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Fastly, Inc. (FSLY) stock

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NASDAQ: FSLY Nasdaq Internet Services & Infrastructure Next results ~November 4, 2026

C+ Fundamentals grade

Fastly, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$8.4

Valuation models combined (2)

Base case. Range ~$7.3–$9.5. Weighted average of 2 models (forward price-to-earnings vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Fastly, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 178 sales by directors and officers, last 12 monthsInsider trades
  • Funds148 adding, 191 cuttingOf 49 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fastly files

Where Fastly stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $687m, up 20.4% on a year earlier, faster than the 17.7% growth a quarter earlier. Free-cash-flow margin rose to 7.4% from 5.9% a year earlier. Operating margin widened to -12.0% from -26.3%. The diluted share count is up 7.1% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $6.14 a share, against a share price of $25.43.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Fastly, Inc.'s trailing-twelve-month revenue grew 20.4% year on year, with a free-cash-flow margin of 7.4%.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 126% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.4% over the last 12 months, against a median of 10.1% for internet services & infrastructure companies we cover.
  • Margins widening. Operating margin is up 14.3 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 62.2% over 90 days.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -12.0%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 19.7% of revenue, against a median of 12.4% for internet services & infrastructure companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 7.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 126% and a beta of 1.4 against the S&P 500.
  • Insiders selling. 8 insiders sold $92M of stock over the past 365 days and none bought (86% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.15 against an average estimate of $0.07: beat by 126.3%
Revenue
$183m, up 23.3% on a year earlier
Share reaction
-9.1% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
total Revenue $184m to $190m (Q3 2026); total Revenue $732m to $746m (Full Year 2026)
Next report
November 4, 2026; average EPS estimate $0.12

Fastly's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-10.9%
  • 1 week-19.6%
  • 1 month-20.2%
  • This year+102.4%
  • 1 year+148.5%
  • 5 years-61.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$687M
Operating margin
-12.0%
Net margin
-11.8%
EPS (TTM, diluted)
$-0.53

Growth

Revenue growth
+20.4%
Change in growth rate
+2.7 pts
Share count change
+7.1%

Cash

Free cash flow (TTM)
$50.7M
FCF margin
7.4%
Stock pay % of revenue
19.7%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Agreement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fastly, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Fastly, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.3 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.1 ~$0.0–$0.1 Left out: out of range vs price (0.00x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.5 ~$7.9–$18 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — 0 Does not apply: no positive value
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$7.3 ~$5.7–$9.3 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.4 ~$7.3–$9.5 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fastly, Inc. with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$20.07$87.37$35.45$8.19$17.80$9.44$10.18$20.60
Market value$1.4bn$9.0bn$4.1bn$997m$2.3bn$1.3bn$1.5bn$3.1bn
+ Net debt (− = net cash)$13m−$63m$783m$561m$236m$51m$181m$234m
Enterprise value$1.4bn$9.0bn$4.9bn$1.6bn$2.5bn$1.4bn$1.7bn$3.4bn
Multiples
Price / sales 6.8x31.1x11.6x2.3x4.5x2.4x2.4x4.6x
Price / earnings ————————
Price / free cash flow —————n/m22.7x62.0x
EV / EBITDA ————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

24 /100

Weak moat

How hard Fastly's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -4.6% of total assets over 7 years.

  • Pricing power 17 / 20

    Gross margin has been a median 55.0%, moving by 3.6 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -31.4%; its worst year was -62.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 8 years, at a median -13.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 36.0% over five years; stock-based pay has been a median 22.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $188m and EPS of $0.12 (range $0.11 to $0.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.53 +304% $741m +19%
Next $0.64 +22% $855m +15%

Next year's EPS estimate has moved +62.2% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +61.1% on 90 days ago. In the last 30 days, 11 analysts raised Fastly, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Fastly, Inc., last 90 days
$0.30 $0.40 $0.50 $0.60 $0.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.33 Current fiscal year, 60 days ago: $0.53 Current fiscal year, 30 days ago: $0.53 Current fiscal year, 7 days ago: $0.53 Current fiscal year, Now: $0.53 $0.53 Next fiscal year, 90 days ago: $0.40 Next fiscal year, 60 days ago: $0.58 Next fiscal year, 30 days ago: $0.58 Next fiscal year, 7 days ago: $0.63 Next fiscal year, Now: $0.64 $0.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.33$0.40
60 days ago $0.53$0.58
30 days ago $0.53$0.58
7 days ago $0.53$0.63
Now $0.53$0.64

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.07 $0.15 +126.3%
Mar 2026 $0.09 $0.13 +50.2%
Dec 2025 $0.06 $0.12 +109.2%
Sept 2025 $0.00 $0.07 +41076.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total Revenue Full Year 2026 $732m to $746m Raised
    “Total Revenue (millions) $184.0 - $190.0 $732.0 - $746.0” source
  • Total Revenue Q3 2026 $184m to $190m
    “Total Revenue (millions) $184.0 - $190.0 $732.0 - $746.0” source
  • Non-GAAP Net Income per share Full Year 2026 $0.50 to $0.54 Non-GAAP Raised
    “Non-GAAP Net Income per share (4)(5) $0.11 - $0.13 $0.50 - $0.54” source
  • Non-GAAP Net Income per share Q3 2026 $0.11 to $0.13 Non-GAAP
    “Non-GAAP Net Income per share (4)(5) $0.11 - $0.13 $0.50 - $0.54” source
  • Non-GAAP Operating Income Full Year 2026 $88m to $96m Non-GAAP Raised
    “Non-GAAP Operating Income (millions) $20.0 - $24.0 $88.0 - $96.0” source
  • Non-GAAP Operating Income Q3 2026 $20m to $24m Non-GAAP
    “Non-GAAP Operating Income (millions) $20.0 - $24.0 $88.0 - $96.0” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

12 analysts, Oct 2026
Buy650%
Hold542%
Sell18%

Monthly trend

  1. Oct 2026155112
  2. Sep 2026146112
  3. Aug 2026146112
  4. Jul 2026146112

Counts of recommendations published by analysts covering Fastly, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.0%
of tradable shares
Days to cover
2.58
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
4.5%
of shares
Employees
1,140
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +148.5%

$8.29 on October 31, 2025 to $20.60

ThenNowEffect
Revenue (last 12 months) $571m $687m +20.4%
P/S multiple 2.1x 4.6x +121.1%
Share count 142m 152m −6.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +17.3%

$17.56 on November 3, 2023 to $20.60

ThenNowEffect
Revenue (last 12 months) $468m $687m +46.8%
P/S multiple 4.7x 4.6x −2.4%
Share count 125m 152m −18.1%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FSLY−59%−77%+117%−47%+8%+102%
Industry peers (median)+13%−81%+44%−15%−12%−30%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FSLY25%8%67%42%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FSLY−70%−80%−41%−78%−54%−52%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since May 17, 2019: 96% from October 13, 2020 to April 8, 2025. Getting back needed a 2477% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.96 – $33.50
From 52-week high
−38.5%
vs 50-day average
−15.5%
vs 200-day average
−4.3%
Volatility (1 year)
126%
Beta vs S&P 500
1.40

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±27.1%
After a week
6 up, 6 down
typical move ±32.5%
After a month
6 up, 6 down
typical move ±42.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −9.1% −0.4% +14.3% −15.4%
May 6, 2026 −39.7% +1.1% −43.4% −44.2%
February 11, 2026 +76.5% −1.6% +98.8% +170.4%
November 5, 2025 +37.8% −0.7% +49.5% +32.2%
August 6, 2025 +16.9% +0.7% +13.5% +16.5%
May 7, 2025 +30.7% +1.1% +41.9% +31.4%
February 12, 2025 −20.8% +0.7% −22.4% −31.9%
November 6, 2024 +6.5% +3.3% −5.0% +42.1%
August 7, 2024 −16.3% +1.6% −14.4% −19.3%
May 1, 2024 −30.5% +0.6% −34.3% −38.0%
February 14, 2024 −28.6% +1.6% −36.0% −45.0%
November 1, 2023 +12.3% +3.0% +16.0% +23.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fastly, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fastly, Inc.
$450M $500M $550M $600M $650M $700M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $487.5M Revenue (TTM), FY23 Q4: $506M Revenue (TTM), FY24 Q1: $521.9M Revenue (TTM), FY24 Q2: $531.5M Revenue (TTM), FY24 Q3: $540.9M Revenue (TTM), FY24 Q4: $543.7M Revenue (TTM), FY25 Q1: $554.6M Revenue (TTM), FY25 Q2: $571M Revenue (TTM), FY25 Q3: $592M Revenue (TTM), FY25 Q4: $624M Revenue (TTM), FY26 Q1: $652.6M Revenue (TTM), FY26 Q2: $687.2M $687.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $487.5M
FY23 Q4 $506M
FY24 Q1 $521.9M
FY24 Q2 $531.5M
FY24 Q3 $540.9M
FY24 Q4 $543.7M
FY25 Q1 $554.6M
FY25 Q2 $571M
FY25 Q3 $592M
FY25 Q4 $624M
FY26 Q1 $652.6M
FY26 Q2 $687.2M
Revenue growth, TTM YoY Fastly, Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 18.6% Revenue growth, TTM YoY, FY23 Q4: 16.9% Revenue growth, TTM YoY, FY24 Q1: 16.5% Revenue growth, TTM YoY, FY24 Q2: 13.5% Revenue growth, TTM YoY, FY24 Q3: 10.9% Revenue growth, TTM YoY, FY24 Q4: 7.4% Revenue growth, TTM YoY, FY25 Q1: 6.3% Revenue growth, TTM YoY, FY25 Q2: 7.4% Revenue growth, TTM YoY, FY25 Q3: 9.4% Revenue growth, TTM YoY, FY25 Q4: 14.8% Revenue growth, TTM YoY, FY26 Q1: 17.7% Revenue growth, TTM YoY, FY26 Q2: 20.4% 20.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 18.6%
FY23 Q4 16.9%
FY24 Q1 16.5%
FY24 Q2 13.5%
FY24 Q3 10.9%
FY24 Q4 7.4%
FY25 Q1 6.3%
FY25 Q2 7.4%
FY25 Q3 9.4%
FY25 Q4 14.8%
FY26 Q1 17.7%
FY26 Q2 20.4%
Operating margin (TTM) Fastly, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -41.8% Operating margin (TTM), FY23 Q4: -39.1% Operating margin (TTM), FY24 Q1: -37.7% Operating margin (TTM), FY24 Q2: -36.5% Operating margin (TTM), FY24 Q3: -32.6% Operating margin (TTM), FY24 Q4: -30.9% Operating margin (TTM), FY25 Q1: -28.8% Operating margin (TTM), FY25 Q2: -26.3% Operating margin (TTM), FY25 Q3: -23.4% Operating margin (TTM), FY25 Q4: -19.1% Operating margin (TTM), FY26 Q1: -16.0% Operating margin (TTM), FY26 Q2: -12.0% -12.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -41.8%
FY23 Q4 -39.1%
FY24 Q1 -37.7%
FY24 Q2 -36.5%
FY24 Q3 -32.6%
FY24 Q4 -30.9%
FY25 Q1 -28.8%
FY25 Q2 -26.3%
FY25 Q3 -23.4%
FY25 Q4 -19.1%
FY26 Q1 -16.0%
FY26 Q2 -12.0%
FCF margin (TTM) Fastly, Inc.
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -4.3% FCF margin (TTM), FY23 Q4: -2.1% FCF margin (TTM), FY24 Q1: 2.2% FCF margin (TTM), FY24 Q2: -3.0% FCF margin (TTM), FY24 Q3: -0.8% FCF margin (TTM), FY24 Q4: 1.1% FCF margin (TTM), FY25 Q1: 2.0% FCF margin (TTM), FY25 Q2: 5.9% FCF margin (TTM), FY25 Q3: 9.1% FCF margin (TTM), FY25 Q4: 10.5% FCF margin (TTM), FY26 Q1: 9.0% FCF margin (TTM), FY26 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -4.3%
FY23 Q4 -2.1%
FY24 Q1 2.2%
FY24 Q2 -3.0%
FY24 Q3 -0.8%
FY24 Q4 1.1%
FY25 Q1 2.0%
FY25 Q2 5.9%
FY25 Q3 9.1%
FY25 Q4 10.5%
FY26 Q1 9.0%
FY26 Q2 7.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 105 145 200 291 354 433 506 544 624 687
Gross profit 56 79 112 171 187 210 266 296 356 422
EBITDA −21 −16 −30 −87 −190 −204 −146 −114 −58 −27
Operating income −31 −29 −47 −107 −219 −246 −198 −168 −119 −82
Net income −32 −31 −52 −96 −223 −191 −133 −158 −122 −81
Diluted EPS −$1.39 −$1.27 −$0.75 −$0.93 −$1.92 −$1.57 −$1.03 −$1.14 −$0.83 −$0.53
Growth (year on year)
Revenue — +37.8% +38.7% +45.1% +21.8% +22.1% +16.9% +7.4% +14.8% +20.4%
Margins
Gross margin 53.6% 54.7% 55.9% 58.7% 52.9% 48.5% 52.6% 54.4% 57.1% 61.5%
EBITDA margin −20.4% −10.9% −15.0% −30.0% −53.7% −47.1% −28.9% −21.0% −9.3% −3.9%
Operating margin −29.6% −20.2% −23.2% −36.9% −61.8% −56.9% −39.1% −30.9% −19.1% −12.0%
Net margin −30.9% −21.4% −25.7% −33.0% −62.9% −44.1% −26.3% −29.1% −19.5% −11.8%
Free-cash-flow margin −36.2% −23.3% −22.9% −17.0% −20.7% −20.7% −2.1% 1.1% 10.5% 7.4%
Cash flow
Cash from operations −26 −17 −31 −20 −38 −70 0 16 94 120
Capital spending 12 17 15 30 35 20 11 10 29 69
Free cash flow −38 −34 −46 −49 −73 −90 −11 6 66 51
Stock-based pay 3 4 12 64 140 146 136 108 117 136
Free cash flow after stock pay −41 −38 −58 −114 −214 −235 −147 −102 −52 −85
Balance sheet
Cash 31 37 16 63 166 143 108 286 181 90
Total debt 0 61 30 0 949 705 344 338 362 324
Net debt (negative = net cash) −31 24 13 −63 783 561 236 51 181 234
Diluted shares 23m 24m 68m 104m 116m 122m 129m 138m 147m 152m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $1.5bn
Short-term assets $479mLonger-term assets $1.0bn
What it owes, and who funded it · $1.5bn
Short-term liabilities $143mLonger-term liabilities $370mShareholders' equity $991m
  • Short-term assets cover short-term liabilities $479m of assets due within a year against $143m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $479m short-term assets against $370m of longer-dated liabilities.
  • More cash than debt $90m of cash against $324m of debt.
  • Debt below 40% of shareholders' equity Debt is 33% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 92% to 33% over five years.
  • A year's operating cash flow covers at least 20% of debt $120m of operating cash flow against $324m of debt.
  • Operating profit covers interest at least five times over Operating income of −$82m against $13m of interest.

From Fastly, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+7.1%
year over year
R&D spending
24.3%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated FSLY RIOT LZ MARA NBIS GLBE Median
Revenue, last 12 months $687m $675m $792m $804m $530m $962m $242m
Revenue growth, last 12 months 20.4% 24.5% 12.3% 0.7% 479.0% 27.8% 8.3%
Revenue growth, 3-year average 13.6% 38.0% 7.6% 66.6% −24.0% — 7.6%
Revenue growth, latest quarter 23.3% 13.9% 6.6% −26.7% — — 5.5%
Gross margin 61.5% 62.4% 66.7% −24.3% 68.6% 45.3% 49.5%
Operating margin −12.0% −199.2% 4.1% −366.3% −115.5% 7.4% −56.0%
Operating margin, 3-year average −24.9% −58.8% 4.2% −95.0% −35.1% — −25.3%
Net margin −11.8% −196.3% 2.1% −429.7% 15.6% 7.1% −55.8%
Cash from operations / revenue 17.4% −73.0% 22.1% −111.3% 72.6% 29.5% −10.4%
Free-cash-flow margin 7.4% −115.1% 18.9% −154.0% −694.8% 29.2% −25.9%
Free-cash-flow margin, 3-year average 3.4% −114.1% 16.2% −126.9% −230.9% — −17.4%
Stock pay / revenue 19.7% 20.9% 12.4% 18.1% 15.7% 4.1% 11.9%
Change in share count 7.1% 44.8% 1.8% 52.5% −11.9% 5.2% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth 20.4% 10.1% 11 of 34
Change in growth rate Growth +2.7pp -0.6pp 8 of 34
Gross margin Profitability 61.5% 61.5% 8 of 16
Operating margin Profitability -12.0% -49.3% 14 of 33
Net margin Profitability -11.8% -47.1% 15 of 34
Free-cash-flow margin Cash generation 7.4% 16.2% 11 of 17
Stock pay as % of revenue Cash generation 19.7% 12.4% 23 of 32
Long-term debt as % of assets Balance sheet 21.5% 20.2% 14 of 25
Change in share count Balance sheet 7.1% 5.2% 16 of 26
Days sales outstanding Balance sheet 61 days 48 days 11 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Network Services $478M 76.6% ▲ 11.7%
Security $125M 20.0% ▲ 21.4%
Other $21.2M 3.4% ▲ 63.6%
Geography
Region Revenue Share YoY
United States $465M 74.6% ▲ 14.3%
Outside the US $159M 25.4% ▲ 16.3%

From Fastly, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
281
Shares held vs prior quarter
▲ 7.5%
Positions opened / closed
49 / 102

Top buyers and sellers, Q2 2026: 148 institutions bought and 191 sold ; the biggest buyer was Capital World Investors (+4.5M shares) and the biggest seller Legal & General Group PLC (−3.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $279M 15.2M 10.3% ▲ 22.4%
FMR LLC $218M 11.9M 8.0% ▲ 37.7%
Vanguard Portfolio Management LLC $180M 9.8M 6.6% ▼ 10.9%
Capital World Investors $151M 8.2M 5.5% ▲ 119.2%
First Trust Advisors LP $141M 7.7M 5.2% ▲ 9.2%
D. E. Shaw & Co., Inc. $121M 6.6M 4.5% ▲ 152.2%
Vanguard Capital Management LLC $116M 6.3M 4.3% ▲ 5.3%
Two Sigma Investments, LP $111M 6.1M 4.1% ▲ 8.0%
Penserra Capital Management LLC $84.9M 4.6M 3.1% ▲ 30.6%
Legal & General Group PLC $80.1M 4.4M 2.9% ▼ 45.8%
Geode Capital Management, LLC $71.8M 3.9M 2.6% ▲ 9.3%
State Street Corp $64.9M 3.5M 2.4% ▲ 8.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fastly, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $91.6M 178 trades by 8 insiders · 86% under pre-set plans
Net ▼ $91.6M net selling
Insider Date Trade Shares Price Value
Bergman Artur Chief Technology Officer October 26, 2026 Sell pre-set plan 32,139 $25.61 $823,080
Bergman Artur Chief Technology Officer October 26, 2026 Sell pre-set plan 4,900 $24.60 $120,540
Compton Charles Lacey Iii CEO October 26, 2026 Sell pre-set plan 8,941 $24.98 $223,346
Compton Charles Lacey Iii CEO October 19, 2026 Sell pre-set plan 9,016 $23.08 $208,089
Compton Charles Lacey Iii CEO October 16, 2026 Sell pre-set plan 11,433 $24.90 $284,682
Bergman Artur Chief Technology Officer October 12, 2026 Sell pre-set plan 800 $28.45 $22,760
Bergman Artur Chief Technology Officer October 12, 2026 Sell pre-set plan 5,500 $27.64 $152,020
Bergman Artur Chief Technology Officer October 12, 2026 Sell pre-set plan 30,739 $26.62 $818,272
Bergman Artur Chief Technology Officer October 9, 2026 Sell pre-set plan 3,002 $30.07 $90,270
Bergman Artur Chief Technology Officer September 29, 2026 Sell pre-set plan 3,961 $25.26 $100,055
Bergman Artur Chief Technology Officer September 28, 2026 Sell pre-set plan 32,878 $24.75 $813,730
Bergman Artur Chief Technology Officer September 28, 2026 Sell pre-set plan 200 $25.23 $5,046

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Fastly, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Tom Malinowski(D-NJ 7):Sale (full), $1,001 - $15,000, traded January 25, 2021, filed March 5, 2021
  • Tom Malinowski(D-NJ 7):Sale (full), $15,001 - $50,000, traded November 19, 2020, filed March 5, 2021
  • Tom Malinowski(D-NJ 7):Sale (full), $15,001 - $50,000, traded October 27, 2020, filed March 5, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Fastly, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fastly, Inc. in brief

What does Fastly, Inc. do?
Fastly, Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is Fastly, Inc.'s stock ticker?
Fastly, Inc. trades under the ticker FSLY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fastly, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fastly, Inc. reported revenue of $687M, 20.4% higher than a year earlier, according to its SEC filings.
What is Fastly, Inc.'s free cash flow?
Fastly, Inc.'s free-cash-flow margin is 7.4% of revenue over the trailing twelve months, ranking 11 of the 17 internet services & infrastructure companies we cover.
Who are Fastly, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fastly, Inc.'s market cap?
On November 2, 2026, Fastly, Inc.'s market capitalisation was about $3.1B and net debt of $234M. Market figures come from third-party market data and may be delayed.
How much debt does Fastly, Inc. have?
Fastly, Inc.'s debt-to-equity ratio is 32.7%, from its latest balance sheet (92.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fastly, Inc.'s competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Fastly, Inc. are Riot Platforms, Inc., Legalzoom.com, Inc., Mara Holdings, Inc., Nebius Group N.V. and Global-e Online Ltd. The side-by-side comparison below sets their revenue, margins and growth against Fastly, Inc.'s.
Are insiders buying or selling Fastly, Inc. stock?
Over the last 12 months, Fastly, Inc.'s directors and officers reported 0 open-market purchases and 178 sales on Form 4. The insider trading page charts every trade.
When is Fastly, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fastly, Inc. announces its own schedule.