Business Description
Akamai Technologies, Inc. is an American technology company that provides content delivery network (CDN), cybersecurity, and cloud computing services. Headquartered in Cambridge, Massachusetts, the company operates a globally distributed edge network that helps organizations deliver, optimize, and secure web content and applications. Akamai is distinctive for its massive global infrastructure, which routes a significant portion of the world's web traffic to improve internet speed and reliability.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 4,208,175 | 3,991,168 | 3,811,920 | 3,616,654 |
| Cost of Sales | 1,727,513 | 1,620,793 | 1,511,063 | 1,383,819 |
| Gross Profit | 2,480,662 | 2,370,375 | 2,300,857 | 2,232,835 |
| Selling, General & Administrative Expenses | 1,231,041 | 1,178,566 | 1,134,077 | 1,086,615 |
| Depreciation & Amortization Expenses | 111,066 | 92,081 | 66,751 | 64,983 |
| Research & Development Expenses | 513,560 | 470,876 | 406,048 | 391,434 |
| Other Operating Expenses | 58,051 | 95,441 | 56,643 | 13,529 |
| Operating Profit | 566,944 | 533,411 | 637,338 | 676,274 |
| Interest and Investment Income | 70,808 | 100,280 | 46,669 | (4,377) |
| Interest Expense | (30,759) | (27,117) | (17,709) | (11,096) |
| Non-Operating Income | (4,588) | (19,561) | (12,296) | (10,433) |
| Total Non-Operating Income | 35,461 | 53,602 | 16,664 | (25,906) |
| Income Before Provision for Income Taxes | 602,405 | 587,013 | 652,527 | 658,003 |
| Provision for Income Taxes | 150,374 | 82,095 | 106,373 | 126,696 |
| Consolidated Net Income | 452,031 | 504,918 | 547,629 | 523,672 |
| Net Income Attributable to Common Shareholders | 452,031 | 504,918 | 547,629 | 523,672 |
| Basic EPS | 3.11 | 3.34 | 3.59 | 3.29 |
| Diluted EPS | 3.07 | 3.27 | 3.52 | 3.26 |
| Basic Weighted Average Shares Outstanding | 145,402 | 151,392 | 152,510 | 159,089 |
| Diluted Weighted Average Shares Outstanding | 147,023 | 154,346 | 155,397 | 160,467 |
| Shares Outstanding | 144,711 | 150,025 | 151,233 | 156,495 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 930,231 | 517,707 | 489,468 | 542,337 |
| Short-Term Investments | 256,302 | 1,078,876 | 374,971 | 562,979 |
| Total Cash and Cash Equivalents | 1,186,533 | 1,596,583 | 864,439 | 1,105,316 |
| Accounts Receivable | 793,666 | 727,687 | 724,302 | 679,206 |
| Total Trade Receivables | 793,666 | 727,687 | 724,302 | 679,206 |
| Other Current Assets | 306,481 | 253,827 | 216,114 | 185,040 |
| Total Current Assets | 2,286,680 | 2,578,097 | 1,804,855 | 1,969,562 |
| Net Property, Plant & Equipment | 3,803,162 | 3,001,809 | 2,734,578 | 2,353,554 |
| Net Intangible Assets | 614,542 | 727,585 | 536,143 | 441,716 |
| Goodwill | 3,206,525 | 3,151,077 | 2,850,470 | 2,763,838 |
| Long-Term Investments | 733,228 | 275,592 | 1,431,354 | 320,531 |
| Other Long-Term Assets | 835,506 | 634,625 | 542,637 | 454,199 |
| Total Assets | 11,479,643 | 10,368,785 | 9,900,037 | 8,303,400 |
| Accounts Payable | 125,054 | 130,447 | 146,927 | 145,420 |
| Accrued Expenses | 319,622 | 370,888 | 352,181 | 367,017 |
| Current Portion of Long-Term Debt | — | 1,149,116 | — | — |
| Current Portion of Leases | 336,613 | 259,134 | 222,944 | 196,094 |
| Unearned Revenue | 151,186 | 149,222 | 107,544 | 105,109 |
| Other Current Liabilities | 35,043 | 32,516 | 6,442 | 5,228 |
| Total Current Liabilities | 967,518 | 2,091,323 | 836,038 | 818,868 |
| Long-Term Debt | 4,105,355 | 2,396,695 | 3,538,229 | 2,285,258 |
| Leases | 1,233,420 | 829,660 | 774,806 | 693,265 |
| Other Long-Term Liabilities | 195,979 | 172,750 | 153,809 | 145,822 |
| Total Long-Term Liabilities | 5,534,754 | 3,399,105 | 4,466,844 | 3,124,345 |
| Total Liabilities | 6,502,272 | 5,490,428 | 5,302,882 | 3,943,213 |
| Common Stock | 1,497 | 1,556 | 1,512 | 1,565 |
| Treasury Stock | (434,786) | (558,488) | — | — |
| Additional Paid-in Capital | 2,080,487 | 2,618,384 | 2,222,993 | 2,578,603 |
| Accumulated Other Comprehensive Income | (94,756) | (155,993) | (95,330) | (140,332) |
| Retained Earnings | 3,424,929 | 2,972,898 | 2,467,980 | 1,920,351 |
| Total Common Shareholders' Equity | 4,977,371 | 4,878,357 | 4,597,155 | 4,360,187 |
| Total Shareholders' Equity | 4,977,371 | 4,878,357 | 4,597,155 | 4,360,187 |
| Total Liabilities and Shareholders' Equity | 11,479,643 | 10,368,785 | 9,900,037 | 8,303,400 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 452,031 | 504,918 | 547,629 | 523,672 |
| Depreciation & Amortization | 708,611 | 648,410 | 570,776 | 592,754 |
| Share-Based Compensation Expense | 459,402 | 393,378 | 328,467 | 217,185 |
| Other Adjustments | 71,798 | 6,807 | 32,264 | (53,618) |
| Changes in Trade Receivables | (59,437) | (22,300) | (49,203) | (21,214) |
| Changes in Accounts Payable | (48,577) | 344 | (39,825) | (26,499) |
| Changes in Unearned Revenue | (13,054) | 20,687 | 48 | 16,713 |
| Changes in Other Operating Activities | (52,009) | (33,073) | (41,717) | 25,683 |
| Cash from Operating Activities | 1,518,765 | 1,519,171 | 1,348,439 | 1,274,676 |
| Capital Expenditure | (507,786) | (390,433) | (457,909) | (241,266) |
| Purchases of Intangible Assets | (311,714) | (294,834) | (272,131) | (217,036) |
| Purchases of Investments | (964,590) | (236,176) | (1,461,890) | (17,975) |
| Proceeds from Sale of Investments | 1,333,683 | 685,692 | 576,917 | 732,180 |
| Payments for Business Acquisitions | (85,042) | (566,901) | (227,156) | (872,091) |
| Other Investing Activities | (5,294) | 3,973 | (6,069) | (6,122) |
| Cash from Investing Activities | (540,743) | (798,679) | (1,848,238) | (622,310) |
| Issuance of Short-Term Debt | 250,000 | — | 90,000 | 125,000 |
| Repayments of Short-Term Debt | (250,000) | — | (90,000) | (125,000) |
| Net Issuance / (Repayments) of Short-Term Debt | 0 | — | 0 | 0 |
| Issuance of Long-Term Debt | 1,701,202 | — | 1,247,388 | — |
| Repayments of Long-Term Debt | (1,149,992) | — | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | 551,210 | — | 1,247,388 | — |
| Issuance of Common Shares | 62,450 | 61,513 | 62,979 | 56,462 |
| Repurchases of Common Shares | (923,733) | (730,644) | (720,268) | (690,246) |
| Net Issuance / (Repurchases) of Common Shares | (861,283) | (669,131) | (657,289) | (633,784) |
| Other Financing Activities | (277,963) | (10,504) | (146,720) | (393) |
| Cash from Financing Activities | (588,036) | (679,635) | 443,379 | (634,177) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 22,238 | (12,243) | 3,868 | (12,918) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 412,224 | 28,614 | (52,552) | 5,271 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $12.63B |
| P/E | 28.42x |
| P/S | 3.00x |
| EV/EBITDA | 13.42x |
| Return on Equity | 9.2% |
| Return on Invested Capital | 4.5% |
| Current Ratio | 2.36x |
| Free Cash Flow Margin | 24.0% |
Margins
Gross margin
58.9%
Operating margin
13.5%
Net margin
10.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1.07B | +5.8% | 10.7% | $114M |
| Q4 2025 | $1.09B | +7.4% | 8.7% | $95M |
| Q3 2025 | $1.05B | +5.0% | 15.7% | $166M |
| Q2 2025 | $1.04B | +6.5% | 14.5% | $151M |
| Q1 2025 | $1.02B | — | 15.2% | $155M |
| Q4 2024 | $1.02B | — | 14.5% | $148M |
| Q3 2024 | $1.00B | — | 7.0% | $71M |
| Q2 2024 | $980M | — | 15.1% | $148M |
More on Akamai Technologies, Inc.
Figures compiled from public company filings.
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