# Fastly, Inc. (FSLY)

> Source: Nexqual · https://nexqual.com/FSLY · data as of 2026-10-29 15:25 UTC · cite as "Nexqual, Fastly, Inc. (FSLY), nexqual.com/FSLY" · informational, not investment advice.

**Price:** USD 25.56 (-5.45% today) · US market open, as of October 29, 2026 at 15:25 UTC; quotes may be delayed. Prev close 27.03 · day 24.78–26.37 · 52w 7.87–34.82 · market cap $4.07B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $687M, net income -$81.1M (-11.8% margin), free cash flow $50.7M (SEC filings).
- Analysts: Hold (mean 2.58 on a 1–5 scale) (12 analysts), mean target USD 28.55 (range 22–37).
- Total return with dividends: 1Y +218.7% vs S&P 500 +13.2%; 5Y -49.5% vs S&P 500 +79.2%.
- Next earnings: 2026-11-04, EPS estimate USD 0.12, revenue estimate $188M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $354M | $433M | $506M | $544M | $624M | $687M |
| Gross profit | $187M | $210M | $266M | $296M | $356M | — |
| Operating income | -$219M | -$246M | -$198M | -$168M | -$119M | -$82.2M |
| Net income | -$223M | -$191M | -$133M | -$158M | -$122M | -$81.1M |
| EPS (diluted) | -$1.92 | -$1.57 | -$1.03 | -$1.14 | -$0.83 | — |
| Free cash flow | -$73.3M | -$89.6M | -$10.6M | $6.1M | $65.8M | $50.7M |
| Gross margin | 52.9% | 48.5% | 52.6% | 54.4% | 57.1% | — |
| Operating margin | -61.8% | -56.9% | -39.1% | -30.9% | -19.1% | -12.0% |
| Net margin | -62.9% | -44.1% | -26.3% | -29.1% | -19.5% | -11.8% |
| Revenue growth | +21.8% | +22.1% | +16.9% | +7.4% | +14.8% | — |
| Cash + short-term investments | $528M | $518M | $323M | $296M | $362M | — |
| Total debt | $933M | $705M | $344M | $338M | $362M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 5.9x · EV/Sales 5.9x · P/FCF 80.3x · P/B 4.1x · FCF yield 1.24% · Earnings yield -1.99% · Net cash $13.5M · EV $4.06B

## Analysts
Consensus Hold (mean 2.58 on a 1–5 scale), 12 analysts; mean target USD 28.55 (low 22, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Oppenheimer | Upgrade | Perform → Outperform | $35 |
| 2026-09-24 | DA Davidson | Maintained | Neutral | $23 |
| 2026-09-23 | Freedom Broker | Target raised | Buy | $32 → $37 |
| 2026-09-23 | DA Davidson | Target raised | Neutral | $21 → $23 |
| 2026-09-23 | B of A Securities | Target raised | Underperform | $20 → $22 |
| 2026-08-06 | RBC Capital | Target raised | Sector Perform | $22 → $28 |
| 2026-08-06 | Piper Sandler | Target raised | Neutral | $27 → $28 |
| 2026-08-06 | Keybanc | Target raised | Overweight | $27 → $30 |
| 2026-07-17 | Freedom Broker | Initiated | Buy | $27 |
| 2026-07-17 | Canaccord Genuity | Initiated | Buy | $27 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +218.7% | -49.5% |
| S&P 500 (SPY) | +13.2% | +79.2% |
| Per year | +219.0% | -12.7% |
| Volatility (annualized) | 118.3% | 88.6% |
| Max drawdown | -51.6% (Apr 2026→Jun 2026) | -89.8% (Oct 2021→Mar 2025) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 204.41 -0.29% · TTAN (ServiceTitan, Inc.) USD 78.4 -3.05% · DSGX (The Descartes Systems Group Inc) USD 90.92 -1.56% · YMM (Full Truck Alliance Co. Ltd.) USD 8.09 +0.11% · IDCC (InterDigital, Inc.) USD 331.59 +3.44% · PCTY (Paylocity Holding Corporation) USD 165.59 -1.73%

## More
Full page: https://nexqual.com/FSLY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FSLY's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1517413/000151741326000053/fsly-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Microsoft (MSFT) | "We rely on third-party services such as Amazon Web Services (AWS), Google Cloud Platform (GCP), Microsoft (Azure), and other cloud providers such as object storage providers, that facilitate our platform." |
| Customer | Amazon (AMZN) | "DevOps-friendly: We make it easy for customers to integrate Fastly into their DevOps workflows through rich APIs and support for platforms like Terraform, Amazon S3, and Google Cloud Storage." |
| Customer | Alphabet (Google) (GOOGL) | "DevOps-friendly: We make it easy for customers to integrate Fastly into their DevOps workflows through rich APIs and support for platforms like Terraform, Amazon S3, and Google Cloud Storage." |
| Customer | ByteDance | "TikTok was one of our largest customers for the year ended December 31, 2025 and remains a customer of ours." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Network Services | $133.9M | 73.0% | +16.6% |
| Security | $41.7M | 22.8% | +42.6% |
| Other | $7.7M | 4.2% | +68.6% |
| Total revenue | $183.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $128.7M | 70.2% | +14.2% |
| All other countries | $54.6M | 29.8% | +51.8% |
| Total revenue | $183.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.06 | +114.1% | $187.8M | 12 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.07 | +71.6% | $196.9M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.53 | $0.33 | +61.1% | $741.0M | 12 |
| Next fiscal year (ends 2027-12-31) | $0.64 | $0.40 | +62.2% | $855.2M | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±21.1%; last 8 reports averaged ±29.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 1 | 114.1% | ±5.3% |
| 2026-11-06 | 8 | 176.4% | ±21.1% |
| 2026-11-13 | 15 | 141.1% | ±22.9% |
| 2026-11-20 | 22 | 123.8% | ±24.3% |
| 2026-11-27 | 29 | 114.5% | ±25.9% |
| 2026-12-04 | 36 | 107.8% | ±27.2% |
| 2026-12-11 | 43 | 106.3% | ±29.3% |
| 2026-12-18 | 50 | 102.1% | ±29.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.15 | $0.07 | Beat +114.3% | -9.1% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.13 | $0.09 | Beat +44.4% | -39.7% |
| Feb 11, 2026 | Quarter ended Dec 31, 2025 | $0.12 | $0.06 | Beat +100.0% | +76.5% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $0.07 | $0.00 | Beat +$0.07 | +37.8% |
| Aug 6, 2025 | — | — | — | — | +16.9% |
| May 7, 2025 | — | — | — | — | +30.7% |
| Feb 12, 2025 | — | — | — | — | -20.8% |
| Nov 6, 2024 | — | — | — | — | +6.5% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-17 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On August 17, 2026, Fastly, Inc. (the "Company") entered into a Fourth Amendment to Credit Agreement (the "Fourth Amendment") to its Credit Agreement dated as of February 16, 2021, among the Company, as borrower, the lenders from time to time party thereto, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the "Agent"), as administrative agent, issuing lender, and swingline lender (as amended, restated, supplemented, or modified prior to the Fourth Amendment, the "Credit Agreement" and as…” | https://www.sec.gov/Archives/edgar/data/1517413/000151741326000238/0001517413-26-000238-index.htm |
| 2026-08-14 | Schedule 13G/A | Legal & General Group Plc, Legal & General Investment Management Ltd: 2.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1517413/000076406826000038/0000764068-26-000038-index.htm |
| 2026-08-12 | Schedule 13G | Capital World Investors: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1517413/000142284926000125/0001422849-26-000125-index.htm |
| 2026-08-06 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 7.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1517413/000031506626002007/0000315066-26-002007-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1517413/000151741326000213/0001517413-26-000213-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1517413/000151741326000212/0001517413-26-000212-index.htm |
| 2026-07-30 | Schedule 13G/A | BlackRock, Inc.: 8.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1517413/000201238326003185/0002012383-26-003185-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.