Fastly, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Fastly, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	105	145	200	291	354	433	506	544	624
Cost of revenue	48.7	65.5	88.3	120	167	223	240	248	268
Gross profit	56.2	79.1	112	171	187	210	266	296	356
Research and development	29	34.6	46.5	74.8	127	155	152	138	163
Selling and marketing	40.8	50.1	71.1	101	153	180	192	199	201
General and administrative	17.5	23.5	41.1	102	127	121	116	113	111
Operating expenses	87.3	108	159	278	406	456	464	464	475
Operating income	-31	-29.1	-46.5	-107	-219	-246	-198	-168	-119
Interest expense	1.12	1.81	5.24	1.55	5.25	5.89	4.05	2.75	12.7
Interest income	0.44	0.94	3.29	1.63	1.28	7.04	18.2	14.9	12.3
Other non-operating income	-0.54	-0.74	-2.56	-0.28	0.36	-0.03	-1.83	-1.03	-0.72
Pre-tax income	-32.2	-30.8	-51.1	-107	-223	-191	-133	-155	-119
Income tax	0.21	0.19	0.49	-11.5	0.07	0.09	-0.22	2.6	2.49
Net income	-32.5	-30.9	-51.6	-95.9	-223	-191	-133	-158	-122
EBITDA	-21.4	-15.7	-30	-87.2	-190	-204	-146	-114	-58
EPS, basic	-1.39	-1.27	-0.75	-0.93	-1.92	-1.57	-1.03	-1.14	-0.83
EPS, diluted	-1.39	-1.27	-0.75	-0.93	-1.92	-1.57	-1.03	-1.14	-0.83
Shares, basic (weighted)	23.4	24.4	68.4	104	116	122	129	138	147
Shares, diluted (weighted)	23.4	24.4	68.4	104	116	122	129	138	147

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.3	37	16.1	62.9	166	143	108	286	181
Short-term investments		46.7	115	131	362	375	215	9.71	181
Receivables		24.7	37.1	50.3	64.6	89.6	120	116	118
Other current assets		8.9	11	16.7	32.2	28.9	20.5	5.87	10.2
Total current assets		117	249	261	625	636	464	440	507
Property, plant and equipment		42.4	60	96	167	180	177	179	187
Lease right-of-use assets			0	60	69.6	68.4	55.2	50.4	52.1
Goodwill	0.38	0.36	0.37	636	637	670	670	670	670
Intangible assets		0.61	1.13	122	103	82.9	62.5	42.9	25.8
Long-term investments			0	20.4	529	165	6.09	0
Other non-current assets		2.16	10.1	24.9	29.5	92.6	90.8	68.4	57.8
Total assets		163	321	1,220	2,159	1,896	1,525	1,451	1,499
Accounts payable		2.33	4.6	9.15	9.26	4.79	5.61	6.04	17.6
Accrued liabilities		15.5	19.9	34.3	36.1	61.2	61.8	41.6	70.7
Deferred revenue		1.62	0.32	15.9	26.4	28	33.8	1.21	35.2
Short-term debt		11.4	4.47		0			0	38.6
Total current liabilities		31.8	37.1	94.1	132	152	148	104	194
Long-term debt		39.4	20.1	0	933	705	344	338	323
Lease liabilities			0	44.9	55.1	61.3	48.5	39.6	43.9
Other non-current liabilities		0.65	1.04	4.4	2.58	7.08	4.42	4.48	8.7
Total liabilities		75.1	63.3	158	1,145	941	546	486	570
Total debt		50.8	24.6	0	933	705	344	338	362
Paid-in capital		16.4	449	1,350	1,527	1,666	1,815	1,958	2,044
Retained earnings		-146	-192	-288	-511	-702	-835	-993	-1,114
Treasury stock		-2.11	0
Other comprehensive income		-0.04	0.2	0.01	-2.63	-9.29	-1.01	-0.1	-0.04
Shareholders' equity	-107	-132	258	1,062	1,014	955	979	965	930
Total equity	-107	-132	258	1,062	1,014	955	979	965	930
Total liabilities and equity		163	321	1,220	2,159	1,896	1,525	1,451	1,499
Shares outstanding		25	94.8	114	119	124	133	142	152

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-32.5	-30.9	-51.6	-95.9	-223	-191	-133	-158	-122
Depreciation and amortization	9.64	13.4	16.6	20	28.8	42.6	51.6	54	61
Stock-based compensation	2.81	4.08	12.1	64.4	140	146	136	108	117
Deferred income tax					0	0	-0.9	1.79	1.43
Change in receivables	-6.04	-6.23	-12.8	-9.26	-14.6	-27.4	-32.9	0.68	-6.22
Change in payables	1.11	-0.37	2.39	4.06	0.15	-4.72	0.38	0.61	4.49
Cash from operations	-25.9	-17	-31.3	-19.9	-38.5	-69.6	0.36	16.4	94.4
Capital expenditures	-12.1	-16.7	-14.6	-29.6	-34.8	-20	-11	-10.3	-28.7
Acquisitions		0	0	-201	-1.17	-25.9	0	0
Purchases of investments	-46.1	-62.7	-191	-269	-928	-355	-132	-155	-390
Sales and maturities of investments	43.5	35.2	70.8	88.7	118	535	434	371	197
Cash from investing	-15.8	-47.1	-87.7	-275	-795	236	295	179	-213
Stock issued	0.61	0	0	275	0	0	2.17	1.12	1.04
Cash from financing	55.4	69.6	168	273	937	-189	-331	-17.1	12.8
Exchange rate effect	-0.03	0.02	0.1	-0.15	-0.48	-0.39	0.61	-0.1	0.22
Net change in cash	13.7	5.57	49.3	-22.3	103	-23.4	-35.5	178	-106
Free cash flow	-38	-33.7	-45.9	-49.5	-73.3	-89.6	-10.6	6.08	65.8
Interest paid	1	1.83	5.42	1.59	1.94	2.66	1.57	0.53	11.6
Income taxes paid	0.17	0.06	0.36	1.22	0.27	0.25	0.33	0.81	1.34

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $24.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.5%	Gross profit / revenue.
Operating margin	-12.0%	Operating income / revenue.
EBITDA margin	-3.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-12.2%	Pre-tax income / revenue.
Net margin	-11.8%	Net income / revenue.
FCF margin	7.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.4%	Cash from operations / revenue.
Return on equity (ROE)	-8.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.4%	Net income / average total assets.
Return on invested capital (ROIC)	-5.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	24.3%	Research and development expense / revenue.
Stock-based pay / revenue	19.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.0%	Capital expenditures / revenue.
D&A / revenue	8.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	475.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	982.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.36x	Current assets / current liabilities.
Quick ratio	3.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.33x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.5%	Total debt / total assets.
Liabilities / assets	34.1%	Total liabilities / total assets.
Net debt	-$13.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-6.32x	Operating income / interest expense.
Working capital	$336.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	46.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$299.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	3.12x	Revenue / average property, plant and equipment.
Receivables turnover	6.02x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	57.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.36	Revenue / diluted weighted shares.
FCF per share	$0.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.76	Cash from operations / diluted weighted shares.
Book value per share	$6.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.88	Tangible book value / shares outstanding.
Cash per share	$2.12	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.98B	Share price x shares outstanding.
Enterprise value	$3.96B	Market cap + total debt - cash - short-term investments.
P/S	5.79x	Market cap / revenue.
P/B	4.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.3x	Market cap / tangible book value, when positive.
P/FCF	78.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	33.3x	Market cap / cash from operations, when positive.
EV/Sales	5.77x	Enterprise value / revenue.
EV/FCF	78.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.3%	Free cash flow / market cap.
Earnings yield	-2.0%	Net income / market cap (the inverse of P/E).

What was Fastly, Inc.'s revenue in fiscal 2025?

Fastly, Inc. reported revenue of $624.0M for fiscal 2025, 14.8% higher than the year before.

Was Fastly, Inc. profitable in fiscal 2025?

No. It reported a net loss of $121.7M.

How much free cash flow did Fastly, Inc. generate in fiscal 2025?

Cash from operations of $94.4M minus capital expenditures of $28.7M left free cash flow of $65.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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