Fastly demonstrated a strong inflection in growth during Q4 2025, achieving record revenue and gross margin, signaling a successful transformation phase. The company anticipates continued momentum in 2026, with AI expected to be a significant business tailwind.
Record fourth quarter revenue of $172.6 million grew 23% year over year.
positiveRecord fourth quarter gross margin of 61.4% and record non-GAAP gross margin of 64.0%.
positiveGenerated $22.4 million of operating cash flow compared to $5.2 million in Q4 2024, and $8.6 million of positive free cash flow compared to negative $7.9 million in Q4 2024.
positiveRemaining Performance Obligations (RPO) were $354 million, up 55% from $228 million in Q4 2024.
positiveEnterprise customer count was 628, up 32 from Q4 2024.
positiveLast 12-month net retention rate (LTM NRR) increased to 110% in Q4 from 106% in Q3 2025.
positiveGAAP net loss of $15.5 million in Q4 2025, although improved from a loss of $32.9 million in Q4 2024.
attentionGAAP net loss per basic and diluted share of $0.10 in Q4 2025, compared to $0.23 in Q4 2024.
attentionTop ten customers accounted for 34% of revenue in Q4 2025, up from 32% in Q4 2024, indicating increasing customer concentration.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Network services | N/A | — | — | — |
Security | N/A | — | — | — |
Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Our fourth quarter results mark an inflection in Fastly’s growth as we achieved record revenue, gross margin, and operating profit.
In 2025 we made significant progress on Fastly’s transformation and delivered great results.
As we look toward 2026, we anticipate continued momentum, with AI as an increasing tailwind for our business.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.