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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Fastly (FSLY) investor relations material
Fastly Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $158.2 million, up 15% year-over-year, surpassing guidance and marking a record high.
Gross margin improved to 62.8% non-GAAP (up 380 bps sequentially) and 58% GAAP, with operating income of $11.6 million and net loss narrowing to $29.5 million from $38.0 million in Q3 2024.
Free cash flow reached a record $18.1 million, with operating cash flow of $28.9 million and strong operating leverage.
Enterprise customer count increased to 627, accounting for 94% of Q3 revenue, with international expansion and cross-sell momentum.
Raised full-year guidance for revenue, profitability, and free cash flow due to strong Q3 performance.
Financial highlights
Q3 2025 revenue: $158.2M (+15% YoY), above guidance; network services: $118.8M (+11% YoY), security: $34.0M (+30% YoY), other: $5.4M (+51% YoY).
Gross margin: 62.8% non-GAAP (up from 58.6%), 58% GAAP (up from 54%); adjusted for a $1.6M non-recurring benefit, margin was ~62%.
Operating income was $11.6 million; GAAP net loss was $29.5 million ($0.20 per share), non-GAAP net income was $11.1 million ($0.07 per share).
Adjusted EBITDA was $25.7 million, up from $14.6 million a year ago.
Cash, equivalents, and investments totaled $343 million, up $22 million sequentially.
Outlook and guidance
Q4 2025 revenue expected at $159M–$163M, with non-GAAP operating profit of $8M–$12M and net income per share of $0.04–$0.08.
Full-year 2025 revenue guidance raised to $610M–$614M (13% growth at midpoint); non-GAAP operating profit $9M–$13M; free cash flow $25M–$35M.
Cash CapEx for 2025 expected at 10%–11% of revenue.
Management expects continued investment in platform innovation, sales, and international expansion, with a focus on enterprise customer growth.
The company anticipates ongoing operating losses as it invests in growth initiatives but believes current liquidity is sufficient for at least the next 12 months.
Sustain security growth rate post Q3 deal
APJ sales expansion: tangible returns
Gross margin: new baseline and drivers?
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Frequently asked questions
Content Delivery Networks
Fastly is an American technology company with global operations that provides various cloud computing services. The company provides a platform that is focused on content delivery networks (CDN), edge computing, and related technologies. Its platform is designed to help businesses manage digital content and distribute it quickly and efficiently via the Internet to end users. Fastly’s platform is used in a variety of industries, including media, entertainment, e-commerce, financial services, and tech companies in general. The company is headquartered in San Francisco, California, and its shares are listed on the NYSE.
More Efficient Solutions
Fastly was founded in 2011 by Artur Bergman. Bergman, who previously worked as CTO at Wikia, was motivated by the limitations he observed in existing CDN technologies, particularly around speed and flexibility. He envisioned a more efficient, programmable, and user-centric approach to content delivery. The company started with a focus on developing a more advanced CDN, designed to allow developers greater control over content caching and distribution. In 2013, just two years after its inception, the company had already made a notable impact, attracting large customers at places like (what was then) Twitter and Etsy.
The CDN
Fastly is a cloud computing service provider, primarily known for its advanced content delivery network. Its CDN technology accelerates the loading time of web pages and optimizes the user experience by caching content closer to users. Fastly stands out for its highly programmable and flexible network, which allows developers more control over how content is delivered and managed. Additionally, the company offers edge computing services, enabling data processing near the source of data generation, thus reducing latency. Fastly also focuses on internet security, providing solutions to protect websites and applications from cyber threats. The CDN sector is highly competitive, and other companies offering similar services include names such as Akamai and Cloudflare.
How it Works
Fastly operates by strategically placing servers around the world to form a global network, which serves as the backbone of its content delivery network (CDN). When a user requests a webpage or content that is part of Fastly's network, the request is routed to the nearest server, reducing the distance the data travels and speeding up the delivery time. This network also caches content, storing copies of web pages, images, and other media, so they can be quickly retrieved and delivered to users.
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