Fastly (NASDAQ: FSLY) grows Q2 revenue 23% and posts non-GAAP profit

Q: What were Fastly (FSLY)'s Q2 2026 revenues and growth rate?

Fastly generated $183.3 million in Q2 2026 revenue, a 23% year-over-year increase . Network Services contributed $133.9 million, Security $41.7 million, and Other revenue $7.7 million, showing broad-based growth across its edge cloud platform offerings.

Q: How profitable was Fastly (FSLY) in Q2 2026 on a GAAP and non-GAAP basis?

Fastly recorded a GAAP net loss of $15.6 million , or -$0.10 per share. On a non-GAAP basis, it reported net income of $26.2 million , with $0.15 non-GAAP diluted EPS, and non-GAAP operating income of $27.0 million for the quarter.

Q: What key metrics did Fastly (FSLY) report for RPO and net retention in Q2 2026?

Remaining performance obligations were $341 million , up 38% from $247 million in Q2 2025. Fastly’s last 12‑month net retention rate increased to 117% in Q2 2026, up from 113% in the first quarter of 2026, indicating stronger customer expansion.

Q: How did Fastly (FSLY)'s cash flow and free cash flow trend in Q2 2026?

Fastly generated Q2 2026 operating cash flow of $39.3 million , up from $25.8 million a year earlier. Free cash flow was $3.6 million , compared with $10.9 million in Q2 2025, reflecting higher capital expenditures alongside stronger operating cash generation.

Q: How is Fastly (FSLY)'s security business performing based on Q2 2026 results?

Security revenue reached $41.7 million in Q2 2026, growing 43% year-over-year and representing 23% of total revenue. This segment includes Fastly’s web application firewall, bot management, and DDoS protection products aimed at protecting websites, apps, APIs, and users.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Fastly, Inc. reported record second-quarter revenue of $183.3 million for the quarter ended June 30, 2026, up 23% year-over-year. Network Services revenue was $133.9 million, Security revenue $41.7 million (up 43%), and Other revenue $7.7 million. GAAP gross margin improved to 63.3%, while non-GAAP gross margin reached 65.8%. GAAP operating loss narrowed to $14.4 million, and Fastly generated non-GAAP operating income of $27.0 million and non-GAAP net income of $26.2 million, or $0.15 per diluted share.

Operating cash flow was $39.3 million versus $25.8 million a year earlier, and free cash flow was $3.6 million versus $10.9 million. Remaining performance obligations were $341 million, up 38% from $247 million, and last 12‑month net retention rose to 117%. The top ten customers contributed 37% of revenue. For Q3 2026, Fastly guides revenue to $184.0–$190.0 million and non-GAAP EPS to $0.11–$0.13, and for full-year 2026, revenue to $732.0–$746.0 million with non-GAAP EPS of $0.50–$0.54.

Positive

Q2 2026 revenue rose 23% year-over-year to $183.3 million, with Security revenue up 43% and representing 23% of total revenue.
GAAP gross margin expanded to 63.3% and non-GAAP gross margin to 65.8%, both record second-quarter levels versus 54.5% and 59.0% a year ago.
Fastly shifted from a non-GAAP net loss of $5.0 million in Q2 2025 to non-GAAP net income of $26.2 million in Q2 2026.
Remaining performance obligations reached $341 million, up 38% from $247 million, and last 12‑month net retention improved to 117%.

Negative

Fastly still reported a GAAP net loss of $15.6 million in Q2 2026, and free cash flow declined to $3.6 million from $10.9 million in the prior-year quarter.

Filing Explained

As of June 30, Fastly reported cash and marketable securities alongside long-term debt.

This Form 8-K reports Fastly’s completed quarter ended June 30, 2026; the structural consequence is an updated public record of the company’s financial condition rather than a new ownership transaction.

The filing uses Items 2.02 and 7.01 to furnish the quarterly results, press release, and investor supplement. The exhibits are expressly not deemed filed for purposes of Section 18 of the Exchange Act.

At June 30, 2026, Fastly reported quarter-end cash, marketable securities, and long-term debt balances; current long-term debt was zero. This adds quarter-end liquidity and debt balances to the earnings information already disclosed.

The company states that additional information for the quarter will be included in its forthcoming Form 10-Q, which is the next filing identified for the period.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $183.3 million GAAP Gross Margin Q2 2026: 63.3% GAAP Net Loss Q2 2026: $15.6 million +5 more

8 metrics

Q2 2026 Revenue $183.3 million Three months ended June 30, 2026; 23% year-over-year growth

GAAP Gross Margin Q2 2026 63.3% Quarter ended June 30, 2026; up from 54.5% in Q2 2025

GAAP Net Loss Q2 2026 $15.6 million Net loss for the quarter ended June 30, 2026

Non-GAAP Net Income Q2 2026 $26.2 million Compared with non-GAAP net loss of $5.0 million in Q2 2025

Operating Cash Flow Q2 2026 $39.3 million Cash provided by operating activities in Q2 2026 vs $25.8 million in Q2 2025

Free Cash Flow Q2 2026 $3.6 million Free cash flow in Q2 2026 vs $10.9 million in Q2 2025

Remaining Performance Obligations $341 million As of Q2 2026; up 38% from $247 million in Q2 2025

Last 12-month Net Retention Rate 117% LTM NRR in Q2 2026, up from 113% in Q1 2026

Key Terms

Remaining Performance Obligations, Last 12-month net retention rate, Adjusted EBITDA, Non-GAAP gross margin, +1 more

5 terms

Remaining Performance Obligations financial

"Remaining Performance Obligations (RPO) were $341 million, up 38% from $247 million"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

Last 12-month net retention rate financial

"Last 12-month net retention rate (LTM NRR) increased to 117% in the second quarter"

Adjusted EBITDA financial

"Adjusted EBITDA was $38,122 for the three months ended June 30, 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Non-GAAP gross margin financial

"record non-GAAP gross margin of 65.8% in the second quarter of 2026"

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

termination-for-convenience clause regulatory

"error in RPO calculations from certain contracts with a termination-for-convenience clause"

Earnings Snapshot

Revenue: $183.3 million · Guidance included

quarter ended June 30, 2026

Revenue $183.3 million up 23% year-over-year from $148.7 million in Q2 2025

GAAP Net Loss $15.6 million versus $37.5 million GAAP net loss in Q2 2025

Non-GAAP Net Income $26.2 million versus $5.0 million non-GAAP net loss in Q2 2025

Non-GAAP Diluted EPS $0.15 versus non-GAAP diluted net loss per share of $0.03 in Q2 2025

Adjusted EBITDA $38.1 million versus $8.9 million in Q2 2025

Remaining Performance Obligations $341 million up 38% from $247 million in Q2 2025

Guidance

For Q3 2026, Fastly guides revenue to $184.0–$190.0 million, non-GAAP operating income to $20.0–$24.0 million, and non-GAAP EPS to $0.11–$0.13. For full-year 2026, it expects revenue of $732.0–$746.0 million, non-GAAP operating income of $88.0–$96.0 million, and non-GAAP EPS of $0.50–$0.54.

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Understanding 8-K Material Events →

Available on EDGAR 08/05/2026 - 04:09 PM Accepted by SEC EDGAR 08/05/2026 - 04:08 PM

FAQ

What were Fastly (FSLY)'s Q2 2026 revenues and growth rate?

Fastly generated $183.3 million in Q2 2026 revenue, a 23% year-over-year increase. Network Services contributed $133.9 million, Security $41.7 million, and Other revenue $7.7 million, showing broad-based growth across its edge cloud platform offerings.

How profitable was Fastly (FSLY) in Q2 2026 on a GAAP and non-GAAP basis?

Fastly recorded a GAAP net loss of $15.6 million, or -$0.10 per share. On a non-GAAP basis, it reported net income of $26.2 million, with $0.15 non-GAAP diluted EPS, and non-GAAP operating income of $27.0 million for the quarter.

What key metrics did Fastly (FSLY) report for RPO and net retention in Q2 2026?

Remaining performance obligations were $341 million, up 38% from $247 million in Q2 2025. Fastly’s last 12‑month net retention rate increased to 117% in Q2 2026, up from 113% in the first quarter of 2026, indicating stronger customer expansion.

What guidance did Fastly (FSLY) give for Q3 and full-year 2026?

For Q3 2026, Fastly guides revenue to $184.0–$190.0 million, non-GAAP operating income to $20.0–$24.0 million, and non-GAAP EPS to $0.11–$0.13. For full-year 2026, it expects revenue of $732.0–$746.0 million and non-GAAP EPS of $0.50–$0.54.

How did Fastly (FSLY)'s cash flow and free cash flow trend in Q2 2026?

Fastly generated Q2 2026 operating cash flow of $39.3 million, up from $25.8 million a year earlier. Free cash flow was $3.6 million, compared with $10.9 million in Q2 2025, reflecting higher capital expenditures alongside stronger operating cash generation.

How is Fastly (FSLY)'s security business performing based on Q2 2026 results?

Security revenue reached $41.7 million in Q2 2026, growing 43% year-over-year and representing 23% of total revenue. This segment includes Fastly’s web application firewall, bot management, and DDoS protection products aimed at protecting websites, apps, APIs, and users.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

FASTLY, INC.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-38897	27-5411834
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

475 Brannan Street, Suite 300

San Francisco, CA 94107

(Address of principal executive offices) (Zip code)

(844) 432-7859

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

Class A Common Stock, $0.00002 par value

“FSLY”

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Fastly, Inc. (the "Company") announced its financial results for the quarter ended June 30, 2026 by issuing a press release. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Attached hereto as Exhibit 99.2 and incorporated by reference herein is the Company’s investor supplement, regarding results of the quarter ended June 30, 2026 (the “Investor Supplement”). The Investor Supplement will be posted to http://investors.fastly.com immediately after the filing of this Form 8-K.

The information furnished on this Form 8-K, including the exhibits attached, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

On August 5, 2026, the Company posted supplemental financial and other information to http://investors.fastly.com.

The Company may announce material business and financial information to its investors using its investor relations website (http://investors.fastly.com), its filings with the Securities and Exchange Commission, its corporate X (formerly known as Twitter) account (@Fastly), its blog (http://www.fastly.com/blog), its corporate LinkedIn account (http://www.linkedin.com/company/fastly), webcasts, press releases, and conference calls. The Company uses these mediums, including its website, to communicate with investors and the general public about the Company, its products, and other issues. It is possible that the information that we make available on these mediums may be deemed to be material information. Therefore, the Company encourages investors and others interested in the Company to review the information that it makes available through these channels.

The content of the Company’s websites and information that the Company may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through the Company’s websites or these online and social media channels are not incorporated by reference into this Current Report on Form 8-K or in any other report or document the Company files with the Securities and Exchange Commission, and any references to the Company’s websites or these online and social media channels are intended to be inactive textual references only.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits



Exhibit No.						Exhibit Description

99.1						Press Release dated August 5, 2026
99.2						Investor Supplement for Second Quarter 2026 Results

+ Indicates management contract or compensatory plan.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FASTLY, INC.

Dated:

August 5, 2026

By:

/s/ Richard Wong

Richard Wong

Chief Financial Officer

Exhibit 99.1

Fastly Announces Second Quarter 2026 Financial Results

Record second quarter revenue of $183.3 million grew 23% year-over-year

Record second quarter gross margin of 63.3% and record non-GAAP gross margin of 65.8%

LTM NRR of 117% reaches highest level in over three years

SAN FRANCISCO — August 5, 2026 — Fastly, Inc. (NASDAQ: FSLY), a leader in global edge cloud platforms, today announced financial results for its second quarter ended June 30, 2026.

"Record second quarter results reflect strong execution and the deep trust customers place in our technology and our teams," said Kip Compton, CEO of Fastly. "Our platform strategy is driving business momentum, giving us the confidence to raise our full-year outlook."


($ in thousands, except per share data) (unaudited)	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Revenue	$	183,317		$	148,709		$	356,338		$	293,183
Gross margin
GAAP gross margin	63.3		%	54.5		%	62.9		%	53.9		%
Non-GAAP gross margin(1)	65.8		%	59.0		%	65.5		%	58.2		%
Operating loss
GAAP operating loss	$	(14,433)		$	(36,943)		$	(38,328)		$	(75,122)
Non-GAAP operating income (loss)(1)	$	26,993		$	(4,594)		$	46,136		$	(10,439)
Net income (loss) per share
GAAP net loss per common share — basic and diluted	$	(0.10)		$	(0.26)		$	(0.23)		$	(0.53)
Non-GAAP net income (loss) per common share — basic(1)	$	0.17		$	(0.03)		$	0.32		$	(0.08)
Non-GAAP net income (loss) per common share — diluted(1)	$	0.15		$	(0.03)		$	0.28		$	(0.08)

For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this press release.

Second Quarter 2026 Financial Summary

•Total revenue of $183.3 million, representing 23% year-over-year growth. Network Services revenue of $133.9 million, representing 17% year-over-year growth. Security revenue of $41.7 million, representing 43% year-over-year growth. Other revenue of $7.7 million, representing 69% year-over-year growth. Network Services revenue includes solutions designed to improve performance of websites, apps, APIs, and digital media. Security revenue includes products designed to protect websites, apps, APIs, and users. Other revenue includes Compute and Observability solutions.

•Generated $39.3 million of operating cash flow compared to $25.8 million of operating cash flow in the second quarter of 2025. Generated $3.6 million of positive free cash flow compared to $10.9 million in the second quarter of 2025.

•GAAP gross margin of 63.3%, compared to 54.5% in the second quarter of 2025. Non-GAAP gross margin1 of 65.8%, compared to 59.0% in the second quarter of 2025.

•GAAP net loss of $15.6 million, compared to $37.5 million in the second quarter of 2025. Non-GAAP net income1 of $26.2 million, compared to non-GAAP net loss1 of $5.0 million in the second quarter of 2025.

•GAAP net loss per basic and diluted share of $0.10, compared to $0.26 in the second quarter of 2025. Non-GAAP net income per basic share1 of $0.17, compared to non-GAAP net loss per basic share1 of $0.03 in the second quarter of 2025. Non-GAAP net income per diluted share1 of $0.15, compared to non-GAAP net loss per diluted share1 of $0.03 in the second quarter of 2025.

Key Metrics

•Remaining Performance Obligations (RPO)2 were $341 million, up 38% from $247 million in the second quarter of 2025.

•Fastly's top ten customers accounted for 37% of revenue in the second quarter of 2026 compared to 31% in the second quarter of 2025.

•Last 12-month net retention rate (LTM NRR)3 increased to 117% in the second quarter from 113% in the first quarter of 2026.

Second Quarter Business and Product Highlights

•Announced new research showing how rapidly growing AI traffic is reshaping the internet, growing 6.5x faster than human traffic this year, and why organizations need new strategies to manage machine traffic.

•Released a joint announcement with LALIGA on the collaboration of anti-piracy solutions that are designed to address illegal streaming of live sports and help rights holders prevent lost revenue.

•Announced a new partnership with Skyfire, enabling trusted commerce at the edge so enterprises can now securely identify, verify, and transact with AI agents in real time and at global scale, without re-architecting existing infrastructure.

•Released C++ SDK for Fastly Compute, enabling enterprises to secure, scale, and accelerate their C++ AI workloads, gaming features, and other low-latency applications.

Third Quarter and Full Year 2026 Guidance


	Q3 2026	Full Year 2026
Total Revenue (millions)	$184.0 - $190.0	$732.0 - $746.0
Non-GAAP Operating Income (millions)	$20.0 - $24.0	$88.0 - $96.0
Non-GAAP Net Income per share(4)(5)	$0.11 - $0.13	$0.50 - $0.54

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Fastly’s future GAAP financial results.

Conference Call Information

Fastly will host an investor conference call to discuss its results at 1:30 p.m. PT / 4:30 p.m. ET on Wednesday, August 5, 2026.

To access the conference call, please pre-register and dial-in using this link at least 15 minutes prior to the 1:30 p.m. PT start time. Registrants will receive an email confirmation with dial-in details.

A live webcast of the event can be accessed using this link. A replay of the webcast will be available on https://investors.fastly.com starting approximately two hours after the event and archived on the site for one quarter.

About Fastly, Inc.

Fastly’s powerful and programmable edge cloud platform helps the world’s top brands deliver online experiences that are fast, safe, and engaging through edge compute, delivery, security, and observability offerings that improve site performance, enhance security, and empower innovation at global scale. Compared to other providers, Fastly’s powerful, high-performance, and modern platform architecture empowers developers to deliver secure websites and apps with rapid time-to-market and demonstrated, industry-leading cost savings. Organizations around the world trust Fastly to help them upgrade the internet experience, including Reddit, Universal Music Group, and SeatGeek. Learn more about Fastly at https://www.fastly.com, and follow us @fastly.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance and ability to maintain and strengthen our liquidity position; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; the performance of our existing and new platform enhancements; our ability to accelerate global growth; our partnerships and collaborations; the performance, capabilities, and expectations regarding customer experiences with Fastly Compute, including its C++ SDK, Bot Management and DDoS Protection, and Next-Gen WAF; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no

obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission (“SEC”), including those more fully described in Fastly’s Annual Report on Form 10-K for the year ended December 31, 2025. Additional information will also be set forth in Fastly’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly’s website and are available from Fastly without charge.

Use of Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, executive transition costs, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, gain on modification of lease, depreciation and other amortization expenses, amortization of acquired intangible assets, impairment expense, executive transition costs, interest income, interest expense, including amortization of debt discount and issuance costs, other expense (income), net, and income taxes.

Amortization of Acquired Intangible Assets: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases and acquisitions. Management considers its operating results without this activity when evaluating its ongoing non-GAAP performance and its adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and acquisitions and may not be reflective of our core business, ongoing operating results, or future outlook.

Amortization of Debt Discount and Issuance Costs: consists primarily of amortization expense related to our debt obligations. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook. These are included in our total interest expense.

Capital Expenditures: consists of cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

Depreciation and Other Amortization Expense: consists of non-cash charges that can be affected by the timing and magnitude of asset purchases. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of asset purchases and may not be reflective of our core business, ongoing operating results, or future outlook.

Executive Transition Costs: consists of one-time cash charges recognized with respect to changes in our executive’s employment status. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

Free Cash Flow: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, and capitalized internal-use software costs. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The

presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

Gain on Modification of Lease: consists of a one-time non-cash charge recognized with respect to the modification of our leases. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results, or future outlook.

Impairment Expense: consists of charges related to our long-lived assets. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Income Taxes: consists primarily of expenses recognized related to state and foreign income taxes. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Interest Expense: consists primarily of interest expense related to our debt instruments, including amortization of debt discount and issuance costs. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Interest Income: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Other (Expense) Income, Net: consists primarily of foreign currency transaction gains and losses. Management considers its operating results without this activity when evaluating its ongoing adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Stock-Based Compensation Expense and Related Employer Payroll Taxes: consists of expenses for stock options, restricted stock units, performance awards and other shares issued under our equity incentive plans or our Employee Stock Purchase Plan ("ESPP"), as applicable, and the related employer payroll taxes. Although stock-based compensation and its related employer payroll taxes are expenses for the Company, management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance, primarily because they are expenses not believed by management to be reflective of our core business, ongoing operating results, or future outlook. In addition, the value of some stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.

Amortization of Capitalized Stock-Based Compensation - Cost of Revenue: in order to reflect the performance of our core business, ongoing operating results, or future outlook, and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies, similar to stock-based compensation, management considers it appropriate to exclude amortization of capitalized stock-based compensation from our non-GAAP financial measures.

Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this press release.

Key Metrics

1 Beginning with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) per common share — basic and non-GAAP net income (loss) per common share — diluted, because we consider our operating results without this activity when evaluating our ongoing non-GAAP net income (loss) performance and our adjusted EBITDA performance. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes.

2 Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

3 We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period (“prior 12-month period”) ending at the beginning of the last twelve-month period (“LTM period”) minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

4 Non-GAAP net income per share is calculated as Non-GAAP net income divided by weighted average diluted shares for 2026.

5 Assumes weighted average diluted shares outstanding of 181.4 million in Q3 2026 and 180.3 million for the full year 2026.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue	$	183,317	$	148,709	$	356,338	$	293,183
Cost of revenue(1)	67,366		67,593		132,206		135,269
Gross profit	115,951		81,116		224,132		157,914
Operating expenses:
Research and development(1)	42,071		42,221		84,043		79,650
Sales and marketing(1)	56,735		51,100		111,849		100,413
General and administrative(1)	31,578		24,323		66,568		52,558
Impairment expense	—		415		—		415
Total operating expenses	130,384		118,059		262,460		233,036
Loss from operations	(14,433)		(36,943)		(38,328)		(75,122)
Interest income	2,842		3,084		5,769		6,059
Interest expense	(3,348)		(3,164)		(6,654)		(6,337)
Other (expense) income, net	(400)		39		(780)		(41)
Loss before income taxes	(15,339)		(36,984)		(39,993)		(75,441)
Income tax expense (benefit)	252		557		(3,878)		1,248
Net loss	$	(15,591)	$	(37,541)	$	(36,115)	$	(76,689)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.10)	$	(0.26)	$	(0.23)	$	(0.53)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	157,596		145,780		155,598		144,539

__________

(1)Includes stock-based compensation expense as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	2,757	$	2,573	$	5,293	$	4,512
Research and development	11,902		11,755		21,932		20,648
Sales and marketing	10,344		8,176		19,697		14,869
General and administrative	10,169		3,831		23,231		11,888
Total	$	35,172	$	26,335	$	70,153	$	51,917

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited, in thousands, except per share data)


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Gross profit
GAAP gross profit	$	115,951		$	81,116		$	224,132		$	157,914
Stock-based compensation expense and related employer payroll taxes(1)	3,026			2,573			5,773			4,512
Amortization of capitalized stock-based compensation - Cost of revenue	1,694			1,581			3,383			3,222
Amortization of acquired intangible assets	—			2,475			—			4,950
Non-GAAP gross profit	$	120,671		$	87,745		$	233,288		$	170,598
GAAP gross margin	63.3		%	54.5		%	62.9		%	53.9		%
Non-GAAP gross margin	65.8		%	59.0		%	65.5		%	58.2		%
Research and development
GAAP research and development	$	42,071		$	42,221		$	84,043		$	79,650
Stock-based compensation expense and related employer payroll taxes(1)	(12,967)			(11,755)			(24,355)			(20,648)
Non-GAAP research and development	$	29,104		$	30,466		$	59,688		$	59,002
Sales and marketing
GAAP sales and marketing	$	56,735		$	51,100		$	111,849		$	100,413
Stock-based compensation expense and related employer payroll taxes(1)	(10,869)			(8,176)			(21,009)			(14,869)
Amortization of acquired intangible assets	(2,160)			(2,279)			(4,319)			(4,580)
Executive transition costs	—			—			(262)			—
Non-GAAP sales and marketing	$	43,706		$	40,645		$	86,259		$	80,964
General and administrative
GAAP general and administrative	$	31,578		$	24,323		$	66,568		$	52,558
Stock-based compensation expense and related employer payroll taxes(1)	(10,710)			(3,831)			(24,302)			(11,888)
Executive transition costs	—			—			(1,061)			(335)
Gain on modification of lease	—			736			—			736
Non-GAAP general and administrative	$	20,868		$	21,228		$	41,205		$	41,071
Operating income (loss)
GAAP operating loss	$	(14,433)		$	(36,943)		$	(38,328)		$	(75,122)
Stock-based compensation expense and related employer payroll taxes(1)	37,572			26,335			75,439			51,917
Amortization of capitalized stock-based compensation - Cost of revenue	1,694			1,581			3,383			3,222
Executive transition costs	—			—			1,323			335
Gain on modification of lease	—			(736)			—			(736)
Amortization of acquired intangible assets	2,160			4,754			4,319			9,530
Impairment expense	—			415			—			415
Non-GAAP operating income (loss)	$	26,993		$	(4,594)		$	46,136		$	(10,439)
Net income (loss)
GAAP net loss	$	(15,591)		$	(37,541)		$	(36,115)		$	(76,689)
Stock-based compensation expense and related employer payroll taxes(1)	37,572			26,335			75,439			51,917
Amortization of capitalized stock-based compensation - Cost of revenue	1,694			1,581			3,383			3,222
Executive transition costs	—			—			1,323			335
Gain on modification of lease	—			(736)			—			(736)
Amortization of acquired intangible assets	2,160			4,754			4,319			9,530
Impairment expense	—			415			—			415
Amortization of debt discount and issuance costs	366			217			767			434
Non-GAAP net income (loss)	$	26,201		$	(4,975)		$	49,116		$	(11,572)
Non-GAAP net income (loss) per common share — basic	$	0.17		$	(0.03)		$	0.32		$	(0.08)
Non-GAAP net income (loss) per common share — diluted	$	0.15		$	(0.03)		$	0.28		$	(0.08)
Weighted average basic common shares	157,596			145,780			155,598			144,539
Weighted average diluted common shares	180,304			145,780			178,410			144,539

(1) Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

(unaudited, in thousands, except per share data)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Reconciliation of GAAP to Non-GAAP diluted shares
GAAP diluted shares	157,596		145,780		155,598		144,539
Other dilutive equity awards	22,708		—		22,812		—
Non-GAAP diluted shares	180,304		145,780		178,410		144,539
Non-GAAP diluted net income (loss) per share	$	0.15	$	(0.03)	$	0.28	$	(0.08)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Adjusted EBITDA
GAAP net loss	$	(15,591)	$	(37,541)	$	(36,115)	$	(76,689)
Stock-based compensation expense and related employer payroll taxes(1)	37,572		26,335		75,439		51,917
Amortization of capitalized stock-based compensation - Cost of revenue	1,694		1,581		3,383		3,222
Gain on modification of lease	—		(736)		—		(736)
Depreciation and other amortization	11,129		13,505		21,449		27,155
Amortization of acquired intangible assets	2,160		4,754		4,319		9,530
Amortization of debt discount and issuance costs	366		217		767		434
Impairment expense	—		415		—		415
Executive transition costs	—		—		1,323		335
Interest income	(2,842)		(3,084)		(5,769)		(6,059)
Interest expense	2,982		2,947		5,887		5,903
Other expense (income), net	400		(39)		780		41
Income tax expense (benefit)	252		557		(3,878)		1,248
Adjusted EBITDA	$	38,122	$	8,911	$	67,585	$	16,716

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)


	As of June 30, 2026		As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	89,798	$	180,563
Marketable securities	247,700		181,196
Accounts receivable, net of allowance for credit losses	114,216		118,029
Prepaid expenses and other current assets	27,333		26,921
Total current assets	479,047		506,709
Property and equipment, net	220,354		186,785
Operating lease right-of-use assets, net	58,213		52,067
Goodwill	670,356		670,356
Intangible assets, net	21,232		25,771
Other assets	54,441		57,789
Total assets	$	1,503,643	$	1,499,477
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	20,124	$	17,612
Accrued expenses	52,937		70,669
Long-term debt, current	—		38,557
Operating lease liabilities, current	30,100		24,427
Deferred revenue	34,266		35,234
Other current liabilities	5,096		7,499
Total current liabilities	142,523		193,998
Long-term debt, net	323,958		323,282
Operating lease liabilities, non-current	44,234		43,921
Other long-term liabilities	2,111		8,698
Total liabilities	512,826		569,899
Stockholders’ equity:
Common stock	3		3
Additional paid-in capital	2,141,909		2,044,103
Accumulated other comprehensive loss	(493)		(41)
Accumulated deficit	(1,150,602)		(1,114,487)
Total stockholders’ equity	990,817		929,578
Total liabilities and stockholders’ equity	$	1,503,643	$	1,499,477

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Cash flows from operating activities:
Net loss	$	(15,591)	$	(37,541)	$	(36,115)	$	(76,689)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	12,720		14,962		24,612		30,129
Amortization of intangible assets	2,262		4,878		4,539		9,778
Non-cash lease expense	6,887		5,694		13,085		11,349
Amortization of debt discount and issuance costs	366		217		767		434
Amortization of deferred contract costs	4,733		4,847		9,491		9,697
Stock-based compensation	35,172		26,335		70,153		51,917
Deferred income taxes	(23)		327		(4,353)		749
Provision for credit losses	1,014		1,048		2,532		1,994
(Gain) loss on disposals of property and equipment	(9)		(43)		267		(43)
Accretion of discounts and amortization of premiums, net	(1,019)		(1,356)		(1,817)		(1,982)
Impairment expense	—		415		—		415
Non-cash interest expense	969		969		969		969
Other adjustments	(57)		(84)		(275)		292
Changes in operating assets and liabilities:
Accounts receivable, net	14,807		669		1,281		(3,324)
Prepaid expenses and other current assets	2,227		121		(412)		2,337
Other assets	(3,195)		(6,076)		(1,845)		(8,171)
Accounts payable	1,497		3,446		8,309		6,021
Accrued expenses	(2,651)		1,577		872		(1,806)
Operating lease liabilities	(7,114)		(2,332)		(12,923)		(7,888)
Other liabilities	(13,661)		7,725		(10,937)		16,908
Net cash provided by operating activities	39,334		25,798		68,200		43,086
Cash flows from investing activities:
Purchases of marketable securities	(87,262)		(93,440)		(266,602)		(272,926)
Maturities of marketable securities	24,329		37,836		201,472		45,805
Purchases of property and equipment	(31,623)		(9,852)		(52,644)		(12,457)
Proceeds from sale of property and equipment	10		44		10		44
Capitalized internal-use software	(4,148)		(4,542)		(7,884)		(9,305)
Net cash used in investing activities	(98,694)		(69,954)		(125,648)		(248,839)
Cash flows from financing activities:
Repayment of convertible senior notes	—		—		(38,593)		—
Payments of other debt issuance costs	—		—		(502)		—
Repayments of finance lease liabilities	—		(537)		—		(2,248)
Proceeds from exercise of vested stock options	92		279		1,135		687
Proceeds from employee stock purchase plan	2,397		1,240		4,676		3,371
Net cash provided by (used in) financing activities	2,489		982		(33,284)		1,810
Effects of exchange rate changes on cash and cash equivalents	(1)		177		(33)		255
Net decrease in cash and cash equivalents	(56,872)		(42,997)		(90,765)		(203,688)
Cash and cash equivalents at beginning of period	146,670		125,484		180,563		286,175
Cash and cash equivalents at end of period	$	89,798	$	82,487	$	89,798	$	82,487

Free Cash Flow

(unaudited, in thousands)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net cash provided by operating activities	$	39,334	$	25,798	$	68,200	$	43,086
Capital expenditures(1)	(35,761)		(14,887)		(60,518)		(23,966)
Free Cash Flow	$	3,573	$	10,911	$	7,682	$	19,120

__________

(1)Capital expenditures are defined as cash used for purchases of property and equipment, net of proceeds from sale of property and equipment, capitalized internal-use software and payments on finance lease obligations, as reflected in our statement of cash flows.

Contacts

Investor Contact

Vernon Essi, Jr.

ir@fastly.com

Media Contact

Stacey Hurwitz

press@fastly.com

Source: Fastly, Inc.

Second Quarter 2026 Investor Supplement

Product Innovation and Developments

•Released a joint announcement with LALIGA on the collaboration of anti-piracy solutions that are designed to address illegal streaming of live sports and help rights holders prevent lost revenue.

•Released C++ SDK for Fastly Compute, enabling enterprises to secure, scale, and accelerate their C++ AI workloads, gaming features, and other low-latency applications.

Customer Highlights

•A leading UK health and beauty retailer expanded its use of Fastly’s platform with a multi-year, multi-million dollar commitment, replacing a long-time incumbent security vendor as part of a broader platform modernization.

•Le Monde is using Fastly’s Bot Management solution to set the terms for how their content gets accessed, transforming a scraping problem into controlled, licensed, revenue-generating relationships.

•A global education technology firm chose Fastly’s Next-Gen WAF after suffering a significant data breach when its prior WAF failed to adequately mitigate attacks.

•A leading fintech company selected Fastly after a rigorous evaluation, leveraging its resiliency and security capabilities to overcome a history of service disruptions with alternative solutions.

•A major auto-shopping platform added Fastly’s Bot Management and DDoS Protection to gain visibility and control over automated traffic, giving them the governance capabilities they need to run their business.


Calculations of Key and Other Selected Metrics – Quarterly (unaudited)
	Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			Q1 2026			Q2 2026
Revenue by Product ($ in millions):
Network Services Revenue	$	107.4		$	110.1		$	113.3		$	114.9		$	118.8		$	130.8		$	126.2		$	133.9
Security Revenue	26.2			26.9			26.4			29.3			34.0			35.4			38.8			41.7
Other Revenue	3.6			3.6			4.8			4.5			5.4			6.4			8.0			7.7
Total Revenue	$	137.2		$	140.6		$	144.5		$	148.7		$	158.2		$	172.6		$	173.0		$	183.3
Key Metrics:
Large Customer Count(6)	576			596			595			622			627			628			634			624
Large Customer Revenue %	92		%	93		%	93		%	94		%	94		%	94		%	94		%	94		%
Top Ten Customer Revenue %	33		%	32		%	33		%	31		%	32		%	34		%	34		%	37		%
LTM Net Retention Rate (NRR)(2)	105		%	102		%	100		%	104		%	106		%	110		%	113		%	117		%
Remaining Performance Obligations (RPO)(1)	$	231.1		$	227.6		$	225.9		$	247.1		$	268.0		$	353.8		$	368.7		$	340.9
Current RPO %(7)	78.0		%	79.0		%	69.0		%	76.0		%	77.0		%	70.0		%	75.0		%	79.0		%

Exhibit 99.2

Corporate Highlights

•Announced a new partnership with Skyfire enabling trusted commerce at the edge so enterprises can now securely identify, verify, and transact with AI agents in real time and at global scale, without re-architecting existing infrastructure.

Key Financial & Metrics Highlights

•Total revenue of $183.3 million, representing 23% year-over-year growth highlighted by Security revenue growing 43% year-over-year and representing 23% of total revenue.

•Remaining Performance Obligations (RPO)1 were $341 million, up 38% from $247 million in the second quarter of 2025.

•Last 12-month net retention rate (LTM NRR)2 increased to 117% in the second quarter from 113% in the first quarter of 2026.

Third Quarter and Full Year 2026 Guidance


	Q3 2026	Full Year 2026
Total Revenue (millions)	$184.0 - $190.0	$732.0 - $746.0
Non-GAAP Operating Income (millions)(3)	$20.0 - $24.0	$88.0 - $96.0
Non-GAAP Net Income per share(3)(4)(5)	$0.11 - $0.13	$0.50 - $0.54

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 1

Key Metrics

1.Remaining Performance Obligations include future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. During the third quarter of 2025, we identified an error in RPO calculations from certain contracts with a termination-for-convenience clause. We recast the presentation of RPO for all prior periods presented to reflect the correction of this error.

2.We calculate LTM Net Retention Rate by dividing the total customer revenue for the prior twelve-month period (“prior 12-month period”) ending at the beginning of the last twelve-month period (“LTM period”) minus revenue contraction due to billing decreases or customer churn, plus revenue expansion due to billing increases during the LTM period from the same customers by the total prior 12-month period revenue. We believe the LTM Net Retention Rate is supplemental as it removes some of the volatility that is inherent in a usage-based business model.

3.For a reconciliation of non-GAAP financial measures to their corresponding GAAP measures, please refer to the reconciliation table at the end of this supplement. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future and cannot be reasonably determined or predicted at this time, although it is important to note that these factors could be material to Fastly’s future GAAP financial results.

4.Assumes weighted average diluted shares outstanding of 181.4 million in Q3 2026 and 180.3 million for the full year 2026.

5.Non-GAAP net income per share is calculated as Non-GAAP net income divided by weighted average diluted shares for 2026.

6.Our large customers are defined as those with annualized current quarter revenue in excess of $100,000. This is calculated by taking the revenue for each customer within the quarter and multiplying it by four.

7.Current RPO % is calculated as RPO expected to be recognized over the next 12 months divided by total RPO.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 2

Forward-Looking Statements

This investor supplement contains “forward-looking” statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance and shareholder returns, including our outlook and guidance and ability to maintain and strengthen our liquidity position; our ability to acquire new customers, expand cross-sell opportunities, and grow market share; our ability to enrich our revenue mix with platform enhancements; the performance of our existing and new platform enhancements; our ability to accelerate global growth; our partnerships and collaborations; the performance, capabilities, and expectations regarding customer experiences with Fastly Compute, including its C++ SDK, Bot Management and DDoS Protection, and Next-Gen WAF; and Fastly's strategies, platform, and business plans. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports Fastly files with the Securities and Exchange Commission (“SEC”), including those more fully described in Fastly's Annual Report on Form 10-K for the year ended December 31, 2025. Additional information will also be set forth in Fastly’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and other filings and reports that Fastly may file from time to time with the SEC. Copies of reports filed with the SEC are posted on Fastly’s website and are available from Fastly without charge.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, free cash flow and adjusted EBITDA. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per common share, non-GAAP research and development, non-GAAP sales and marketing, and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, executive transition costs, net gain on extinguishment of debt, impairment expense, restructuring charges, gain on modification of lease, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense and related employer payroll taxes, amortization of capitalized stock-based compensation - cost of revenue, gain on modification of lease, depreciation and other amortization expenses, amortization of acquired intangible assets, net gain on extinguishment of debt, impairment expense, executive transition costs, restructuring charges, interest income, interest expense, including amortization of debt discount and issuance costs, other expense (income), net, and income taxes.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 3

Free Cash Flow: calculated as net cash used in operating activities less purchases of property and equipment, net of proceeds from sale of property and equipment, principal payments of finance lease liabilities, and capitalized internal-use software costs. Management specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Management considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Fastly's business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

Interest Income: consists primarily of interest income related to our marketable securities. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Net Gain on Debt Extinguishment: relates to net gain on the partial repurchase of our outstanding convertible debt. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Restructuring Charges: consists primarily of employee-related severance and termination benefits related to management's restructuring plan that resulted in a reduction in our workforce. Management considers its operating results without this activity when evaluating its ongoing non-GAAP net income (loss) performance and its adjusted EBITDA performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 4

In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this investor supplement.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 5

Consolidated Statements of Operations – Quarterly

(unaudited, in thousands, except per share data)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Revenue	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612	$	173,021	$	183,317
Cost of revenue(1)	62,466		65,516		67,676		67,593		65,894		66,652		64,840		67,366
Gross profit	74,740		75,063		76,798		81,116		92,329		105,960		108,181		115,951
Operating expenses:
Research and development(1)	31,884		32,742		37,429		42,221		41,421		41,591		41,972		42,071
Sales and marketing(1)	45,994		50,050		49,313		51,100		49,998		51,023		55,114		56,735
General and administrative(1)	27,173		26,154		28,235		24,323		29,698		28,436		34,990		31,578
Impairment expense	559		448		—		415		—		—		—		—
Restructuring charges	9,720		—		—		—		—		—		—		—
Total operating expenses	115,330		109,394		114,977		118,059		121,117		121,050		132,076		130,384
Loss from operations	(40,590)		(34,331)		(38,179)		(36,943)		(28,788)		(15,090)		(23,895)		(14,433)
Net gain on extinguishment of debt	—		1,365		—		—		—		941		—		—
Interest income	3,819		3,267		2,975		3,084		3,080		3,151		2,927		2,842
Interest expense	(473)		(1,231)		(3,173)		(3,164)		(3,161)		(3,201)		(3,306)		(3,348)
Other (expense) income, net	(317)		(815)		(80)		39		(55)		(625)		(380)		(400)
Loss before income taxes	(37,561)		(31,745)		(38,457)		(36,984)		(28,924)		(14,824)		(24,654)		(15,339)
Income tax expense (benefit)	455		1,141		691		557		559		681		(4,130)		252
Net loss	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)	$	(15,591)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)	$	(0.13)	$	(0.10)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	139,237		141,085		143,284		145,780		148,129		150,324		153,579		157,596

__________

(1)Includes stock-based compensation expense as follows:


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Cost of revenue	$	1,911	$	1,910	$	1,939	$	2,573	$	2,861	$	2,764	$	2,536	$	2,757
Research and development	7,378		7,922		8,893		11,755		11,915		11,890		10,030		11,902
Sales and marketing	7,113		7,047		6,693		8,176		8,754		9,348		9,353		10,344
General and administrative	8,614		8,066		8,057		3,831		9,599		8,275		13,062		10,169
Total	$	25,016	$	24,945	$	25,582	$	26,335	$	33,129	$	32,277	$	34,981	$	35,172

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 6

Reconciliation of GAAP to Non-GAAP Financial Measures – Quarterly

(unaudited, in thousands, except per share data)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Gross profit
GAAP gross profit	$	74,740	$	75,063	$	76,798	$	81,116	$	92,329	$	105,960	$	108,181	$	115,951
Stock-based compensation expense and related employer payroll taxes(1)	1,911		1,910		1,939		2,573		2,861		2,764		2,748		3,026
Amortization of capitalized stock-based compensation - cost of revenue	1,338		1,371		1,641		1,581		1,664		1,662		1,688		1,694
Amortization of acquired intangible assets	2,475		2,475		2,475		2,475		2,475		—		—		—
Non-GAAP gross profit	$	80,464	$	80,819	$	82,853	$	87,745	$	99,329	$	110,386	$	112,617	$	120,671
GAAP gross margin	54.5%		53.4%		53.2%		54.5%		58.4%		61.4%		62.5%		63.3%
Non-GAAP gross margin	58.6%		57.5%		57.3%		59.0%		62.8%		64.0%		65.1%		65.8%
Research and development
GAAP research and development	$	31,884	$	32,742	$	37,429	$	42,221	$	41,421	$	41,591	$	41,972	$	42,071
Stock-based compensation expense and related employer payroll taxes(1)	(7,378)		(7,922)		(8,893)		(11,755)		(11,915)		(11,890)		(11,388)		(12,967)
Executive transition costs	—		—		—		—		(326)		(221)		—		—
Non-GAAP research and development	$	24,506	$	24,820	$	28,536	$	30,466	$	29,180	$	29,480	$	30,584	$	29,104
Sales and marketing
GAAP sales and marketing	$	45,994	$	50,050	$	49,313	$	51,100	$	49,998	$	51,023	$	55,114	$	56,735
Stock-based compensation expense and related employer payroll taxes(1)	(7,113)		(7,047)		(6,693)		(8,176)		(8,754)		(9,348)		(10,140)		(10,869)
Amortization of acquired intangible assets	(2,300)		(2,299)		(2,301)		(2,279)		(2,159)		(2,159)		(2,159)		(2,160)
Executive transition costs	—		—		—		—		—		—		(262)		—
Non-GAAP sales and marketing	$	36,581	$	40,704	$	40,319	$	40,645	$	39,085	$	39,516	$	42,553	$	43,706
General and administrative
GAAP general and administrative	$	27,173	$	26,154	$	28,235	$	24,323	$	29,698	$	28,436	$	34,990	$	31,578
Stock-based compensation expense and related employer payroll taxes(1)	(8,614)		(8,066)		(8,057)		(3,831)		(9,599)		(8,275)		(13,592)		(10,710)
Executive transition costs	—		—		(335)		—		(643)		—		(1,061)		—
Gain on modification of lease	—		—		—		736		—		—		—		—
Non-GAAP general and administrative	$	18,559	$	18,088	$	19,843	$	21,228	$	19,456	$	20,161	$	20,337	$	20,868
Operating income (loss)
GAAP operating loss	$	(40,590)	$	(34,331)	$	(38,179)	$	(36,943)	$	(28,788)	$	(15,090)	$	(23,895)	$	(14,433)
Stock-based compensation expense and related employer payroll taxes(1)	25,016		24,945		25,582		26,335		33,129		32,277		37,868		37,572
Amortization of capitalized stock-based compensation - cost of revenue	1,338		1,371		1,641		1,581		1,664		1,662		1,688		1,694
Restructuring charges	9,720		—		—		—		—		—		—		—
Executive transition costs	—		—		335		—		969		221		1,323		—
Gain on modification of lease	—		—		—		(736)		—		—		—		—
Amortization of acquired intangible assets	4,775		4,774		4,776		4,754		4,634		2,159		2,159		2,160
Impairment expense	559		448		—		415		—		—		—		—
Non-GAAP operating income (loss)	$	818	$	(2,793)	$	(5,845)	$	(4,594)	$	11,608	$	21,229	$	19,143	$	26,993
Net income (loss)
GAAP net loss	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)	$	(15,591)
Stock-based compensation expense and related employer payroll taxes(1)	25,016		24,945		25,582		26,335		33,129		32,277		37,868		37,572
Amortization of capitalized stock-based compensation - cost of revenue	1,338		1,371		1,641		1,581		1,664		1,662		1,688		1,694
Restructuring charges	9,720		—		—		—		—		—		—		—
Executive transition costs	—		—		335		—		969		221		1,323		—
Gain on modification of lease	—		—		—		(736)		—		—		—		—
Amortization of acquired intangible assets	4,775		4,774		4,776		4,754		4,634		2,159		2,159		2,160
Net gain on extinguishment of debt	—		(1,365)		—		—		—		(941)		—		—
Impairment expense	559		448		—		415		—		—		—		—
Amortization of debt issuance costs	358		318		217		217		216		257		401		366
Non-GAAP net income (loss)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130	$	22,915	$	26,201
GAAP net loss per common share — basic and diluted	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)	$	(0.13)	$	(0.10)
Non-GAAP net income (loss) per common share — basic	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13	$	0.15	$	0.17
Non-GAAP net income (loss) per common share — diluted	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12	$	0.13	$	0.15
Weighted average basic common shares	139,237		141,085		143,284		145,780		148,129		150,324		153,579		157,596
Weighted average diluted common shares	143,415		141,085		143,284		145,780		161,229		164,074		176,494		180,304

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 7

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Reconciliation of GAAP to Non-GAAP Financial Measures – Quarterly (Continued)

(unaudited, in thousands, except per share data)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Reconciliation of GAAP to Non-GAAP diluted shares:
GAAP diluted shares	139,237		141,085		143,284		145,780		148,129		150,324		153,579		157,596
Other dilutive equity awards	4,178		—		—		—		13,100		13,750		22,915		22,708
Non-GAAP diluted shares	143,415		141,085		143,284		145,780		161,229		164,074		176,494		180,304
Non-GAAP diluted net income (loss) per share	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12	$	0.13	$	0.15


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Adjusted EBITDA
GAAP net loss	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)	$	(15,591)
Stock-based compensation expense and related employer payroll taxes(1)	25,016		24,945		25,582		26,335		33,129		32,277		37,868		37,572
Amortization of capitalized stock-based compensation - cost of revenue	1,338		1,371		1,641		1,581		1,664		1,662		1,688		1,694
Gain on modification of lease	—		—		—		(736)		—		—		—		—
Depreciation and other amortization	13,781		13,911		13,650		13,505		14,101		13,725		10,320		11,129
Amortization of acquired intangible assets	4,775		4,774		4,776		4,754		4,634		2,159		2,159		2,160
Amortization of debt discount and issuance costs	358		318		217		217		216		257		401		366
Net gain on extinguishment of debt	—		(1,365)		—		—		—		(941)		—		—
Impairment expense	559		448		—		415		—		—		—		—
Executive transition costs	—		—		335		—		969		221		1,323		—
Restructuring charges	9,720		—		—		—		—		—		—		—
Interest income	(3,819)		(3,267)		(2,975)		(3,084)		(3,080)		(3,151)		(2,927)		(2,842)
Interest expense	115		913		2,956		2,947		2,945		2,944		2,905		2,982
Other expense (income), net	317		815		80		(39)		55		625		380		400
Income tax expense (benefit)	455		1,141		691		557		559		681		(4,130)		252
Adjusted EBITDA	$	14,599	$	11,118	$	7,805	$	8,911	$	25,709	$	34,954	$	29,463	$	38,122

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude employer payroll taxes related to stock-based compensation from our non-GAAP financial measures in order to reflect the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2026, we are excluding stock-based compensation related employer payroll taxes from our non-GAAP financial measures. We did not recast the presentation for all prior periods presented due to the immaterial amount of such payroll taxes. Refer to Non-GAAP Financial Measures definition for further details.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 8

Non-GAAP Consolidated Statements of Operations – Quarterly

(unaudited, in thousands, except per share data)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Revenue	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612	$	173,021	$	183,317
Cost of revenue(1)(2)(3)	56,742		59,760		61,621		60,964		58,894		62,226		60,404		62,646
Gross profit(1)(2)	80,464		80,819		82,853		87,745		99,329		110,386		112,617		120,671
Operating expenses:
Research and development(1)(4)	24,506		24,820		28,536		30,466		29,180		29,480		30,584		29,104
Sales and marketing(1)(3)(4)	36,581		40,704		40,319		40,645		39,085		39,516		42,553		43,706
General and administrative(1)(4)(5)	18,559		18,088		19,843		21,228		19,456		20,161		20,337		20,868
Total operating expenses(1)(2)(3)(4)(5)(6)(7)	79,646		83,612		88,698		92,339		87,721		89,157		93,474		93,678
Income (loss) from operations(1)(2)(3)(4)(5)(6)(7)	818		(2,793)		(5,845)		(4,594)		11,608		21,229		19,143		26,993
Interest income	3,819		3,267		2,975		3,084		3,080		3,151		2,927		2,842
Interest expense(8)	(115)		(913)		(2,956)		(2,947)		(2,945)		(2,944)		(2,905)		(2,982)
Other (expense) income, net	(317)		(815)		(80)		39		(55)		(625)		(380)		(400)
Income (loss) before income taxes(1)(2)(3)(4)(5)(6)(7)(8)(9)	4,205		(1,254)		(5,906)		(4,418)		11,688		20,811		18,785		26,453
Income tax expense (benefit)	455		1,141		691		557		559		681		(4,130)		252
Net income (loss)(1)(2)(3)(4)(5)(6)(7)(8)(9)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130	$	22,915	$	26,201
Net income (loss) per share attributable to common stockholders, basic	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13	$	0.15	$	0.17
Net income (loss) per share attributable to common stockholders, diluted	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12	$	0.13	$	0.15
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	139,237		141,085		143,284		145,780		148,129		150,324		153,579		157,596
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	143,415		141,085		143,284		145,780		161,229		164,074		176,494		180,304

(1)Excludes stock-based compensation expense and related employer payroll taxes. See GAAP to Non-GAAP reconciliations.

(2)Excludes amortization of capitalized stock-based compensation - cost of revenue. See GAAP to Non-GAAP reconciliations.

(3)Excludes amortization of acquired intangible assets. See GAAP to Non-GAAP reconciliations.

(4)Excludes executive transition costs. See GAAP to Non-GAAP reconciliations.

(5)Excludes gain on modification of lease. See GAAP to Non-GAAP reconciliations.

(6)Excludes impairment expense. See GAAP to Non-GAAP reconciliations.

(7)Excludes restructuring charges. See GAAP to Non-GAAP reconciliations.

(8)Excludes amortization of debt discount and issuance costs. See GAAP to Non-GAAP reconciliations.

(9)Excludes net gain on extinguishment of debt. See GAAP to Non-GAAP reconciliations.

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 9

Consolidated Balance Sheets – Quarterly

(unaudited, in thousands)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Assets
Current assets:
Cash and cash equivalents	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563	$	146,670	$	89,798
Marketable securities	90,733		9,707		181,808		238,721		229,780		181,196		183,819		247,700
Accounts receivable, net of allowance for credit losses	116,800		115,988		119,035		117,318		109,184		118,029		130,037		114,216
Prepaid expenses and other current assets	28,011		28,325		26,243		26,137		27,689		26,921		29,560		27,333
Total current assets	453,058		440,195		452,570		464,663		479,784		506,709		490,086		479,047
Property and equipment, net	180,288		179,097		177,876		181,770		182,896		186,785		215,911		220,354
Operating lease right-of-use assets, net	47,700		50,433		48,802		54,001		53,050		52,067		57,697		58,213
Goodwill	670,356		670,356		670,356		670,356		670,356		670,356		670,356		670,356
Intangible assets, net	47,776		42,876		37,976		32,814		28,055		25,771		23,494		21,232
Other assets	72,576		68,402		61,665		59,573		56,461		57,789		55,984		54,441
Total assets	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477	$	1,513,528	$	1,503,643
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	11,354	$	6,044	$	9,802	$	13,344	$	10,829	$	17,612	$	39,006	$	20,124
Accrued expenses	40,854		41,622		37,165		45,282		60,421		70,669		45,523		52,937
Long-term debt, current	—		—		187,871		188,051		188,232		38,557		—		—
Finance lease liabilities, current	4,882		2,328		617		80		—		—		—		—
Operating lease liabilities, current	23,857		25,155		26,988		23,673		23,676		24,427		28,107		30,100
Deferred revenue	—		—		—		—		—		35,234		39,560		34,266
Other current liabilities	33,261		29,307		38,442		42,373		45,757		7,499		11,244		5,096
Total current liabilities	114,208		104,456		300,885		312,803		328,915		193,998		163,440		142,523
Long-term debt, net	344,498		337,614		149,874		149,883		149,893		323,282		323,620		323,958
Operating lease liabilities, non-current	40,565		39,561		36,615		48,577		47,106		43,921		46,019		44,234
Other long-term liabilities	3,029		4,478		4,848		9,267		7,723		8,698		3,303		2,111
Total liabilities	502,300		486,109		492,222		520,530		533,637		569,899		536,382		512,826
Stockholders’ equity:
Common stock	3		3		3		3		3		3		3		3
Additional paid-in capital	1,929,397		1,958,157		1,989,108		2,012,312		2,035,956		2,044,103		2,112,577		2,141,909
Accumulated other comprehensive loss	(22)		(100)		(130)		(169)		(12)		(41)		(423)		(493)
Accumulated deficit	(959,924)		(992,810)		(1,031,958)		(1,069,499)		(1,098,982)		(1,114,487)		(1,135,011)		(1,150,602)
Total stockholders’ equity	969,454		965,250		957,023		942,647		936,965		929,578		977,146		990,817
Total liabilities and stockholders’ equity	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477	$	1,513,528	$	1,503,643

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 10

Consolidated Statements of Cash Flows – Quarterly

(unaudited, in thousands)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Cash flows from operating activities:
Net loss	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)	$	(20,524)	$	(15,591)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	13,656		13,786		15,167		14,962		15,639		15,263		11,892		12,720
Amortization of intangible assets	4,900		4,900		4,900		4,878		4,759		2,284		2,277		2,262
Non-cash lease expense	5,463		5,655		5,655		5,694		5,476		5,620		6,198		6,887
Amortization of debt discount and issuance costs	358		316		217		217		216		256		401		366
Amortization of deferred contract costs	4,773		4,746		4,850		4,847		4,869		4,803		4,758		4,733
Stock-based compensation	25,016		24,945		25,582		26,335		33,129		32,277		34,981		35,172
Deferred income taxes	339		893		422		327		289		395		(4,330)		(23)
Provision for credit losses	1,054		1,434		946		1,048		1,236		951		1,518		1,014
Loss (gain) on disposals of property and equipment	—		96		—		(43)		—		229		276		(9)
Accretion of discounts and amortization of premiums, net	(1,064)		(507)		(626)		(1,356)		(1,305)		(1,416)		(798)		(1,019)
Impairment of operating lease right-of-use assets	371		—		—		—		—		—		—		—
Impairment expense	559		448		—		415		—		—		—		—
Net gain on extinguishment of debt	—		(1,365)		—		—		—		(941)		—		—
Non-cash interest expense	—		840		2,906		969		2,906		969		2,906		969
Other adjustments	520		(897)		376		(84)		(189)		446		(218)		(57)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,976)		(622)		(3,993)		669		6,898		(9,796)		(13,526)		14,807
Prepaid expenses and other current assets	(2,589)		(207)		2,216		121		(1,526)		768		(2,639)		2,227
Other assets	(2,705)		(4,140)		(2,095)		(6,076)		(4,820)		(6,554)		1,350		(3,195)
Accounts payable	4,754		(3,903)		2,575		3,446		(2,741)		1,209		6,812		1,497
Accrued expenses	2,707		1,220		(3,383)		1,577		1,339		20		3,523		(2,651)
Operating lease liabilities	(7,329)		(7,200)		(5,556)		(2,332)		(5,774)		(7,045)		(5,809)		(7,114)
Other liabilities	(3,789)		(2,332)		6,277		7,725		(1,994)		(1,799)		(182)		(13,661)
Net cash provided by operating activities	5,002		5,220		17,288		25,798		28,924		22,434		28,866		39,334
Cash flows from investing activities:
Purchases of marketable securities	(37,902)		—		(179,486)		(93,440)		(79,136)		(37,775)		(179,340)		(87,262)
Sales of marketable securities	—		—		—		—		18,128		7,808		—		—
Maturities of marketable securities	113,032		81,480		7,969		37,836		71,417		79,954		177,143		24,329
Purchases of property and equipment	(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)		(21,021)		(31,623)
Proceeds from sale of property and equipment	—		—		—		44		—		—		—		10
Capitalized internal-use software	(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)		(3,736)		(4,148)
Net cash provided by (used in) investing activities	66,316		70,909		(178,885)		(69,954)		(344)		36,151		(26,954)		(98,694)
Cash flows from financing activities:
Repayment of convertible senior notes	—		—		—		—		—		—		(38,593)		—
Proceeds from issuance of convertible notes	—		—		—		—		—		180,000		—		—
Payments of other debt issuance costs	—		(5,729)		—		—		—		(5,924)		(502)		—
Cash paid for debt extinguishment	—		—		—		—		—		(148,875)		—		—
Payments for purchase of capped calls	—		—		—		—		—		(18,162)		—		—
Repayments of finance lease liabilities	(3,296)		(2,554)		(1,711)		(537)		(80)		—		—		—
Proceeds from exercise of vested stock options	19		805		408		279		71		286		1,043		92
Proceeds from employee stock purchase plan	2,168		161		2,131		1,240		2,106		1,529		2,279		2,397
Net cash (used in) provided by financing activities	(1,109)		(7,317)		828		982		2,097		8,854		(35,773)		2,489
Effects of exchange rate changes on cash and cash equivalents	109		(151)		78		177		(33)		(7)		(32)		(1)
Net increase (decrease) in cash and cash equivalents	70,318		68,661		(160,691)		(42,997)		30,644		67,432		(33,893)		(56,872)
Cash and cash equivalents at beginning of period	147,196		217,514		286,175		125,484		82,487		113,131		180,563		146,670
Cash and cash equivalents at end of period	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563	$	146,670	$	89,798

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 11

Free Cash Flow

(unaudited, in thousands)


	Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026
Net cash provided by operating activities	$	5,002	$	5,220	$	17,288	$	25,798	$	28,924	$	22,434	$	28,866	$	39,334
Capital expenditures(1):
Purchases of property and equipment	(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)		(21,021)		(31,623)
Proceeds from sale of property and equipment	—		—		—		44		—		—		—		10
Capitalized internal-use software	(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)		(3,736)		(4,148)
Repayments of finance lease liabilities	(3,296)		(2,554)		(1,711)		(537)		(80)		—		—		—
Free Cash Flow	$	(7,108)	$	(7,905)	$	8,209	$	10,911	$	18,091	$	8,598	$	4,109	$	3,573

__________

Fastly Q2 2026 Earnings Investor Supplement (8/5/2026) Page 12

Source: View Original Filing on SEC EDGAR

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