Fastly, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
FSLY$16.24+1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(121,677) | $(158,058) | $(133,088) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation expense | 61,031 | 54,037 | 51,602 |
| Amortization of intangible assets | 16,821 | 19,599 | 20,424 |
| Non-cash lease expense | 22,445 | 22,474 | 22,678 |
| Amortization of debt discount and issuance costs | 906 | 1,377 | 2,476 |
| Amortization of deferred contract costs | 19,369 | 18,623 | 15,548 |
| Stock-based compensation | 117,323 | 107,930 | 136,303 |
| Deferred income taxes | 1,433 | 1,793 | (900) |
| Provision for credit losses | 4,181 | 3,834 | 2,025 |
| Loss on disposals of property and equipment | 186 | 540 | 505 |
| Accretion of discounts on investments | (4,703) | (3,973) | (646) |
| Impairment of operating lease right-of-use assets | — | 371 | 744 |
| Impairment expense | 415 | 4,144 | 4,316 |
| Net gain on extinguishment of debt | (941) | (1,365) | (52,416) |
| Other adjustments | 549 | (814) | 648 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (6,222) | 676 | (32,945) |
| Prepaid expenses and other current assets | 1,579 | (7,627) | 8,709 |
| Other assets | (19,545) | (11,869) | (23,137) |
| Accounts payable | 4,489 | 611 | 382 |
| Accrued expenses | (447) | (2,922) | (7,856) |
| Operating lease liabilities | (20,707) | (26,541) | (22,074) |
| Other liabilities | 17,959 | (6,434) | 7,064 |
| Net cash provided by operating activities | 94,444 | 16,406 | 362 |
| Cash flows from investing activities: | |||
| Purchases of marketable securities | (389,837) | (155,099) | (132,233) |
| Sales of marketable securities | 25,936 | — | 25,625 |
| Maturities of marketable securities | 197,176 | 371,189 | 433,767 |
| Advance payment for purchase of property and equipment | — | (790) | — |
| Purchases of property and equipment | (28,694) | (10,330) | (10,976) |
| Proceeds from sale of property and equipment | 44 | 24 | 49 |
| Capitalized internal-use software | (17,657) | (26,094) | (21,292) |
| Net cash (used in) provided by investing activities | (213,032) | 178,900 | 294,940 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of convertible notes | 180,000 | — | — |
| Payments of issuance costs for convertible notes | (5,924) | (5,729) | — |
| Cash paid for debt extinguishment | (148,875) | — | (310,540) |
| Payments for purchase of capped calls | (18,162) | — | — |
| Repayments of finance lease liabilities | (2,328) | (14,958) | (27,175) |
| Payment of deferred consideration for business acquisitions | — | (3,771) | (4,393) |
| Proceeds from exercise of vested stock options | 1,044 | 1,115 | 2,169 |
| Proceeds from employee stock purchase plan | 7,006 | 6,244 | 8,559 |
| Net cash (used in) provided by financing activities | 12,761 | (17,099) | (331,380) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 215 | (103) | 608 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (105,612) | 178,104 | (35,470) |
| Cash, cash equivalents, and restricted cash at beginning of period | 286,175 | 108,071 | 143,541 |
| Cash, cash equivalents, and restricted cash at end of period | $180,563 | $286,175 | $108,071 |
CONSOLIDATED STATEMENTS OF CASH FLOWS—Continued
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $11,571 | $527 | $1,574 |
| Cash paid for income taxes, net of refunds received | $1,337 | $809 | $331 |
| Cash paid for finance lease interest | $15 | $378 | $1,329 |
| Noncash investing and financing activities: | |||
| Property and equipment additions not yet paid in cash or financed | $7,701 | $983 | $640 |
| Capitalized stock-based compensation | $7,270 | $9,716 | $9,975 |
| Assets obtained in exchange for operating lease obligations | $7,128 | $8,543 | $5,769 |
| Net noncash change in operating lease assets and liabilities associated with modifications and terminations | $16,245 | $10,439 | $(4,425) |
| Deployments of prepaid capital equipment | $9,247 | $14,598 | $8,665 |
| Debt issued in exchange for extinguishment of existing notes | $— | $155,730 | $— |
| Debt retired in exchange for issuance of new notes | $— | $(157,095) | $— |
| Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows | |||
| Cash and cash equivalents | $180,563 | $286,175 | $107,921 |
| Restricted cash | — | — | 150 |
| Total cash, cash equivalents, and restricted cash | $180,563 | $286,175 | $108,071 |
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