Akamai Technologies provides cybersecurity, cloud infrastructure and content-delivery services that help enterprises protect applications, run workloads and distribute digital content.
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A snapshot of what AKAMAI TECHNOLOGIES INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001086222-24-000040 | Feb 28, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001086222-25-000028 | Feb 24, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001086222-26-000022 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Akamai is growing security and cloud infrastructure while its delivery business remains under pricing pressure. First-half 2026 revenue reached $2.173 billion, but operating income fell to $194.8 million as infrastructure and compensation costs increased. September's executed Anthropic expansion creates a much larger opportunity: approximately $11.6 billion of conditional payments across two seven-year service terms. It also substantially increases capital demands. Akamai estimates $5.5 billion of related capital expenditure, including approximately $1.7 billion of additional 2026 spending, without changing its 2026 revenue guidance. May's completed debt financing strengthened liquidity, but does not establish that the expansion is fully funded. The central uncertainty is whether deployment, customer payments and financing can be coordinated while protecting margins and meeting existing cash obligations.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-05-22 · 8-K · 2026-09-18 · EX-99.1 · 2026-09-18
Akamai generally earns minimum committed service fees plus charges for additional usage, with most contracts lasting at least one year. Its distributed infrastructure supports security, application delivery and computing. It reports one operating segment, not separate profit statements for these businesses. Beginning in 2026, revenue reporting separates Cloud Infrastructure Services (CIS) and groups other cloud applications with delivery; the quarterly comparisons were recast accordingly.
In the quarter ended June 30, 2026, revenue rose a reported 5% to $1.100 billion. Security grew 10% to $604.4 million and CIS grew 39% to $99.3 million, while delivery and other cloud applications fell 6% to $395.9 million. Management attributes growth to security-product sales and compute customers and partners. Lower renewal prices and customer traffic optimization continued to weigh on delivery. June's $7.6 billion of remaining performance obligations represents future contracted services, not cash or recognized revenue; it cannot be combined with September commitments without a reconciliation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
First-half revenue increased to $2,173.3 million from $2,058.6 million, but GAAP operating income fell to $194.8 million from $306.0 million. Second-quarter operating margin fell from 15% to 7%; non-GAAP margin also fell, from 30% to 25%. Management identifies infrastructure expansion, co-location, depreciation, hiring and compensation as pressures, with some capacity costs incurred before full utilization. Better bandwidth pricing and hardware efficiency provide offsets. The disclosures do not quantify how much of the deterioration specifically arose from AI deployment.
First-half net income fell to $185.7 million from $226.8 million, cushioned by financing-funded investment income and a tax-rate decline to 16.4% from 30.3%. Management cites stock-compensation tax benefits, state-credit valuation changes and increased research credits among the tax drivers. Earnings adjustments also matter: direct stock compensation reached $275.0 million, and a new retirement-vesting benefit accelerated recognition by an unquantified amount. Development-cost capitalization postpones expense, while prior technology impairments reduced current acquired-intangible amortization. Newly adopted accounting standards were not reported as material drivers.
Second-quarter GAAP diluted EPS was $0.52, versus non-GAAP EPS of $1.59. The adjusted figure excludes substantial compensation and amortization costs and uses 5.353 million fewer diluted shares by anticipating note-hedge offsets that GAAP does not recognize before delivery. August 6 guidance projected 2026 revenue of $4.445–$4.530 billion, non-GAAP operating margin of 25%–26% and non-GAAP EPS of $6.40–$7.05. September's announcement left revenue guidance unchanged; it did not establish that the earlier margin and EPS forecasts were reaffirmed. Prospective non-GAAP results were not reconciled to GAAP because relevant exclusions could not be reliably predicted.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · EX-99.1 · 2026-09-18
First-half operating cash flow fell to $638.8 million from $710.3 million. Receivables absorbed $171.8 million, reflecting a collection-timing drag rather than established uncollectibility. Cash equipment and software investment was $417.6 million, but accrual-basis capital expenditure was higher at $552.9 million; unpaid purchases and lease additions also increased. These are different measures, not amounts to add into one cash-spending total. Operating cash flow includes large noncash compensation and depreciation addbacks and is not profit.
First-half buybacks consumed approximately $615.7 million, including the $350 million repurchase associated with May's financing—not an additional repurchase on top of that total. Management subsequently expected no further 2026 buybacks while funding CIS. In July, after the June reporting period, Akamai acquired browser-security company LayerX for approximately $205 million cash, subject to post-closing adjustments; purchase accounting remained unfinished at the August 7 filing.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-05-22
At June 30, cash was $1.480 billion and cash plus marketable securities totaled approximately $4.616 billion. Much of the increase came from May 22's completed $3.5 billion convertible-note issuance, which generated $3.453 billion after issuance costs. Net hedge costs after warrant proceeds consumed another $236.6 million. The new notes mature in 2030 and 2032 and have no regular coupon, but still require principal repayment and may incur special interest. Earlier proposal and pricing announcements describe stages of this same financing.
June note principal totaled $7.640 billion, with a $7.563 billion carrying value excluding $1.776 billion of operating-lease liabilities. Maturities span 2027–2033. The 2033 notes became convertible during the third quarter, moving $1.706 billion of carrying value into current liabilities; no conversion had occurred through August 7. Converted principal requires cash settlement. Hedges mitigate rather than eliminate exposure, and sold warrants can cause separate dilution. Expected Virginia data-center sublease receipts substantially offset related lease payments but do not extinguish the head lease or counterparty risk.
Both revolvers were undrawn at June 30. The $1 billion committed facility is conditional borrowing capacity, not cash; the separate $150 million secured line is uncommitted, cancellable and repayable on demand. Akamai reported June covenant compliance. A May 18 amendment temporarily raised the leverage ceiling to 4.75:1 for the June and September testing periods, but actual headroom and the subsequent ceiling are not established here. The August liquidity assessment predates September's larger expansion and does not prove that expansion is fully funded.
Sources: 8-K · 2026-05-22 · 10-Q · 2026-06-30 · 10-K · 2025-12-31 · 8-K · 2026-05-18 · EX-99.1 · 2026-09-18
Project Plans 2 and 3 were executed with Anthropic on September 18 and disclosed September 24. They provide approximately $11.6 billion of conditional payments, with each seven-year term beginning on its own undisclosed service-start date. Delivery and availability conditions apply; qualifying outages, uncured breaches and specified other events permit termination. However, Akamai's termination of Plan 2 or 3 for Anthropic's uncured material breach ends only that plan. When the master services agreement is terminated for a breach, plans not affected by that breach continue as separate agreements under its applicable terms. The release describes this as additional to previously announced CIS commitments exceeding $2.8 billion. Earlier customer announcements overlap that prior total and should not be repeatedly added. A further $9 billion expansion remains potential and requires mutually agreed terms.
Management estimates approximately $5.5 billion of related capital expenditure and approximately $1.7 billion of additional 2026 capex to secure components, without an expected 2026 revenue-guidance benefit. The additional 2026 spending is not a separate amount to add to the total project estimate. Jabil's approximately $1.7 billion memory authorization requires payment when Jabil receives components; it does not prove delivery or payment has occurred. Jabil holds unused components on consignment and repurchases them at cost as used, with undisclosed carrying and disposal costs. Lenovo's September 23 supply agreement also carries convenience-termination costs, but its purchase value is undisclosed. Customer payment schedules, dedicated financing and contract margins are not established, so neither funding sufficiency nor profit can be inferred from headline values.
Anthropic received a warrant initially representing 7,741,020 common-equivalent shares, subject to the disclosed anti-dilution adjustments. The first 40% tranche requires a qualifying Plan 3 payment; the remaining tranches depend on additional commitments. Vesting, cash exercise and qualifying conversion remain conditions, not established underlying share issuance. Separately, May 13 shareholder approval added eight million shares of incentive-plan grant capacity, not issued shares.
Sources: EX-99.1 · 2026-05-07 · EX-99.1 · 2026-08-06 · 8-K · 2026-09-18 · EX-99.1 · 2026-09-18 · 8-K · 2026-05-13
Expansion depends on available servers, memory, power and data-center space amid strong competition. Service failures can trigger credits, refunds or termination, making reliability central to both existing operations and new commitments. Akamai specifically reports unresolved underlying vulnerabilities during Linode integration, not merely hypothetical cyber risk. Regional conflict also affects employees and third-party infrastructure exposure. The customer-application divestiture relevant to PAFACA was completed January 22, 2026, but governmental review, litigation and possible liability remain risks. September 22 ethics-code amendments, disclosed September 25, involved no waiver; they do not establish a misconduct finding.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-09-18 · 8-K · 2026-09-22
USD 4.208175 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.208175 bn | 5.4% |
| 2024 | USD 3.991168 bn | 4.7% |
| 2023 | USD 3.81192 bn | — |
Consolidated revenue from customer contracts.
Sources: 10-K · 2025-12-31
USD 452.031 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 452.031 m | -10.5% |
| 2024 | USD 504.918 m | -7.8% |
| 2023 | USD 547.629 m | — |
Consolidated net income after income taxes and equity-method investment results.
Sources: 10-K · 2025-12-31
USD 1.518765 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.518765 bn | 0.0% |
| 2024 | USD 1.519171 bn | 12.7% |
| 2023 | USD 1.348439 bn | — |
Consolidated operating cash flow, including working-capital movements.
Sources: 10-K · 2025-12-31
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