Fastly, Inc. (FSLY) FY2025 10-K Annual Report
Fastly, Inc. (FSLY) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Fastly, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Edge cloud platform delivering performant, resilient, programmable digital experiences and AI-centric services at internet edge scale
- • New emphasis on AI workloads and agentic AI traffic management as a distinct growth opportunity within edge cloud platform
- • Strategic shift to unify content delivery, edge computing, and advanced security including AI-driven Bot Management and Adaptive Threat Engine
- • Platform supports > millions of concurrent live video streams plus Amazon S3-compatible Fastly Object Storage for large files integration
- • Unique real-time, AI-backed security features with deception technology and zero-attack-fee DDoS billing enhancing customer protections
Management Discussion & Analysis
- • Revenue $624.0M in 2025, up 15% YoY from $543.7M in 2024
- • Net loss improved to $121.7M in 2025 from $158.1M in 2024
- • LTM Net Retention Rate rose to 110.1% in 2025 from 102.3% in 2024; Annual Revenue Retention Rate stable at ~99%
- • Network Services largest segment; specific segment revenue figures not provided
- • No precise segment profitability or margin % disclosed; gross margin expected to fluctuate due to network investments
- • Cash flow details, buybacks, dividends, or capex amounts not disclosed in MD&A
- • Outlook: Continued investment in platform and global expansion; expects rising operating expenses and R&D at ~26% of revenue; risks from geopolitical issues, supply chain, and cyber threats noted
Risk Factors
- • Cybersecurity breach risk including regulatory investigations, litigation, fines, business disruptions, customer loss, reputational harm
- • Key-person dependency on CISO Marshall Erwin with government and tech cybersecurity experience
- • Governance oversight by board includes annual CISO reports on cybersecurity threats and risk management processes
Fastly, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$624M
▲ +14.8% YoY
Net Income
-$122M
▲ +23.0% YoY
Gross Margin
57.1%
▲ +265bp YoY
Operating Margin
-19.1%
▲ +1182bp YoY
Net Margin
-19.5%
▲ +957bp YoY
ROE
-13.1%
▲ +329bp YoY
Total Assets
$1.5B
▲ +3.3% YoY
EPS (Diluted)
$-0.83
▲ +27.2% YoY
Operating Cash Flow
$94M
▲ +475.7% YoY
Source: XBRL data from Fastly, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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