Record 2025 as Fastly (NYSE: FSLY) lifts growth, margins and outlook

Q: What were Fastly’s full-year 2025 revenue and profit figures?

For 2025, Fastly generated $624.0 million in revenue, a 15% year-over-year increase. GAAP net loss narrowed to $121.7 million , while non-GAAP net income reached $19.7 million . The company also reported full-year free cash flow of $45.8 million , a significant improvement from 2024.

Q: What capital structure actions did Fastly take with its convertible notes?

Fastly raised $180 million of 0% convertible notes due 2030 , including a $20 million overallotment at a 32.5% conversion premium. It used $149 million of the proceeds to repurchase notes due 2026 , extending debt maturities and enhancing liquidity.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Fastly, Inc. reported record fourth-quarter and full-year 2025 results, highlighting faster growth and improved profitability. Fourth-quarter revenue reached $172.6 million, up 23% year over year, while full-year revenue was $624.0 million, up 15%. GAAP gross margin rose to 61.4% in the quarter from 53.4%, and non-GAAP gross margin reached 64.0%.

Fastly generated fourth-quarter non-GAAP operating income of $21.2 million versus a loss a year earlier, and non-GAAP net income was $20.1 million compared to a non-GAAP net loss of $2.4 million. GAAP net loss narrowed to $15.5 million in the quarter and $121.7 million for 2025. Free cash flow turned positive, with $8.6 million in the quarter and $45.8 million for the year.

Key metrics strengthened: remaining performance obligations were $354 million, up 55% year over year, enterprise customer count rose to 628, and last 12‑month net retention improved to 110%. Fastly also raised $180 million of 0% convertible notes due 2030 and used $149 million to repurchase notes due 2026. For 2026, the company guides to revenue of $700–$720 million, non-GAAP operating income of $50–$60 million, and non-GAAP diluted net income per share of $0.23–$0.29.

Positive

Record growth and mix improvement: Q4 2025 revenue reached $172.6 million (23% year-over-year), with security revenue up 32% and representing 20% of total revenue.
Profitability and cash generation inflection: 2025 non-GAAP net income was $19.7 million versus a non-GAAP net loss in 2024, and free cash flow improved to $45.8 million from negative $35.7 million.
Strengthening demand pipeline: Remaining performance obligations increased to $354 million, up 55% year over year, while net retention improved to 110%, supporting Fastly’s 2026 growth outlook.

Negative

Ongoing GAAP losses and high non-cash expense: Despite non-GAAP profitability, GAAP net loss in 2025 remained sizable at $121.7 million, including $117.3 million of stock-based compensation.

Insights

Fastly delivered a strong growth re-acceleration, margin expansion, and a clear path to sustained non-GAAP profitability.

Fastly showed meaningful operational improvement in 2025. Quarterly revenue reached $172.6M with 23% year-over-year growth, and full-year revenue was $624.0M, up 15%. Mix was broad-based, with security revenue growing faster than network services and representing 20% of total revenue in Q4.

Profitability metrics improved sharply. GAAP gross margin expanded to 61.4% in Q4, while non-GAAP gross margin hit 64.0%. Non-GAAP operating income was $21.2M for the quarter and $22.4M for the year, and non-GAAP net income reached $20.1M in Q4 and $19.7M for 2025. Free cash flow turned positive at $45.8M for the year.

Forward indicators also strengthened. Remaining performance obligations climbed to $354M, up 55% year over year, and net retention rose to 110%. On the balance sheet, Fastly issued $180M of 0% convertible notes due 2030 and repurchased $149M of notes due 2026, extending maturities. Guidance for 2026 calls for revenue of $700–$720M and non-GAAP diluted EPS of $0.23–$0.29, reinforcing the transition toward sustained non-GAAP profitability.

02/11/2026 - 04:06 PM

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): February 11, 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 Number)

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 February 11, 2026, Fastly, Inc. (the "Company") announced its financial results for the quarter and full year ended December 31, 2025 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 and fiscal year ended December 31, 2025 (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 February 11, 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 February 11, 2026
99.2						Investor Supplement for Fourth Quarter and Fiscal 2025 Results

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:

February 11, 2026

By:

/s/ Richard Wong

Richard Wong

Chief Financial Officer

Exhibit 99.1

Fastly Announces Both Record Fourth Quarter and Full Year 2025 Financial Results

Record fourth quarter revenue of $172.6 million grew 23% year over year

Record fourth quarter gross margin of 61.4% and record non-GAAP gross margin of 64.0%

Record RPO of $353.8 million grew 55% year over year

SAN FRANCISCO — February 11, 2026 — Fastly, Inc. (NASDAQ: FSLY), a leading global edge cloud platform, today announced financial results for its fourth quarter and full year ended December 31, 2025.

"Our fourth quarter results mark an inflection in Fastly’s growth as we achieved record revenue, gross margin, and operating profit,” said Kip Compton, CEO of Fastly. “In 2025 we made significant progress on Fastly’s transformation and delivered great results. As we look toward 2026, we anticipate continued momentum, with AI as an increasing tailwind for our business.”


	Three months ended December 31,						Year ended December 31,
	2025			2024			2025			2024
Revenue	$	172,612		$	140,579		$	624,018		$	543,676
Gross margin
GAAP gross margin	61.4		%	53.4		%	57.1		%	54.4		%
Non-GAAP gross margin(1)	64.0		%	57.5		%	60.9		%	58.8		%
Operating loss
GAAP operating loss	$	(15,090)		$	(34,331)		$	(119,000)		$	(167,915)
Non-GAAP operating income (loss)(1)	$	21,229		$	(2,793)		$	22,398		$	(21,973)
Net income (loss) per share
GAAP net loss per common share — basic and diluted	$	(0.10)		$	(0.23)		$	(0.83)		$	(1.14)
Non-GAAP net income (loss) per common share — basic(1)	$	0.13		$	(0.02)		$	0.13		$	(0.09)
Non-GAAP net income (loss) per common share — diluted(1)	$	0.12		$	(0.02)		$	0.13		$	(0.09)

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.

Fourth Quarter 2025 Financial Summary

•Total revenue of $172.6 million, representing 23% year-over-year growth. Network services revenue of $130.8 million, representing 19% year-over-year growth. Security revenue of $35.4 million, representing 32% year-over-year growth. Other revenue of $6.4 million, representing 78% 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 $22.4 million of operating cash flow compared to $5.2 million of operating cash flow in the fourth quarter of 2024. Generated $8.6 million of positive free cash flow compared to $7.9 million of negative free cash flow in the fourth quarter of 2024.

•GAAP gross margin of 61.4%, compared to 53.4% in the fourth quarter of 2024. Non-GAAP gross margin1 of 64.0%, compared to 57.5% in the fourth quarter of 2024.

•GAAP net loss of $15.5 million, compared to $32.9 million in the fourth quarter of 2024. Non-GAAP net income1 of $20.1 million, compared to non-GAAP net loss1 of $2.4 million in the fourth quarter of 2024.

•GAAP net loss per basic and diluted share of $0.10, compared to $0.23 in the fourth quarter of 2024. Non-GAAP net income per basic share1 of $0.13, compared to non-GAAP net loss per basic share1 of $0.02 in the fourth quarter of 2024. Non-GAAP net income per diluted share1 of $0.12, compared to non-GAAP net loss per diluted share1 of $0.02 in the fourth quarter of 2024.

Full Year 2025 Financial Summary

•Total revenue of $624.0 million, representing 15% year-over-year growth. Network services revenue of $477.8 million, representing 12% year-over-year growth. Security revenue of $125.1 million, representing 21% year-over-year growth. Other revenue of $21.1 million, representing 64% 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.

•GAAP gross margin of 57.1%, compared to 54.4% in fiscal 2024. Non-GAAP gross margin of 60.9%, compared to 58.8% in fiscal 2024.

•GAAP net loss of $121.7 million, compared to $158.1 million in fiscal 2024. Non-GAAP net income of $19.7 million, compared to non-GAAP net loss of $12.1 million in fiscal 2024.

•GAAP net loss per basic and diluted share of $0.83, compared to $1.14 in the fiscal 2024. Non-GAAP net income per basic and diluted share1 of $0.13, compared to non-GAAP net loss per basic and diluted share1 of $0.09 in fiscal 2024.

Key Metrics

•Remaining Performance Obligations (RPO)4 were $354 million, up 55% from $228 million in the fourth quarter of 2024.

•Enterprise customer count2 was 628 in the fourth quarter, up 32 from the fourth quarter of 2024.

•Fastly's top ten customers accounted for 34% of revenue in the fourth quarter of 2025 compared to 32% in the fourth quarter of 2024. Revenue from the top ten customers increased 28% year-over-year compared to revenue growth of 20% year-over-year from customers outside the top ten.

•Last 12-month net retention rate (LTM NRR)3 increased to 110% in the fourth quarter from 106% in the third quarter of 2025.

Fourth Quarter Business and Product Highlights

•Raised $180 million in gross proceeds of 0% convertible notes due 2030, including exercise of a $20 million overallotment at a 32.5% conversion premium, and used $149 million to repurchase notes due 2026, significantly improving our liquidity to fund our growth capital needs.

•Expanded our API Security offering with API Inventory, enabling customers to review, catalog and manage intended APIs to quickly identify those needing security attention.

•Released a beta of AI Assistant, a context-aware, in-console helper designed to improve accessibility to Fastly services for less experienced developers, by providing step-by-step guidance and personalized recommendations.

•Extended Custom Dashboards and Alerts to all customers by default, providing deeper, on-demand insights to enable faster decision making and actions without requiring an Observability package.

•Enhanced Adaptive Threat Engine, the core technology behind our DDoS Protection offering to further improve our accuracy, time to mitigate, and our ability to detect and block short-lived, “bursty” attacks.

•Rolled out several Compute performance enhancements, including Early Hints, which speeds up page load times, and a beta C++ SDK to support customers’ performance-critical applications.

•Named a 2025 Gartner® Peer Insights™ Customers’ Choice for Cloud Web Application and API Protection (WAAP). Fastly received one of the highest overall ratings and is the only vendor to earn this recognition for seven consecutive years.

•Published an AppSec study with IDC, analyzing responses from nearly 1,000 global security and technology leaders revealing a more than 3× improvement in business outcomes from modern application security programs.

First Quarter and Full Year 2026 Guidance


	Q1 2026	Full Year 2026
Total Revenue (millions)	$168.0 - $174.0	$700.0 - $720.0
Non-GAAP Operating Income (millions)	$14.0 - $18.0	$50.0 - $60.0
Non-GAAP Net Income per share (5)(6)	$0.07 - $0.10	$0.23 - $0.29

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, February 11, 2026.

Date: Wednesday, February 11, 2026

Time: 1:30 p.m. PT / 4:30 p.m. ET

Webcast: https://investors.fastly.com

Dial-in: 888-330-2022 (US/CA) or 646-960-0690 (Intl.)

Conf. ID#: 7543239

Please dial in at least 10 minutes prior to the 1:30 p.m. PT start time. A live webcast of the call will be available at https://investors.fastly.com where listeners may log on to the event by selecting the webcast link under the “Quarterly Results” section.

A telephone replay of the conference call will be available at approximately 5:00 p.m. PT, February 11 through February 25, 2026 by dialing 800-770-2030 or 609-800-9909 and entering the passcode 7543239.

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 improve liquidity; 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; the performance, capabilities, and expectations regarding customer experiences with API Inventory, AI Assistant, Custom Dashboards and alerts, and the Adaptive Threat Engine update for Fastly DDoS Protection; 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 in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025. Additional information will also be set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 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 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 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 loss, non-GAAP net income (loss) and non-GAAP basic and diluted net 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, amortization of capitalized stock-based compensation - cost of revenue, amortization of acquired intangible assets, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense, 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, restructuring charges, interest income, interest expense, including amortization of debt discount and issuance costs, other expense, 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, principal payments of finance lease liabilities, capitalized internal-use software costs and advance payments made related to capital expenditures. 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.

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.

Other Expense, 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.

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.

Stock-Based Compensation Expense: consists of expenses for stock options, restricted stock units, performance awards, restricted stock awards and Employee Stock Purchase Plan ("ESPP") under our equity incentive plans. Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, 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 it is a non-cash expense 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, 2025, we are excluding amortization of capitalized stock-based compensation from our Non-GAAP gross margin, Non-GAAP operating loss, Non-GAAP net income (loss) per common share — basic and Non-GAAP net income (loss) per common share — diluted and we have accordingly recast the presentation for all prior periods presented to reflect this change.

2 Our number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise 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.

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 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.

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

6 Assumes weighted average diluted shares outstanding of 175.4 million in Q1 2026 and 179.0 million for the full year 2026.

Consolidated Statements of Operations

(in thousands, except per share amounts, unaudited)


	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Revenue	$	172,612	$	140,579	$	624,018	$	543,676
Cost of revenue(1)	66,652		65,516		267,815		247,738
Gross profit	105,960		75,063		356,203		295,938
Operating expenses:
Research and development(1)	41,591		32,742		162,662		137,980
Sales and marketing(1)	51,023		50,050		201,434		198,610
General and administrative(1)	28,436		26,154		110,692		113,399
Impairment expense	—		448		415		4,144
Restructuring charges	—		—		—		9,720
Total operating expenses	121,050		109,394		475,203		463,853
Loss from operations	(15,090)		(34,331)		(119,000)		(167,915)
Net gain on extinguishment of debt	941		1,365		941		1,365
Interest income	3,151		3,267		12,290		14,871
Interest expense	(3,201)		(1,231)		(12,699)		(2,747)
Other expense, net	(625)		(815)		(721)		(1,028)
Loss before income tax expense	(14,824)		(31,745)		(119,189)		(155,454)
Income tax expense	681		1,141		2,488		2,604
Net loss	$	(15,505)	$	(32,886)	$	(121,677)	$	(158,058)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.10)	$	(0.23)	$	(0.83)	$	(1.14)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	150,324		141,085		146,902		138,099

__________

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


	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Cost of revenue	$	2,764	$	1,910	$	10,137	$	8,644
Research and development	11,890		7,922		44,453		33,606
Sales and marketing	9,348		7,047		32,971		29,061
General and administrative	8,275		8,066		29,762		36,619
Total	$	32,277	$	24,945	$	117,323	$	107,930

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited)


	Three months ended December 31,						Year ended December 31,
	2025			2024			2025			2024
Gross profit
GAAP gross profit	$	105,960		$	75,063		$	356,203		$	295,938
Stock-based compensation	2,764			1,910			10,137			8,644
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,662			1,371			6,548			5,048
Amortization of acquired intangible assets	—			2,475			7,425			9,900
Non-GAAP gross profit	$	110,386		$	80,819		$	380,313		$	319,530
GAAP gross margin	61.4		%	53.4		%	57.1		%	54.4		%
Non-GAAP gross margin	64.0		%	57.5		%	60.9		%	58.8		%
Research and development
GAAP research and development	$	41,591		$	32,742		$	162,662		$	137,980
Stock-based compensation	(11,890)			(7,922)			(44,453)			(33,606)
Executive transition costs	(221)			—			(547)			—
Non-GAAP research and development	$	29,480		$	24,820		$	117,662		$	104,374
Sales and marketing
GAAP sales and marketing	$	51,023		$	50,050		$	201,434		$	198,610
Stock-based compensation	(9,348)			(7,047)			(32,971)			(29,061)
Amortization of acquired intangible assets	(2,159)			(2,299)			(8,898)			(9,200)
Non-GAAP sales and marketing	$	39,516		$	40,704		$	159,565		$	160,349
General and administrative
GAAP general and administrative	$	28,436		$	26,154		$	110,692		$	113,399
Stock-based compensation	(8,275)			(8,066)			(29,762)			(36,619)
Executive transition costs	—			—			(978)			—
Gain on modification of lease	—			—			736			—
Non-GAAP general and administrative	$	20,161		$	18,088		$	80,688		$	76,780
Operating income (loss)
GAAP operating loss	$	(15,090)		$	(34,331)		$	(119,000)		$	(167,915)
Stock-based compensation	32,277			24,945			117,323			107,930
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,662			1,371			6,548			5,048
Restructuring charges	—			—			—			9,720
Executive transition costs	221			—			1,525			—
Amortization of acquired intangible assets	2,159			4,774			16,323			19,100
Gain on modification of lease	—			—			(736)			—
Impairment expense	—			448			415			4,144
Non-GAAP operating income (loss)	$	21,229		$	(2,793)		$	22,398		$	(21,973)
Net income (loss)
GAAP net loss	$	(15,505)		$	(32,886)		$	(121,677)		$	(158,058)
Stock-based compensation	32,277			24,945			117,323			107,930
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,662			1,371			6,548			5,048
Restructuring charges	—			—			—			9,720
Executive transition costs	221			—			1,525			—
Gain on modification of lease	—			—			(736)			—
Amortization of acquired intangible assets	2,159			4,774			16,323			19,100
Net gain on extinguishment of debt	(941)			(1,365)			(941)			(1,365)
Impairment expense	—			448			415			4,144
Amortization of debt discount and issuance costs	257			318			907			1,379
Non-GAAP net income (loss)	$	20,130		$	(2,395)		$	19,687		$	(12,102)
Non-GAAP net income (loss) per common share — basic	$	0.13		$	(0.02)		$	0.13		$	(0.09)
Non-GAAP net income (loss) per common share — diluted	$	0.12		$	(0.02)		$	0.13		$	(0.09)
Weighted average basic common shares	150,324			141,085			146,902			138,099
Weighted average diluted common shares	164,074			141,085			156,040			138,099

(1)Similar to stock-based compensation, we believe it is also appropriate to exclude amortization of capitalized 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. However, we have not historically done so. In order to continue to improve the usefulness of our non-GAAP financial measures to the investors, starting with the quarter ended March 31, 2025, we are excluding amortization of capitalized stock-based compensation from our non-GAAP financial measures and we have accordingly recast the presentation for all prior periods presented to reflect this change. Refer to Non-GAAP Financial Measures definition for further details.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, unaudited) (continued)


	Three months ended December 31,		Year ended December 31,
	2025	2024	2025	2024
Reconciliation of GAAP to Non-GAAP diluted shares
GAAP diluted shares	150,324	141,085	146,902	138,099
Other dilutive equity awards	13,750	—	9,138	—
Non-GAAP diluted shares	164,074	141,085	156,040	138,099
Non-GAAP diluted net income (loss) per share	0.12	(0.02)	0.13	(0.09)


	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Adjusted EBITDA
GAAP net loss	$	(15,505)	$	(32,886)	$	(121,677)	$	(158,058)
Stock-based compensation	32,277		24,945		117,323		107,930
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,662		1,371		6,548		5,048
Gain on modification of lease	—		—		(736)		—
Depreciation and other amortization	13,725		13,911		54,981		54,535
Amortization of acquired intangible assets	2,159		4,774		16,323		19,100
Amortization of debt discount and issuance costs	257		318		907		1,379
Impairment expense	—		448		415		4,144
Executive transition costs	221		—		1,525		—
Restructuring charges	—		—		—		9,720
Net gain on extinguishment of debt	(941)		(1,365)		(941)		(1,365)
Interest income	(3,151)		(3,267)		(12,290)		(14,871)
Interest expense	2,944		913		11,792		1,368
Other expense, net	625		815		721		1,028
Income tax expense	681		1,141		2,488		2,604
Adjusted EBITDA	$	34,954	$	11,118	$	77,379	$	32,562

Consolidated Balance Sheets

(in thousands, unaudited)


	As of December 31, 2025		As of December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	180,563	$	286,175
Marketable securities, current	181,196		9,707
Accounts receivable, net of allowance for credit losses	118,029		115,988
Prepaid expenses and other current assets	26,921		28,325
Total current assets	506,709		440,195
Property and equipment, net	186,785		179,097
Operating lease right-of-use assets, net	52,067		50,433
Goodwill	670,356		670,356
Intangible assets, net	25,771		42,876
Other assets	57,789		68,402
Total assets	$	1,499,477	$	1,451,359
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	17,612	$	6,044
Accrued expenses	70,669		41,622
Long-term debt, current	38,557		—
Finance lease liabilities, current	—		2,328
Operating lease liabilities, current	24,427		25,155
Deferred revenue	35,234		26,511
Other current liabilities	7,499		2,796
Total current liabilities	193,998		104,456
Long-term debt, net	323,282		337,614
Operating lease liabilities, non-current	43,921		39,561
Other long-term liabilities	8,698		4,478
Total liabilities	569,899		486,109
Stockholders’ equity:
Common stock	3		3
Additional paid-in capital	2,044,103		1,958,157
Accumulated other comprehensive loss	(41)		(100)
Accumulated deficit	(1,114,487)		(992,810)
Total stockholders’ equity	929,578		965,250
Total liabilities and stockholders’ equity	$	1,499,477	$	1,451,359

Consolidated Statements of Cash Flows

(in thousands, unaudited)


	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Cash flows from operating activities:
Net loss	$	(15,505)	$	(32,886)	$	(121,677)	$	(158,058)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation expense	15,263		13,786		61,031		54,037
Amortization of intangible assets	2,284		4,900		16,821		19,599
Non-cash lease expense	5,620		5,655		22,445		22,474
Amortization of debt discount and issuance costs	256		316		906		1,377
Amortization of deferred contract costs	4,803		4,746		19,369		18,623
Stock-based compensation	32,277		24,945		117,323		107,930
Deferred income taxes	395		893		1,433		1,793
Provision for credit losses	951		1,434		4,181		3,834
Loss on disposals of property and equipment	229		96		186		540
Accretion of discounts on investments	(1,416)		(507)		(4,703)		(3,973)
Impairment of operating lease right-of-use assets	—		—		—		371
Impairment expense	—		448		415		4,144
Net gain on extinguishment of debt	(941)		(1,365)		(941)		(1,365)
Other adjustments	446		(897)		549		(814)
Changes in operating assets and liabilities:
Accounts receivable, net	(9,796)		(622)		(6,222)		676
Prepaid expenses and other current assets	768		(207)		1,579		(7,627)
Other assets	(6,554)		(4,140)		(19,545)		(11,869)
Accounts payable	1,209		(3,903)		4,489		611
Accrued expenses	20		1,220		(447)		(2,922)
Operating lease liabilities	(7,045)		(7,200)		(20,707)		(26,541)
Other liabilities	(830)		(1,492)		17,959		(6,434)
Net cash provided by operating activities	22,434		5,220		94,444		16,406
Cash flows from investing activities:
Purchases of marketable securities	(37,775)		—		(389,837)		(155,099)
Sales of marketable securities	7,808		—		25,936		—
Maturities of marketable securities	79,954		81,480		197,176		371,189
Advance payment for purchase of property and equipment	—		—		—		(790)
Purchases of property and equipment	(10,191)		(4,969)		(28,694)		(10,330)
Proceeds from sale of property and equipment	—		—		44		24
Capitalized internal-use software	(3,645)		(5,602)		(17,657)		(26,094)
Net cash provided by (used in) investing activities	36,151		70,909		(213,032)		178,900
Cash flows from financing activities:
Proceeds from issuance of convertible notes	180,000		—		180,000		—
Payments of issuance costs for convertible notes	(5,924)		(5,729)		(5,924)		(5,729)
Cash paid for debt extinguishment	(148,875)		—		(148,875)		—
Payments for purchase of capped calls	(18,162)		—		(18,162)		—
Repayments of finance lease liabilities	—		(2,554)		(2,328)		(14,958)
Payment of deferred consideration for business acquisitions	—		—		—		(3,771)
Proceeds from exercise of vested stock options	286		805		1,044		1,115
Proceeds from employee stock purchase plan	1,529		161		7,006		6,244
Net cash provided by (used in) financing activities	8,854		(7,317)		12,761		(17,099)
Effects of exchange rate changes on cash and cash equivalents	(7)		(151)		215		(103)
Net increase (decrease) in cash and cash equivalents	67,432		68,661		(105,612)		178,104
Cash and cash equivalents at beginning of period	113,131		217,514		286,175		108,071
Cash and cash equivalents at end of period	180,563		286,175		180,563		286,175

Free Cash Flow

(in thousands, unaudited)


	Three months ended December 31,				Year ended December 31,
	2025		2024		2025		2024
Net cash provided by operating activities	$	22,434	$	5,220	$	94,444	$	16,406
Capital expenditures(1)	(13,836)		(13,125)		(48,635)		(51,358)
Advance payment for purchase of property and equipment(2)	—		—		—		(790)
Free Cash Flow	$	8,598	$	(7,905)	$	45,809	$	(35,742)

__________

(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.

(2)In the year ended December 31, 2025, we received $9.2 million of capital equipment that was prepaid prior to the current year, as reflected in the supplemental disclosure of our statement of cash flows.

Contacts

Investor Contact

Vernon Essi, Jr.

ir@fastly.com

Media Contact

Stacey Hurwitz

press@fastly.com

Source: Fastly, Inc.

Exhibit 99.2

Fourth Quarter 2025 Investor Supplement

Product Innovation and Developments

•Expanded our API Security offering with API Inventory, enabling customers to review, catalog and manage intended APIs to quickly identify those needing security attention.

•Extended Custom Dashboards and Alerts to all customers by default, providing deeper, on-demand insights to enable faster decision making and actions without requiring an Observability package.

•Rolled out several Compute performance enhancements, including Early Hints, which speeds up page load times, and a beta C++ SDK to support customers’ performance-critical applications.

Customer Highlights

•A Fortune 500 restaurant chain migrated to Fastly to deliver front-end application traffic for its superior performance and to streamline its online checkout and architectural design.

•One of the world’s largest home retailers selected Fastly to reduce the time and cost associated with implementing and managing complex traffic controls.

•A leading cloud observability and security provider expanded their use of the Fastly Platform to include Fastly Compute and Fastly’s security portfolio.

•A leading print-on-demand marketplace that sells personalized products added Fastly’s bot management capabilities to improve the purchasing process for its customers.


Calculations of Key and Other Selected Metrics – Quarterly (unaudited)
	Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025
Revenue by Product (in millions):
Network Services Revenue	$	106.0		$	104.2		$	107.4		$	110.1		$	113.3		$	114.9		$	118.8		$	130.8
Security Revenue	$	24.6		$	25.4		$	26.2		$	26.9		$	26.4		$	29.3		$	34.0		$	35.4
Other Revenue	$	2.9		$	2.8		$	3.6		$	3.6		$	4.8		$	4.5		$	5.4		$	6.4
Total Revenue	$	133.5		$	132.4		$	137.2		$	140.6		$	144.5		$	148.7		$	158.2		$	172.6
Key Metrics:
Enterprise Customer Count(6)	577			601			576			596			595			622			627			628
Enterprise Customer Revenue %	91		%	91		%	92		%	93		%	93		%	94		%	94		%	94		%
Total Customer Count(1)	3,290			3,295			3,638			3,061			3,035			3,097			3,223			3,092
Top Ten Customer Revenue %	38		%	34		%	33		%	32		%	33		%	31		%	32		%	34		%
LTM Net Retention Rate (NRR)(2)	114		%	110		%	105		%	102		%	100		%	104		%	106		%	110		%
Annual Revenue Retention Rate (ARR)(7)	—		%	—		%	—		%	99.0		%	—		%	—		%	—		%	98.7		%
Remaining Performance Obligations (RPO)(1)	$	221.6		$	220.2		$	231.1		$	227.6		$	225.9		$	247.1		$	268.0		$	353.8
Current RPO %(8)	78%			78%			78%			79%			69%			76%			77%			70%

Corporate Highlights

Key Financial & Metrics Highlights

•Total revenue of $172.6 million, representing 23% year-over-year growth highlighted by security revenue growing 32% year-over-year and representing 20% of total revenue.

•Generated $8.6 million of positive free cash flow compared to $7.9 million of negative free cash flow in the fourth quarter of 2024.

•Remaining Performance Obligations (RPO)1 were $354 million, up 55% from $228 million in the fourth quarter of 2024.

•Last 12-month net retention rate (LTM NRR)2 increased to 110% in the fourth quarter from 106% in the third quarter of 2025.

First Quarter and Full Year 2026 Guidance


	Q1 2026	Full Year 2026
Total Revenue (millions)	$168.0 - $174.0	$700.0 - $720.0
Non-GAAP Operating Income (millions)(3)	$14.0 - $18.0	$50.0 - $60.0
Non-GAAP Net Income per share(4)(5)	$0.07 - $0.10	$0.23 - $0.29

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.

4.Assumes weighted average diluted shares outstanding of 175.4 million in Q1 2026 and 179.0 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 number of customers is calculated based on the number of separate identifiable operating entities with which we have a billing relationship in good standing, from which we recognized revenue during the current quarter. Our enterprise 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.Annual Revenue Retention rate is calculated by subtracting the quotient of the Annual Revenue Churn from all of our Churned Customers divided by our annual revenue of the same calendar year from 100%. Our “Annual Revenue Churn” is calculated by multiplying the final full month of revenue from a customer that terminated its contract with us (a “Churned Customer”) by the number of months remaining in the same calendar year.

8.Current RPO % is calculated as RPO expected to be recognized over the next 12 months divided by total RPO. 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 current RPO for all prior periods presented to reflect the correction of this error.

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 improve liquidity; 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; the performance, capabilities, and expectations regarding customer experiences with API Inventory, AI Assistant, Custom Dashboards and alerts, and the Adaptive Threat Engine update for Fastly DDoS Protection; 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 in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025. Additional information will also be set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 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 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 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, 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, and amortization of debt discount and issuance costs.

Adjusted EBITDA: excludes stock-based compensation expense, 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 income (expense), net, and income taxes.

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.

Other Income (Expense), 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.

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.

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.

Consolidated Statements of Operations – Quarterly

(unaudited, in thousands, except per share amounts)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Revenue	$	133,520	$	132,371	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612
Cost of revenue(1)	60,286		59,470		62,466		65,516		67,676		67,593		65,894		66,652
Gross profit	73,234		72,901		74,740		75,063		76,798		81,116		92,329		105,960
Operating expenses:
Research and development(1)	38,248		35,106		31,884		32,742		37,429		42,221		41,421		41,591
Sales and marketing(1)	49,607		52,959		45,994		50,050		49,313		51,100		49,998		51,023
General and administrative(1)	31,639		28,433		27,173		26,154		28,235		24,323		29,698		28,436
Impairment expense	—		3,137		559		448		—		415		—		—
Restructuring charges	—		—		9,720		—		—		—		—		—
Total operating expenses	119,494		119,635		115,330		109,394		114,977		118,059		121,117		121,050
Loss from operations	(46,260)		(46,734)		(40,590)		(34,331)		(38,179)		(36,943)		(28,788)		(15,090)
Net gain on extinguishment of debt	—		—		—		1,365		—		—		—		941
Interest income	3,848		3,937		3,819		3,267		2,975		3,084		3,080		3,151
Interest expense	(579)		(464)		(473)		(1,231)		(3,173)		(3,164)		(3,161)		(3,201)
Other income (expense), net	(89)		193		(317)		(815)		(80)		39		(55)		(625)
Loss before income tax expense (benefit)	(43,080)		(43,068)		(37,561)		(31,745)		(38,457)		(36,984)		(28,924)		(14,824)
Income tax expense (benefit)	347		661		455		1,141		691		557		559		681
Net loss	$	(43,427)	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.32)	$	(0.32)	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	134,587		137,444		139,237		141,085		143,284		145,780		148,129		150,324

__________

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


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Cost of revenue	$	2,779	$	2,044	$	1,911	$	1,910	$	1,939	$	2,573	$	2,861	$	2,764
Research and development	10,323		7,983		7,378		7,922		8,893		11,755		11,915		11,890
Sales and marketing	7,843		7,058		7,113		7,047		6,693		8,176		8,754		9,348
General and administrative	10,876		9,063		8,614		8,066		8,057		3,831		9,599		8,275
Total	$	31,821	$	26,148	$	25,016	$	24,945	$	25,582	$	26,335	$	33,129	$	32,277

Reconciliation of GAAP to Non-GAAP Financial Measures - Quarterly

(unaudited, in thousands, except per share amounts)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Gross Profit
GAAP gross Profit	$	73,234	$	72,901	$	74,740	$	75,063	$	76,798	$	81,116	$	92,329	$	105,960
Stock-based compensation	2,779		2,044		1,911		1,910		1,939		2,573		2,861		2,764
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,155		1,184		1,338		1,371		1,641		1,581		1,664		1,662
Amortization of acquired intangible assets	2,475		2,475		2,475		2,475		2,475		2,475		2,475		—
Non-GAAP gross profit	79,643		78,604		80,464		80,819		82,853		87,745		99,329		110,386
GAAP gross margin	54.8%		55.1%		54.5%		53.4%		53.2%		54.5%		58.4%		61.4%
Non-GAAP gross margin	59.6%		59.4%		58.6%		57.5%		57.3%		59.0%		62.8%		64.0%
Research and development
GAAP research and development	38,248		35,106		31,884		32,742		37,429		42,221		41,421		41,591
Stock-based compensation	(10,323)		(7,983)		(7,378)		(7,922)		(8,893)		(11,755)		(11,915)		(11,890)
Executive transition costs	—		—		—		—		—		—		(326)		(221)
Non-GAAP research and development	27,925		27,123		24,506		24,820		28,536		30,466		29,180		29,480
Sales and marketing
GAAP sales and marketing	49,607		52,959		45,994		50,050		49,313		51,100		49,998		51,023
Stock-based compensation	(7,843)		(7,058)		(7,113)		(7,047)		(6,693)		(8,176)		(8,754)		(9,348)
Amortization of acquired intangible assets	(2,300)		(2,301)		(2,300)		(2,299)		(2,301)		(2,279)		(2,159)		(2,159)
Non-GAAP sales and marketing	39,464		43,600		36,581		40,704		40,319		40,645		39,085		39,516
General and administrative
GAAP general and administrative	31,639		28,433		27,173		26,154		28,235		24,323		29,698		28,436
Stock-based compensation	(10,876)		(9,063)		(8,614)		(8,066)		(8,057)		(3,831)		(9,599)		(8,275)
Executive transition costs	—		—		—		—		(335)		—		(643)		—
Gain on modification of lease	—		—		—		—		—		736		—		—
Non-GAAP general and administrative	20,763		19,370		18,559		18,088		19,843		21,228		19,456		20,161
Operating income (loss)
GAAP operating loss	(46,260)		(46,734)		(40,590)		(34,331)		(38,179)		(36,943)		(28,788)		(15,090)
Stock-based compensation	31,821		26,148		25,016		24,945		25,582		26,335		33,129		32,277
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,155		1,184		1,338		1,371		1,641		1,581		1,664		1,662
Restructuring charges	—		—		9,720		—		—		—		—		—
Executive transition costs	—		—		—		—		335		—		969		221
Gain on modification of lease	—		—		—		—		—		(736)		—		—
Amortization of acquired intangible assets	4,775		4,776		4,775		4,774		4,776		4,754		4,634		2,159
Impairment expense	—		3,137		559		448		—		415		—		—
Non-GAAP operating income (loss)	(8,509)		(11,489)		818		(2,793)		(5,845)		(4,594)		11,608		21,229
Net income (loss)
GAAP net loss	(43,427)		(43,729)		(38,016)		(32,886)		(39,148)		(37,541)		(29,483)		(15,505)
Stock-based compensation	31,821		26,148		25,016		24,945		25,582		26,335		33,129		32,277
Amortization of capitalized stock-based compensation - cost of revenue(1)	1,155		1,184		1,338		1,371		1,641		1,581		1,664		1,662
Restructuring charges	—		—		9,720		—		—		—		—		—
Executive transition costs	—		—		—		—		335		—		969		221
Gain on modification of lease	—		—		—		—		—		(736)		—		—
Amortization of acquired intangible assets	4,775		4,776		4,775		4,774		4,776		4,754		4,634		2,159
Net gain on extinguishment of debt	—		—		—		(1,365)		—		—		—		(941)
Impairment expense	—		3,137		559		448		—		415		—		—
Amortization of debt issuance costs	354		349		358		318		217		217		216		257
Non-GAAP net income (loss)	$	(5,322)	$	(8,135)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130
GAAP net loss per common share — basic and diluted	$	(0.32)	$	(0.32)	$	(0.27)	$	(0.23)	$	(0.27)	$	(0.26)	$	(0.20)	$	(0.10)
Non-GAAP net income (loss) per common share — basic	$	(0.04)	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13
Non-GAAP net income (loss) per common share — diluted	$	(0.04)	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12
Weighted average basic common shares	134,587		137,444		139,237		141,085		143,284		145,780		148,129		150,324
Weighted average diluted common shares	134,587		137,444		143,415		141,085		143,284		145,780		161,229		164,074

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

(unaudited, in thousands, except per share amounts)


	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Reconciliation of GAAP to Non-GAAP diluted shares:
GAAP diluted shares	134,587	137,444	139,237	141,085	143,284	145,780	148,129	150,324
Other dilutive equity awards	—	—	4,178	—	—	—	13,100	13,750
Non-GAAP diluted shares	134,587	137,444	143,415	141,085	143,284	145,780	161,229	164,074
Non-GAAP diluted net income (loss) per share	(0.04)	(0.06)	0.03	(0.02)	(0.05)	(0.03)	0.07	0.12


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Adjusted EBITDA
GAAP net loss	$	(43,427)	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)
Stock-based compensation	31,821		26,148		25,016		24,945		25,582		26,335		33,129		32,277
Amortization of capitalized stock-based compensation - cost of Revenue(1)	1,155		1,184		1,338		1,371		1,641		1,581		1,664		1,662
Gain on modification of lease	—		—		—		—		—		(736)		—		—
Depreciation and other amortization	13,400		13,443		13,781		13,911		13,650		13,505		14,101		13,725
Amortization of acquired intangible assets	4,775		4,776		4,775		4,774		4,776		4,754		4,634		2,159
Amortization of debt discount and issuance costs	354		349		358		318		217		217		216		257
Net gain on extinguishment of debt	—		—		—		(1,365)		—		—		—		(941)
Impairment expense	—		3,137		559		448		—		415		—		—
Executive transition costs	—		—		—		—		335		—		969		221
Restructuring charges	—		—		9,720		—		—		—		—		—
Interest income	(3,848)		(3,937)		(3,819)		(3,267)		(2,975)		(3,084)		(3,080)		(3,151)
Interest expense	225		115		115		913		2,956		2,947		2,945		2,944
Other (income) expense, net	89		(193)		317		815		80		(39)		55		625
Income tax expense	347		661		455		1,141		691		557		559		681
Adjusted EBITDA	$	4,891	$	1,954	$	14,599	$	11,118	$	7,805	$	8,911	$	25,709	$	34,954

Non-GAAP Consolidated Statements of Operations - Quarterly

(unaudited, in thousands, except per share amounts)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Revenue	$	133,520	$	132,371	$	137,206	$	140,579	$	144,474	$	148,709	$	158,223	$	172,612
Cost of revenue(1)(2)(3)	53,877		53,767		56,742		59,760		61,621		60,964		58,894		62,226
Gross profit(1)(2)	79,643		78,604		80,464		80,819		82,853		87,745		99,329		110,386
Operating expenses:
Research and development(1)(4)	27,925		27,123		24,506		24,820		28,536		30,466		29,180		29,480
Sales and marketing(1)(3)	39,464		43,600		36,581		40,704		40,319		40,645		39,085		39,516
General and administrative(1)(4)(5)	20,763		19,370		18,559		18,088		19,843		21,228		19,456		20,161
Total operating expenses(1)(2)(3)(4)(5)(6)(7)	88,152		90,093		79,646		83,612		88,698		92,339		87,721		89,157
Income (loss) from operations(1)(2)(3)(4)(5)(6)(7)	(8,509)		(11,489)		818		(2,793)		(5,845)		(4,594)		11,608		21,229
Interest income	3,848		3,937		3,819		3,267		2,975		3,084		3,080		3,151
Interest expense(8)	(225)		(115)		(115)		(913)		(2,956)		(2,947)		(2,945)		(2,944)
Other income (expense), net	(89)		193		(317)		(815)		(80)		39		(55)		(625)
Income (loss) before income tax expense (benefit)(1)(2)(3)(4)(5)(6)(7)(8)(9)	(4,975)		(7,474)		4,205		(1,254)		(5,906)		(4,418)		11,688		20,811
Income tax expense	347		661		455		1,141		691		557		559		681
Net income (loss)(1)(2)(3)(4)(5)(6)(7)(8)(9)	$	(5,322)	$	(8,135)	$	3,750	$	(2,395)	$	(6,597)	$	(4,975)	$	11,129	$	20,130
Net income (loss) per share attributable to common stockholders, basic	$	(0.04)	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.08	$	0.13
Net income (loss) per share attributable to common stockholders, diluted	$	(0.04)	$	(0.06)	$	0.03	$	(0.02)	$	(0.05)	$	(0.03)	$	0.07	$	0.12
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	134,587		137,444		139,237		141,085		143,284		145,780		148,129		150,324
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	134,587		137,444		143,415		141,085		143,284		145,780		161,229		164,074

(1)Excludes stock-based compensation. 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.

Consolidated Balance Sheets - Quarterly

(unaudited, in thousands)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Assets
Current assets:
Cash and cash equivalents	$	150,809	$	147,196	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563
Marketable securities	178,677		164,569		90,733		9,707		181,808		238,721		229,780		181,196
Accounts receivable, net	107,517		113,878		116,800		115,988		119,035		117,318		109,184		118,029
Prepaid expenses and other current assets	23,207		25,312		28,011		28,325		26,243		26,137		27,689		26,921
Total current assets	460,210		450,955		453,058		440,195		452,570		464,663		479,784		506,709
Property and equipment, net	177,574		177,058		180,288		179,097		177,876		181,770		182,896		186,785
Operating lease right-of-use assets, net	54,420		52,451		47,700		50,433		48,802		54,001		53,050		52,067
Goodwill	670,356		670,356		670,356		670,356		670,356		670,356		670,356		670,356
Intangible assets, net	57,576		52,676		47,776		42,876		37,976		32,814		28,055		25,771
Marketable securities, non-current	1,743		—		—		—		—		—		—		—
Other assets	84,044		79,176		72,576		68,402		61,665		59,573		56,461		57,789
Total assets	$	1,505,923	$	1,482,672	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	5,485	$	5,532	$	11,354	$	6,044	$	9,802	$	13,344	$	10,829	$	17,612
Accrued expenses	35,555		34,445		40,854		41,622		37,165		45,282		60,421		70,669
Long-term debt, current portion	—		—		—		—		187,871		188,051		188,232		38,557
Finance lease liabilities	11,974		8,178		4,882		2,328		617		80		—		—
Operating lease liabilities	22,580		25,399		23,857		25,155		26,988		23,673		23,676		24,427
Deferred revenue	—		—		—		—		—		—		—		35,234
Other current liabilities	44,633		35,748		33,261		29,307		38,442		42,373		45,757		7,499
Total current liabilities	120,227		109,302		114,208		104,456		300,885		312,803		328,915		193,998
Long-term debt, current	343,837		344,167		344,498		337,614		149,874		149,883		149,893		323,282
Finance lease liabilities, non-current	440		—		—		—		—		—		—		—
Operating lease liabilities, non-current	46,857		44,634		40,565		39,561		36,615		48,577		47,106		43,921
Other long-term liabilities	2,756		3,382		3,029		4,478		4,848		9,267		7,723		8,698
Total liabilities	514,117		501,485		502,300		486,109		492,222		520,530		533,637		569,899
Stockholders’ equity:
Common stock	3		3		3		3		3		3		3		3
Additional paid-in capital	1,870,503		1,903,374		1,929,397		1,958,157		1,989,108		2,012,312		2,035,956		2,044,103
Accumulated other comprehensive loss	(521)		(282)		(22)		(100)		(130)		(169)		(12)		(41)
Accumulated deficit	(878,179)		(921,908)		(959,924)		(992,810)		(1,031,958)		(1,069,499)		(1,098,982)		(1,114,487)
Total stockholders’ equity	991,806		981,187		969,454		965,250		957,023		942,647		936,965		929,578
Total liabilities and stockholders’ equity	$	1,505,923	$	1,482,672	$	1,471,754	$	1,451,359	$	1,449,245	$	1,463,177	$	1,470,602	$	1,499,477

Consolidated Statements of Cash Flows – Quarterly

(unaudited, in thousands)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Cash flows from operating activities:
Net loss	$	(43,427)	$	(43,729)	$	(38,016)	$	(32,886)	$	(39,148)	$	(37,541)	$	(29,483)	$	(15,505)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	13,277		13,318		13,656		13,786		15,167		14,962		15,639		15,263
Amortization of intangible assets	4,899		4,900		4,900		4,900		4,900		4,878		4,759		2,284
Non-cash lease expense	5,556		5,800		5,463		5,655		5,655		5,694		5,476		5,620
Amortization of debt discount and issuance costs	354		349		358		316		217		217		216		256
Amortization of deferred contract costs	4,573		4,531		4,773		4,746		4,850		4,847		4,869		4,803
Stock-based compensation	31,821		26,148		25,016		24,945		25,582		26,335		33,129		32,277
Deferred income taxes	228		333		339		893		422		327		289		395
Provision for credit losses	953		393		1,054		1,434		946		1,048		1,236		951
(Gain) loss on disposals of property and equipment	399		45		—		96		—		(43)		—		229
Accretion of discounts on investments	(1,158)		(1,244)		(1,064)		(507)		(626)		(1,356)		(1,305)		(1,416)
Impairment of operating lease right-of-use assets	—		—		371		—		—		—		—		—
Impairment expense	—		3,137		559		448		—		415		—		—
Net gain on extinguishment of debt	—		—		—		(1,365)		—		—		—		(941)
Other adjustments	(259)		(178)		520		(897)		376		(84)		(189)		446
Changes in operating assets and liabilities:
Accounts receivable	12,028		(6,754)		(3,976)		(622)		(3,993)		669		6,898		(9,796)
Prepaid expenses and other current assets	(2,700)		(2,131)		(2,589)		(207)		2,216		121		(1,526)		768
Other assets	(1,814)		(3,210)		(2,705)		(4,140)		(2,095)		(6,076)		(4,820)		(6,554)
Accounts payable	101		(341)		4,754		(3,903)		2,575		3,446		(2,741)		1,209
Accrued expenses	(8,760)		1,911		2,707		1,220		(3,383)		1,577		1,339		20
Operating lease liabilities	(7,606)		(4,406)		(7,329)		(7,200)		(5,556)		(2,332)		(5,774)		(7,045)
Other liabilities	2,667		(3,820)		(3,789)		(1,492)		9,183		8,694		912		(830)
Net cash provided by (used in) operating activities	11,132		(4,948)		5,002		5,220		17,288		25,798		28,924		22,434
Cash flows from investing activities:
Purchases of marketable securities	(56,948)		(60,249)		(37,902)		—		(179,486)		(93,440)		(79,136)		(37,775)
Sales of marketable securities	—		—		—		—		—		—		18,128		7,808
Maturities of marketable securities	99,080		77,597		113,032		81,480		7,969		37,836		71,417		79,954
Advance payment for purchase of property and equipment	—		(790)		—		—		—		—		—		—
Purchases of property and equipment	(1,603)		(1,762)		(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)
Proceeds from sale of property and equipment	—		24		—		—		—		44		—		—
Capitalized internal-use software	(6,845)		(6,829)		(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)
Net cash provided by (used in) investing activities	33,684		7,991		66,316		70,909		(178,885)		(69,954)		(344)		36,151
Cash flows from financing activities:
Proceeds from issuance of convertible notes	—		—		—		—		—		—		—		180,000
Payments of issuance costs for convertible notes	—		—		—		(5,729)		—		—		—		(5,924)
Cash paid for debt extinguishment	—		—		—		—		—		—		—		(148,875)
Payments for purchase of capped calls	—		—		—		—		—		—		—		(18,162)
Repayments of finance lease liabilities	(4,872)		(4,236)		(3,296)		(2,554)		(1,711)		(537)		(80)		—
Payment of deferred consideration for business acquisitions	—		(3,771)		—		—		—		—		—		—
Proceeds from exercise of vested stock options	111		180		19		805		408		279		71		286
Proceeds from employee stock purchase plan	2,881		1,034		2,168		161		2,131		1,240		2,106		1,529
Net cash provided by (used in) financing activities	(1,880)		(6,793)		(1,109)		(7,317)		828		982		2,097		8,854
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	(48)		(13)		109		(151)		78		177		(33)		(7)
Net increase (decrease) in cash, cash equivalents, and restricted cash	42,888		(3,763)		70,318		68,661		(160,691)		(42,997)		30,644		67,432
Cash, cash equivalents, and restricted cash at beginning of period	108,071		150,959		147,196		217,514		286,175		125,484		82,487		113,131
Cash, cash equivalents, and restricted cash at end of period	$	150,959	$	147,196	$	217,514	$	286,175	$	125,484	$	82,487	$	113,131	$	180,563

Free Cash Flow

(in thousands, unaudited)


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		Q1 2025		Q2 2025		Q3 2025		Q4 2025
Net cash provided by (used in) operating activities	$	11,132	$	(4,948)	$	5,002	$	5,220	$	17,288	$	25,798	$	28,924	$	22,434
Capital expenditures(1):
Purchases of property and equipment	(1,603)		(1,762)		(1,996)		(4,969)		(2,605)		(9,852)		(6,046)		(10,191)
Proceeds from sale of property and equipment	—		24		—		—		—		44		—		—
Capitalized internal-use software	(6,845)		(6,829)		(6,818)		(5,602)		(4,763)		(4,542)		(4,707)		(3,645)
Repayments of finance lease liabilities	(4,872)		(4,236)		(3,296)		(2,554)		(1,711)		(537)		(80)		—
Advance payment for purchase of property and equipment(2)	—		(790)		—		—		—		—		—		—
Free Cash Flow	$	(2,188)	$	(18,541)	$	(7,108)	$	(7,905)	$	8,209	$	10,911	$	18,091	$	8,598

__________

(2)In the twelve months ended December 31, 2025, we received $9.2 million of capital equipment that was prepaid prior to the current year, as reflected in the supplemental disclosure of our statement of cash flows.

Source: View Original Filing on SEC EDGAR

FAQ

How did Fastly (FSLY) perform financially in the fourth quarter of 2025?

Fastly delivered strong fourth-quarter 2025 results, with revenue of $172.6 million, up 23% year over year. GAAP gross margin improved to 61.4%, and non-GAAP gross margin reached 64.0%. The company produced non-GAAP net income of $20.1 million and positive free cash flow.

What were Fastly’s full-year 2025 revenue and profit figures?

For 2025, Fastly generated $624.0 million in revenue, a 15% year-over-year increase. GAAP net loss narrowed to $121.7 million, while non-GAAP net income reached $19.7 million. The company also reported full-year free cash flow of $45.8 million, a significant improvement from 2024.

How are Fastly’s key customer and demand metrics trending?

Fastly’s demand indicators strengthened in late 2025. Remaining performance obligations reached $354 million, up 55% from $228 million a year earlier. Enterprise customers increased to 628, and the last 12‑month net retention rate improved to 110% in the fourth quarter.

What guidance did Fastly give for its 2026 financial performance?

Fastly expects continued growth in 2026, guiding to revenue of $700.0–$720.0 million. The company projects non-GAAP operating income of $50.0–$60.0 million and non-GAAP diluted net income per share between $0.23 and $0.29, based on 179.0 million diluted shares.

How did Fastly’s margins and operating results change versus 2024?

Margins and operating results improved meaningfully. Full-year GAAP gross margin rose to 57.1% from 54.4%, and non-GAAP gross margin reached 60.9%. Non-GAAP operating income swung to $22.4 million in 2025 from a $22.0 million non-GAAP operating loss in 2024.

What capital structure actions did Fastly take with its convertible notes?

Fastly raised $180 million of 0% convertible notes due 2030, including a $20 million overallotment at a 32.5% conversion premium. It used $149 million of the proceeds to repurchase notes due 2026, extending debt maturities and enhancing liquidity.

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Record 2025 as Fastly (NYSE: FSLY) lifts growth, margins and outlook

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FAQ

How did Fastly (FSLY) perform financially in the fourth quarter of 2025?

What were Fastly’s full-year 2025 revenue and profit figures?

How are Fastly’s key customer and demand metrics trending?

What guidance did Fastly give for its 2026 financial performance?

How did Fastly’s margins and operating results change versus 2024?

What capital structure actions did Fastly take with its convertible notes?

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FAQ

How did Fastly (FSLY) perform financially in the fourth quarter of 2025?

What were Fastly’s full-year 2025 revenue and profit figures?

How are Fastly’s key customer and demand metrics trending?

What guidance did Fastly give for its 2026 financial performance?

How did Fastly’s margins and operating results change versus 2024?

What capital structure actions did Fastly take with its convertible notes?

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