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Fastly helps businesses deliver websites, apps and digital media through its worldwide network, while protecting those services against online attacks. Its Network Services business supplies most revenue, and enterprise customers account for the vast majority of sales. Customers generally pay according to the data delivered and requests handled, often under negotiated contracts with minimum commitments. Security is the second-largest business; products such as Next-Gen WAF, its web application firewall, also earn recurring subscription fees.
Revenue depends heavily on existing customers continuing to send traffic through Fastly. Most contracts last a year, and many customers can reduce usage or move traffic elsewhere without substantial financial commitments. A limited group of large customers supplies a substantial share of revenue, including media and entertainment companies. TikTok remains one of its largest customers; the effect of its restructuring on Fastly’s traffic is uncertain.
Fastly relies on telecommunications providers for bandwidth and third-party data centers to house its servers. These capacity costs cannot always fall quickly when customer traffic declines. Export controls and sanctions restrict where and to whom Fastly can sell, while U.S. restrictions on business with China could limit customer relationships and platform use.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Fastly’s mostly usage-based revenue depends on major customers’ traffic, making TikTok’s restructuring worth watching for changes in traffic levels.
Cloudflare competes with Fastly for customers paying to deliver, protect and run websites and applications across distributed networks. Watch customers adding more Cloudflare application services: those overlap with Fastly’s push to expand network and security services.
Akamai competes with Fastly for customers paying to deliver content, secure applications and run code near users without managing servers. Its web, mobile and media delivery business is the closest comparison to Fastly’s Network Services, which generated 77% of Fastly’s revenue in 2025.
F5 competes with Fastly for enterprises paying to protect applications and the interfaces they use to exchange data, or APIs, through its Distributed Cloud Services. Watch that service’s application and API security deployments rather than F5’s hardware business when assessing competition for Fastly’s security products.
Radware competes with Fastly for organizations paying to keep online applications safe from traffic-flooding attacks, malicious web requests and bots. Its cloud security subscriptions and updates to attack blocking are worth watching alongside Fastly’s DDoS Protection, web application firewall and Bot Management products.
Netscout Systems Inc competes with Fastly through Arbor, which protects organizations’ internet-facing operations from traffic-flooding attacks, known as DDoS. Watch Arbor’s managed-service offering through service providers, which can resell that protection to enterprise customers.
F5, Inc. earningsFFIV
F5’s report will show whether enterprises are adopting its Distributed Cloud Services to protect applications and application programming interfaces (APIs), an area where F5 and Fastly compete for security customers.
Read F5’s comments on application and API security deployments in Distributed Cloud Services alongside growth in the related services. More deployments with stronger growth would show enterprises are still paying for this protection, where Fastly’s security products also compete; limited deployment progress and slower growth would point to weaker demand or F5 momentum, not prove that Fastly is winning customers.
Fastly, Inc. earningsThis company
About 96% of Fastly’s revenue comes from platform usage, so this report will show whether greater customer use is translating into revenue growth without network-serving costs eating into it.
Read revenue growth alongside gross margin, the share of revenue left after the direct costs of serving customers. Faster revenue growth with a steady or rising margin means usage is adding revenue faster than the cost of serving it; slower growth or a falling margin points to pressure on usage or pricing, or costs rising faster. The question is whether Fastly can turn customer use into growth that also covers the cost of its network.
Akamai Technologies Inc earningsAKAM
Akamai’s report will show how its content-delivery business is doing, offering a read on demand and competition for Fastly’s largest business line.
Compare Akamai’s content-delivery business with its overall growth. If delivery strengthens and outpaces the company overall, demand in this market remains active, though competitors may also be winning business; if delivery weakens or trails the whole company, demand may be slowing or competition tightening. Either could affect Fastly’s Network Services, which generated 77% of its 2025 revenue.
