Revenue reached $190.2M with gross margin of 63.3%, but operating margin of -5.9% and net margin of -5.9% indicate the company remains unprofitable on a GAAP basis despite narrowing losses.
Fastly, Inc. (FSLY) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 719.14M | 624.02M | 543.68M | 505.99M | 432.73M | 354.33M | 290.87M | 200.46M | 144.56M | 104.9M |
| Revenue Growth % | 21.48% | 14.78% | 7.45% | 16.93% | 22.12% | 21.82% | 45.1% | 38.67% | 37.81% | - |
| Cost of Goods Sold | 268.64M | 267.81M | 247.74M | 239.66M | 222.94M | 167M | 120.01M | 88.32M | 65.5M | 48.67M |
| COGS % of Revenue | - | 42.92% | 45.57% | 47.36% | 51.52% | 47.13% | 41.26% | 44.06% | 45.31% | 46.4% |
| Gross Profit | 450.5M | 356.2M | 295.94M | 266.33M | 209.78M | 187.33M | 170.87M | 112.14M | 79.06M | 56.23M |
| Gross Margin % | 62.64% | 57.08% | 54.43% | 52.64% | 48.48% | 52.87% | 58.74% | 55.94% | 54.69% | 53.6% |
| Gross Profit Growth % | - | 20.36% | 11.12% | 26.96% | 11.99% | 9.63% | 52.37% | 41.83% | 40.61% | - |
| Operating Expenses | 515.19M | 474.79M | 463.85M | 464.36M | 455.98M | 406.35M | 278.08M | 158.69M | 108.2M | 87.26M |
| OpEx % of Revenue | - | 76.09% | 85.32% | 91.77% | 105.37% | 114.68% | 95.6% | 79.16% | 74.85% | 83.18% |
| Selling, General & Admin | 345.78M | 312.13M | 312.01M | 307.85M | 300.67M | 279.49M | 203.26M | 112.2M | 73.58M | 58.27M |
| SG&A % of Revenue | - | 50.02% | 57.39% | 60.84% | 69.48% | 78.88% | 69.88% | 55.97% | 50.9% | 55.55% |
| Research & Development | 168.4M | 162.66M | 137.98M | 152.19M | 155.31M | 126.86M | 74.81M | 46.49M | 34.62M | 28.99M |
| R&D % of Revenue | - | 26.07% | 25.38% | 30.08% | 35.89% | 35.8% | 25.72% | 23.19% | 23.95% | 27.63% |
| Other Operating Expenses | 1000K | 0 | 13.86M | 4.32M | 0 | 0 | 0 | 0 | -741K | -539K |
| Operating Income | -64.47M | -117.8M | -167.91M | -198.03M | -246.2M | -219.02M | -107.21M | -46.55M | -29.14M | -31.03M |
| Operating Margin % | -8.96% | -18.88% | -30.89% | -39.14% | -56.89% | -61.81% | -36.86% | -23.22% | -20.16% | -29.58% |
| Operating Income Growth % | - | 29.85% | 15.21% | 19.57% | -12.41% | -104.29% | -130.33% | -59.75% | 6.1% | - |
| EBITDA | -1.47M | -39.94M | -94.28M | -126M | -181.88M | -168.98M | -82.16M | -30M | -15.74M | -21.39M |
| EBITDA Margin % | -0.2% | -6.4% | -17.34% | -24.9% | -42.03% | -47.69% | -28.24% | -14.96% | -10.89% | -20.39% |
| EBITDA Growth % | 97.27% | 57.63% | 25.18% | 30.72% | -7.63% | -105.69% | -173.9% | -90.59% | 26.42% | - |
| D&A (Non-Cash Add-back) | 63M | 77.85M | 73.64M | 72.03M | 64.31M | 50.04M | 25.06M | 16.55M | 13.4M | 9.64M |
| EBIT | -53.37M | -106.49M | -152.71M | -129.26M | -184.79M | -217.38M | -105.86M | -45.82M | -28.94M | -31.13M |
| Net Interest Income | -1.43M | -409K | 12.12M | 14.13M | 1.16M | -3.96M | 79K | -1.95M | -871K | -673K |
| Interest Income | 11.74M | 12.29M | 14.87M | 18.19M | 7.04M | 1.28M | 1.63M | 3.29M | 939K | 443K |
| Interest Expense | 13.17M | 12.7M | 2.75M | 4.05M | 5.89M | 5.25M | 1.55M | 5.24M | 1.81M | 1.12M |
| Other Income/Expense | -2.07M | -1.39M | 12.46M | 64.72M | 55.52M | -3.61M | -200K | -4.51M | -1.61M | -1.21M |
| Pretax Income | -66.54M | -119.19M | -155.45M | -133.31M | -190.68M | -222.63M | -107.41M | -51.06M | -30.75M | -32.24M |
| Pretax Margin % | -9.25% | -19.1% | -28.59% | -26.35% | -44.06% | -62.83% | -36.93% | -25.47% | -21.27% | -30.74% |
| Income Tax | -3.66M | 2.49M | 2.6M | -221K | 94K | 69K | -11.48M | 492K | 185K | 208K |
| Effective Tax Rate % | 5.51% | -2.09% | -1.68% | 0.17% | -0.05% | -0.03% | 10.69% | -0.96% | -0.6% | -0.65% |
| Net Income | -62.88M | -121.68M | -158.06M | -133.09M | -190.77M | -222.7M | -95.93M | -51.55M | -30.93M | -32.45M |
| Net Margin % | -8.74% | -19.5% | -29.07% | -26.3% | -44.09% | -62.85% | -32.98% | -25.72% | -21.4% | -30.93% |
| Net Income Growth % | 54.79% | 23.02% | -18.76% | 30.24% | 14.33% | -132.14% | -86.1% | -66.64% | 4.67% | - |
| Net Income (Continuing) | -62.88M | -121.68M | -158.06M | -133.09M | -190.77M | -222.7M | -95.93M | -51.55M | -30.93M | -32.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.83 | -1.14 | -1.03 | -1.57 | -1.92 | -0.93 | -0.75 | -0.39 | -0.41 |
| EPS Growth % | 58.33% | 27.19% | -10.68% | 34.39% | 18.23% | -106.45% | -24% | -92.31% | 4.88% | - |
| EPS (Basic) | - | -0.83 | -1.14 | -1.03 | -1.57 | -1.92 | -0.93 | -0.75 | -0.39 | -0.41 |
| Diluted Shares Outstanding | 159.99M | 146.9M | 138.1M | 128.77M | 121.72M | 116.05M | 103.55M | 68.35M | 78.92M | 78.92M |
| Basic Shares Outstanding | 159.99M | 146.9M | 138.1M | 128.77M | 121.72M | 116.05M | 103.55M | 68.35M | 78.92M | 78.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FSLY stock.
For fiscal year 2025, Fastly, Inc. (FSLY) reported total revenue of $624.0M. This represents a 494.9% increase compared to $104.9M in 2017.
Fastly, Inc. (FSLY) reported a net loss of $121.7M for the fiscal year ending 2025.
Fastly, Inc. (FSLY) reported an operating income of $-117.8M, resulting in an operating profit margin of -18.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Fastly, Inc. (FSLY) generated $356.2M in gross profit for the year, representing a gross profit margin of 57.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent GAAP losses
Metrics are mathematically derived from official filings.
Top-Line Growth Steadily Moderating
According to reported quarterly figures, Fastly's revenue growth slowed from 23.3% in 2026Q2 to 20.2% in 2026Q3, while revenue reached $190.2M, suggesting growth is decelerating from its earlier pace but remains robust for a company of this scale.
The sequential pattern shows revenue rising from $132.4M in 2024Q2 to $190.2M in 2026Q3, with year-over-year growth recovering from single digits in 2024 to the 20% range in 2026. This recovery appears to reflect improved enterprise adoption rather than a single event, though the moderation from the 23.3% peak suggests investors should monitor whether usage-based volumes can sustain high-teens or better growth. The data does not disclose the split between volume and pricing contributions, so the durability of this trajectory remains an open question.
Gross Margin Recovery Stalls Near 63%
As reported in financial statements, Fastly's gross margin expanded from 51.3% in 2025Q2 to 63.3% in 2026Q3, a meaningful improvement that suggests better infrastructure utilization relative to the 2024 baseline of roughly 55%.
The margin recovery appears driven by revenue growing faster than cost of revenue, which implies improved network capacity utilization and a richer mix of security and compute services. However, gross margin has plateaued at roughly 63% over the last two quarters, which may indicate that further gains require either sustained pricing discipline or a larger shift toward higher-margin offerings. The company still trails the 74.5% gross margin of Cloudflare, consistent with a more infrastructure-heavy cost base.
Operating Losses Narrowing Despite Flat Opex
Based on reported figures, Fastly's operating margin improved from -29.6% in 2024Q3 to -5.9% in 2026Q3, with SG&A held near $88M per quarter, suggesting operating income is scaling faster than the expense base.
Because gross profit rose from roughly $72.9M to $120.4M per quarter while SG&A remained essentially flat, the incremental revenue appears to be flowing through to operating income at a high rate. This points to meaningful operating leverage, though the operating loss of $11.3M in the latest quarter indicates the business has not yet reached breakeven. Investors should watch whether SG&A discipline holds as revenue approaches the guidance range of $198–$202M.
Net Losses Shaped by Stock Compensation
As reported in financial statements, stock-based compensation of $34.9M in 2026Q3 is roughly three times the size of the $11.3M operating loss, suggesting GAAP results are heavily influenced by equity-based pay.
The gap between adjusted and GAAP profitability is substantial, and the net loss of $11.3M in 2026Q3 would be near breakeven or modestly positive excluding SBC, which may indicate the underlying cash economics are closer to balance than GAAP figures imply. Net income in 2026Q1 and Q2 was more negative than operating income, which suggests non-operating items or tax effects warrant further investigation. Dilution from equity compensation should be factored into per-share analysis.
Sustained Losses Challenge the Recovery Thesis
Based on reported figures, Fastly has posted operating losses in every quarter shown, and the sharp narrowing may not hold if growth slows further against a cost base of roughly $88M in quarterly SG&A and $43M in R&D.
Bears would argue that the margin improvement reflects cost cutting and scale effects that are finite, while competitive pressure from AWS CloudFront and Azure CDN could compress pricing in the commodity delivery business. Holding guidance flat after a beat may signal management caution about the durability of growth. If revenue growth falls below the high teens, the path to GAAP profitability could extend considerably, warranting close monitoring.