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Akamai Technologies (AKAM) FY2025 results: revenue $4.2 billion, up 5.4% on the year

Akamai Technologies Inc. (AKAM) reported revenue of $4.2 billion for fiscal 2025, the year ended 31 December 2025, up 5.4% on the year before. Net income was $452 million, down 10.5%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$4.2 billion
+5.4% on the year
FY2018FY2025
Operating margin
13.5%
13.4% a year earlier
FY2018FY2025
Net income
$452 million
-10.5% on the year
FY2018FY2025
Diluted EPS
$3.07
-6.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 12 new.

  • Q4 revenue rose 7% to $1.095B: Q4 revenue was $1.095 billion, up 7% year-over-year and 6% excluding foreign exchange, after 5% reported growth in Q3 2025.
  • GAAP operating income fell 36%: GAAP operating margin was 9%, down from 16% in Q3 2025, after the restructuring charge. Non-GAAP results exclude that charge.
  • Non-GAAP EPS up 11% to $1.84: Non-GAAP EPS was $1.84, compared with $1.86 in Q3 2025. Full-year non-GAAP EPS was $7.12, up 10% year-over-year.
  • Security revenue up 11%: Security revenue was $592 million, up 11% year-over-year, compared with 10% growth in Q3 2025. Full-year Security revenue was $2.243 billion, up 10%.
  • Cloud Infrastructure full-year revenue up 36%: Cloud Infrastructure Services revenue for 2025 was $314 million, up 36% year-over-year. Growth in Q3 2025 was 39%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Akamai has built solutions since 1998 that let companies build, secure and speed up their applications and digital experiences. The asset underneath is a distributed network. At the end of 2025 it comprised core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and an underlying global network integrated with roughly 1,200 network partners. That spread gives the company sight of traffic volumes, congestion, attack patterns and vulnerabilities across the internet, and it sells three things off it: security, cloud computing and delivery, plus the services and support that go with them.

Akamai Technologies Inc., the 10-K for 2025

Akamai has built solutions since 1998 that let companies build, secure and speed up their applications and digital experiences. The asset underneath is a distributed network. At the end of 2025 it comprised core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and an underlying global network integrated with roughly 1,200 network partners. That spread gives the company sight of traffic volumes, congestion, attack patterns and vulnerabilities across the internet, and it sells three things off it: security, cloud computing and delivery, plus the services and support that go with them.

Security

Two platforms, Application Protection and Zero Trust Network Security. The first covers web application firewall, bot management, distributed denial-of-service protection and domain name system security, with newer work in application programming interface security and network segmentation. The bot and abuse portfolio defends against account takeover and account opening abuse, credential stuffing, inventory scalping and hoarding, and against scrapers taking content for competitive intelligence, inventory manipulation or counterfeiting. API Security came from the acquisitions of Neosec in May 2023 and Noname Security in June 2024, and discovers and audits interfaces, including ones an organisation does not know it has, and monitors their activity. The Akamai Guardicore Platform is the zero trust side, combining microsegmentation, zero trust network access, multi-factor authentication, a DNS firewall and threat hunting in one console, so that an attacker inside a network cannot move sideways through it. In 2025 the company launched Firewall for AI, aimed at unauthorised queries, adversarial inputs and large-scale data scraping against AI applications, large language models and AI-driven interfaces, which the filing says existing web application firewalls were not designed to stop.

Cloud computing

Cloud Infrastructure Services carries most of the investment here: compute, storage, cloud-native and networking, the EdgeWorkers serverless products and partner solutions running on the platform. Around them sit other cloud applications including API acceleration, cloudlets, cloud and global traffic management and the legacy NetStorage product. The argument the company makes for it is placement: workloads spread from core to edge instead of sitting in one centralised cloud. In November 2024 it launched the Akamai App Platform, built on Otomi, the cloud native Kubernetes technology acquired from Red Kubes, which automates the provisioning of Kubernetes clusters. During 2025 it added data centres in major cities without local cloud options and introduced NVIDIA graphics processing units for video transcoding and streaming, gaming and graphics rendering, neural network training and inference and scientific computing. In November 2025 it acquired Fermyon Technologies, a serverless WebAssembly company, and it launched Akamai Inference Cloud, which puts AI inference at the edge of the internet rather than only in core data centres.

Delivery

Delivery consists primarily of web and mobile performance solutions and media delivery solutions. The web and mobile performance solutions work on response times whatever the user's location, device, browser or connection, and include global traffic management, site acceleration, application load balancing, large-scale load testing and real-user monitoring. Media delivery handles the volume and reach of digital media distribution, covering video streaming and video player services, game and software delivery, broadcast operations, authoritative DNS, resolution, and data and analytics.

How it is sold, and by whom

Selling runs through a field sales and services organisation and through channel partners, among them Deloitte, Kyndryl, Microsoft Azure, Optiv, Presidio, SHI, Deutsche Telecom, Telefonica Group and WWT, alongside alliances with system integrators, application service providers, technology distributors, referral partners and marketplaces. Sales, services and marketing people sit across the Americas, Europe, the Middle East and Asia-Pacific. Customers buying the premium and managed security products get a dedicated technical account team, proactive service monitoring, security traffic monitoring, technical security reviews, threat advisories and emergency support during a security event.

At the end of 2025 the company had over 11,000 employees in more than 30 countries, approximately 65% of them outside the United States. By role, 37% were in engineering and research and development, 26% in services and support, 17% in sales and marketing and 20% in administrative functions.

From Akamai's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,2083,9913,812+5.4%
Cost of revenue1,7281,6211,511+6.6%
Gross profit2,4812,3702,301+4.7%
Gross margin58.9%59.4%60.4%
Research and development514471406+9.1%
Operating income567533637+6.3%
Operating margin13.5%13.4%16.7%
Interest expense30.827.117.7+13.4%
Pre-tax income602587653+2.6%
Income tax15082.1106+83.2%
Effective tax rate25.0%14.0%16.3%
Net income452505548-10.5%
Net margin10.7%12.7%14.4%
Diluted EPS$3.07$3.27$3.52-6.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5191,5191,348-0.0%
Capital expenditure508390458+30.1%
Free cash flow1,0111,129891-10.4%
Free cash flow margin24.0%28.3%23.4%
Cash from investing-541-799-1,848
Cash from financing-588-680443
Depreciation and amortisation709648571+9.3%
Share-based compensation459393328+16.8%
Buybacks800557654+43.5%
Diluted shares, weighted147m154m155m-4.7%
Shares outstanding at period end145m150m151m-3.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,9774,8784,597+2.0%
Debt4,1053,5463,538+15.8%
Operating lease liabilities1,233830775+48.7%
Other liabilities1,1631,115990+4.4%
Total liabilities and equity11,48010,3699,900+10.7%
Fixed assets2,3331,9951,826+17.0%
Goodwill3,2073,1512,850+1.8%
Intangible assets615728536-15.5%
Investments9901,3541,806-26.9%
Cash and equivalents930518489+79.7%
Receivables794728724+9.1%
Other assets2,6121,8951,667+37.8%
Total assets11,48010,3699,900+10.7%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.