10-K · February 25, 2026
Fastly positions itself as an AI-ready unified edge cloud platform focused on programmable edge compute, security, and CDN capabilities. Fiscal 2025 shows an inflection: revenue rose to $624.0M (from $544.0M in 2024),…
Earnings analysis · 10-Q
FSLY earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Fastly's Q1 2026 results show a robust recovery with $173 million in revenue, up 20% year-over-year, and an EPS of $0.13, exceeding analyst expectations. The growth is bolstered by a significant rise in security…
Read full summary
Fastly's Q1 2026 results show a robust recovery with $173 million in revenue, up 20% year-over-year, and an EPS of $0.13, exceeding analyst expectations. The growth is bolstered by a significant rise in security revenue, which increased by 47%, alongside strong operational improvements that drove gross margins to 63%. Despite these achievements, the company continues to face challenges, including ongoing operational losses and competitive pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.13
- Segment
- Network Services
- Segment
- Security
- Segment
- Other
What stood out
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Record Revenue Growth
Fastly reported revenue of $173 million for Q1 2026, representing a 20% increase year-over-year from $144.5 million.
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Strong EPS Performance
The company achieved an EPS of $0.13, significantly higher than the consensus estimate of $0.05.
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Improved Gross Margin
Gross margin improved to 63% for Q1 2026, compared to 53% in Q1 2025.
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Surging Security Revenue
Security segment revenue increased by 47% to $38.8 million in Q1 2026, compared to $26.4 million in the prior year.
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Operational Cash Flow Positive
Operating cash flow was $28.9 million in Q1 2026, up from $17.3 million in Q1 2025.
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Increased Large Customer Count
Fastly has increased its large customer count to 634 in Q1 2026 from 595 in the prior year.
What to watch
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Continued Operating Losses
Net loss for Q1 2026 was $20.5 million, though improved from $39.1 million in Q1 2025.
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High Operating Expenses
Operating expenses rose to $132.1 million, representing a 15% increase from $115 million in the same quarter last year.
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Increased Dependence on Major Customers
The top 10 customers accounted for 32% of revenue, raising risks from customer concentration.
Management's outlook
Q2 2026 revenue guidance increased to $170-$176 million, and full year guidance raised to $710-$725 million.
Earlier filings 4
10-Q · May 7, 2025
Fastly reported revenue of $144,474,000 for the quarter ended March 31, 2025, up from $133,520,000 a year ago, with gross profit of $76,798,000 and an improving operating loss of $(38,179,000). Operating cash flow was…
10-K · February 26, 2025
Fastly positions itself as a programmable edge cloud platform focused on performance, security and developer-friendly tooling (including Fastly Compute built on WebAssembly). Revenue grew to $543.7M in 2024 from $506.0M…
10-Q · August 8, 2024
Fastly reported Q2 revenue of $132,371,000, up from $122,831,000 a year ago, with gross profit of $72,901,000. Operating loss narrowed to $(46,734,000) from $(49,827,000) year-over-year, but GAAP net loss widened to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.