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FSLY

Fastly, Inc.

FSLY

Fastly, Inc. • NYSE
$11.66 ▼ -1.85% (-0.22)
Market Cap $1.74 B
52w High $12.54
52w Low $4.65
Dividend Yield 0%
P/E -12.15
Volume 1.50M
Outstanding Shares 149.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $158.223M ▲ $121.117M ▲ $-29.483M ▲ -18.634% ▲ $-0.2 ▲ $-496K ▲
Q2-2025 $148.709M ▲ $112.844M ▼ $-37.541M ▲ -25.245% ▲ $-0.26 ▲ $-9.158M ▲
Q1-2025 $144.474M ▲ $114.977M ▲ $-39.148M ▼ -27.097% ▼ $-0.27 ▼ $-15.217M ▼
Q4-2024 $140.579M ▲ $109.394M ▼ $-32.886M ▲ -23.393% ▲ $-0.23 ▲ $-11.828M ▲
Q3-2024 $137.206M $115.33M $-38.016M -27.707% $-0.27 $-18.532M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $342.911M ▲ $1.471B ▲ $533.637M ▲ $936.965M ▼
Q2-2025 $321.208M ▲ $1.463B ▲ $520.53M ▲ $942.647M ▼
Q1-2025 $307.292M ▲ $1.449B ▼ $492.222M ▲ $957.023M ▼
Q4-2024 $295.882M ▼ $1.451B ▼ $486.109M ▼ $965.25M ▼
Q3-2024 $308.247M $1.472B $502.3M $969.454M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-29.483M ▲ $28.924M ▲ $-344K ▲ $2.097M ▲ $30.644M ▲ $18.171M ▼
Q2-2025 $-37.541M ▲ $25.798M ▲ $-69.954M ▲ $982K ▲ $-42.997M ▲ $20.709M ▲
Q1-2025 $-39.148M ▼ $17.288M ▲ $-178.885M ▼ $828K ▲ $-160.691M ▼ $9.92M ▲
Q4-2024 $-32.886M ▲ $5.22M ▲ $70.909M ▲ $-7.317M ▼ $68.661M ▼ $-5.351M ▼
Q3-2024 $-38.016M $5.002M $66.316M $-1.109M $70.318M $-3.812M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Network Services
Network Services
 $210.00M ▲$110.00M ▼$110.00M ▲$120.00M ▲
Other
Other
 $10.00M ▲$0 ▼$0 ▲$10.00M ▲
Security
Security
 $50.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for Fastly’s services continues to rise. Gross profit has also improved, suggesting the core business is becoming more efficient at turning sales into value after direct costs. However, the company is still running at an operating loss. Losses widened during the heavy investment years and, while they have narrowed somewhat more recently, Fastly remains clearly unprofitable. EBITDA got close to breakeven at one point, but slipped back into a deeper loss in the latest year, hinting at either higher operating costs or pricing pressure. Net income and earnings per share are consistently negative. The trend is directionally better than the worst years, but there is no clear proof yet that Fastly has reached sustainable profitability. This is still a growth-and-invest phase, not a mature, profit-focused profile.

Balance Sheet

Balance Sheet Fastly’s balance sheet shows a business that has been reshaped by aggressive investment and then gradual cleanup. Total assets climbed strongly through the expansion phase and have since come down from the peak, which often reflects a mix of asset write‑downs, lower cash, and a more focused footprint. Debt rose sharply earlier in the period and has been reduced meaningfully from its high point, but it is still a significant obligation. Equity has stayed fairly steady, which suggests that, so far, accumulated losses have been offset by past capital raises and retained capital. Cash levels rebounded in the latest year versus the prior year but are still below earlier highs. Overall, the balance sheet appears adequate but not plush: there is some financial flexibility, yet not so much cash that the company can ignore the path to profitability and cash generation.

Cash Flow

Cash Flow The cash flow picture is slowly moving in the right direction. Operating cash flow has improved from clearly negative to roughly breakeven and even slightly positive in the most recent year. That indicates Fastly is getting closer to a self-funding model, at least on day‑to‑day operations. Free cash flow is still negative, mainly because the company continues to invest in its infrastructure and platform. The good news is that cash burn from investments has narrowed materially compared with the heavier spending years. Capital spending remains meaningful but more controlled. Taken together, Fastly looks to be transitioning from a cash‑hungry growth phase toward a more disciplined model, but it has not fully arrived at durable, positive free cash flow yet.

Competitive Edge

Competitive Edge Fastly operates in a tough neighborhood: content delivery, edge computing, and security, where it faces large, well‑funded competitors such as legacy CDNs, edge‑focused peers, and the major cloud platforms. Its main edge is qualitative rather than sheer size. Fastly is known for high performance, low latency, and a developer‑centric approach that gives customers fine‑grained control and programmability. Features like very fast content purge, real‑time observability, and a modern architecture with fewer, more powerful points of presence help differentiate it from older, more rigid networks. The platform’s programmability and deep integration into customers’ workflows can create meaningful switching costs. Once teams build custom logic, security policies, and edge applications on Fastly’s stack, moving away is time‑consuming and risky. That said, competition remains intense, pricing pressure is real, and bigger rivals are also heavily investing in edge and security. Fastly’s position is differentiated but not unchallenged; continued execution is critical.

Innovation and R&D

Innovation and R&D Innovation is one of Fastly’s main strengths and also a key reason costs remain elevated. The company has invested heavily in a modern, software‑defined edge network and in Compute@Edge, its serverless platform that runs code close to users. Using technologies like WebAssembly, it emphasizes speed, security, and instant startup, which can be especially attractive for latency‑sensitive and security‑sensitive workloads. Fastly has also broadened into security (through its Signal Sciences acquisition and Secure@Edge initiative), including web application firewalls, API protection, bot management, and DDoS mitigation. These capabilities deepen its role in customers’ architectures and can raise customer stickiness. Newer efforts aim at AI and observability: an AI accelerator for running model‑related workloads more efficiently at the edge, an AI proxy for major models, and stronger logging and analytics tools. Overall, Fastly is clearly leaning into being an innovation‑driven edge cloud and security platform, not just a CDN. The upside is stronger differentiation; the trade‑off is high ongoing R&D spend and a slower path to profitability.

Summary

Fastly shows a classic growth‑stage technology profile: steadily rising revenue, improving gross profitability, but persistent operating and net losses. The income statement signals progress but not yet a clear break‑even point. Its balance sheet and cash flows indicate a company that has moved past the heaviest investment phase and is working toward operational self‑sufficiency. Debt has been reduced from earlier highs and operating cash flow is close to or slightly above zero, but free cash flow is still negative and the cash cushion, while reasonable, is not excessive. Strategically, Fastly’s differentiation lies in high‑performance edge computing, strong developer focus, integrated security, and rich observability. These create switching costs and a potentially durable niche, but they exist within a highly competitive, fast‑moving market dominated by larger players. The key questions going forward are whether Fastly can: (1) scale its edge and security platforms enough to absorb its cost base, (2) convert innovation in AI and Compute@Edge into broader, stickier customer adoption, and (3) maintain its performance and developer appeal while tightening spending. The opportunity is substantial, but execution risk and profitability risk remain important considerations.

NEWS

November 26, 2025 · 8:00 AM UTC

Fastly Announces Listing Transfer to Nasdaq

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November 13, 2025 · 8:00 AM UTC

Fastly Empowers Partners to Strengthen Customer Security and Expand Services With New Certification Program

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November 5, 2025 · 4:05 PM UTC

Fastly Announces Record Third Quarter 2025 Financial Results

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October 31, 2025 · 5:00 PM UTC

Fastly, Inc. Reports Inducement Award Under NYSE Listing Rule 303A.08

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October 27, 2025 · 1:00 PM UTC

Halper Sadeh LLC Encourages Fastly, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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