37%	91.77%	85.32%	76.15%
Earnings before Interest and Taxes (EBIT)	-32	-30	-49	-107	-219	-246	-200	-169	-120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-22	-17	-29	-62	-134	-167	-110	-79	-26
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	7.30	9.34	4.11	1.05	2.38	1.37	1.64
Price to Tangible Book Value (P/TBV)	0.00	0.00	7.34	32.56	15.17	4.99	9.44	5.26	6.51
Price to Revenue (P/Rev)	1.72	1.25	9.38	34.09	11.76	2.33	4.60	2.44	2.44
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	6.31	22.19	11.45	4.54	1.05	2.36	1.36	1.64
Enterprise Value to Revenue (EV/Rev)	0.00	2.54	8.47	33.35	11.41	2.38	4.63	2.51	2.44
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	6,472.21	83.27	16.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.58	0.08	0.00	0.92	0.74	0.35	0.35	0.39
Long-Term Debt to Equity	0.00	0.45	0.08	0.00	0.92	0.74	0.35	0.35	0.35
Financial Leverage	0.00	-0.34	-0.61	-0.30	-0.16	-0.05	0.02	0.03	0.02
Leverage Ratio	0.00	1.86	1.40	1.17	1.63	2.06	1.77	1.53	1.56
Compound Leverage Factor	0.00	1.91	1.46	1.17	1.66	1.59	1.18	1.41	1.55
Debt to Total Capital	0.00%	36.69%	7.23%	0.00%	47.93%	42.46%	25.96%	25.91%	28.02%
Short-Term Debt to Total Capital	0.00%	8.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.99%
Long-Term Debt to Total Capital	0.00%	28.48%	7.23%	0.00%	47.93%	42.46%	25.96%	25.91%	25.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	158.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-95.28%	92.77%	100.00%	52.07%	57.54%	74.04%	74.09%	71.98%
Debt to EBITDA	0.00	-3.02	-0.69	0.00	-6.97	-4.23	-3.11	-4.26	-13.76
Net Debt to EBITDA	0.00	1.95	6.23	0.00	0.92	-0.13	-0.13	-0.53	0.00
Long-Term Debt to EBITDA	0.00	-2.34	-0.69	0.00	-6.97	-4.23	-3.11	-4.26	-12.29
Debt to NOPAT	0.00	-2.49	-0.62	0.00	-6.09	-4.09	-2.48	-2.87	-4.34
Net Debt to NOPAT	0.00	1.61	5.56	0.00	0.81	-0.13	-0.11	-0.36	0.00
Long-Term Debt to NOPAT	0.00	-1.93	-0.62	0.00	-6.09	-4.09	-2.48	-2.87	-3.88
Altman Z-Score	0.00	1.09	17.89	37.42	1.96	0.23	1.94	0.95	0.96
Noncontrolling Interest Sharing Ratio	0.00%	250.50%	63.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	3.69	6.72	2.78	4.74	4.18	3.14	4.21	2.61
Quick Ratio	0.00	3.41	4.53	2.60	4.49	3.99	3.00	3.94	2.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-78	-51	-846	-197	-259	-156	-130	-5.98
Operating Cash Flow to CapEx	-195.21%	-86.41%	-160.82%	-56.70%	-80.66%	-87.23%	1.12%	44.11%	203.95%
Free Cash Flow to Firm to Interest Expense	0.00	-43.36	-9.75	-545.94	-37.47	0.00	0.00	-94.31	-0.51
Operating Cash Flow to Interest Expense	-23.17	-9.38	-5.98	-12.86	-7.34	0.00	0.00	11.87	8.03
Operating Cash Flow Less CapEx to Interest Expense	-35.04	-20.24	-9.70	-35.53	-16.43	0.00	0.00	-15.04	4.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.89	0.83	0.38	0.21	0.21	0.30	0.37	0.42
Accounts Receivable Turnover	0.00	5.85	6.48	6.66	6.17	5.61	4.82	4.60	5.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	3.41	0.00	0.00	0.00	2.49	2.83	3.06	3.41
Accounts Payable Turnover	0.00	28.08	25.47	17.45	18.15	31.75	46.10	42.51	22.64
Days Sales Outstanding (DSO)	0.00	62.44	56.32	54.83	59.17	65.03	75.77	79.38	68.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	13.00	14.33	20.91	20.12	11.50	7.92	8.59	16.12
Cash Conversion Cycle (CCC)	0.00	49.44	41.99	33.92	39.06	53.54	67.85	70.80	52.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	58	77	847	890	977	994	1,007	930
Invested Capital Turnover	0.00	4.98	2.98	0.63	0.41	0.46	0.51	0.54	0.64
Increase / (Decrease) in Invested Capital	0.00	58	18	771	43	86	17	13	-77
Enterprise Value (EV)	0.00	367	1,699	9,702	4,042	1,029	2,343	1,366	1,521
Market Capitalization	180	180	1,880	9,916	4,165	1,007	2,328	1,324	1,521
Book Value per Share	$0.00	($5.41)	$2.75	$9.36	$8.63	$7.77	$7.49	$6.88	$6.22
Tangible Book Value per Share	$0.00	($5.45)	$2.74	$2.68	$2.34	$1.64	$1.89	$1.80	$1.56
Total Capital	0.00	138	278	1,062	1,947	1,660	1,323	1,303	1,291
Total Debt	0.00	51	20	0.00	933	705	344	338	362
Total Long-Term Debt	0.00	39	20	0.00	933	705	344	338	323
Net Debt	0.00	-33	-181	-215	-124	22	15	42	0.08
Capital Expenditures (CapEx)	13	20	19	35	48	80	32	37	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	13	11	-27	-35	-34	-6.74	40	-10
Debt-free Net Working Capital (DFNWC)	0.00	97	212	167	493	484	316	336	351
Net Working Capital (NWC)	0.00	86	212	167	493	484	316	336	313
Net Nonoperating Expense (NNE)	11	11	19	21	69	18	-5.53	41	38
Net Nonoperating Obligations (NNO)	0.00	-30	-181	-215	-124	22	15	42	0.08
Total Depreciation and Amortization (D&A)	10	13	20	45	85	80	89	90	93
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	9.16%	5.49%	-9.32%	-9.90%	-7.81%	-1.33%	7.33%	-1.68%
Debt-free Net Working Capital to Revenue	0.00%	67.02%	105.86%	57.47%	139.07%	111.89%	62.45%	61.75%	56.29%
Net Working Capital to Revenue	0.00%	59.16%	105.86%	57.47%	139.07%	111.89%	62.45%	61.75%	50.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.39)	($1.27)	($0.75)	($0.93)	($1.92)	($1.57)	($1.03)	($1.14)	($0.83)
Adjusted Weighted Average Basic Shares Outstanding	23.40M	24.38M	95.90M	114.60M	116.05M	121.72M	128.77M	138.10M	146.90M
Adjusted Diluted Earnings per Share	($1.39)	($1.27)	($0.75)	($0.93)	($1.92)	($1.57)	($1.03)	($1.14)	($0.83)
Adjusted Weighted Average Diluted Shares Outstanding	23.40M	24.38M	95.90M	114.60M	116.05M	121.72M	128.77M	138.10M	146.90M
Adjusted Basic & Diluted Earnings per Share	($1.39)	($1.27)	($0.75)	($0.93)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.40M	24.38M	68.35M	103.55M	120.30M	125.40M	134.20M	142.30M	151.80M
Normalized Net Operating Profit after Tax (NOPAT)	-22	-20	-33	-75	-153	-172	-139	-111	-83
Normalized NOPAT Margin	-20.71%	-14.11%	-16.25%	-25.80%	-43.27%	-39.83%	-27.40%	-20.37%	-13.35%
Pre Tax Income Margin	-30.74%	-21.27%	-25.47%	-36.93%	-62.83%	-44.06%	-26.35%	-28.59%	-19.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-28.29	-16.51	-9.38	-69.39	-41.69	0.00	0.00	-122.25	-10.18
NOPAT to Interest Expense	-19.46	-11.27	-6.22	-48.45	-29.23	0.00	0.00	-85.05	-7.08
EBIT Less CapEx to Interest Expense	-40.16	-27.37	-13.10	-92.07	-50.79	0.00	0.00	-149.16	-14.12
NOPAT Less CapEx to Interest Expense	-31.33	-22.13	-9.94	-71.13	-38.33	0.00	0.00	-111.96	-11.02
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-10.61%	-0.70%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Fastly's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	151,800,000.00	156,500,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	151,800,000.00	156,500,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.14	-0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.47%	13.57%	7.77%	7.35%	2.03%	8.20%	12.34%	15.32%	22.79%	19.76%	23.27%
EBITDA Growth	22.82%	5.12%	10.84%	49.14%	43.58%	43.65%	45.90%	74.49%	145.99%	58.22%	131.66%
EBIT Growth	10.47%	2.47%	8.08%	29.90%	18.92%	17.45%	20.71%	29.49%	55.29%	36.55%	59.81%
NOPAT Growth	12.13%	2.15%	6.21%	30.43%	19.38%	17.47%	20.95%	29.08%	56.05%	37.41%	60.93%
Net Income Growth	49.87%	2.82%	-308.53%	30.00%	-40.62%	9.85%	14.15%	22.45%	52.85%	47.57%	58.47%
EPS Growth	54.05%	11.11%	-300.00%	35.71%	-35.29%	15.63%	18.75%	25.93%	56.52%	51.85%	61.54%
Operating Cash Flow Growth	39.17%	225.63%	-119.80%	159.62%	170.76%	55.30%	621.38%	478.25%	329.77%	66.97%	52.47%
Free Cash Flow Firm Growth	60.77%	76.35%	31.49%	23.32%	21.99%	73.52%	146.06%	200.03%	281.28%	104.83%	-198.77%
Invested Capital Growth	1.78%	0.46%	2.93%	2.54%	1.29%	-1.69%	-5.35%	-7.31%	-7.68%	-1.74%	1.87%
Revenue Q/Q Growth	7.79%	-3.09%	-0.86%	3.65%	2.46%	2.77%	2.93%	6.40%	9.09%	0.24%	5.95%
EBITDA Q/Q Growth	41.30%	-15.66%	-1.16%	25.94%	34.89%	-15.51%	2.87%	65.07%	217.36%	-204.93%	173.61%
EBIT Q/Q Growth	25.72%	-6.93%	-0.41%	12.11%	14.08%	-8.86%	3.54%	21.84%	45.52%	-54.47%	38.90%
NOPAT Q/Q Growth	27.01%	-8.63%	-1.02%	13.15%	15.42%	-11.21%	3.24%	22.07%	47.58%	-58.35%	39.60%
Net Income Q/Q Growth	56.94%	-85.70%	-0.70%	13.06%	13.49%	-19.04%	4.10%	21.46%	47.41%	-32.37%	24.04%
EPS Q/Q Growth	59.52%	-88.24%	0.00%	15.63%	14.81%	-17.39%	3.70%	23.08%	50.00%	-30.00%	23.08%
Operating Cash Flow Q/Q Growth	12.07%	250.90%	-144.45%	201.09%	4.36%	231.19%	49.22%	12.12%	-22.44%	28.67%	36.26%
Free Cash Flow Firm Q/Q Growth	32.17%	21.70%	-66.58%	13.34%	30.98%	73.42%	389.72%	88.23%	25.08%	-99.29%	-6,027.43%
Invested Capital Q/Q Growth	1.37%	1.03%	0.91%	-0.78%	0.13%	-1.94%	-2.85%	-2.83%	-0.27%	4.37%	0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.00%	54.85%	55.07%	54.47%	53.40%	53.16%	54.55%	58.35%	61.39%	62.52%	63.25%
EBITDA Margin	-15.31%	-18.28%	-18.65%	-13.33%	-8.47%	-9.52%	-8.98%	-2.95%	3.17%	-3.32%	2.31%
Operating Margin	-30.91%	-34.65%	-35.31%	-29.58%	-24.42%	-26.43%	-24.84%	-18.19%	-8.74%	-13.81%	-7.87%
EBIT Margin	-31.46%	-34.71%	-35.16%	-29.81%	-25.00%	-26.48%	-24.82%	-18.23%	-9.10%	-14.03%	-8.09%
Profit (Net Income) Margin	-16.97%	-32.52%	-33.04%	-27.71%	-23.39%	-27.10%	-25.24%	-18.63%	-8.98%	-11.86%	-8.50%
Tax Burden Percent	98.05%	100.81%	101.53%	101.21%	103.59%	101.80%	101.51%	101.93%	104.59%	83.25%	101.64%
Interest Burden Percent	55.02%	92.95%	92.54%	91.82%	90.32%	100.52%	100.22%	100.28%	94.33%	101.56%	103.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-11.11%	-12.63%	-13.15%	-11.28%	-9.29%	-10.30%	-10.07%	-7.78%	-3.94%	-6.44%	-3.91%
ROIC Less NNEP Spread (ROIC-NNEP)	24.25%	-53.62%	-88.13%	-50.93%	-40.67%	-68.00%	-57.62%	-67.09%	-27.58%	-38.65%	-348.41%
Return on Net Nonoperating Assets (RNNOA)	0.46%	-1.48%	-1.32%	-1.27%	-1.18%	-1.50%	-1.47%	-1.11%	-0.61%	-0.47%	-0.57%
Return on Equity (ROE)	-10.65%	-14.11%	-14.46%	-12.55%	-10.47%	-11.80%	-11.54%	-8.89%	-4.55%	-6.92%	-4.49%
Cash Return on Invested Capital (CROIC)	-15.83%	-14.22%	-16.47%	-14.93%	-13.03%	-9.53%	-5.15%	-2.40%	-0.62%	-5.73%	-7.79%
Operating Return on Assets (OROA)	-9.31%	-10.76%	-11.90%	-10.36%	-9.13%	-9.94%	-9.62%	-7.34%	-3.85%	-6.18%	-3.75%
Return on Assets (ROA)	-5.02%	-10.08%	-11.18%	-9.63%	-8.55%	-10.17%	-9.79%	-7.50%	-3.80%	-5.23%	-3.94%
Return on Common Equity (ROCE)	-10.65%	-14.11%	-14.46%	-12.55%	-10.47%	-11.80%	-11.54%	-8.89%	-4.55%	-6.92%	-4.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-13.29%	-16.80%	-15.32%	0.00%	-16.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-30	-32	-33	-28	-24	-27	-26	-20	-11	-17	-10
NOPAT Margin	-21.64%	-24.25%	-24.71%	-20.71%	-17.09%	-18.50%	-17.39%	-12.74%	-6.12%	-9.67%	-5.51%
Net Nonoperating Expense Percent (NNEP)	-35.36%	40.99%	74.98%	39.65%	31.38%	57.70%	47.55%	59.31%	23.64%	32.20%	344.50%
Return On Investment Capital (ROIC_SIMPLE)	-2.25%	-	-	-	-1.84%	-2.06%	-2.02%	-1.58%	-0.82%	-1.29%	-0.77%
Cost of Revenue to Revenue	45.00%	45.15%	44.93%	45.53%	46.60%	46.84%	45.45%	41.65%	38.61%	37.48%	36.75%
SG&A Expenses to Revenue	22.81%	23.70%	21.48%	19.80%	18.60%	19.54%	16.36%	18.77%	16.47%	20.22%	17.23%
R&D to Revenue	27.78%	28.65%	26.52%	23.24%	23.29%	25.91%	28.39%	26.18%	24.10%	24.26%	22.95%
Operating Expenses to Revenue	85.91%	89.50%	90.38%	84.06%	77.82%	79.58%	79.39%	76.55%	70.13%	76.34%	71.12%
Earnings before Interest and Taxes (EBIT)	-43	-46	-47	-41	-35	-38	-37	-29	-16	-24	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-24	-25	-18	-12	-14	-13	-4.67	5.48	-5.75	4.23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.38	1.71	1.03	1.08	1.37	0.94	1.08	1.35	1.64	4.51	2.90
Price to Tangible Book Value (P/TBV)	9.44	6.43	3.90	4.17	5.26	3.62	4.27	5.28	6.51	15.57	9.60
Price to Revenue (P/Rev)	4.60	3.25	1.89	1.94	2.44	1.62	1.79	2.13	2.44	6.76	4.18
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.36	1.70	1.03	1.08	1.36	0.94	1.08	1.35	1.64	4.54	2.93
Enterprise Value to Revenue (EV/Rev)	4.63	3.27	1.96	2.01	2.51	1.68	1.82	2.12	2.44	6.75	4.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6,472.21	83.96	0.00	284.97	83.27	41.27	19.49	16.26	16.10	41.54	23.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.35	0.35	0.36	0.35	0.35	0.36	0.36	0.39	0.33	0.33
Long-Term Debt to Equity	0.35	0.35	0.35	0.36	0.35	0.16	0.16	0.16	0.35	0.33	0.33
Financial Leverage	0.02	0.03	0.01	0.03	0.03	0.02	0.03	0.02	0.02	0.01	0.00
Leverage Ratio	1.77	1.73	1.59	1.61	1.53	1.52	1.53	1.54	1.56	1.53	1.53
Compound Leverage Factor	0.97	1.61	1.48	1.47	1.38	1.52	1.53	1.55	1.47	1.56	1.59
Debt to Total Capital	25.96%	25.74%	25.97%	26.22%	25.91%	26.09%	26.39%	26.52%	28.02%	24.88%	24.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	14.51%	14.68%	14.76%	2.99%	0.00%	0.00%
Long-Term Debt to Total Capital	25.96%	25.74%	25.97%	26.22%	25.91%	11.58%	11.70%	11.76%	25.03%	24.88%	24.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	74.04%	74.26%	74.03%	73.78%	74.09%	73.91%	73.61%	73.48%	71.98%	75.12%	75.36%
Debt to EBITDA	-3.11	-3.15	-3.24	-3.89	-4.26	-4.92	-5.90	-7.74	-13.76	-17.69	-458.86
Net Debt to EBITDA	-0.13	-0.12	-0.31	-0.41	-0.53	-0.44	-0.29	0.11	0.00	0.38	19.18
Long-Term Debt to EBITDA	-3.11	-3.15	-3.24	-3.89	-4.26	-2.18	-2.62	-3.43	-12.29	-17.69	-458.86
Debt to NOPAT	-2.48	-2.49	-2.54	-2.79	-2.87	-3.02	-3.22	-3.49	-4.34	-4.41	-5.63
Net Debt to NOPAT	-0.11	-0.09	-0.24	-0.29	-0.36	-0.27	-0.16	0.05	0.00	0.09	0.24
Long-Term Debt to NOPAT	-2.48	-2.49	-2.54	-2.79	-2.87	-1.34	-1.43	-1.55	-3.88	-4.41	-5.63
Altman Z-Score	2.28	1.68	0.87	0.89	1.25	0.52	0.59	0.83	1.19	4.52	2.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.14	3.83	4.13	3.97	4.21	1.50	1.49	1.46	2.61	3.00	3.36
Quick Ratio	3.00	3.63	3.89	3.72	3.94	1.42	1.40	1.37	2.47	2.82	3.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-47	-37	-62	-53	-37	-9.79	28	53	67	0.47	-28
Operating Cash Flow to CapEx	-85.83%	131.77%	-52.88%	56.75%	49.38%	234.64%	179.23%	268.99%	162.14%	116.60%	109.96%
Free Cash Flow to Firm to Interest Expense	0.00	-63.83	-132.69	-112.81	0.00	-3.08	8.96	16.89	29.54	0.14	-8.37
Operating Cash Flow to Interest Expense	0.00	19.23	-10.66	10.58	0.00	5.45	8.15	9.15	9.93	8.73	11.75
Operating Cash Flow Less CapEx to Interest Expense	0.00	4.64	-30.83	-8.06	0.00	3.13	3.60	5.75	3.80	1.24	1.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.31	0.34	0.35	0.37	0.38	0.39	0.40	0.42	0.44	0.46
Accounts Receivable Turnover	4.82	5.41	5.53	5.02	4.60	4.90	4.94	5.24	5.33	5.24	5.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.83	2.92	2.99	3.07	3.06	3.12	3.18	3.26	3.41	3.31	3.42
Accounts Payable Turnover	46.10	47.80	43.90	28.60	42.51	33.38	27.89	24.04	22.64	10.86	15.82
Days Sales Outstanding (DSO)	75.77	67.43	65.99	72.69	79.38	74.55	73.90	69.67	68.44	69.66	61.49
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	7.92	7.64	8.31	12.76	8.59	10.94	13.09	15.18	16.12	33.62	23.07
Cash Conversion Cycle (CCC)	67.85	59.80	57.67	59.93	70.80	63.61	60.81	54.49	52.32	36.04	38.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	994	1,004	1,014	1,006	1,007	987	959	932	930	970	977
Invested Capital Turnover	0.51	0.52	0.53	0.54	0.54	0.56	0.58	0.61	0.64	0.67	0.71
Increase / (Decrease) in Invested Capital	17	4.58	29	25	13	-17	-54	-74	-77	-17	18
Enterprise Value (EV)	2,343	1,709	1,039	1,085	1,366	931	1,039	1,255	1,521	4,404	2,860
Market Capitalization	2,328	1,696	1,007	1,049	1,324	901	1,022	1,260	1,521	4,411	2,873
Book Value per Share	$7.49	$7.37	$7.18	$6.99	$6.88	$6.73	$6.51	$6.36	$6.22	$6.44	$6.33
Tangible Book Value per Share	$1.89	$1.96	$1.89	$1.81	$1.80	$1.75	$1.65	$1.62	$1.56	$1.87	$1.91
Total Capital	1,323	1,336	1,325	1,314	1,303	1,295	1,281	1,275	1,291	1,301	1,315
Total Debt	344	344	344	344	338	338	338	338	362	324	324
Total Long-Term Debt	344	344	344	344	338	150	150	150	323	324	324
Net Debt	15	13	32	36	42	30	17	-4.79	0.08	-6.87	-14
Capital Expenditures (CapEx)	8.60	8.45	9.36	8.81	11	7.37	14	11	14	25	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.74	10	30	31	40	32	19	-3.81	-10	-3.84	-0.97
Debt-free Net Working Capital (DFNWC)	316	340	342	339	336	340	340	339	351	327	337
Net Working Capital (NWC)	316	340	342	339	336	152	152	151	313	327	337
Net Nonoperating Expense (NNE)	-6.42	11	11	9.60	8.85	12	12	9.33	4.94	3.80	5.49
Net Nonoperating Obligations (NNO)	15	13	32	36	42	30	17	-4.79	0.08	-6.87	-14
Total Depreciation and Amortization (D&A)	22	22	22	23	23	25	24	24	21	19	19
Debt-free, Cash-free Net Working Capital to Revenue	-1.33%	2.01%	5.62%	5.66%	7.33%	5.82%	3.28%	-0.64%	-1.68%	-0.59%	-0.14%
Debt-free Net Working Capital to Revenue	62.45%	65.14%	64.28%	62.65%	61.75%	61.22%	59.53%	57.28%	56.29%	50.06%	48.97%
Net Working Capital to Revenue	62.45%	65.14%	64.28%	62.65%	61.75%	27.35%	26.60%	25.49%	50.11%	50.06%	48.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	($0.32)	($0.32)	($0.27)	($0.23)	($0.27)	($0.26)	($0.20)	($0.10)	($0.13)	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	128.77M	134.59M	137.44M	139.24M	138.10M	143.28M	145.78M	148.13M	146.90M	153.58M	157.60M
Adjusted Diluted Earnings per Share	($0.17)	($0.32)	($0.32)	($0.27)	($0.23)	($0.27)	($0.26)	($0.20)	($0.10)	($0.13)	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	128.77M	134.59M	137.44M	139.24M	138.10M	143.28M	145.78M	148.13M	146.90M	153.58M	157.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	134.20M	136.60M	138.60M	140.30M	142.30M	144.80M	147.40M	149.40M	151.80M	156.50M	159.30M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-32	-31	-22	-24	-27	-26	-20	-11	-17	-10
Normalized NOPAT Margin	-21.64%	-24.25%	-23.05%	-15.75%	-17.09%	-18.50%	-17.39%	-12.74%	-6.12%	-9.67%	-5.51%
Pre Tax Income Margin	-17.31%	-32.26%	-32.54%	-27.38%	-22.58%	-26.62%	-24.87%	-18.28%	-8.59%	-14.25%	-8.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-80.05	-100.30	-86.48	0.00	-12.06	-11.66	-9.12	-6.95	-7.34	-4.43
NOPAT to Interest Expense	0.00	-55.93	-70.50	-60.07	0.00	-8.42	-8.17	-6.38	-4.67	-5.06	-3.02
EBIT Less CapEx to Interest Expense	0.00	-94.64	-120.47	-105.12	0.00	-14.38	-16.21	-12.53	-13.08	-14.83	-15.11
NOPAT Less CapEx to Interest Expense	0.00	-70.52	-90.67	-78.70	0.00	-10.74	-12.72	-9.78	-10.80	-12.55	-13.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Fastly’s financial trend is improving operationally, but the company remains unprofitable and continues to consume cash through investment activity. In Q2 2026, revenue reached $183.3 million, up from $102.5 million in Q2 2022 and $148.7 million in Q2 2025. Gross margin also expanded to approximately 63.3%, compared with 44.9% in Q2 2022 and 54.6% in Q2 2025, indicating stronger revenue economics and improved cost efficiency.

Fastly’s operating loss narrowed to $14.4 million in Q2 2026 from $69.0 million in Q2 2022 and $37.0 million in the restated Q2 2025 results. The net loss improved to $15.6 million from $37.5 million a year earlier, although the company has not yet reached profitability. Operating cash flow was a positive $39.3 million in Q2 2026, continuing a recent trend of positive cash generation despite reported net losses.

The balance sheet remains relatively liquid, with $337.5 million in cash and short-term investments at June 30, 2026. However, total liquidity is down substantially from $482.1 million in Q2 2022. Fastly’s cash balance declined by $56.9 million during Q2 2026, primarily because of investment purchases and capital expenditures. The company also carries $324.0 million of long-term debt and has accumulated retained earnings losses of approximately $1.15 billion.

Revenue growth remains substantial: Q2 2026 revenue of $183.3 million was approximately 78.8% above Q2 2022 and 23.3% above Q2 2025.
Gross margins have expanded: Gross margin improved to about 63.3% in Q2 2026 from 44.9% in Q2 2022, suggesting better platform economics and operating leverage.
Operating losses are narrowing: The Q2 operating loss fell to $14.4 million from $69.0 million in Q2 2022 and $37.0 million in Q2 2025.
Operating cash flow is consistently positive in the recent periods: Fastly generated $39.3 million of operating cash flow in Q2 2026, up from $25.8 million in Q2 2025 and negative $16.7 million in Q2 2022.
Debt is far lower than in 2022: Total debt declined to approximately $324.0 million at the end of Q2 2026 from roughly $891.4 million in Q2 2022.
Short-term liquidity remains strong: Current assets of $479.0 million were more than three times current liabilities of $142.5 million, while the company had no short-term debt at June 30, 2026.
Cash generation depends heavily on noncash adjustments: Q2 operating cash flow included $44.0 million of noncash adjustments, $19.1 million of depreciation and amortization, and was partly offset by an $8.1 million working-capital outflow.
Investment balances fluctuate significantly: Fastly actively purchases and sells short-term investments, so quarterly changes in cash do not necessarily reflect changes in underlying operating performance.
Fastly remains unprofitable: The company reported a Q2 2026 net loss of $15.6 million, or $0.10 per diluted share, and retained earnings remained negative at $1.15 billion.
Cash declined sharply during the latest quarter: Cash and equivalents fell from $146.7 million in Q1 2026 to $89.8 million in Q2, while investing activities used $98.7 million, including $35.8 million of capital expenditures.

Investor takeaway: Fastly’s strongest trends are accelerating revenue, expanding gross margins, shrinking operating losses, positive operating cash flow, and materially reduced debt. The main risks are continued net losses, declining cash reserves, substantial reliance on noncash adjustments to produce operating cash flow, and a rising share count that can dilute existing shareholders. Sustained profitability and positive free cash flow remain important milestones for the stock.

08/30/26 07:11 PM ETAI Generated. May Contain Errors.

Fastly Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fastly's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fastly's net income appears to be on an upward trend, with a most recent value of -$121.68 million in 2025, rising from -$32.45 million in 2017. The previous period was -$158.06 million in 2024. See where experts think Fastly is headed by visiting Fastly's forecast page.

Fastly's total operating income in 2025 was -$119 million, based on the following breakdown:

Total Gross Profit: $356.20 million
Total Operating Expenses: $475.20 million

Over the last 8 years, Fastly's total revenue changed from $104.90 million in 2017 to $624.02 million in 2025, a change of 494.9%.

Fastly's total liabilities were at $569.90 million at the end of 2025, a 17.2% increase from 2024, and a 658.9% increase since 2018.

In the past 7 years, Fastly's cash and equivalents has ranged from $16.14 million in 2019 to $286.18 million in 2024, and is currently $180.56 million as of their latest financial filing in 2025.

Over the last 8 years, Fastly's book value per share changed from 0.00 in 2017 to 6.22 in 2025, a change of 622.2%.

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Financial statements for NASDAQ:FSLY last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Fastly (FSLY) Financials

Financials Breakdown Chart

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Fastly Financials - Frequently Asked Questions

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Fastly (FSLY) Financials

Annual Income Statements for Fastly

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Quarterly Cash Flow Statements for Fastly

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Quarterly Balance Sheets for Fastly

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Quarterly Metrics And Ratios for Fastly

Financials Breakdown Chart

Key Financial Trends

Fastly Financials - Frequently Asked Questions

When does Fastly's financial year end?

How has Fastly's net income changed over the last 8 years?

What is Fastly's operating income?

How has Fastly's revenue changed over the last 8 years?

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How has Fastly's book value per share changed over the last 8 years?

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