Operating cash flow turned strongly positive at $39.3M in Q2 2026 despite a net loss of -$15.6M, with free cash flow reaching $7.7M, but stock-based compensation of $35.2M and capex at 17.3% of revenue highlight ongoing cash burn.
Fastly, Inc. (FSLY) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | 119.56M | 94.44M | 16.41M | 362K | -69.63M | -38.48M | -19.92M | -31.3M | -16.98M | -25.86M |
| Operating CF Margin % | - | 15.13% | 3.02% | 0.07% | -16.09% | -10.86% | -6.85% | -15.62% | -11.75% | -24.65% |
| Operating CF Growth % | 927.46% | 475.67% | 4432.04% | 100.52% | -80.95% | -93.22% | 36.38% | -84.3% | 34.32% | - |
| Net Income | -81.1M | -121.68M | -158.06M | -133.09M | -190.77M | -222.7M | -95.93M | -51.55M | -30.93M | -32.45M |
| Depreciation & Amortization | 67.1M | 77.85M | 73.64M | 72.03M | 64.31M | 50.04M | 25.06M | 16.55M | 13.4M | 9.64M |
| Stock-Based Compensation | 135.56M | 117.32M | 107.93M | 136.3M | 145.8M | 140.49M | 64.43M | 12.14M | 4.08M | 2.81M |
| Deferred Taxes | -3.67M | 1.43M | 1.79M | -900K | 0 | 0 | -12.95M | 2.51M | 1M | 1.21M |
| Other Non-Cash Items | 45.27M | 42.41M | 45.21M | -4.12M | -4.69M | 34.66M | 27.81M | 6.69M | -694K | 408K |
| Working Capital Changes | -43.59M | -22.89M | -54.11M | -69.86M | -84.28M | -40.98M | -28.33M | -17.65M | -3.84M | -7.48M |
| Change in Receivables | -1.62M | -6.22M | 676K | -32.95M | -27.36M | -14.56M | -9.26M | -12.77M | -6.23M | -6.04M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.48M | 2.76M | -2.45M |
| Change in Payables | 6.78M | 4.49M | 611K | 382K | -4.72M | 146K | 4.06M | 2.39M | -372K | 1.11M |
| Cash from Investing | -89.84M | -213.03M | 178.9M | 294.94M | 235.75M | -794.51M | -275.02M | -87.68M | -47.02M | -15.78M |
| Capital Expenditures | -68.88M | -28.69M | -790K | -10.98M | -62.17M | -34.82M | -29.57M | -20.1M | -19.66M | -13.25M |
| CapEx % of Revenue | 10.02% | 4.6% | 0.15% | 2.17% | 14.37% | 9.83% | 10.17% | 10.03% | 13.6% | 12.63% |
| Acquisitions | 0 | 0 | -3.77M | 0 | -25.9M | -1.17M | -200.99M | 5.49M | 0 | 1.15M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.23M | -17.61M | -32.63M | -21.24M | -17.65M | -14.98M | -7.37M | -5.49M | 87K | -1.15M |
| Cash from Financing | -22.33M | 12.76M | -17.1M | -331.38M | -189.15M | 936.55M | 272.74M | 168.15M | 69.64M | 55.41M |
| Debt Issued (Net) | 141.33M | 177.67M | -14.96M | -27.18M | -22.53M | 917.21M | -26.07M | -30.24M | 27.41M | 4.93M |
| Equity Issued (Net) | 9.8M | 8.05M | 7.36M | 0 | 0 | 0 | 274.9M | 192.51M | 39.99M | 50M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13K | 0 |
| Other Financing | -173.46M | -172.96M | -9.5M | -304.2M | -166.62M | 19.34M | 23.92M | 5.88M | 2.24M | 479K |
| Net Change in Cash | 7.31M | -105.61M | 178.1M | -35.47M | -23.42M | 103.08M | -22.35M | 49.27M | 5.65M | 13.73M |
| Free Cash Flow | 42.23M | 65.75M | -20.81M | -31.91M | -149.95M | -88.87M | -57.43M | -51.4M | -36.64M | -39.11M |
| FCF Margin % | 6.15% | 10.54% | -3.83% | -6.31% | -34.65% | -25.08% | -19.74% | -25.64% | -25.35% | -37.28% |
| FCF Growth % | 96.75% | 415.98% | 34.78% | 78.72% | -68.73% | -54.75% | -11.72% | -40.28% | 6.31% | - |
| FCF per Share | 0.27 | 0.45 | -0.15 | -0.25 | -1.23 | -0.77 | -0.55 | -0.75 | -0.46 | -0.50 |
| FCF Conversion (FCF/Net Income) | -0.52x | -0.78x | -0.10x | -0.00x | 0.36x | 0.17x | 0.21x | 0.61x | 0.55x | 0.80x |
| Interest Paid | 5.88M | 11.59M | 527K | 1.57M | 2.66M | 1.94M | 1.59M | 5.42M | 1.83M | 996K |
| Taxes Paid | 956K | 1.34M | 809K | 331K | 250K | 267K | 1.22M | 361K | 55K | 166K |
Quick answers to the most common questions about buying FSLY stock.
Fastly, Inc. (FSLY) generated $94.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fastly, Inc. (FSLY) generated $65.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fastly, Inc. (FSLY) spent $28.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
SBC dilution and competitive pricing
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from GAAP Losses
Despite persistent net losses, operating cash flow turned strongly positive, reaching $39.3M in Q2 2026 versus a -$15.6M net loss, per reported figures, indicating substantial non-cash add-backs.
The gap between net income and operating cash flow is stark, with OCF/NI at -2.52 in Q2 2026, driven by $35.2M in stock-based compensation and $15.0M in depreciation. This suggests that while GAAP losses persist, the underlying cash generation is improving, but investors should note that SBC is a real economic cost that dilutes shareholders.
Free Cash Flow Turns Positive
Free cash flow improved from -$14.3M in Q2 2024 to +$7.7M in Q2 2026, with FCF margin rising from -10.8% to 4.2%, based on cash flow statements, signaling a potential inflection.
The trajectory shows a clear upward trend, with FCF positive for five consecutive quarters through Q2 2026. The improvement is driven by both rising operating cash flow and disciplined capex, though capex increased in Q2 2026 to $31.6M, possibly indicating renewed investment. This suggests the company may be approaching sustainable cash generation, but the sustainability depends on maintaining revenue growth and margin expansion.
Capital Intensity Rises with Growth
Capex as a percentage of revenue jumped to 17.3% in Q2 2026 from 1.2% in Q1 2024, per cash flow data, indicating a strategic shift toward network expansion.
The sharp increase in capex suggests Fastly is investing heavily in its edge network to support accelerated growth, likely in response to increased demand. This may pressure near-term free cash flow but could be necessary to maintain competitive positioning. Investors should monitor whether this elevated capex translates into higher revenue and margins, as the company's capital intensity now resembles that of a more infrastructure-heavy business.
Working Capital Drags on Cash Flow
Working capital changes were consistently negative, with the largest drag of -$22.2M in Q4 2025, according to cash flow statements, indicating cash outflows from balance sheet movements.
The persistent negative working capital changes, particularly in recent quarters, suggest that Fastly is using cash to fund receivables or pay down liabilities, possibly due to growth in usage-based revenue. This may indicate less efficient collections or timing mismatches, but it could also reflect strategic prepayments. The trend warrants monitoring as it could offset gains from operating cash flow if it continues.
No Capital Returns, Focus on Reinvestment
Fastly paid no dividends and repurchased no shares over the ten-quarter period, per cash flow data, instead channeling all cash into operations and capex.
The absence of capital returns is consistent with a growth-stage company prioritizing reinvestment. With no buybacks or dividends, shareholders rely entirely on operational performance and potential appreciation. This may be appropriate given the need to fund network expansion, but it also means that any excess cash is not being returned to shareholders, which could be a concern if growth stalls.
SBC Masks True Cash Burn
Stock-based compensation totaled $35.2M in Q2 2026, exceeding the net loss of $15.6M, as reported in cash flow statements, suggesting that cash burn is higher than GAAP losses indicate.
While operating cash flow is positive, the substantial SBC expense is a non-cash charge that inflates OCF. If SBC were treated as a cash cost, the company would still be burning cash. This raises questions about the quality of earnings and the true cost of employee compensation. Investors should adjust for SBC to assess the company's real cash generation and be wary of dilution.