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Software - Application · Technology · Fiscal year ends Dec 31
Fastly reported revenue of $624M in the fiscal year ended Dec 2025, up 14.8% from the year before. Operating income was −$119M, an operating margin of −19.1%, and net income was −$122M. Operating cash flow of $94M less capital expenditure of $29M left free cash flow of $66M. Net debt was $181M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 354 | 433 | 506 | 544 | 624 |
| Cost of revenue | 167 | 223 | 240 | 248 | 268 |
| Gross profit | 187 | 210 | 266 | 296 | 356 |
| Research & development | 127 | 155 | 152 | 138 | 163 |
| Selling, general & admin | 279 | 301 | 308 | 312 | 312 |
| Operating income | −219 | −246 | −198 | −168 | −119 |
| Interest expense | 5.2 | 5.9 | 4.1 | 2.7 | 12.7 |
| Pre-tax income | −223 | −191 | −133 | −155 | −119 |
| Income tax | 0.1 | 0.1 | −0.2 | 2.6 | 2.5 |
| Net income | −223 | −191 | −133 | −158 | −122 |
| Diluted EPS | −1.92 | −1.57 | −1.03 | −1.14 | −0.83 |
| Diluted shares | 116 | 122 | 129 | 138 | 147 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 166 | 143 | 108 | 286 | 181 |
| Receivables | 64.6 | 89.6 | 120 | 116 | 118 |
| Current assets | 625 | 636 | 464 | 440 | 507 |
| Net PP&E | 167 | 180 | 177 | 179 | 187 |
| Goodwill | 637 | 670 | 670 | 670 | 670 |
| Total assets | 2,159 | 1,896 | 1,525 | 1,451 | 1,499 |
| Payables | 9.3 | 4.8 | 5.6 | 6.0 | 17.6 |
| Deferred revenue | 26.4 | 28.0 | 33.8 | 1.2 | 35.2 |
| Current liabilities | 132 | 152 | 148 | 104 | 194 |
| Short-term debt | 0.0 | – | – | 0.0 | 38.6 |
| Long-term debt | 933 | 705 | 344 | 338 | 323 |
| Total liabilities | 1,145 | 941 | 546 | 486 | 570 |
| Shareholders' equity | 1,014 | 955 | 979 | 965 | 930 |
| Backlog (remaining obligations) | 152 | 198 | 236 | 244 | 354 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −38.5 | −69.6 | 0.4 | 16.4 | 94.4 |
| Capital expenditure | 34.8 | 20.0 | 11.0 | 10.3 | 28.7 |
| Free cash flow | −73.3 | −89.6 | −10.6 | 6.1 | 65.8 |
| Depreciation & amortisation | 28.8 | 42.6 | 51.6 | 54.0 | 61.0 |
| Stock-based compensation | 140 | 146 | 136 | 108 | 117 |
| Acquisitions | 1.2 | 25.9 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.1% | 16.9% | 7.4% | 14.8% |
| Gross margin | 52.9% | 48.5% | 52.6% | 54.4% | 57.1% |
| Operating margin | −61.8% | −56.9% | −39.1% | −30.9% | −19.1% |
| Net margin | −62.9% | −44.1% | −26.3% | −29.1% | −19.5% |
| Return on equityBlank when equity is negative | −22.0% | −20.0% | −13.6% | −16.4% | −13.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −10.8% | −14.1% | −14.4% | −12.5% | −9.1% |
| Free cash flow margin | −20.7% | −20.7% | −2.1% | 1.1% | 10.5% |
| Cash conversion (CFO ÷ net income) | 0.17x | 0.36x | −0.00x | −0.10x | −0.78x |
| Receivable days | 67 | 76 | 87 | 78 | 69 |
| Payable days | 20 | 8 | 9 | 9 | 24 |
| Interest cover | −41.8x | −41.8x | −48.9x | −61.1x | −9.37x |
| Debt ÷ equity | 0.92x | 0.74x | 0.35x | 0.35x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 767 | 561 | 236 | 51.4 | 181 |
| Current ratio | 4.74x | 4.18x | 3.14x | 4.21x | 2.61x |
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.