Fastly (FSLY)
Market Price (9/4/2026): $21.14 | Market Cap: $3.3 BilSector: Information Technology | Industry: Application Software
Fastly (FSLY)
Market Price (9/4/2026): $21.14Market Cap: $3.3 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Megatrend and thematic driversMegatrends include Digital Content & Streaming, Cybersecurity, and Artificial Intelligence. Themes include Video Streaming, Show more. | Weak multi-year price returns3Y Excs Rtn is -81% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -82 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% Stock price has recently run up significantly12M Rtn12 month market price return is 187% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% High stock price volatilityVol 12M is 121% Key risksFSLY key risks include [1] its history of significant operating losses and an uncertain path to profitability, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Cybersecurity, and Artificial Intelligence. Themes include Video Streaming, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -81% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -82 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -12% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 187% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.7% |
| High stock price volatilityVol 12M is 121% |
| Key risksFSLY key risks include [1] its history of significant operating losses and an uncertain path to profitability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/1/2026
Fastly (FSLY) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Fastly significantly surpassed financial expectations for fiscal Q2 2026 and raised its full-year outlook, driving investor confidence. The company reported total revenue of $183.3 million, a 23% year-over-year increase, exceeding both its guidance of $170M–$176M and analysts' consensus estimates of approximately $173.9 million. Non-GAAP diluted earnings per share (EPS) of $0.15 also notably beat the consensus estimate of $0.07. Following these strong results, Fastly increased its full-year 2026 revenue guidance to a range of $732M–$746M, up from its prior guidance of $710M–$725M.
2. The company demonstrated substantial gross margin expansion and a shift towards improved profitability. In fiscal Q2 2026, Fastly achieved a GAAP gross margin of 63.3% and a non-GAAP gross margin of 65.8%, both representing significant increases over the prior year's fiscal Q2 2025 (54.5% GAAP and 59.0% non-GAAP, respectively). This margin expansion contributed to a non-GAAP operating income of $26.2 million, a positive swing from a non-GAAP operating loss in the previous year.
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Fastly (FSLY) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Fastly significantly surpassed financial expectations for fiscal Q2 2026 and raised its full-year outlook, driving investor confidence. The company reported total revenue of $183.3 million, a 23% year-over-year increase, exceeding both its guidance of $170M–$176M and analysts' consensus estimates of approximately $173.9 million. Non-GAAP diluted earnings per share (EPS) of $0.15 also notably beat the consensus estimate of $0.07. Following these strong results, Fastly increased its full-year 2026 revenue guidance to a range of $732M–$746M, up from its prior guidance of $710M–$725M.
2. The company demonstrated substantial gross margin expansion and a shift towards improved profitability. In fiscal Q2 2026, Fastly achieved a GAAP gross margin of 63.3% and a non-GAAP gross margin of 65.8%, both representing significant increases over the prior year's fiscal Q2 2025 (54.5% GAAP and 59.0% non-GAAP, respectively). This margin expansion contributed to a non-GAAP operating income of $26.2 million, a positive swing from a non-GAAP operating loss in the previous year.
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Updated on 9/1/2026
Fastly (FSLY) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Fastly significantly surpassed financial expectations for fiscal Q2 2026 and raised its full-year outlook, driving investor confidence. The company reported total revenue of $183.3 million, a 23% year-over-year increase, exceeding both its guidance of $170M–$176M and analysts' consensus estimates of approximately $173.9 million. Non-GAAP diluted earnings per share (EPS) of $0.15 also notably beat the consensus estimate of $0.07. Following these strong results, Fastly increased its full-year 2026 revenue guidance to a range of $732M–$746M, up from its prior guidance of $710M–$725M.
2. The company demonstrated substantial gross margin expansion and a shift towards improved profitability. In fiscal Q2 2026, Fastly achieved a GAAP gross margin of 63.3% and a non-GAAP gross margin of 65.8%, both representing significant increases over the prior year's fiscal Q2 2025 (54.5% GAAP and 59.0% non-GAAP, respectively). This margin expansion contributed to a non-GAAP operating income of $26.2 million, a positive swing from a non-GAAP operating loss in the previous year.
3. Fastly experienced robust growth in its security revenue and highlighted emerging opportunities in AI-related workloads. Security revenue surged by 43% year-over-year, reaching $41.7 million in fiscal Q2 2026 and accounting for 23% of total revenue. Furthermore, Fastly's "Other revenue" category, which includes Compute and Observability solutions supporting AI-related workloads, grew by 69% year-over-year to $7.7 million, indicating strong traction in key strategic growth areas.
4. Fastly enhanced its financial flexibility by expanding its credit facility. The company amended its credit agreement on August 17, 2026, increasing its senior secured revolving facility from $60 million to $100 million and extending its potential maturity to August 2029. This amendment also includes provisions for lower borrowing spreads and adjusted commitment fees, improving Fastly's liquidity and cost of capital.
Show less
Fastly (FSLY) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Fastly significantly surpassed financial expectations for fiscal Q2 2026 and raised its full-year outlook, driving investor confidence. The company reported total revenue of $183.3 million, a 23% year-over-year increase, exceeding both its guidance of $170M–$176M and analysts' consensus estimates of approximately $173.9 million. Non-GAAP diluted earnings per share (EPS) of $0.15 also notably beat the consensus estimate of $0.07. Following these strong results, Fastly increased its full-year 2026 revenue guidance to a range of $732M–$746M, up from its prior guidance of $710M–$725M.
2. The company demonstrated substantial gross margin expansion and a shift towards improved profitability. In fiscal Q2 2026, Fastly achieved a GAAP gross margin of 63.3% and a non-GAAP gross margin of 65.8%, both representing significant increases over the prior year's fiscal Q2 2025 (54.5% GAAP and 59.0% non-GAAP, respectively). This margin expansion contributed to a non-GAAP operating income of $26.2 million, a positive swing from a non-GAAP operating loss in the previous year.
3. Fastly experienced robust growth in its security revenue and highlighted emerging opportunities in AI-related workloads. Security revenue surged by 43% year-over-year, reaching $41.7 million in fiscal Q2 2026 and accounting for 23% of total revenue. Furthermore, Fastly's "Other revenue" category, which includes Compute and Observability solutions supporting AI-related workloads, grew by 69% year-over-year to $7.7 million, indicating strong traction in key strategic growth areas.
4. Fastly enhanced its financial flexibility by expanding its credit facility. The company amended its credit agreement on August 17, 2026, increasing its senior secured revolving facility from $60 million to $100 million and extending its potential maturity to August 2029. This amendment also includes provisions for lower borrowing spreads and adjusted commitment fees, improving Fastly's liquidity and cost of capital.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 18.9% change in FSLY stock from 5/31/2026 to 9/3/2026 was primarily driven by a 15.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.77 | 21.12 | 18.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 653 | 687 | 5.3% |
| P/S Multiple | 4.2 | 4.8 | 15.9% |
| Shares Outstanding (Mil) | 154 | 158 | -2.5% |
| Cumulative Contribution | 18.9% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FSLY | 18.9% | |
| Market (SPY) | 2.2% | 36.1% |
| Sector (XLK) | -2.6% | 41.1% |
Fundamental Drivers
The 10.5% change in FSLY stock from 2/28/2026 to 9/3/2026 was primarily driven by a 10.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.12 | 21.12 | 10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 624 | 687 | 10.1% |
| P/S Multiple | 4.6 | 4.8 | 5.1% |
| Shares Outstanding (Mil) | 150 | 158 | -4.6% |
| Cumulative Contribution | 10.5% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FSLY | 10.5% | |
| Market (SPY) | 13.0% | 26.1% |
| Sector (XLK) | 34.2% | 33.0% |
Fundamental Drivers
The 177.5% change in FSLY stock from 8/31/2025 to 9/3/2026 was primarily driven by a 149.3% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.61 | 21.12 | 177.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 571 | 687 | 20.4% |
| P/S Multiple | 1.9 | 4.8 | 149.3% |
| Shares Outstanding (Mil) | 146 | 158 | -7.5% |
| Cumulative Contribution | 177.5% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FSLY | 177.5% | |
| Market (SPY) | 20.9% | 12.4% |
| Sector (XLK) | 42.3% | 17.4% |
Fundamental Drivers
The -11.2% change in FSLY stock from 8/31/2023 to 9/3/2026 was primarily driven by a -25.4% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.79 | 21.12 | -11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 468 | 687 | 46.8% |
| P/S Multiple | 6.5 | 4.8 | -25.4% |
| Shares Outstanding (Mil) | 128 | 158 | -18.9% |
| Cumulative Contribution | -11.2% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| FSLY | -11.2% | |
| Market (SPY) | 77.7% | 27.7% |
| Sector (XLK) | 115.7% | 27.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FSLY Return | -59% | -77% | 117% | -47% | 8% | 101% | -77% |
| Peers Return | 50% | -48% | 61% | 14% | 33% | 19% | 128% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FSLY Win Rate | 25% | 8% | 67% | 42% | 42% | 56% | |
| Peers Win Rate | 67% | 32% | 65% | 58% | 60% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| FSLY Max Drawdown | -70% | -80% | -41% | -77% | -54% | -52% | |
| Peers Max Drawdown | -24% | -52% | -28% | -29% | -35% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NET, AKAM, ZS, FFIV, GOOGL. See FSLY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | FSLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.6% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.5% | -7.8% |
| % Gain to Breakeven | 25.7% | 8.5% |
| Time to Breakeven | 39 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.4% | -9.5% |
| % Gain to Breakeven | 22.5% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.4% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
In The Past
Fastly's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.6% gain to breakeven.
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Asset Allocation
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| Event | FSLY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.5% | -18.8% |
| % Gain to Breakeven | 57.6% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.5% | -7.8% |
| % Gain to Breakeven | 25.7% | 8.5% |
| Time to Breakeven | 39 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.0% | -33.7% |
| % Gain to Breakeven | 117.4% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
In The Past
Fastly's stock fell -36.5% during the 2025 US Tariff Shock. Such a loss loss requires a 57.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Fastly (FSLY)
Fastly, Inc. operates an "edge cloud" platform, a specialized type of Infrastructure as a Service (IaaS) designed to process, serve, and secure its customers' digital applications and content closer to end-users, at the "edge" of the internet. Essentially, Fastly empowers developers to build, secure, and deliver fast, reliable, and scalable web and application experiences globally, enhancing performance and user satisfaction.
The company offers a comprehensive suite of services built on its programmable edge platform. Key offerings include full site delivery, which accelerates website and application performance through dynamic content delivery, caching, and real-time logging. Fastly also provides robust edge security solutions, such as DDoS protection, a cloud Web Application Firewall (WAF), and API protection to safeguard against various online threats. Additional services encompass serverless computing capabilities (Compute@Edge), live streaming solutions, and edge applications like load balancers and image optimizers.
Fastly primarily serves a diverse range of industries that heavily rely on delivering fast, secure, and high-quality digital experiences. Its customer base includes companies in digital publishing, media and entertainment, technology, online retail, travel and hospitality, and financial services. These businesses leverage Fastly's edge cloud platform to enhance their online presence, improve user experience, and ensure the security and reliability of their applications and data.
AI Analysis | Feedback
Here are a few brief analogies to describe Fastly:
- It's like **Cloudflare**, but with a strong emphasis on empowering developers to build custom applications right at the edge of the internet.
- Think of it as **Akamai** for the modern internet, specializing in content delivery, security, and programmable edge computing for developers.
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- Edge Cloud Platform: A programmable Infrastructure as a Service (IaaS) platform enabling developers to build, secure, and deliver digital experiences at the edge of the internet.
- Compute@Edge: A serverless compute environment allowing developers to run custom code and logic closer to end-users on Fastly's edge network.
- Full Site Delivery Services: Comprehensive services designed to accelerate and optimize website and application content delivery globally, including dynamic site acceleration, origin shielding, and instant content purging.
- Streaming Solutions: Services optimized for delivering live streaming and video-on-demand content efficiently and reliably to global audiences.
- Edge Security Solutions: A suite of services providing protection against cyber threats, including DDoS protection, Edge Web Application Firewall (WAF), and Transport Layer Security (TLS).
- Unified Web Application & API Protection (WAF & API Protection): Advanced security solutions offering runtime self-application protection, bot mitigation, API and account takeover protection, and a next-generation WAF.
- Edge Applications (Load Balancers & Image Optimizers): Application-level services like load balancing for traffic distribution and image optimization for faster content loading.
- Developer Hub: A resource center providing tools, documentation, solution patterns, and APIs for developers building on the Fastly platform.
- Edge Intelligence & Control Services: Features such as device detection, geolocation, edge dictionaries, and access control lists that empower granular control and customization at the network edge.
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Fastly primarily sells its services to other companies. Its major customers include businesses operating in digital publishing, media and entertainment, technology, online retail, travel and hospitality, and financial services industries.
Some of Fastly's major known customers are:
- The New York Times (symbol: NYT)
- Pinterest (symbol: PINS)
- Reddit (symbol: RDDT)
- Vimeo (symbol: VMEO)
- Wayfair (symbol: W)
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Kip Compton, Chief Executive Officer
Kip Compton joined Fastly in January 2024 as Chief Product Officer and has served as Chief Executive Officer since June 2025. Prior to joining Fastly, Mr. Compton served as the Senior Vice President of Strategy & Business Development of the Cisco Networking business from 2020 to August 2023. He has over 25 years of senior leadership experience driving innovation in cloud, video, Internet of Things (IoT), and networking.
Richard Wong, Chief Financial Officer
Richard Wong has served as Fastly's Chief Financial Officer since August 2025. Previously, Mr. Wong served as Chief Financial Officer of Benchling from November 2020 to May 2024, and as Chief Financial Officer of Houzz Inc. from May 2018 to November 2020. He held senior finance roles at LinkedIn and Yahoo!, and began his career as an investment banker at JPMorgan and Banc of America Securities.
Artur Bergman, Chief Technology Officer and Director
Artur Bergman has served as Fastly's Chief Technology Officer since April 2024. He founded Fastly in March 2011 and served as its Chief Executive Officer until February 2020, and as Chairperson of the Board of Directors from February 2020 to April 2023. From September 2007 to June 2011, Mr. Bergman served as Manager, Vice President, then Chief Technology Officer of Wikia, Inc.
Scott R. Lovett, President, Go to Market
Scott Lovett has served as Fastly's President, Go to Market since August 2025. He previously served as Fastly's Chief Revenue Officer from August 2024 until August 2025. Prior to that, Mr. Lovett served as Chief Revenue Officer at Imperva, Inc. from August 2021 to May 2024, and as Senior Vice President of Global Web & Security Sales at Akamai Technologies, Inc. from April 2018 to April 2021.
Kelly Shortridge, Chief Product Officer
Kelly Shortridge serves as the Chief Product Officer at Fastly.
AI Analysis | Feedback
- The edge cloud and content delivery network (CDN) market in which Fastly operates is intensely competitive, featuring large, established technology companies and other specialized providers. Fastly's ability to maintain and grow its market share depends on its continuous innovation, differentiation of its platform, and effective competition on factors such as performance, security, features, and pricing.
- As a provider of critical infrastructure for processing, serving, and securing customer applications at the edge of the internet, Fastly faces significant risks related to security vulnerabilities and service disruptions. Any breach of its own security, or a widespread or prolonged outage of its platform, could lead to severe reputational damage, loss of customer trust, data loss for customers, and potential financial and legal liabilities.
- Fastly's business model heavily relies on the adoption and continued use of its programmable edge cloud platform by developers and businesses. The company's growth and revenue are dependent on its ability to attract new customers and retain existing ones by providing a platform that meets evolving developer needs and offers a superior experience compared to competing solutions.
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The accelerating maturation and bundling of edge computing, content delivery network (CDN), and security services by hyperscale cloud providers (such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure) into their broader cloud ecosystems. As these providers increasingly offer sophisticated, performant, and tightly integrated edge solutions that are seamlessly linked with their core compute, storage, and database offerings, they pose an emerging threat to specialized edge platforms like Fastly. Customers, particularly those already deeply invested in a hyperscaler's ecosystem, may increasingly opt for a single-vendor solution for their entire application stack, potentially reducing the need for a standalone, specialized edge cloud provider and shifting market preference towards consolidated cloud infrastructure.
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Fastly, Inc. (FSLY) operates within several significant and growing addressable markets for its main products and services. These include edge computing, content delivery networks (CDN), and various edge security solutions like DDoS protection and web application firewalls (WAF), as well as serverless computing (which includes its Compute@Edge offering).
Here are the estimated market sizes for Fastly's key offerings:
- Edge Computing (Global): The global edge computing market was estimated at approximately USD 23.65 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 327.79 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 33.0% from 2025 to 2033.
- Content Delivery Network (CDN) (Global): The global content delivery network (CDN) market size was valued at USD 23.69 billion in 2024. This market is expected to expand to USD 73.48 billion by 2033, exhibiting a CAGR of 11.98% during the period of 2025-2033.
- DDoS Protection (Global): The global DDoS protection and mitigation security market was valued at USD 4.99 billion in 2024. It is projected to reach USD 13.45 billion by 2032, with a CAGR of 13.20% from 2025 to 2032.
- Web Application Firewall (WAF) (Global): The global web application firewall (WAF) market size was valued at USD 8.60 billion in 2025. This market is projected to grow to USD 30.86 billion by 2034, at a CAGR of 14.90%.
- Serverless Computing (Global) (includes Compute@Edge): The global serverless computing market size was estimated at USD 24.51 billion in 2024. It is projected to reach USD 52.13 billion by 2030, growing at a CAGR of 14.1% from 2025 to 2030.
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Fastly (FSLY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion of Security Solutions: Fastly's comprehensive suite of security offerings, including Web Application Firewall (WAF), bot management, DDoS protection, and API security, is a significant growth driver. The company has broadened its security product portfolio and seen accelerated growth in this segment, with security revenue showing strong year-over-year increases. Analysts and Fastly's own reports indicate that security services are becoming a more substantial portion of its revenue, and new product adoptions are contributing to this growth.
- Growth in Edge Computing and AI Workloads: Fastly is well-positioned to capitalize on the burgeoning edge computing market, especially with the increasing demand for artificial intelligence (AI) workloads that require low-latency processing at the edge of the internet. The company's Compute@Edge platform is a key offering in this area, with new products like the Fastly AI accelerator gaining strong customer interest and driving Remaining Performance Obligations (RPO) growth. This focus on "Edge Intelligence" and supporting agentic AI products is expected to be a transformative opportunity.
- Customer Acquisition and Expansion within Existing Enterprise Customers: Fastly is actively focused on expanding its customer base, particularly its high-value enterprise customers (those generating over $100,000 in annual revenue). The company has demonstrated success in increasing its enterprise customer count and improving its trailing-12-month net retention rate, indicating that existing customers are increasing their spending. Initiatives such as new packaging, channel programs, and a renewed demand generation focus are contributing to a faster pace of customer acquisition. Additionally, opportunities to acquire market share from competitors, such as former Edgio customers, are also contributing to larger customer commitments.
- International Market Expansion: While the United States remains Fastly's primary market, the company has observed significant growth in other regions, with the Asia Pacific market, for example, showing explosive year-over-year revenue growth. Continued expansion and increased penetration in international markets are expected to contribute to overall revenue diversification and growth.
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Share Repurchases
- Fastly repurchased approximately $236.4 million aggregate principal amount of its 0% Convertible Senior Notes due 2026 for approximately $195.0 million in cash in May 2023.
- In May 2022, the company repurchased approximately $235.0 million aggregate principal amount of its 0% Convertible Senior Notes due 2026 for about $176.2 million in cash.
- Fastly also repurchased $150.0 million of its 0% convertible senior notes due 2026 for approximately $148.9 million in December 2025, and used $149 million to repurchase these notes in February 2026, as part of debt refinancing efforts.
Share Issuance
- In March 2021, Fastly issued $948.75 million in aggregate principal amount of 0% Convertible Senior Notes due 2026, resulting in net proceeds of approximately $929.10 million.
- The company raised $180 million in gross proceeds from 0% convertible notes due 2030 in December 2025/February 2026, including an overallotment option.
- A US$160.66 million shelf registration for 9,092,235 Class A shares was filed in March 2026, tied to its employee stock ownership plan.
Outbound Investments
- Fastly acquired Domainr, a provider of domain registration services, in August 2023 for an undisclosed amount.
- In May 2022, Fastly acquired Glitch (Software Development Applications) for an undisclosed sum.
- Fastly acquired Fanout in April 2022, with the deal size remaining undisclosed.
Capital Expenditures
- Capital expenditures were $48 million in 2021, $80 million in 2022, and $32 million in 2023.
- Projected capital expenditures are $37 million for 2024 and $46 million for 2025.
- For 2026, Fastly expects infrastructure capital expenditures to be about 10% to 12% of revenue, with a primary focus on maintaining network infrastructure to support traffic volume, especially for AI, and investments in security.
Peer Outperformance in Application Software
FSLY has trailed 56% of its 123 Application Software peers over 5Y. Among the peers that beat it are FICO, AGYS and CDNS. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that FSLY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 154 industry peers · 187.0% return
3Y
50%
of 141 industry peers · -12.4% return
5Y
44%
of 123 industry peers · -54.8% return
Application Software peers with revenue growth within 4pp of FSLY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FSLY | Fastly | 13.8% | -41.0x | 187.0% | -12.4% | -54.8% | — |
| FICO | Fair Isaac | 17.7% | 31.1x | -26.4% | 24.8% | 139.5% | +194pp |
| AGYS | Agilysys | 16.9% | 74.8x | 7.6% | 60.6% | 104.5% | +159pp |
| CDNS | Cadence Design Systems | 15.5% | 60.6x | -12.2% | 25.2% | 84.0% | +139pp |
| ORCL | Oracle | 10.6% | 25.9x | -30.3% | 32.0% | 83.1% | +138pp |
| GWRE | Guidewire Software | 17.5% | 106.9x | -7.5% | 134.4% | 64.9% | +120pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is FSLY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 59.3% | 166.6% | 276.2% | TTMI 732% · FLEX 666% · JBL 401% |
| Semiconductor Materials & Equipment | 27 | 132.6% | 53.5% | 90.8% | AEHR 809% · AXTI 473% · KLAC 431% |
| Technology Distributors | 9 | 31.0% | 59.2% | 79.6% | CLMB 336% · AVT 161% · SNX 119% |
| Communications Equipment | 36 | 25.7% | 80.0% | 66.6% | AAOI 1200% · LITE 852% · ANET 744% |
| Electronic Components | 26 | 48.3% | 59.1% | 56.0% | CLS 3214% · BELFA 1274% · COHR 330% |
| Technology Hardware, Storage & Peripherals | 21 | 37.5% | 75.6% | 16.2% | DELL 1062% · STX 926% · SMCI 897% |
| Semiconductors | 55 | 33.0% | 17.1% | 15.6% | POET 1700% · MU 1231% · NVDA 903% |
| Internet Services & Infrastructure | 6 | 20.8% | 44.1% | 14.6% | DOCN 49% · GDDY 38% · VRSN 36% |
| Electronic Equipment & Instruments | 27 | -7.7% | 4.7% | -8.9% | PI 201% · OSIS 111% · NSSC 96% |
| IT Consulting & Other Services | 28 | -21.3% | -8.1% | -27.7% | CHRN 528321% · APLD 1128% · TSSI 636% |
| Application Software ← | 124 | -19.1% | -12.3% | -44.0% | VIDA 248900% · INLX 4900% · PLTR 585% |
| Systems Software | 68 | -5.3% | 11.5% | -56.1% | PAYS 427% · QNC 401% · ZETA 343% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 231.16 |
| Mkt Cap | 25.4 |
| Rev LTM | 3,241 |
| Op Inc LTM | 216 |
| FCF LTM | 760 |
| FCF 3Y Avg | 717 |
| CFO LTM | 1,075 |
| CFO 3Y Avg | 919 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.2% |
| Rev Chg 3Y Avg | 14.6% |
| Rev Chg Q | 23.8% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | -0.6% |
| Op Inc Chg 3Y Avg | 17.1% |
| Op Mgn LTM | 3.6% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 32.6% |
| CFO/Rev 3Y Avg | 32.8% |
| FCF/Rev LTM | 13.6% |
| FCF/Rev 3Y Avg | 16.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.4 |
| P/S | 7.9 |
| P/Op Inc | -6.8 |
| P/EBIT | -16.6 |
| P/E | -12.0 |
| P/CFO | 24.2 |
| Total Yield | 1.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.4% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.5% |
| 3M Rtn | 0.9% |
| 6M Rtn | 11.8% |
| 12M Rtn | 37.8% |
| 3Y Rtn | 75.2% |
| 1M Excs Rtn | -5.4% |
| 3M Excs Rtn | -1.2% |
| 6M Excs Rtn | -1.6% |
| 12M Excs Rtn | 17.7% |
| 3Y Excs Rtn | 10.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $21.12 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 05/17/2019 | |
| Distance from 52W High | -37.0% | |
| 50 Days | 200 Days | |
| DMA Price | $21.83 | $18.53 |
| DMA Trend | up | up |
| Distance from DMA | -3.2% | 14.0% |
| 3M | 1YR | |
| Volatility | 85.7% | 121.4% |
| Downside Capture | 241.60 | 188.82 |
| Upside Capture | 247.60 | 270.38 |
| Correlation (SPY) | 36.2% | 12.5% |
FSLY Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.80 | 2.61 | 2.21 | 2.04 | 1.15 | 1.65 |
| Up Beta | 4.66 | 3.44 | 1.45 | 1.10 | 1.60 | 1.42 |
| Down Beta | 15.75 | 2.74 | 2.33 | 0.42 | -1.55 | 1.26 |
| Up Capture | 336% | 326% | 375% | 480% | 664% | 967% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 36 | 66 | 121 | 351 |
| Down Capture | 482% | 158% | 178% | 227% | 143% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 18 | 27 | 60 | 129 | 389 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSLY | |
|---|---|---|---|---|
| FSLY | 188.2% | 121.4% | 1.38 | - |
| Sector ETF (XLK) | 43.1% | 26.2% | 1.33 | 17.5% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 12.5% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | -0.6% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | -4.7% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 0.4% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 8.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSLY | |
|---|---|---|---|---|
| FSLY | -13.6% | 88.4% | 0.22 | - |
| Sector ETF (XLK) | 19.8% | 25.9% | 0.68 | 38.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 39.3% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 1.7% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 4.9% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 27.7% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FSLY | |
|---|---|---|---|---|
| FSLY | -1.5% | 89.2% | 0.38 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 38.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 35.0% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 3.6% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 9.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 23.7% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 18.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -12.9% | 9.6% | -18.9% |
| 5/6/2026 | -38.2% | -42.0% | -42.8% |
| 2/11/2026 | 72.3% | 94.1% | 164.0% |
| 11/5/2025 | 35.9% | 47.5% | 37.8% |
| 8/6/2025 | 14.4% | 11.0% | 14.0% |
| 5/7/2025 | 26.4% | 37.1% | 27.0% |
| 2/12/2025 | -20.9% | -22.4% | -32.0% |
| 11/6/2024 | 0.1% | -10.7% | 33.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 15.7% | 19.4% | 27.0% |
| Median Negative | -19.5% | -22.4% | -32.6% |
| Max Positive | 72.3% | 94.1% | 164.0% |
| Max Negative | -38.2% | -42.0% | -46.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -12.9% | 9.6% | -18.9% |
| 5/6/2026 | -38.2% | -42.0% | -42.8% |
| 2/11/2026 | 72.3% | 94.1% | 164.0% |
| 11/5/2025 | 35.9% | 47.5% | 37.8% |
| 8/6/2025 | 14.4% | 11.0% | 14.0% |
| 5/7/2025 | 26.4% | 37.1% | 27.0% |
| 2/12/2025 | -20.9% | -22.4% | -32.0% |
| 11/6/2024 | 0.1% | -10.7% | 33.6% |
| 8/7/2024 | -14.3% | -12.4% | -17.4% |
| 5/1/2024 | -32.0% | -35.7% | -39.4% |
| 2/14/2024 | -30.6% | -37.8% | -46.5% |
| 11/1/2023 | 15.6% | 19.4% | 26.7% |
| 8/2/2023 | 23.0% | 23.9% | 44.6% |
| 5/3/2023 | -12.4% | -3.7% | 21.9% |
| 2/15/2023 | 15.8% | 6.3% | 11.2% |
| 11/2/2022 | 11.1% | 1.6% | 29.1% |
| 8/3/2022 | -12.3% | -10.4% | -33.6% |
| 5/4/2022 | -18.1% | -40.5% | -26.3% |
| 2/16/2022 | -33.6% | -35.2% | -41.0% |
| 11/3/2021 | 2.0% | -7.9% | -32.6% |
| 8/4/2021 | -10.4% | -5.5% | 6.1% |
| 5/5/2021 | -27.1% | -28.6% | -18.5% |
| 2/17/2021 | -15.4% | -20.1% | -25.9% |
| 10/14/2020 | -27.2% | -35.7% | -38.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 11 |
| # Negative | 14 | 15 | 13 |
| Median Positive | 15.7% | 19.4% | 27.0% |
| Median Negative | -19.5% | -22.4% | -32.6% |
| Max Positive | 72.3% | 94.1% | 164.0% |
| Max Negative | -38.2% | -42.0% | -46.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/04/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Revenue | Reported | 184.00 Mil | 187.00 Mil | 190.00 Mil | ||||
| Q3 2026 Non-GAAP Operating Income | Reported | 20.00 Mil | 22.00 Mil | 24.00 Mil | ||||
| Q3 2026 Non-GAAP Net Income per share | Reported | 0.11 | 0.12 | 0.13 | ||||
| 2026 Total Revenue | Reported | 732.00 Mil | 739.00 Mil | 746.00 Mil | 3.0% | Raised | Guidance: 717.50 Mil for 2026 | |
| 2026 Non-GAAP Operating Income | Reported | 88.00 Mil | 92.00 Mil | 96.00 Mil | 46.0% | Raised | Guidance: 63.00 Mil for 2026 | |
| 2026 Non-GAAP Net Income per share | Reported | 0.5 | 0.52 | 0.54 | 73.3% | Raised | Guidance: 0.3 for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 170.00 Mil | 173.00 Mil | 176.00 Mil | ||||
| Q2 2026 Non-GAAP Operating Income | Reported | 12.00 Mil | 14.00 Mil | 16.00 Mil | ||||
| Q2 2026 Non-GAAP Net Income per share | Reported | 0.05 | 0.07 | 0.08 | ||||
| 2026 Revenue | Reported | 710.00 Mil | 717.50 Mil | 725.00 Mil | 1.1% | Raised | Guidance: 710.00 Mil for 2026 | |
| 2026 Non-GAAP Operating Income | Reported | 58.00 Mil | 63.00 Mil | 68.00 Mil | 14.5% | Raised | Guidance: 55.00 Mil for 2026 | |
| 2026 Non-GAAP Net Income per share | Reported | 0.27 | 0.3 | 0.33 | 15.4% | Raised | Guidance: 0.26 for 2026 | |
Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Revenue | Reported | 168.00 Mil | 171.00 Mil | 174.00 Mil | 6.2% | Higher New | Actual: 161.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Income | Reported | 14.00 Mil | 16.00 Mil | 18.00 Mil | 60.0% | Higher New | Actual: 10.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Net Income per share | Reported | 0.07 | 0.09 | 0.1 | 41.7% | Higher New | Actual: 0.06 for Q4 2025 | |
| 2026 Total Revenue | Reported | 700.00 Mil | 710.00 Mil | 720.00 Mil | 16.0% | Higher New | Actual: 612.00 Mil for 2025 | |
| 2026 Non-GAAP Operating Income | Reported | 50.00 Mil | 55.00 Mil | 60.00 Mil | 400.0% | Higher New | Actual: 11.00 Mil for 2025 | |
| 2026 Non-GAAP Net Income per share | Reported | 0.23 | 0.26 | 0.29 | 420.0% | Higher New | Actual: 0.05 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 159.00 Mil | 161.00 Mil | 163.00 Mil | 6.6% | Higher New | Guidance: 151.00 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Operating Income | Reported | 8.00 Mil | 10.00 Mil | 12.00 Mil | 900.0% | Higher New | Guidance: 1.00 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Net Income per share | Reported | 0.04 | 0.06 | 0.08 | Higher New | Guidance: 0 for Q3 2025 | ||
| 2025 Revenue | Reported | 610.00 Mil | 612.00 Mil | 614.00 Mil | 2.3% | Raised | Guidance: 598.00 Mil for 2025 | |
| 2025 Non-GAAP Operating Income | Reported | 9.00 Mil | 11.00 Mil | 13.00 Mil | Raised | Guidance: -6.00 Mil for 2025 | ||
| 2025 Non-GAAP Net Income per share | Reported | 0.03 | 0.05 | 0.07 | Raised | Guidance: -0.07 for 2025 | ||
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 9022026 | 21.39 | 55,579 | 1,188,801 | 19,554,933 | Form |
| 2 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9022026 | 23.00 | 6,225 | 143,175 | 44,017,975 | Form |
| 3 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 9022026 | 23.00 | 15,028 | 345,644 | 22,305,722 | Form |
| 4 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9022026 | 23.00 | 19,624 | 451,352 | 31,239,014 | Form |
| 5 | Paisley, Christopher B | See Footnote | Sell | 9022026 | 23.00 | 3,000 | 69,000 | 6,451,155 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 9022026 | 21.39 | 55,579 | 1,188,801 | 19,554,933 | Form |
| 2 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9022026 | 23.00 | 6,225 | 143,175 | 44,017,975 | Form |
| 3 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 9022026 | 23.00 | 15,028 | 345,644 | 22,305,722 | Form |
| 4 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9022026 | 23.00 | 19,624 | 451,352 | 31,239,014 | Form |
| 5 | Paisley, Christopher B | See Footnote | Sell | 9022026 | 23.00 | 3,000 | 69,000 | 6,451,155 | Form | |
| 6 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 8312026 | 24.08 | 851 | 20,492 | 46,234,804 | Form |
| 7 | Wong, Richard | CFO | Direct | Sell | 8252026 | 24.09 | 47,676 | 1,148,288 | 25,135,590 | Form |
| 8 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 8202026 | 24.69 | 11,198 | 276,427 | 24,311,195 | Form |
| 9 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 8202026 | 24.72 | 31,687 | 783,341 | 48,787,404 | Form |
| 10 | Lovett, Scott R | President, Go to Market | Direct | Sell | 8202026 | 28.60 | 14,936 | 427,170 | 39,406,281 | Form |
| 11 | Wong, Richard | CFO | Direct | Sell | 8202026 | 28.61 | 148,015 | 4,234,709 | 31,221,692 | Form |
| 12 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 8202026 | 28.60 | 34,552 | 988,187 | 28,486,744 | Form |
| 13 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 8202026 | 28.60 | 32,387 | 926,268 | 57,348,463 | Form |
| 14 | Loop, Paula | Direct | Sell | 8142026 | 30.00 | 7,332 | 219,960 | 2,713,290 | Form | |
| 15 | Daniels, Richard Devon | Direct | Sell | 8112026 | 22.90 | 11,080 | 253,743 | 1,172,462 | Form | |
| 16 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 8062026 | 25.00 | 14,868 | 371,700 | 25,764,800 | Form |
| 17 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 7202026 | 20.89 | 7,073 | 147,763 | 21,840,852 | Form |
| 18 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 7202026 | 20.65 | 11,412 | 235,658 | 21,734,806 | Form |
| 19 | Lovett, Scott R | President, Go to Market | Direct | Sell | 6222026 | 17.77 | 41,716 | 741,293 | 24,749,665 | Form |
| 20 | Lovett, Scott R | President, Go to Market | Direct | Sell | 6182026 | 18.15 | 34,919 | 633,780 | 26,036,066 | Form |
| 21 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 6052026 | 20.79 | 9,313 | 193,617 | 22,119,396 | Form |
| 22 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 6052026 | 20.96 | 7,889 | 165,346 | 42,727,819 | Form |
| 23 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 6022026 | 16.96 | 6,225 | 105,576 | 34,709,098 | Form |
| 24 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 6022026 | 16.96 | 15,028 | 254,875 | 18,202,456 | Form |
| 25 | Paisley, Christopher B | Direct | Sell | 6022026 | 16.96 | 1,000 | 16,960 | 88,650 | Form | |
| 26 | Lovett, Scott R | President, Go to Market | Direct | Sell | 6022026 | 16.96 | 19,622 | 332,789 | 24,921,244 | Form |
| 27 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 5292026 | 17.02 | 1,077 | 18,331 | 34,937,839 | Form |
| 28 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 5292026 | 17.50 | 852 | 14,910 | 35,942,008 | Form |
| 29 | Wong, Richard | CFO | Direct | Sell | 5222026 | 16.48 | 2,500 | 41,200 | 20,423,680 | Form |
| 30 | Wong, Richard | CFO | Direct | Sell | 5202026 | 16.35 | 6,315 | 103,250 | 20,262,571 | Form |
| 31 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 5202026 | 16.48 | 11,275 | 185,812 | 17,934,953 | Form |
| 32 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 5202026 | 16.41 | 31,848 | 522,626 | 33,717,315 | Form |
| 33 | Wong, Richard | CFO | Direct | Sell | 5202026 | 16.85 | 3,592 | 60,525 | 20,988,630 | Form |
| 34 | Lovett, Scott R | President, Go to Market | Direct | Sell | 5202026 | 16.85 | 14,843 | 250,105 | 25,090,240 | Form |
| 35 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 5202026 | 16.85 | 34,334 | 578,528 | 18,527,603 | Form |
| 36 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 5202026 | 16.85 | 32,181 | 542,250 | 35,158,014 | Form |
| 37 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 4202026 | 24.57 | 7,059 | 173,439 | 27,859,648 | Form |
| 38 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 4202026 | 24.33 | 22,474 | 546,874 | 27,763,557 | Form |
| 39 | Lovett, Scott R | President, Go to Market | Direct | Sell | 3192026 | 26.45 | 41,682 | 1,102,485 | 39,777,443 | Form |
| 40 | Lovett, Scott R | President, Go to Market | Direct | Sell | 3192026 | 22.28 | 34,953 | 778,753 | 34,435,077 | Form |
| 41 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 3132026 | 25.00 | 49,350 | 1,233,750 | 29,085,700 | Form |
| 42 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 3112026 | 22.79 | 265,000 | 6,039,350 | 36,575,694 | Form |
| 43 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 3112026 | 21.07 | 40,000 | 842,947 | 39,405,671 | Form |
| 44 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 3092026 | 20.69 | 36,694 | 759,020 | 25,086,455 | Form |
| 45 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 3092026 | 20.69 | 31,079 | 642,915 | 43,828,663 | Form |
| 46 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 3042026 | 20.30 | 5,657 | 114,837 | 40,942,725 | Form |
| 47 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 3042026 | 20.30 | 13,244 | 268,853 | 19,265,451 | Form |
| 48 | Wong, Richard | CFO | Direct | Sell | 3042026 | 20.30 | 3,748 | 76,084 | 23,057,085 | Form |
| 49 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 3042026 | 20.56 | 275,234 | 5,658,646 | 39,266,416 | Form |
| 50 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 3022026 | 17.50 | 869 | 15,208 | 32,229,102 | Form |
| 51 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 2252026 | 17.08 | 40,000 | 683,200 | 37,322,106 | Form |
| 52 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 2232026 | 18.88 | 14,797 | 279,402 | 11,037,096 | Form |
| 53 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2232026 | 18.89 | 39,881 | 753,225 | 34,799,578 | Form |
| 54 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 2232026 | 20.10 | 34,576 | 694,978 | 44,725,214 | Form |
| 55 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2202026 | 17.53 | 18,338 | 321,465 | 32,998,700 | Form |
| 56 | Lovett, Scott R | President, Go to Market | Direct | Sell | 2202026 | 17.53 | 6,573 | 115,225 | 17,452,237 | Form |
| 57 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 2202026 | 17.53 | 12,916 | 226,417 | 10,506,009 | Form |
| 58 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 2182026 | 17.53 | 40,000 | 701,264 | 39,616,341 | Form |
| 59 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2182026 | 18.25 | 20,128 | 367,336 | 34,688,706 | Form |
| 60 | Bergman, Artur | Chief Technology Officer | See Foonote | Sell | 2182026 | 18.42 | 200,847 | 3,700,358 | 42,369,333 | Form |
| 61 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2172026 | 16.09 | 619,335 | 9,966,546 | 30,911,426 | Form |
| 62 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2112026 | 8.84 | 20,000 | 176,800 | 22,455,492 | Form |
| 63 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 2042026 | 9.36 | 20,000 | 187,200 | 23,873,419 | Form |
| 64 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 1282026 | 10.40 | 49,320 | 512,928 | 26,734,022 | Form |
| 65 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 1282026 | 9.92 | 30,680 | 304,346 | 25,989,398 | Form |
| 66 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 1212026 | 8.81 | 4,638 | 40,861 | 5,393,764 | Form |
| 67 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 1212026 | 8.18 | 20,000 | 163,600 | 21,681,736 | Form |
| 68 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 1212026 | 9.07 | 9,044 | 82,029 | 5,595,011 | Form |
| 69 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 1142026 | 9.35 | 20,000 | 187,000 | 24,969,914 | Form |
| 70 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12302025 | 10.23 | 40,000 | 409,200 | 27,933,823 | Form |
| 71 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12232025 | 10.59 | 40,000 | 423,600 | 29,340,432 | Form |
| 72 | Lovett, Scott R | President, Go to Market | Direct | Sell | 12182025 | 10.10 | 42,118 | 425,392 | 10,121,584 | Form |
| 73 | Lovett, Scott R | President, Go to Market | Direct | Sell | 12182025 | 10.15 | 34,517 | 350,348 | 10,599,188 | Form |
| 74 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12172025 | 10.50 | 40,000 | 420,000 | 29,511,080 | Form |
| 75 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12102025 | 10.66 | 40,000 | 426,400 | 30,387,172 | Form |
| 76 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12042025 | 12.51 | 3,222 | 40,307 | 36,161,143 | Form |
| 77 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12022025 | 11.51 | 41,080 | 472,766 | 33,303,085 | Form |
| 78 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 12022025 | 11.82 | 849 | 10,035 | 34,690,293 | Form |
| 79 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 12012025 | 11.79 | 14,944 | 176,190 | 7,379,526 | Form |
| 80 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11252025 | 11.43 | 40,000 | 457,200 | 33,555,394 | Form |
| 81 | Lovett, Scott R | President, Go to Market | Direct | Sell | 11202025 | 10.23 | 9,779 | 100,039 | 11,035,838 | Form |
| 82 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11202025 | 10.48 | 62,828 | 658,403 | 31,184,042 | Form |
| 83 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 11202025 | 10.23 | 18,455 | 188,795 | 6,555,977 | Form |
| 84 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11192025 | 10.77 | 40,000 | 430,680 | 32,716,154 | Form |
| 85 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11142025 | 12.51 | 2,718 | 34,002 | 38,512,761 | Form |
| 86 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11122025 | 11.92 | 40,000 | 476,800 | 36,728,810 | Form |
| 87 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11102025 | 10.67 | 220,000 | 2,346,351 | 33,289,130 | Form |
| 88 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 11052025 | 8.21 | 20,000 | 164,200 | 27,431,876 | Form |
| 89 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 10292025 | 8.34 | 20,000 | 166,800 | 28,033,042 | Form |
| 90 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 10222025 | 8.23 | 20,000 | 164,600 | 27,827,901 | Form |
| 91 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 10202025 | 8.41 | 11,378 | 95,689 | 5,544,822 | Form |
| 92 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 10152025 | 8.22 | 20,000 | 164,400 | 27,958,489 | Form |
| 93 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 10082025 | 8.76 | 20,000 | 175,200 | 29,970,378 | Form |
| 94 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 10012025 | 8.53 | 20,000 | 170,600 | 29,354,084 | Form |
| 95 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9242025 | 8.70 | 20,000 | 174,000 | 30,113,101 | Form |
| 96 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9192025 | 8.41 | 42,172 | 354,667 | 9,154,714 | Form |
| 97 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9172025 | 8.63 | 34,462 | 297,407 | 9,758,139 | Form |
| 98 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9172025 | 8.56 | 20,000 | 171,210 | 29,801,505 | Form |
| 99 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9172025 | 8.28 | 178,931 | 1,481,549 | 9,647,732 | Form |
| 100 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9102025 | 7.45 | 20,000 | 149,000 | 26,084,506 | Form |
| 101 | Compton, Charles Lacey Iii | CEO | Direct | Sell | 9052025 | 7.45 | 2,954 | 22,007 | 4,996,648 | Form |
| 102 | Lovett, Scott R | President, Go to Market | Direct | Sell | 9052025 | 7.45 | 619 | 4,612 | 10,013,664 | Form |
| 103 | Bergman, Artur | Chief Technology Officer | Direct | Sell | 9042025 | 7.41 | 58,138 | 430,803 | 26,092,655 | Form |
| 104 | Daniels, Richard Devon | Direct | Sell | 9032025 | 7.61 | 18,248 | 138,867 | 514,832 | Form |
Investor Activity (13F)
Updated Sep 4, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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