Akamai Technologies
AKAM · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
Akamai Technologies reported revenue of $4.2B in the fiscal year ended Dec 2025, up 5.4% from the year before. Operating income was $567M, an operating margin of 13.5%, and net income was $452M. Operating cash flow of $1.5B less capital expenditure of $508M left free cash flow of $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.5B | $3.6B | $3.8B | $4B | $4.2B |
| Cost of revenue | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B |
| Gross profit | $2.2B | $2.2B | $2.3B | $2.4B | $2.5B |
| Research & development | $335M | $391M | $406M | $471M | $514M |
| Operating income | $783M | $676M | $637M | $533M | $567M |
| Interest expense | $72M | $11M | $18M | $27M | $31M |
| Pre-tax income | $728M | $658M | $653M | $587M | $602M |
| Income tax | $63M | $127M | $106M | $82M | $150M |
| Net income | $652M | $524M | $548M | $505M | $452M |
| Diluted EPS | 3.93 | 3.26 | 3.52 | 3.27 | 3.07 |
| Diluted shares | 166M | 160M | 155M | 154M | 147M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $537M | $542M | $489M | $518M | $930M |
| Receivables | $676M | $679M | $724M | $728M | $794M |
| Current assets | $1.9B | $2B | $1.8B | $2.6B | $2.3B |
| Net PP&E | $1.5B | $1.5B | $1.8B | $2B | $2.3B |
| Goodwill | $2.2B | $2.8B | $2.9B | $3.2B | $3.2B |
| Total assets | $8.1B | $8.3B | $9.9B | $10.4B | $11.5B |
| Payables | $110M | $145M | $147M | $130M | $125M |
| Deferred revenue | $87M | $105M | $108M | $149M | $151M |
| Current liabilities | $790M | $819M | $836M | $2.1B | $968M |
| Total liabilities | $3.6B | $3.9B | $5.3B | $5.5B | $6.5B |
| Shareholders' equity | $4.5B | $4.4B | $4.6B | $4.9B | $5B |
| Backlog (remaining obligations) | $3.1B | $3.5B | $3.4B | $4.3B | $5.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.3B | $1.3B | $1.5B | $1.5B |
| Capital expenditure | $329M | $241M | $458M | $390M | $508M |
| Free cash flow | $1.1B | $1B | $891M | $1.1B | $1B |
| Depreciation & amortisation | $551M | $593M | $571M | $648M | $709M |
| Stock-based compensation | $203M | $217M | $328M | $393M | $459M |
| Acquisitions | $599M | $872M | $106M | $434M | $55M |
| Share buybacks | $522M | $608M | $654M | $557M | $800M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.5% | 5.4% | 4.7% | 5.4% |
| Operating income growth (YoY) | – | −13.6% | −5.8% | −16.3% | 6.3% |
| EPS growth (YoY) | – | −17.0% | 8.0% | −7.1% | −6.1% |
| Gross margin | 63.3% | 61.7% | 60.4% | 59.4% | 58.9% |
| Operating margin | 22.6% | 18.7% | 16.7% | 13.4% | 13.5% |
| Net margin | 18.8% | 14.5% | 14.4% | 12.7% | 10.7% |
| Return on equityBlank when equity is negative | 14.4% | 12.0% | 11.9% | 10.4% | 9.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 9.0% | 7.0% | 6.4% | 5.4% |
| Free cash flow margin | 31.1% | 28.6% | 23.4% | 28.3% | 24.0% |
| Cash conversion (CFO ÷ net income) | 2.16x | 2.43x | 2.46x | 3.01x | 3.36x |
| Receivable days | 71 | 69 | 69 | 67 | 69 |
| Payable days | 32 | 38 | 35 | 29 | 26 |
| Interest cover | 10.8x | 60.9x | 36.0x | 19.7x | 18.4x |
| Current ratio | 2.43x | 2.41x | 2.16x | 1.23x | 2.36x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.