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Akamai Technologies

AKAM Nasdaq Internet Services & Infrastructure Financials FY2016–FY2025

Akamai Technologies' revenue rose 5.4% to $4.2 billion in fiscal 2025. Its operating margin was 13.5%, up from 13.4% a year earlier. Free cash flow was $1.0 billion, down 10.4%. It paid out $800 million in dividends and buybacks, 79% of free cash flow. The diluted share count fell 4.7%.

Last close · Oct 23, 2026

$93.53

2.6%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
5.4% vs prior year
Operating margin Operating income as a share of revenue.
13.5%
0.1 pts
Net income Profit after all expenses, interest and tax.
$452M
10.5%
Free cash flow Cash from operations minus capital spending.
$1.0B
10.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.3%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
33.8x
On $2.77 EPS (TTM)

What Akamai Technologies does

Akamai sells internet services that help businesses and government agencies keep their websites, apps and networks secure, fast and running. It runs a large network of servers spread around the world, with more than 4,300 edge points-of-presence (sites close to users) in over 130 countries at the end of 2025. Its customers include companies such as Airbnb, eBay, Marriott and Spotify, and U.S. federal departments.

It sells three main kinds of service, mostly on contracts of a year or longer. Security, its largest line, blocks attacks such as floods of fake traffic, bad bots and break-ins through apps. Delivery speeds up websites and streams video, games and software downloads. Cloud computing rents computing power and storage, now including chips for running AI models close to users. Akamai reports one business segment. It competes with other content delivery, security and cloud computing providers, and expects to face the very large cloud companies more often. Customers may also build their own systems instead.

At the end of 2025 Akamai had over 11,000 employees in more than 30 countries, about 65% of them outside the U.S. In November 2025 it bought Fermyon, a company that lets developers run small programs at the edge of its network.

Legal name
Akamai Technologies, Inc
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 20, 2026
Accession · CIK
0001086222-26-000022
0001086222

Revenue and margins

Akamai Technologies had $4.2B of revenue in fiscal 2025, up 5.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 24.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Akamai Technologies returned $800M to shareholders in fiscal 2025, 79% of free cash flow. The diluted share count fell 4.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Akamai Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.9B and divides by 147.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 33.8x · peers 24.5x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Akamai Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$1.1B$864M$1.6B$1.2B
Debt incl. finance leases $2.0B$2.3B$3.5B$2.4B$4.1B
Net debt / EBITDA 0.7x0.9x2.2x0.7x2.3x
Debt / equity 0.4x0.5x0.8x0.5x0.8x
Interest coverage 10.8x61.0x36.0x19.7x18.4x
Current ratio 2.4x2.4x2.2x1.2x2.4x
Quick ratio 2.4x2.4x2.2x1.2x2.4x
Total assets $8.1B$8.3B$9.9B$10.4B$11.5B
Total liabilities $3.6B$3.9B$5.3B$5.5B$6.5B
Shareholders' equity $4.5B$4.4B$4.6B$4.9B$5.0B
Net debt (− = net cash) $898M$1.2B$2.7B$800M$2.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.2M

8 insiders

Of sales under plans

53%

$4.3M

DateInsiderTradeSharesPriceValueFiling
Sep 25, 2026 Kim Salem-JacksonEVP, Chief Marketing Officer Sold plan 2,013 $128.00 $0.3M Form 4
Sep 25, 2026 Mani SundaramEVP and GM Security Sold plan 7,022 $125.62 $0.9M Form 4
Sep 15, 2026 Paul C JosephEVP - Global Sales Sold plan 3,100 $105.63 $0.3M Form 4
Jul 15, 2026 Paul C JosephEVP - Global Sales Sold plan 3,100 $126.77 $0.4M Form 4
Jun 18, 2026 Robert BlumofeChief Technology Officer Sold plan 243 $129.41 $0.0M Form 4
Jun 10, 2026 Kim Salem-JacksonEVP, Chief Marketing Officer Sold plan 2,300 $135.57 $0.3M Form 4
Mar 16, 2026 Aaron AholaEVP & General Counsel Sold 4,500 $106.27 $0.5M Form 4
Mar 16, 2026 Paul C JosephEVP - Global Sales Sold plan 5,000 $106.25 $0.5M Form 4
Mar 12, 2026 Adam KaronCOO & GM Edge Technology Group Sold 17,000 $107.43 $1.8M Form 4
Mar 11, 2026 Anthony P WilliamsEVP and CHRO Sold 15,000 $104.29 $1.6M Form 4
Mar 10, 2026 Edward J McGowanChief Financial Officer Sold plan 13,745 $101.20 $1.4M Form 4
Mar 9, 2026 Mani SundaramEVP and GM Security Sold plan 1,722 $98.58 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 95 / 96 / 9
Accruals ratio −8.8%−10.0%−9.8%
Altman Z'' 2.802.522.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Akamai Technologies AKAM $14.4B 5.4% 13.5% 24.0% 6.3% 33.8x 6
GoDaddy GDDY $14.8B 8.3% 22.8% 31.8% 30.6% 16.8x 5 Compare →
Cloudflare NET $115.4B 29.9% −9.6% 13.3% −29.7% — 3 Compare →
Wix.com WIX $4.7B 13.2% 0.1% 29.2% — — 7 Compare →
Verisign VRSN $27.1B 6.4% 67.7% 64.5% — 32.3x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $2.5B $2.7B $2.9B $3.2B $3.5B $3.6B $3.8B $4.0B $4.2B
Gross profit $1.5B $1.6B $1.8B $1.9B $2.1B $2.2B $2.2B $2.3B $2.4B $2.5B
Research and development $168M $222M $246M $261M $269M $335M $391M $406M $471M $514M
Operating income $467M $314M $363M $549M $659M $783M $676M $637M $533M $567M
Interest expense $18.6M $18.8M $43.2M $49.4M $69.1M $72.3M $11.1M $17.7M $27.1M $30.8M
Pretax income $466M $314M $343M $533M $616M $728M $658M $653M $587M $602M
Income tax $146M $91.4M $44.7M $53.3M $45.9M $62.6M $127M $106M $82.1M $150M
Net income $321M $223M $298M $478M $557M $652M $524M $548M $505M $452M
Diluted EPS $1.82 $1.29 $1.76 $2.90 $3.37 $3.93 $3.26 $3.52 $3.27 $3.07
Diluted shares 0.18B 0.17B 0.17B 0.16B 0.17B 0.17B 0.16B 0.16B 0.15B 0.15B
Cash flow
Cash from operations $872M $801M $1.0B $1.1B $1.2B $1.4B $1.3B $1.3B $1.5B $1.5B
Capital expenditure $181M $254M $218M $360M $514M $329M $241M $458M $390M $508M
Free cash flow $691M $547M $791M $699M $701M $1.1B $1.0B $891M $1.1B $1.0B
Depreciation and amortization $334M $372M $435M $441M $478M $551M $593M $571M $648M $709M
Stock-based compensation $145M $164M $184M $187M $197M $203M $217M $329M $393M $459M
Acquisitions $95.4M $369M $0.1M $165M $128M $599M $872M $106M $434M $55.1M
Share buybacks $374M $361M $750M $335M $194M $522M $608M $654M $558M $800M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $374M $361M $750M $335M $194M $522M $608M $654M $557M $800M
Balance sheet
Cash and short-term investments $324M $313M $1.9B $1.5B $1.1B $1.1B $1.1B $864M $1.6B $1.2B
Total debt $640M $663M $874M $1.8B $1.9B $2.0B $2.3B $3.5B $2.4B $4.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.3B $1.3B $2.5B $2.2B $1.9B $1.9B $2.0B $1.8B $2.6B $2.3B
Current liabilities $375M $457M $1.2B $693M $758M $790M $819M $836M $2.1B $968M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $801M $863M $911M $1.2B $1.5B $1.5B $1.5B $1.8B $2.0B $2.3B
Total assets $4.4B $4.6B $5.5B $7.0B $7.8B $8.1B $8.3B $9.9B $10.4B $11.5B
Total liabilities $1.1B $1.3B $2.3B $3.3B $3.5B $3.6B $3.9B $5.3B $5.5B $6.5B
Shareholders' equity $3.3B $3.4B $3.2B $3.7B $4.3B $4.5B $4.4B $4.6B $4.9B $5.0B
Margins
Gross margin 65.4% 65.0% 64.9% 65.9% 64.6% 63.3% 61.7% 60.4% 59.4% 59.0%
Operating margin 19.9% 12.6% 13.4% 19.0% 20.6% 22.6% 18.7% 16.7% 13.4% 13.5%
EBITDA margin 34.2% 27.4% 29.4% 34.2% 35.6% 38.5% 35.1% 31.7% 29.6% 30.3%
Net margin 13.7% 8.9% 11.0% 16.5% 17.4% 18.8% 14.5% 14.4% 12.7% 10.7%
FCF margin 29.5% 21.9% 29.1% 24.1% 21.9% 31.1% 28.6% 23.4% 28.3% 24.0%
Returns
Return on capital 9.1% 6.1% 10.7% 16.1% 13.5% 13.7% 10.0% 8.3% 7.1% 6.3%
Return on capital employed 11.9% 7.7% 8.6% 10.4% 9.9% 10.9% 9.1% 7.7% 6.2% 6.0%
Return on equity 10.0% 6.7% 9.1% 14.0% 14.1% 14.8% 11.8% 12.2% 10.7% 9.2%
Return on assets 7.5% 4.9% 5.9% 7.7% 7.5% 8.2% 6.4% 6.0% 5.0% 4.1%
Growth
Revenue growth 6.5% 7.0% 8.5% 6.6% 10.5% 8.2% 4.5% 5.4% 4.7% 5.4%
Net income growth −0.2% −30.5% 33.9% 60.2% 16.5% 17.0% −19.6% 4.6% −7.8% −10.5%
EPS growth 2.3% −29.1% 36.4% 64.8% 16.2% 16.6% −17.1% 8.0% −7.1% −6.1%
FCF growth 43.4% −20.9% 44.6% −11.7% 0.3% 53.5% −3.9% −13.8% 26.8% −10.4%
Share count change −2.3% −2.0% −2.0% −2.7% 0.4% 0.4% −3.2% −3.2% −0.7% −4.7%
Financial health
Net debt / EBITDA 0.4x 0.5x −1.3x 0.3x 0.7x 0.7x 0.9x 2.2x 0.7x 2.3x
Debt / equity 0.2x 0.2x 0.3x 0.5x 0.5x 0.4x 0.5x 0.8x 0.5x 0.8x
Interest coverage 25.0x 16.7x 8.4x 11.1x 9.5x 10.8x 61.0x 36.0x 19.7x 18.4x
Current ratio 3.5x 3.0x 2.1x 3.2x 2.5x 2.4x 2.4x 2.2x 1.2x 2.4x
Quick ratio 3.5x 3.0x 2.1x 3.2x 2.5x 2.4x 2.4x 2.2x 1.2x 2.4x
Capital allocation
Capex / revenue 7.7% 10.2% 8.0% 12.4% 16.1% 9.5% 6.7% 12.0% 9.8% 12.1%
Stock comp / revenue 6.2% 6.6% 6.8% 6.5% 6.2% 5.9% 6.0% 8.6% 9.9% 10.9%
Payouts / FCF 54.1% 66.1% 94.9% 47.9% 27.6% 48.6% 58.8% 73.4% 49.4% 79.1%
Quality scores
Piotroski F-score 6.0 6.0 6.0 7.0 4.0 5.0 4.0 6.0 5.0 6.0
Altman Z'' 4.4 4.0 3.3 3.1 3.1 3.4 3.4 2.8 2.5 2.9
Accruals ratio −12.9% −12.8% −14.0% −9.3% −8.9% −9.5% −9.1% −8.8% −10.0% −9.8%

Source: SEC EDGAR XBRL filings (CIK 0001086222). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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