FASTLY, INC., 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover Page - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38897    
Entity Registrant Name FASTLY, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-5411834    
Entity Address, Address Line One 475 Brannan Street, Suite 300    
Entity Address, City or Town San Francisco    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94107    
City Area Code 844    
Local Phone Number 432-7859    
Title of 12(b) Security Class A Common Stock, $0.00002 par value    
Trading Symbol FSLY    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 1.0
Entity Common Stock, Shares Outstanding   151.8  
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001517413    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location San Francisco, California
Auditor Firm ID 34
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 180,563 $ 286,175
Marketable securities, current 181,196 9,707
Accounts receivable, net of allowance for credit losses of $6,262 and $8,254 as of December 31, 2025 and December 31, 2024, respectively 118,029 115,988
Prepaid expenses and other current assets 26,921 28,325
Total current assets 506,709 440,195
Property and equipment, net 186,785 179,097
Operating lease right-of-use assets, net 52,067 50,433
Goodwill 670,356 670,356
Intangible assets, net 25,771 42,876
Other assets 57,789 68,402
Total assets 1,499,477 1,451,359
Current liabilities:    
Accounts payable 17,612 6,044
Accrued expenses 70,669 41,622
Long-term debt, current 38,557 0
Finance lease liabilities, current 0 2,328
Operating lease liabilities, current 24,427 25,155
Deferred revenue 35,234 26,511
Other current liabilities 7,499 2,796
Total current liabilities 193,998 104,456
Long-term debt, net 323,282 337,614
Operating lease liabilities, non-current 43,921 39,561
Other long-term liabilities 8,698 4,478
Total liabilities 569,899 486,109
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Additional paid-in capital 2,044,103 1,958,157
Accumulated other comprehensive loss (41) (100)
Accumulated deficit (1,114,487) (992,810)
Total stockholders’ equity 929,578 965,250
Total liabilities and stockholders’ equity 1,499,477 1,451,359
Common Class A    
Stockholders’ equity:    
Common stock 3 3
Common Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 31, 2019
Allowance for doubtful accounts $ 6,262 $ 8,254 $ 7,054 $ 5,029  
Common stock, par value (in dollars per share)         $ 0.00002
Common stock, shares authorized (in shares)         1,000,000,000.0
Common Class A          
Common stock, par value (in dollars per share) $ 0.00002 $ 0.00002      
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000      
Common stock, shares issued (in shares) 151,537,271 142,086,129      
Common stock, shares outstanding (in shares) 151,537,271 142,086,129      
Common Class B          
Common stock, par value (in dollars per share) $ 0.00002 $ 0.00002      
Common stock, shares authorized (in shares) 4,191,275 4,191,275      
Common stock, shares issued (in shares) 0 0      
Common stock, shares outstanding (in shares) 0 0      
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 624,018 $ 543,676 $ 505,988
Cost of revenue 267,815 247,738 239,660
Gross profit 356,203 295,938 266,328
Operating expenses:      
Research and development 162,662 137,980 152,190
Sales and marketing 201,434 198,610 191,773
General and administrative 110,692 113,399 116,077
Impairment expense 415 4,144 4,316
Restructuring charges 0 9,720 0
Total operating expenses 475,203 463,853 464,356
Loss from operations (119,000) (167,915) (198,028)
Net gain on extinguishment of debt 941 1,365 52,416
Interest income 12,290 14,871 18,186
Interest expense (12,699) (2,747) (4,051)
Other expense, net (721) (1,028) (1,832)
Loss before income tax expense (benefit) (119,189) (155,454) (133,309)
Income tax expense (benefit) 2,488 2,604 (221)
Net loss $ (121,677) $ (158,058) $ (133,088)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.83) $ (1.14) $ (1.03)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.83) $ (1.14) $ (1.03)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 146,902 138,099 128,770
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 146,902 138,099 128,770
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]      
Net loss $ (121,677) $ (158,058) $ (133,088)
Other comprehensive income:      
Foreign currency translation adjustment 0 0 565
Unrealized gain on investments in available-for-sale-securities 59 908 7,713
Total other comprehensive income 59 908 8,278
Comprehensive loss $ (121,618) $ (157,150) $ (124,810)
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022   124,336      
Beginning balance at Dec. 31, 2022 $ 955,158 $ 2 $ 1,666,106 $ (9,286) $ (701,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of vested stock options (in shares)   291      
Exercise of vested stock options 2,169   2,169    
Vesting of restricted stock units (in shares)   6,150      
Vesting of restricted stock units 1 $ 1      
Shares issued under bonus program (in shares)   1,193      
Shares issued under bonus program $ 16,599   16,599    
Shares issued under employee stock purchase program (in shares) 1,000 1,022      
Shares issued under employee stock purchase program $ 8,692   8,692    
Stock-based compensation 121,679   121,679    
Net loss (133,088)       (133,088)
Other comprehensive (loss) income 8,278     8,278  
Ending balance (in shares) at Dec. 31, 2023   132,992      
Ending balance at Dec. 31, 2023 979,488 $ 3 1,815,245 (1,008) (834,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of vested stock options (in shares)   292      
Exercise of vested stock options 1,115   1,115    
Vesting of restricted stock units (in shares)   5,886      
Shares issued under bonus program (in shares)   1,889      
Shares issued under bonus program $ 26,849   26,849    
Shares issued under employee stock purchase program (in shares) 1,000 1,027      
Shares issued under employee stock purchase program $ 6,714   6,714    
Stock-based compensation 108,234   108,234    
Net loss (158,058)       (158,058)
Other comprehensive (loss) income 908     908  
Ending balance (in shares) at Dec. 31, 2024   142,086      
Ending balance at Dec. 31, 2024 $ 965,250 $ 3 1,958,157 (100) (992,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Exercise of vested stock options (in shares) 388 388      
Exercise of vested stock options $ 1,044   1,044    
Vesting of restricted stock units (in shares)   7,054      
Shares issued under bonus program (in shares)   951      
Shares issued under bonus program $ 6,898   6,898    
Shares issued under employee stock purchase program (in shares) 1,100 1,058      
Shares issued under employee stock purchase program $ 6,703   6,703    
Purchases of capped calls (18,162)   (18,162)    
Stock-based compensation 89,463   89,463    
Net loss (121,677)       (121,677)
Other comprehensive (loss) income 59     59  
Ending balance (in shares) at Dec. 31, 2025   151,537      
Ending balance at Dec. 31, 2025 $ 929,578 $ 3 $ 2,044,103 $ (41) $ (1,114,487)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 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 0 371 744
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 0 25,625
Maturities of marketable securities 197,176 371,189 433,767
Advance payment for purchase of property and equipment 0 (790) 0
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 0 0
Payments of issuance costs for convertible notes (5,924) (5,729) 0
Cash paid for debt extinguishment (148,875) 0 (310,540)
Payments for purchase of capped calls (18,162) 0 0
Repayments of finance lease liabilities (2,328) (14,958) (27,175)
Payment of deferred consideration for business acquisitions 0 (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
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 0 155,730 0
Debt retired in exchange for issuance of new notes 0 (157,095) 0
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 0 0 150
Total cash, cash equivalents, and restricted cash $ 180,563 $ 286,175 $ 108,071
v3.25.4
Nature of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of Business
Fastly, Inc. is an edge cloud platform that can process, serve, and secure its customers' applications as close to their end users as possible. The Company was incorporated in Delaware in 2011 and is headquartered in San Francisco, California.
As used herein, “Fastly,” “the Company,” “its” and similar terms include Fastly, Inc. and its subsidiaries, unless the context indicates otherwise.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Certain changes to presentation have been made to conform the prior period presentation to the current period reporting. The Company has made certain presentation changes to separate out deferred revenue from other current liabilities on the consolidated balance sheets.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates, judgments, and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, internal-use software development costs, the incremental borrowing rate related to the Company’s lease liabilities, fair value of assets acquired and liabilities assumed during business combinations, useful lives of acquired intangible assets and property and equipment, financial instruments, income tax reserves, and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements in the period of change and prospectively from the date of the change in estimate.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable.
The Company’s cash, cash equivalents, and marketable securities primarily consisted of money market funds, investment-grade commercial paper, corporate notes and bonds, U.S. treasury securities, certificates of deposit, and municipal bonds. The primary focus of its investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy limits the amount of credit exposure with any one financial institution or commercial issuer. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets.
Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically dispersed customers diversified across several industries. No single customer accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023. No single customer accounted for more than 10% of the total accounts receivable balance as of December 31, 2025 or 2024. Affiliated customers that are business units of a single company generated an aggregate of 10% of the Company’s revenue for the year ended December 31, 2025. No affiliated customers that are business units of a single company generated more than 10% of revenue for the year ended December 31, 2024. Affiliated customers that are business units of a single company generated an aggregate of 12% of the Company’s revenue for the year ended December 31,
2023. No affiliated customers that are business units of a single company accounted for more than 10% of the Company's accounts receivable balance as of December 31, 2025. Affiliated customers that are business units of a single company accounted for an aggregate of 11% of the Company’s accounts receivable balance as of December 31, 2024.
Cash, Cash Equivalents, and Marketable Securities
Cash and cash equivalents include cash held in banks, highly liquid money market funds, U.S. treasury securities, municipal securities, and commercial paper, all with original maturities of three months or less when acquired. The Company’s short-term and long-term marketable securities consists of fixed income U.S. and foreign government agency securities, corporate bonds, municipal securities, certificates of deposit, and commercial paper. Management determines the appropriate classification of the Company’s investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying remaining contractual maturity date.
The Company classifies its marketable securities as available-for-sale as it has the ability to sell the marketable securities prior to its maturity. The Company’s marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash and cash equivalents are stated at cost, which approximate fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities and are also carried at fair market value. When the available-for-sale debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations.
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a credit impairment has occurred include whether the decline in fair value is due to credit related factors, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis. No such impairment charges were recorded during the years ended December 31, 2025, 2024, and 2023.
Accounts Receivable, net
Accounts receivable are recorded and carried at the original invoiced amount, net of an allowance for any potential credit losses. The allowance for credit losses is determined based upon the assessment of various factors, such as historical experience, credit quality of its customers, age of the accounts receivable balances, geographic related risks, economic conditions, and other factors that may affect a customer’s ability to pay. The Company records these charges as a component of general and administrative expenses in the consolidated statements of operations in the period in which the change occurs. The Company does not have any off-balance sheet credit exposure related to its customers.
Incremental Costs to Obtain a Contract with a Customer
The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission payments. The Company pays commissions based on contract value upon signing an arrangement with a new customer and upon upgrades of existing contracts with customers only if the upgrades result in an incremental increase in contract value. These costs are deferred on the consolidated balance sheets and amortized over the expected period of benefit on a straight-line basis. The Company also pays commissions on an ongoing basis based upon revenue recognized. In these cases, no incremental costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized. Based on the nature of the Company’s technology and services, and the duration of its relationships with its customers, the expected period of benefit is determined to be five years. Management periodically reviews the carrying amount of deferred commission costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. Amortization is included in sales and marketing expense in the consolidated statements of operations. Deferred commission are included in other assets on the consolidated balance sheets.
Fair Value of Financial Instruments
The Company’s available-for-sale securities are recorded at fair value. The Company’s cash and cash equivalents are recorded at cost, which approximates fair value. Additionally, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature. For disclosure purposes, the Company measures the fair value of its outstanding senior convertible notes using a market approach based on actual bids and offers in an over-the-counter market, or Level 2 inputs, on the last trading day of the period.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows:
Computer and networking equipment
3 to 5 years
Leasehold improvements
Shorter of lease term or 5 years
Furniture and fixtures3 years
Office equipment3 years
Internal-use software
3 to 5 years
The Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change.
Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.
Internal-Use Software Development Costs
Labor and related costs associated with internal-use software incurred during the application development stage are capitalized. Capitalization of costs begins when the preliminary project stage is completed, management has committed to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalization ceases at the point when the project is fully tested, is substantially completed and is ready for its intended purpose. The capitalized amounts are included in property and equipment, net on the consolidated balance sheets. The Company amortizes such costs on a straight-line basis over the estimated useful life of the software, which is generally between three to five years. Completed internal-use software that is related to the Company’s network is amortized to cost of revenue over its estimated useful life. Costs incurred during the planning, training, and post-implementation stages of the software development life-cycle are expensed as incurred.
Goodwill, Intangible Assets and Other Long-Lived Assets
Goodwill represents the excess of the purchase price of an acquired business over the fair value of the net tangible and identifiable intangible assets acquired. The carrying amount of goodwill is reviewed for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has a single operating segment and reporting unit structure for all of the periods presented.

As part of the annual goodwill impairment test, the Company may first perform a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of the qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test will be required. If the Company has determined it necessary to perform a quantitative impairment assessment, the Company will compare the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill of the reporting unit. The Company did not recognize any goodwill impairment charges for any of the periods presented.
Goodwill has historically been tested for impairment annually on October 31 or more frequently upon the occurrence of certain events or substantive changes in circumstances that indicate impairment is more likely than not. During the year ended December 31, 2025, the Company changed the date of its annual impairment test from October 31 to October 1 of each year. This change is preferable because it aligns the Company’s impairment testing procedures with its annual business planning and budgeting process and allows the Company to maximize time and resources required to perform the impairment analysis. The Company does not consider this change in impairment testing date to be a material change in the application of an accounting principle as it does not result in the delay, acceleration or avoidance of an impairment charge.
On October 1, 2025, the Company completed its annual goodwill impairment test associated with its single reporting unit and, based on the qualitative assessment, determined it was more likely than not that the fair value of the reporting unit exceeded its carrying value. The Company did not identify any events or changes in circumstances since the performance of its annual goodwill impairment test that would require the Company to perform another goodwill impairment test during the fiscal year.
The Company’s definite lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit.
The useful lives of the intangible assets are as follows:

Customer relationships
3 to 8 years
Developed technology
4 to 5 years
Trade names
3 to 4 years
Internet protocol addresses10 years
Long-lived assets, including property and equipment, definite lived intangible assets, and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in market capitalization, facility closures, or work-force reductions indicate that the carrying amount of the long-lived asset or asset group may not be recoverable. When such events occur, the Company compares the carrying amount of the asset or asset group to the undiscounted expected future cash flows related to the asset or asset group. If this comparison indicates that an impairment is present, the amount of impairment is calculate as the difference between the carrying amount and the fair value of the asset or asset group. In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis. Refer to Note 5 — Balance Sheet Information and Note 6 — Leases for discussion of impairment of property and equipment and impairment of operating lease right-of-use asset, respectively.
Leases
The Company leases office space and data centers (“colocation leases”) under non-cancelable operating leases with various expiration dates. The Company also leases server equipment under non-cancelable finance leases with various expiration dates. The Company determines if an arrangement contains a lease at inception.
Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and exclude lease incentives.
Operating lease expense is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised. The lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.
Certain of our operating leases contain both lease and non-lease components. Non-lease components for our office spaces include fixed payments for maintenance, utilities, real estate taxes, and management fees. Non-lease components for colocation leases include fixed payments for utilities and other operating costs. For both office spaces and colocation leases, the Company combines fixed lease and non-lease components and account for them as a single lease component.
The Company leases networking equipment from a third party through equipment finance leases. These leases include a bargain purchase option, resulting in a full transfer of ownership at the completion of the lease term.
Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease liabilities, and finance lease liabilities, non-current on the consolidated balance sheets.
Convertible Debt
The Company evaluated the terms of its debt in line with ASC 470-20, as amended by Accounting Standards Update (“ASU”) 2020-06, and concluded that the instrument does not require separation and that there were no other derivatives that required separation. The Company has combined these features with the host contract and accounted for the convertible debt as a single liability in long-term debt on the consolidated balance sheets. The carrying amount of the liability is either based on fair value or the gross proceeds, net of the unamortized transaction costs incurred related to the issuance of the convertible debt instrument, and any partial repurchases made. The debt discount from the net unamortized transaction cost is amortized to interest expense over the term of the convertible debt instrument using the effective interest rate method.
Revenue Recognition
The Company primarily derives revenue from the sale of services to customers executing contracts in which the standard contract term is one year, although terms may vary by contract. Most of the Company’s contracts are non-cancelable over the contractual term. The majority of the Company’s usage-based contracts commit the customer to a minimum monthly level of usage and specify the rate at which the customer must pay for actual usage above the monthly minimum. The Company also offers subscriptions to access security services at a fixed rate. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.
In accordance with Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these services. To achieve the core principle of this standard, the Company applies the following five steps:
(1) Identify the contract with a customer
The Company considers the terms and conditions of contracts with customers and its customary business practices in identifying contracts under ASC 606. The Company determines it has a contract with a customer when the contract is approved, each party’s rights regarding the services to be transferred can be identified, payment terms for the services can be identified, it has been determined that the customer has the ability and intent to pay, and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.
(2) Identify the performance obligations in the contract
Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from the Company or from third parties, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. The Company’s contracts with customers often include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require judgment. Performance obligations generally represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company.
(3) Determine the transaction price
The transaction price is determined based on the consideration to which the Company is expected to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The transaction price in a contract for usage-based services is typically equal to the minimum commit price in the contract plus any variable amounts of usage above the minimum commitment, less any discounts provided. The transaction price in a contract that does not contain usage-based services is equal to the total contract value.
(4) Allocate the transaction price to performance obligations in the contract
If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). For contracts with multiple performance obligations that are delivered over different time periods, the Company allocates the contract transaction price to each performance obligation using the estimated SSP of each distinct good or service in the contract. Judgment is required to determine the SSP for each distinct performance obligation. The Company analyzes separate sales of its services or the discounted list price per management’s approved price list as a basis for estimating the SSP of these services. In instances where SSP is not directly observable, such as when the Company does not sell the service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of those services by customers and circumstances. In these instances, the Company may use information, such as geographic region and distribution channel, in determining the SSP.
Because the Company’s typical contracts represent distinct services delivered over time with the same pattern of transfer to the customer, usage-based consideration primarily related to actual consumption over the minimum commit levels is allocated to the period to which it relates. The amount of consideration recognized for usage above the minimum commit price is limited to the amount the Company expects to be entitled to receive in exchange for providing services. The Company has elected to apply the practical expedient for estimating and disclosing the variable consideration when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a performance obligation from its remaining performance obligations under these contracts. For contracts to which such practical expedient cannot be applied, consideration is estimated.
(5) Recognize revenue when or as performance obligations are satisfied
Revenue is recognized when control of the services is transferred to the customer, in an amount that reflects the consideration expected to be received in exchange for those services. The Company generates all its revenue from contracts with customers. The Company’s revenue is recognized over time, consistent with the pattern of benefit provided to the
customer over the term of the agreement. Revenue on the Company’s subscription services are recognized ratably over their respective contractual term.
At times, customers may request changes that either amend, replace, or cancel existing contracts. Judgment is required to determine whether the specific facts and circumstances within the contracts should be accounted for as a separate contract or as a prospective modification.
In contracts where there are timing differences between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service, the Company has determined its contracts do not include a significant financing component. The Company has also elected the practical expedient to not measure financing components for any contract where the timing difference is less than one year.
Cost of Revenue
Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as colocation costs. Cost of revenue also includes employee costs for network operation, build-out and support and services delivery, network storage costs, cost of managed services and software-as-a-service, depreciation of network equipment used to deliver services, and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms of typically one year. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. The Company enters into contracts for colocation services with third-party providers with terms typically ranging from one to six years.
Research and Development Costs
Research and development costs consist of primarily payroll and related personnel costs for the design, development, testing, and enhancement of the Company’s edge cloud platform. Research and development expenses also include cloud infrastructure fees for development and testing. Costs incurred in the development of the Company’s edge cloud platform are expensed as incurred, excluding those expenses which meet the criteria for the capitalization of internal-use software.
Advertising Expense
The Company recognizes advertising expense as incurred. The Company recognized total advertising expense of approximately $5.1 million, $5.8 million and $4.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Accounting for Stock-Based Compensation
The Company recognizes stock-based compensation expense based on the grant-date fair value of the awards. The fair values of the restricted stock units (“RSUs”) and performance stock awards (“PSUs”) are based on the fair value of the Company’s stock price on the grant date. The fair values of stock options and employee stock purchase program (“ESPP”) are based on the Black-Scholes option-pricing model. The fair value of the market-based performance stock awards (“MPSUs”) and Relative Total Shareholder Return Award PSUs (“rTSR PSUs”) are measured using a Monte Carlo simulation valuation model.
The determination of the fair value of a stock-based award is affected by the deemed fair value of the underlying stock price on the grant date, as well as assumptions regarding a number of other complex and subjective variables, including expected term and stock price volatility of the awards.
Stock-based compensation expense for awards with service-based vesting only is recognized on a straight-line basis over the requisite service period of the awards, which is generally three or four years. In addition to service-based conditions, stock-based compensation expense for awards that have performance-based or market-based conditions are recognized over the requisite service period for each separately-vesting tranche as though each tranche of the award is its own separate grant, which results in an accelerated recognition of compensation cost. The Company accounts for forfeitures as they occur.
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the consolidated statements of operations. The aggregate transaction gain or loss for the years ended December 31, 2025, 2024 and 2023 is included in the determination of net income for the period and was not material to the respective periods.
Income Taxes
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.
The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and consolidated statement of comprehensive loss. Accrued interest and penalties are included in accrued expenses on the consolidated balance sheet.
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, restricted stock units, restricted stock awards, shares issuable under its employee stock purchase plans and performance stock awards. The Company also applies the if-converted method for calculation of diluted earnings per share for its convertible debt instruments. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Segment Information
The Company has one reportable and operating segment. Financial information about the Company’s operating segment and geographic areas is presented in Note 13 to these financial statements.
Recently Issued and Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company's annual
periods beginning in 2025. The Company adopted the standard on December 31, 2025. For further information, refer to Note 12—Income Taxes, in these financial statements.
In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance.
In November 2024, the FASB issued ASU 2024-04 “Induced Conversions of Convertible Debt Instruments,” which amends ASC 470-202 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The guidance is effective for the Company's annual periods beginning in 2026 and interim periods within those annual reporting periods. The Company did not early adopt and is currently evaluating the impact of the new guidance.
In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which aims to clarify and modernize the accounting for costs related to internal-use software. The guidance is effective for the Company's interim and annual periods beginning in 2028. The Company is currently evaluating the impact of the new guidance.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
Revenue by geography is based on the billing address of the customer. Aside from the United States, no other single country accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023. The following table presents the Company’s net revenue by geographic region:
Year ended December 31,
202520242023
(in thousands)
United States$465,450 $407,324 $370,424 
All other countries158,568 136,352 135,564 
Total revenue$624,018 $543,676 $505,988 
The Company reports its revenue by three product lines: Network Services, Security, and Other. Network Services include solutions designed to improve performance of websites, apps, application programming interfaces (“APIs”), and digital media. Security includes products designed to protect websites, apps, APIs and users. Other includes Compute solutions that allow developers to build and deploy modern web applications on Fastly's edge cloud platform and Observability solutions that provide real-time logs, data, and metrics streamed from Fastly's edge platform for actionable insights. The following table presents the Company’s revenue by product line:
Year ended December 31,
202520242023
(in thousands)
Network Services
$477,774 $427,690 $405,116 
Security125,061 103,037 92,864 
Other21,183 12,949 8,008 
Total revenue
$624,018 $543,676 $505,988 
Contract Balances
The timing of revenue recognition may differ from the timing of invoicing to customers. The Company’s payment terms and conditions vary by contract type, and generally range from 30 to 90 days.
Contract assets are recognized when a conditional right to consideration exists and transfer of control has occurred. The Company records a contract asset, or unbilled receivable, when revenue is recognized prior to invoicing. Contract assets are typically related to the Company's subscription services and cloud usage. Contract assets are included in accounts receivable, net on the Company's Consolidated Balance Sheets.
The Company records a contract liability, or deferred revenue, when a contract is billed to customers in advance of revenue being recognized. Deferred revenue primarily consists of the unearned portions of billings for the Company’s security subscription services and the unearned portion of committed edge cloud platform usage. Contract liabilities are included in deferred revenue for the current portion and other long term liabilities for the long-term portion on the Consolidated Balance Sheets.
The following table presents the Company’s contract assets and contract liabilities as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
(in thousands)
Contract assets$1,668 $1,072 
Contract liabilities$40,819 $29,585 
The following table presents revenue recognized during the years ended December 31, 2025 and 2024 from amounts included in the contract liability at the beginning of the period:
Year ended December 31,
20252024
(in thousands)
Revenue recognized in the period from amounts included in contract liability at the beginning of the period$27,097 $33,719 
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents deferred revenue and amounts that were and will be invoiced and recognized as revenue in future periods for non-cancelable subscription arrangements and usage commitments. The Company’s RPO excludes performance obligations from on-demand arrangements when there are no minimum purchase commitments associated with these arrangements.
As of December 31, 2025, the aggregate amount of the transaction price in our contracts allocated to remaining performance obligations that are unsatisfied or partially unsatisfied was $353.8 million. This amount includes future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. As of December 31, 2025, the Company expects to recognize approximately 70% of its remaining performance obligations over the next 12 months. The Company’s typical contractual term with its customers is one year, although terms may vary by contract.
Costs to Obtain a Contract
As of December 31, 2025 and December 31, 2024, the Company’s costs to obtain contracts were as follows:
As of December 31, 2025As of December 31, 2024
(in thousands)
Deferred contract costs, net$47,586 $52,583 
During the years ended December 31, 2025, 2024 and 2023, the Company recognized $19.4 million, $18.6 million and $15.5 million of amortization related to deferred contract costs, respectively. These costs are recorded within sales and marketing expenses on the accompanying consolidated statements of operations.
v3.25.4
Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Fair Value of Financial Instruments
For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The Company measures its cash equivalents and marketable securities at fair value. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, securities of deposit, and municipal securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Financial assets and liabilities are measured and recorded at fair value on a recurring basis.
The following table summarizes the Company’s cash and marketable securities' amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of December 31, 2025 and 2024.
As of December 31, 2025
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
Cash and cash equivalents
Marketable securities:
(in thousands)
Cash
$87,743 $— $— $87,743 $87,743 $— 
Level 1:
Money market funds44,032 — — 44,032 44,032 — 
Level 2:
U.S. Treasury securities64,273 27 — 64,300 8,290 56,010 
Corporate notes and bonds50,942 19 — 50,961 4,570 46,391 
Commercial paper111,706 20 (2)111,724 33,928 77,796 
Municipal Securities1,600 — — 1,600 1,600 — 
Certificates of deposit1,399 — — 1,399 400 999 
Total
$361,695 $66 $(2)$361,759 $180,563 $181,196 
As of December 31, 2024
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Cash and cash equivalents:Marketable securities:
(in thousands)
Cash
$52,951 $— $— $52,951 $52,951 $— 
Level 1:
Money market funds
233,224 — — 233,224 233,224 — 
Level 2:
Corporate notes and bonds6,005 3 — 6,008 — 6,008 
Commercial paper3,699 — — 3,699 — 3,699 
Total
$295,879 $3 $— $295,882 $286,175 $9,707 
There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the years ended December 31, 2025 and 2024.
There were no material realized gains or losses from sales of marketable securities that were reclassified out of accumulated other comprehensive loss into other expense, net as of December 31, 2025 and December 31, 2024. For the years ended December 31, 2025, 2024 and 2023, the Company did not record any impairment charges for its marketable debt securities in its consolidated statements of operations. No impairment loss has been recorded on the securities as the Company does not intend to sell any impaired securities, nor is it more likely than not that the Company would be required to sell impaired securities before recovery of amortized cost basis.
v3.25.4
Balance Sheet Information
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information Balance Sheet Information
Allowance for Credit Losses
The activity in the accounts receivable reserves is as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$8,254 $7,054 $5,029 
Additions to the reserves4,181 3,834 2,025 
Write-offs and adjustments(6,173)(2,634)— 
Ending balance$6,262 $8,254 $7,054 
Revenue Reserve
The activity in the revenue reserve is as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$5,130 $4,296 $2,449 
Additions to the reserves10,052 834 1,847 
Write-offs and adjustments(7,420)— — 
Ending balance$7,762 $5,130 $4,296 
Property and Equipment, Net
Property and equipment, net consisted of the following:
As of December 31,
20252024
(in thousands)
Computer and networking equipment$278,181 $237,148 
Leasehold improvements8,181 8,139 
Furniture and fixtures2,430 2,153 
Office equipment1,232 1,218 
Internal-use software148,419 123,849 
Property and equipment, gross438,443 372,507 
Accumulated depreciation and amortization(251,658)(193,410)
Property and equipment, net$186,785 $179,097 
The Company did not recognize any material impairment charge during the year ended December 31, 2025,
During the year ended December 31, 2024, the Company recognized an impairment charge of $2.8 million related to equipment and an internal-use software project that the Company did not plan to continue with and therefore abandoned.
During the year ended December 31, 2023, the Company recognized an impairment charge of $4.3 million, of which $3.0 million related to property and equipment, net and $1.3 million related to advance payments for the purchase of property and equipment. The write-off was primarily related to excess computer and networking equipment including software the
Company did not expect to use and therefore abandoned. Impairment charges are included within impairment expense in the consolidated statements of operations.
Depreciation on property and equipment for the years ended December 31, 2025, 2024 and 2023 was $61.0 million, $54.0 million, and $51.6 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of $22.6 million, $17.0 million and $14.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the unamortized balance of capitalized internal-use software costs on the Company’s consolidated balance sheets was approximately $81.4 million and $79.5 million, respectively.
Other Assets
Other assets consisted of the following:
As of December 31,
20252024
(in thousands)
Deferred contract costs, net$47,586 $52,583 
Advance payment for purchase of property and equipment— 9,837 
Other assets10,203 5,982 
Total other assets$57,789 $68,402 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of December 31,
20252024
(in thousands)
Prepaid expenses
$16,737 $22,455 
Other current assets
10,184 5,870 
Total$26,921 $28,325 
Accrued Expenses
Accrued expenses consisted of the following:
As of December 31,
20252024
(in thousands)
Accrued compensation and related benefits$46,611 $19,266 
Accrued colocation and bandwidth costs13,944 15,317 
Other tax liabilities4,800 4,266 
Other accrued expenses
5,314 2,773 
Total accrued expenses$70,669 $41,622 
Other Current Liabilities
Other current liabilities consisted of the following:
As of December 31,
20252024
(in thousands)
Accrued computer and networking equipment$413 $743 
Customer deposits
6,115 1,213 
Other current liabilities971 840 
Total other current liabilities$7,499 $2,796 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases) and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 9 years, some of which include options to extend the leases. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from less than 1 year to 4 years. Sublease income was $0.8 million, $1.4 million, and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The components of lease cost were as follows:
As of December 31,
202520242023
(in thousands)
Operating lease cost:
Operating lease cost$26,809 $26,581 $26,996 
Variable lease cost20,546 17,003 15,112 
Total operating lease cost$47,355 $43,584 $42,108 
Finance lease cost:
Amortization of assets under finance lease$11,598 $13,521 $14,391 
Interest15 378 1,328 
Total finance lease cost$11,613 $13,899 $15,719 
The short-term lease costs were not material for the years ended December 31, 2025, 2024 and 2023.
The Company did not recognize any material impairment charge on its operating lease right-of-use assets during the year ended December 31, 2025. During the year ended December 31, 2024, the Company recognized an impairment charge of $1.7 million related to right-of-use assets, of which $1.3 million was related to the Company exiting a certain office facility and is included within the impairment expense line in the Company's consolidated statements of operations. During the year ended December 31, 2023, the Company recognized impairment on its operating lease right-of-use assets of $0.7 million.
As of December 31,
202520242023
(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases4.392.843.48
Finance leases— 0.321.00
Weighted Average Discount Rate:
Operating leases7.16 %6.36 %6.03 %
Finance leases— %4.67 %4.67 %
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating Leases
(in thousands)
Year ending December 31,
2026$30,344 
202721,670 
202812,133 
20296,559 
20305,028 
Thereafter15,245 
Total future minimum lease payments$90,979 
Less: imputed interest(13,526)
Total liability$77,453 
As of December 31, 2025, the Company has undiscounted commitments of $9.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the first quarter of 2026 with lease terms ranging from 2 years to 5 years.
Leases Leases
The Company has operating leases for corporate offices and data centers (“colocation” leases) and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 9 years, some of which include options to extend the leases. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from less than 1 year to 4 years. Sublease income was $0.8 million, $1.4 million, and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The components of lease cost were as follows:
As of December 31,
202520242023
(in thousands)
Operating lease cost:
Operating lease cost$26,809 $26,581 $26,996 
Variable lease cost20,546 17,003 15,112 
Total operating lease cost$47,355 $43,584 $42,108 
Finance lease cost:
Amortization of assets under finance lease$11,598 $13,521 $14,391 
Interest15 378 1,328 
Total finance lease cost$11,613 $13,899 $15,719 
The short-term lease costs were not material for the years ended December 31, 2025, 2024 and 2023.
The Company did not recognize any material impairment charge on its operating lease right-of-use assets during the year ended December 31, 2025. During the year ended December 31, 2024, the Company recognized an impairment charge of $1.7 million related to right-of-use assets, of which $1.3 million was related to the Company exiting a certain office facility and is included within the impairment expense line in the Company's consolidated statements of operations. During the year ended December 31, 2023, the Company recognized impairment on its operating lease right-of-use assets of $0.7 million.
As of December 31,
202520242023
(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases4.392.843.48
Finance leases— 0.321.00
Weighted Average Discount Rate:
Operating leases7.16 %6.36 %6.03 %
Finance leases— %4.67 %4.67 %
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating Leases
(in thousands)
Year ending December 31,
2026$30,344 
202721,670 
202812,133 
20296,559 
20305,028 
Thereafter15,245 
Total future minimum lease payments$90,979 
Less: imputed interest(13,526)
Total liability$77,453 
As of December 31, 2025, the Company has undiscounted commitments of $9.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the first quarter of 2026 with lease terms ranging from 2 years to 5 years.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
As of December 31, 2025 and 2024, the Company’s goodwill was $670.4 million. The Company did not record an impairment charge on goodwill for the fiscal years ended December 31, 2025, 2024 and 2023.
Intangible Assets, net
As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:
As of December 31, 2025As of December 31, 2024
Gross carrying valueAccumulated amortizationNet carrying valueGross carrying valueAccumulated amortizationNet carrying value
(in thousands)
Intangible assets:
Customer relationships$69,100 $(45,347)$23,753 $69,860 $(37,364)$32,496 
Developed technology49,500 (49,500)— 50,130 (42,482)7,648 
Trade names3,300 (3,300)— 3,910 (3,694)216 
Internet protocol addresses4,984 (2,966)2,018 4,984 (2,468)2,516 
Total intangible assets$126,884 $(101,113)$25,771 $128,884 $(86,008)$42,876 
The Company’s customer relationships, developed technology, trade names and Internet protocol addresses represent intangible assets subject to amortization. Amortization expense was $16.8 million, $19.6 million and $20.4 million, for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company did not purchase any intangible assets during the years ended December 31, 2025, 2024 and 2023.
The Company recorded an impairment charge of $0.3 million for the year ended December 31, 2025 related to the write-off of intangible assets no longer in use. The Company did not record an impairment charge on its intangible assets for either of the years ended December 31, 2024 or 2023.
The expected amortization expense of intangible assets subject to amortization as of December 31, 2025 is as follows:
As of December 31, 2025
(in thousands)
Year ending December 31,
2026$9,064 
20279,051 
20286,891 
2029378 
2030281 
Thereafter106 
Total$25,771 
v3.25.4
Debt Instruments
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Instruments Debt Instruments
Senior Secured Credit Facilities Credit Agreement
On February 16, 2021, the Company entered into a Senior Secured Credit Facilities Credit Agreement (as amended, restated, amended and restated, supplemented, restructured, or otherwise modified from time to time, the “Credit Agreement”) with the lenders from time to time party thereto (the “Lenders”) and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as a lender and as administrative agent and collateral agent for the Lenders. The Credit Agreement provides for a $60.0 million senior secured revolving facility, with a maturity date of the earlier of (i) April 30, 2027 and (ii) so long as any of our permitted convertible debt is outstanding after January 30, 2027 and if Net Liquidity is less than $200.0 million (or, if the amount of outstanding permitted convertible debt is less than $35.0 million, $120.0 million), such date. The Company recorded $0.6 million of debt issuance costs associated with the Credit Agreement in other assets on the Company’s consolidated balance sheet.
The revolving loans bear interest, at the Company’s election, at an annual rate based on the ABR (as defined in the Credit Agreement) plus 1.00% (such loans, the “ABR Loans”) or the Adjusted Term SOFR (as defined in the Credit Agreement) plus 2.00% (such loans, the “SOFR Loans”).
Interest payments on outstanding borrowings are due, with respect to SOFR Loans, on the last day of each interest period and with respect to ABR Loans, on the last calendar day of each month. The Credit Agreement has a commitment fee on the unused portion of the borrowing commitment, which is payable on the last day of each calendar quarter at a rate per annum of 0.20% to 0.25% depending on the average daily outstanding balance of all loans and letters of credit under the Credit Agreement. In addition, the Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated adjusted quick ratio of at least 1.25 to 1:00 tested on a quarterly basis as well as a springing revenue growth covenant not to be less than 5% on a quarterly basis for certain periods if the Company’s consolidated adjusted quick ratio falls below 1.75 to 1:00 on the last day of any fiscal quarter. The Credit Agreement requires the Company to comply with various affirmative and negative covenants, and contains customary events of default.

As of December 31, 2025 and 2024, the Company and its subsidiaries were in compliance with all of the Credit Agreement’s covenants. During the years ended December 31, 2025 and 2024, no amounts were drawn down on the Company’s Credit Agreement. As of the years ended December 31, 2025 and 2024, no amounts were outstanding under the Credit Agreement.
Convertible Senior Notes
On March 5, 2021, the Company issued approximately $948.8 million aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”), including the exercise in full by the initial purchasers of their option to purchase up to an additional approximately $123.8 million principal amount of the 2026 Notes. The 2026 Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2026 Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The net proceeds from the issuance of the 2026 Notes were approximately $930.0 million after deducting the initial purchasers’ discounts and transaction costs.
On May 25, 2022, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase (the “Repurchases”) $235.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $176.4 million and aggregate transaction costs of $0.7 million. The Repurchases were accounted for as a debt extinguishment that resulted in a net gain of $54.4 million, which was recorded as non-operating income on the Company's consolidated statement of operations for the year ended December 31, 2022.
During the year ended December 31, 2023, the Company entered into several separate privately negotiated transactions with certain holders of the 2026 Notes to repurchase $367.3 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $309.1 million and aggregate transaction costs of $2.0 million. The Repurchases were accounted for as a debt extinguishment that resulted in a net gain of $52.4 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2023.

During the year ended December 31, 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to exchange $157.9 million aggregate principal amount of the 2026 Notes for $150.0 million aggregate principal amount of 7.75% convertible senior notes due 2028 (the “2028 Notes”), which were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The exchange was accounted for as a debt extinguishment and an issuance of new debt that resulted in a net gain of $1.4 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2024.
During the year ended December 31, 2025, the Company issued $180.0 million aggregate principal amount of 0% convertible senior unsecured notes due in 2030 (the “2030 Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Concurrently with issuance of the 2030 Notes, the Company also entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase $150.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $148.9 million. The repurchase was accounted for as a debt extinguishment and resulted in a net gain of $0.9 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2025.
As of December 31, 2025, the Company's outstanding convertible senior notes (collectively, the "Notes") had a par value totaling $368.6 million. The following table summarizes further details of the Notes:
NotesIssuance DateMaturity DatePrincipal amount (in thousands)Coupon Interest RateEffective Interest Rate
2026 Notes
March 5, 2021
March 15, 2026
$38,594 — %0.38 %
2028 Notes
June 1, 2025
June 1, 2028
$150,000 7.75 %7.77 %
2030 Notes
December 5, 2025
December 15, 2030
$180,000 — %0.76 %
Redemption Rights of the Notes
The Company may redeem for cash, all or any portion of the 2026 Notes, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the 2026 Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. No sinking fund is provided for the 2026 Notes.
The Company may not redeem the 2028 Notes prior to the maturity date.
The 2030 Notes may not be redeemed by the Company prior to December 20, 2028. On or after December 20, 2028, if the common stock price is at least 130% of the conversion price for the 2030 Notes in effect for at least 20 of any 30 consecutive trading day period, the Company may redeem all or part of the Notes at a redemption price equal to the principal amount and accrued and unpaid interest with at least 35 days’ notice to holders.
If the Company undergoes a fundamental change at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date.
Conversion Rights of the Notes
Prior to the close of business on the business day immediately preceding the conversion date, as noted in the table below, under the following circumstances a holder may exercise their conversion right:
•During any calendar quarter commencing after the calendar quarter ended June 30, 2021 for the 2026 Notes, March 31, 2025 for the 2028 Notes and March 31, 2026 for the 2030 Notes (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the respective Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or
•Upon the occurrence of specified corporate events.
On or after the respective conversion date, as noted in the table below, holders may convert all or any portion of their respective Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.
The conversion rights of the Notes are as follows:
Notes
Conversion Date
Conversion Rate(1)
Conversion Price per share
2026 Notes
December 15, 2025
9.7272$102.80 
2028 Notes
March 1, 2028
50.6586$19.74 
2030 NotesSeptember 16, 203065.5136 $15.26 
(1) The conversion rate for the Notes is established as a number of shares of the Company's common stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.
As of December 31, 2025, the conversion conditions had not been met by any of the Notes, and therefore were not yet convertible.
Carrying Value of the Notes as of December 31, 2025 and 2024 as follows:
2030 Notes
2028 Notes
2026 Notes
As of December 31, 2025
Principal amount$180,000 $150,000 $38,594 
Less: unamortized debt issuance costs(6,620)(98)(37)
Net carrying amount
173,380 149,902 38,557 
As of December 31, 2024
Principal amount— 150,000 188,594 
Less: unamortized debt issuance costs— (77)(903)
Net carrying amount
— 149,923 187,691 
For the years ended December 31, 2025, 2024 and 2023, interest expense related to the Company’s debt obligations was $12.6 million, $2.3 million, and $2.7 million respectively. As of December 31, 2025 and 2024, the total estimated fair value of the Company's convertible senior notes were $379.5 million and $327.7 million, respectively.
Capped Calls
In connection with the pricing of the issuance of the 2030 Notes, the Company entered into the Capped Calls. The Capped Calls associated with the 2030 Notes each had an initial strike price of approximately $15.26 per share. These Capped Calls had initial cap prices of $23.04 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2030 Notes, with such offset subject to a cap based on the cap price. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers and the announcement of such events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, increased cost of hedging and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions and not part of the terms of the 2030 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity resulting in a $18.2 million decrease in additional paid in capital.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
As of December 31, 2025, the Company had long-term commitments for cost of revenue related agreements (i.e., bandwidth usage, peering and other managed services with various networks, fixed asset vendors, Internet service providers and other third-party vendors). The Company also has non-cost of revenue long-term commitments for various non-cancelable agreements.
Aside from the Company’s finance and operating lease commitments, including its colocation operating commitments, which have been disclosed in Note 6—Leases, the minimum future commitments related to the Company’s purchase commitments as of December 31, 2025 were as follows:
Cost of Revenue CommitmentsOperating Expense CommitmentsTotal Purchase Commitments
(in thousands)
Year ending December 31,
2026$59,276 $21,668 $80,944 
202717,556 13,994 31,550 
20284,081 8,664 12,745 
2029
18 — 18 
2030
— — — 
Total$80,931 $44,326 $125,257 
Sales and Use Tax
The Company conducts its operations in many tax jurisdictions throughout the United States. In some of these jurisdictions the Company is subject to indirect taxes, such as sales and use taxes, and may be subject to certain other taxes. In accordance with GAAP, the Company has recorded a provision for its tax exposure in these jurisdictions when it is both probable that a liability has been incurred and the amount of the exposure can be reasonably estimated. The Company has accrued $4.8 million and $4.3 million as of December 31, 2025 and 2024, respectively, for sales and use tax. These estimates are based on several key assumptions, including the taxability of the Company’s operations and the jurisdictions in which the Company believes it has nexus. In the event these jurisdictions challenge the Company’s assumptions and analysis, its actual exposure could differ materially from its current estimates.
Legal Matters
From time to time, the Company has been and may be subject to legal proceedings and claims. Such matters are subject to many uncertainties and outcomes are not predictable. The Company accrues for contingencies when it believes that a loss is probable and that the Company can reasonably estimate the amount of any such loss.
On May 24, 2024, a purported securities class action lawsuit was filed in the United States District Court for the Northern District of California, captioned Ken Kula v. Fastly, Inc., et al. (Case No. 4:24-cv-03170), naming the Company and certain of its officers as defendants. Motions for lead plaintiff were filed on July 23, 2024. On August 22, 2024, the court appointed lead plaintiff (“Lead Plaintiff”) and lead counsel. On November 1, 2024, Lead Plaintiff filed an amended complaint. The amended complaint alleges violations of Section 10(b) and 20(a) of the Exchange Act purportedly on behalf of all those who purchased or acquired Fastly securities between November 15, 2023 and August 7, 2024. The complaint seeks unspecified compensatory damages, and other relief. Defendants filed a motion to dismiss on January 15, 2025. Lead Plaintiff filed an opposition to the defendants’ motion to dismiss on March 17, 2025. Defendants filed a reply in support of the motion to dismiss on April 30, 2025. On September 24, 2025, the court issued an order granting in part and denying in part the motion to dismiss. On October 24, 2025, Lead Plaintiff filed a second amended complaint. On December 9, 2025, Defendants filed a motion to dismiss the second amended complaint. On January 26, 2026, Lead Plaintiff filed an opposition. Defendants filed a reply in support of the motion to dismiss the second amended complaint on February 19, 2026. A hearing is scheduled for April 30, 2026 on Defendants’ motion to dismiss the second amended complaint. It is possible that additional lawsuits will be filed, or allegations made by stockholders, regarding these same or other matters and also naming as defendants the Company and its officers and directors.
On June 12, 2024, certain of the Company’s officers and directors were named as defendants in a stockholder derivative action filed in the United States District Court for the Northern District of California, captioned Roy v. Nightingale, et al. (Case No. 3:24-cv-03549-JCS). On July 1, 2024, a stockholder derivative complaint was also filed against certain of the Company's officers and directors in the same court, captioned Steffens v. Nightingale et al. (Case No. 4:24-cv-03984-DMR). The derivative complaints are based on substantially similar allegations as those in the securities class action. The derivative complaints assert that defendants breached their fiduciary duties as directors and/or officers of the Company, as well as claims of unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, aiding and abetting, violations of
Section 14(a) of the Exchange Act, and contribution under Sections 10(b) and 21D of the Exchange Act. The court consolidated and stayed the derivative actions until after resolution of the Company’s motion(s) to dismiss in the above-referenced securities class action. On August 23, 2024, a substantially similar stockholder derivative complaint was filed against certain of the Company’s officers and directors in the United States District Court for the District of Delaware, captioned Sweitzer v. Nightingale, et al. (Case No. 1:24-cv-00969-GBW) (the “Sweitzer Action”). On September 26, 2024, the court stayed the Sweitzer Action until after resolution of the Company's motion(s) to dismiss in the above-referenced securities class action. On December 20, 2024, a substantially similar stockholder derivative complaint was filed against certain of the Company’s officers and directors in the Court of Chancery for the State of Delaware, captioned Bushansky v. Nightingale, et al. (Case No. 2024-1322) (the “Bushansky Action”). On January 8, 2025, the court stayed the Bushansky Action until after resolution of the Company’s motion(s) to dismiss in the above-referenced securities class action. It is possible that additional lawsuits will be filed, or allegations made by stockholders, regarding these same or other matters and also naming as defendants the Company and its officers and directors.

The Company is also party to various disputes that management considers routine and incidental to its business. Management does not expect the results of any of these routine actions to have a material effect on the Company's business, results of operations, financial conditions, or cash flows.

The pending lawsuits and any other related lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcome of the pending lawsuits and any other related lawsuits is necessarily uncertain. The Company could be forced to expend significant resources in the defense of the pending lawsuits and any additional lawsuits, and it may not prevail. In addition, the Company may incur substantial legal fees and costs in connection with such lawsuits. The Company is not currently able to estimate the possible cost to it from these matters, as the pending lawsuits are currently at an early stage, and it cannot be certain how long it may take to resolve the pending lawsuits or the possible amount of any damages that it may be required to pay. Such amounts could be material to the Company's financial statements if the Company does not prevail in the defense against the pending lawsuits and any other related lawsuits, or even if it does prevail.
As of December 31, 2025, the Company has not recorded any significant accruals for loss contingencies associated with the above mentioned lawsuits as it does not believe an outcome resulting in a loss is probable. It will accrue for loss contingencies if it becomes both probable that it will incur a loss and if the Company can reasonably estimate the amount or range of the loss.
Indemnification
The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with its provision of its services. Generally, these obligations are limited to claims relating to infringement of a patent, copyright, or other intellectual property right, breach of the Company’s security or data protection obligations, or its negligence, willful misconduct, or violation of law. Subject to applicable statutes of limitation, the term of these indemnification agreements is generally for the duration of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company carries insurance that covers certain third-party claims relating to the Company’s services and could limit its exposure in that respect.
The Company has agreed to indemnify each of its officers and directors during his or her lifetime for certain events or occurrences that happen by reason of the fact that the officer or director is, was, or has agreed to serve as an officer or director of the Company. The Company has director and officer insurance policies that may limit its exposure and may enable it to recover a portion of certain future amounts paid.
To date, the Company has not encountered material costs as a result of such indemnification obligations and has not accrued any related liabilities in its financial statements. In assessing whether to establish an accrual, the Company considers such factors as the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss.
v3.25.4
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
The Company’s Amended and Restated Certificate of Incorporation, as amended and restated in May 2019, authorizes the issuance of 1.0 billion shares of common stock, each at a par value per share of $0.00002. Holders of common stock are entitled to one vote per share.
Equity Incentive Plans
The Company maintains five equity incentive plans: the 2019 Equity Incentive Plan (the “2019 Plan”), 2011 Equity Incentive Plan (“2011 Plan”), 2019 Employee Stock Purchase Plan (“ESPP Plan”), the Signal Sciences Corp. 2014 Stock Option and Grant Plan, as amended (the “Signal Plan”), and the 2025 Employment Inducement Incentive Plan (the "2025 Inducement Plan"). The 2019 Plan became effective in May 2019 and replaced the 2011 Plan. The Company’s 2019 Plan provides for the issuance of incentive stock options, non-statutory stock options, restricted stock units, performance-based stock awards, and other forms of equity compensation, which are collectively referred to as stock awards to its employees, directors, and consultants. The Signal Plan includes 251,754 registered shares which can be exercised to purchase shares of Fastly’s common stock. The 2025 Inducement Plan provides for the grant of non-statutory stock options, restricted stock units, performance based stock awards, and other forms of equity compensation.
As of December 31, 2025 and 2024, there were 5.8 million and 6.9 million shares of common stock available for issuance under the 2019 Plan, respectively. As of December 31, 2025 a total of 0.5 million shares were available for grant under the 2025 Inducement Plan. As of December 31, 2025 and 2024, 151.5 million and 142.1 million shares of common stock were issued and outstanding, respectively.
Stock Options
Options granted under the 2011 Plan and 2019 Plan are exercisable for common stock and expire within 10 years from the date of grant and generally vest over four years, at the rate of 25% on the first anniversary of the date of grant and ratably on a monthly basis over the remaining 36-month period thereafter based on continued service. Forfeitures are recognized as they occur.
The following table summarizes stock option activity during the year ended December 31, 2025:
Number of SharesWeighted-Average 
Exercise Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
(in thousands)(in years)(in thousands)
Outstanding at December 31, 2024
2,364 $8.60 4.3$7,592 
Granted— — 
Exercised(388)2.64 
Forfeited(234)4.49 
Outstanding at December 31, 2025
1,742 $10.47 4.4$4,256 
Vested and exercisable at December 31, 2025
1,479 $9.41 3.8$4,256 
The total pre-tax intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $2.1 million, $1.9 million, and $3.1 million, respectively.
The total grant date fair value of employee options vested for the years ended December 31, 2025, 2024, 2023 was $1.7 million, $1.9 million, and $2.1 million, respectively.
During the years ended December 31, 2025 and 2024, and 2023, the Company recognized stock-based compensation expense from stock options of approximately $1.7 million, $1.9 million, and $2.1 million, respectively.
As of December 31, 2025, total unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $2.7 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 1.6 years.
Restricted Stock Units
The Company began granting RSUs under the 2019 Plan during the fiscal year ended December 31, 2019 as well as under the 2025 Inducement Plan during the year ended December 31, 2025. The fair value of RSUs is based on the grant date fair value and is expensed on a straight-line basis over the applicable vesting period. RSUs granted to new hires typically vest over three or four years, at the annual rate of 33% or 25%, respectively, on the first anniversary of the vesting start date and ratably on a quarterly basis over the remaining 24-month or 36-month period thereafter, respectively. RSUs granted to existing employees typically vest in equal quarterly installments over a three or four-year service period. All vesting is contingent on continued service. Forfeitures are recognized as they occur.
The following table summarizes RSU activity during the years ended December 31, 2025:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested RSUs as of December 31, 2024
11,982 $13.06 
Granted12,840 6.52 
Vested
(7,833)11.95 
Cancelled/forfeited(2,988)10.38 
Nonvested RSUs as of December 31, 2025
14,001 $8.25 
During the years ended December 31, 2025, 2024 and 2023, the weighted-average grant date fair value for RSUs granted was $6.52, $11.62 and $15.80 per share, respectively. During the years ended December 31, 2025, 2024 and 2023, the total weighted-average grant date fair value of RSUs vested was $93.6 million, $126.5 million and $127.3 million respectively.
During the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation expense related to RSUs of $83.7 million, $96.7 million and $105.2 million, respectively.
As of December 31, 2025, total unrecognized stock-based compensation cost related to non-vested RSUs was $103.2 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 2.2 years.
Performance-Based Restricted Stock Units
Performance Stock Awards for Executive Officers ("executive PSUs”)
Pursuant to the Company’s 2019 Equity Incentive Plan, the Company grants certain employees shares of executive PSUs, which are to vest based on the level of achievement of certain Company-wide targets related to the Company’s operating plan for the relevant fiscal year. The Company has accounted for these awards as equity-based awards and will recognize stock-based compensation expense over the employees’ requisite service period based on the expected attainment of the Company-wide targets as of the end of each reporting period.
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested executive PSUs as of December 31, 2024
1,089 $13.21 
Granted1,901 6.89 
Vested(172)14.82 
Cancelled/forfeited(1,373)10.71 
Nonvested executive PSUs as of December 31, 2025
1,445 $7.08 
For the years ended December 31, 2025, 2024 and 2023, the Company recognized $3.9 million, $3.5 million, and $4.3 million of stock-based compensation expense associated with these awards, respectively.
Company-wide Bonus Program (“Bonus Program”)
On an annual basis the Compensation Committee approves a bonus program for the fiscal year, including performance targets, to most of the Company’s employees on active payroll in the relevant fiscal year. Shares awarded under the program are paid out the following year in February in fully vested RSUs and based on the final attainment of Company-wide performance targets which are tied to its operating plan for the relevant fiscal year. The payout of the Bonus Program will vary linearly between 50%, 100%, and 150% based on the achievement of these targets. Employees are required to be employed through the payout date to earn the awards. The Company has accounted for these awards as liability-based awards, since the monetary value of the obligation associated with the award is based predominantly on a fixed monetary amount known at inception, and it has an unconditional obligation that it must or may settle by issuing a variable number of its equity shares. The Company recognizes stock-based compensation expense over the employees requisite service period, based on the expected attainment of the Company-wide targets as of the end of each reporting period. In February 2024, the Company paid out the bonus liability associated with the 2023 Bonus Program in 1.9 million of restricted stock units, and correspondingly recorded a charge to additional paid-in-capital of $26.8 million. In February 2025, the Company paid out 1.0 million of restricted stock units associated with the 2024 Bonus Program, and correspondingly recorded a charge to additional paid-in-capital of $6.9 million. The Company has paid out the Bonus Program approved in February 2025 in February 2026.
During the years ended December 31, 2025, 2024 and 2023, the Company recognized $35.3 million, $10.0 million, and $24.7 million of stock-based compensation expense related to the company-wide Bonus Program, respectively.
Market-Based Performance Stock Awards
In September 2022 and January 2023, pursuant to the Company’s 2019 Equity Incentive Plan, the Company granted certain employees shares of MPSUs, which are to vest upon the satisfaction of the Company’s achievement of specified Fastly common stock price targets during the applicable performance period. In addition, the awards are subject to each recipient’s continuous service through each applicable vest dates.
The Company measured the fair value of the MPSUs using a Monte Carlo simulation valuation model. The risk-free interest rates used were 3.37% - 3.68%, which were based on five-year US treasury yield, adjusted to a continuous time basis. The expected volatility was a blended volatility rate of 80%, which incorporated both the Company’s observed equity volatility and the relevant guideline company volatility.
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested MPSUs as of December 31, 2024
1,313 $6.45 
Granted— — 
Vested— — 
Cancelled/forfeited(978)6.39 
Nonvested MPSUs as of December 31, 2025
335 $6.63 
Stock-based compensation expense relating to the MPSUs are recognized using the accelerated attribution method over the derived service period. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $3.0 million of stock-based compensation benefit and $2.8 million and $5.9 million of stock-based compensation expense associated with these awards, respectively.
Total unrecognized stock-based compensation expense related to the unvested portion of the MPSUs was $0.1 million as of December 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 1.9 years.
Relative Total Shareholder Return Award PSUs
In 2025, pursuant to the 2019 Plan, the Company granted certain employees shares of rTSR PSUs, which are to vest based on the Company’s total shareholder return (TSR) relative to a designated peer group over the performance period. The
Company has accounted for these awards as equity-based awards and will recognize stock-based compensation expense on a straight-line basis over the vesting period. In addition, the awards are subject to each recipient’s continuous service through the vest date.
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested rTSR PSUs as of December 31, 2024
— $— 
Granted372 14.05 
Vested— — 
Cancelled/forfeited(109)13.47 
Nonvested rTSR PSUs as of December 31, 2025
263 $14.30 
During the year ended December 31, 2025, the Company recognized $1.0 million of stock-based compensation expense associated with these awards.
Employee Stock Purchase Program
The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation. The ESPP provides for six-month offering periods, commencing in May and November of each year. At the end of each offering period employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the date of purchase.
The Company estimates the fair value of shares to be issued under the ESPP on the first day of the offering period using the Black-Scholes valuation model. The inputs to the Black-Scholes option pricing model are the Company’s stock price on the first date of the offering period, the risk-free interest rate, the estimated volatility of the Company’s stock price over the term of the offering period, the expected term of the offering period and the expected dividend rate. Stock-based compensation expense related to the ESPP is recognized on a straight-line basis over the offering period. Forfeitures are recognized as they occur.
The Company estimated the fair value of shares granted under the ESPP on the first date of the offering period using the Black-Scholes option pricing model with the following assumptions:
Year ended December 31,
202520242023
Fair value of common stock
$2.81 – $3.80
$2.33 – $3.56
$3.33 – $6.09
Expected term (in years)
0.49 – 0.50
0.49 – 0.50
0.49 – 0.50
Risk-free interest rate
3.75% – 4.33%
4.45% – 5.40%
4.65% – 5.43%
Expected volatility
70% – 82%
54% – 93%
70% – 88%
Dividend yield— %— %— %
During the years ended December 31, 2025, 2024 and 2023, the Company recognized $2.2 million, $3.4 million, and $4.1 million in stock-based compensation expense related to the ESPP, respectively. As of December 31, 2025, total unrecognized stock-based compensation cost related to ESPP was $1.6 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 0.4 years.
During the years ended December 31, 2025, 2024 and 2023, an aggregate of 1.1 million, 1.0 million and 1.0 million shares of the Company’s common stock was purchased under the ESPP, respectively.
Equity Awards Modification
There were no material equity award modifications in the years ended December 31, 2025, 2024 and 2023.
Stock-based Compensation Expense
The following table summarizes the components of total stock-based compensation expense included in the accompanying consolidated statements of operations:
Year ended December 31,
202520242023
(in thousands)
Cost of revenue$10,137 $8,644 $11,656 
Research and development44,453 33,606 47,827 
Sales and marketing32,971 29,061 33,703 
General and administrative29,762 36,619 43,117 
Total$117,323 $107,930 $136,303 
For the years ended December 31, 2025, 2024 and 2023, the Company capitalized $7.4 million, $10.3 million, and $10.1 million of stock-based compensation expense, respectively.
v3.25.4
Net Loss Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders Net Loss Per Share Attributable to Common Stockholders
Basic net loss per share is computed by dividing net loss by basic weighted-average shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by diluted weighted-average shares outstanding, including potentially dilutive securities.
The following table presents the computation of basic and diluted net loss per share of common stock:
Year ended December 31,
202520242023
(in thousands, except per share amounts)
Net loss attributable to common stockholders$(121,677)$(158,058)$(133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted146,902 138,099 128,770 
Net loss per share attributable to common stockholders, basic and diluted$(0.83)$(1.14)$(1.03)
The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive:
Number of Shares
Year ended December 31,
202520242023
(in thousands)
Stock options1,742 2,364 2,710 
RSUs14,001 11,982 11,244 
PSUs1,445 1,089 732 
MPSUs335 1,313 1,471 
rTSR PSUs263 — — 
Bonus PSUs4,054 767 1,572 
Shares issuable pursuant to the ESPP571 70 410 
Convertible senior notes (if-converted)19,767 9,433 3,370 
Total42,178 27,018 21,509 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Loss before income taxes includes the following components:
Year ended December 31,
202520242023
(in thousands)
United States$(126,278)$(161,398)$(137,240)
Foreign7,089 5,944 3,931 
Loss before income taxes$(119,189)$(155,454)$(133,309)
The income tax expense (benefit) consists of the following:
Year ended December 31,
202520242023
(in thousands)
Current tax provision (benefit):
Federal
$— $— $— 
State
35 200 57 
Foreign
1,020 611 622 
Deferred tax expense (benefit):
Federal
— — — 
State
— — — 
Foreign
1,433 1,793 (900)
Total tax expense (benefit)$2,488 $2,604 $(221)
The Company recorded tax expense of $2.5 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively, and recorded tax benefit of $0.2 million for the year ended December 31, 2023. The Company’s income tax expense (benefit) is primarily due to income taxes from certain foreign jurisdictions where the Company conducts business and state minimum income taxes in the United States.
The Company adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements To Income Tax Disclosures" on a retrospective basis effective December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company's actual global effective amount and rate for the years ended December 31, 2025, 2024, and 2023:
Year ended December 31,
202520242023
Amount
(in thousands)		PercentAmount
(in thousands)		PercentAmount
(in thousands)		Percent
US federal statutory tax rate
$(25,030)21.0 %$(32,645)21.0 %$(27,995)21.0 %
State and local income taxes, net of federal income tax effect*
(543)0.5 %(519)0.3 %(985)0.7 %
Foreign tax effects:
United Kingdom:
Change in valuation allowance— — %— — %(2,080)1.6 %
Other
685 (0.6)%1,160 (0.7)%197 (0.1)%
Other foreign jurisdictions
280 (0.2)%125 (0.1)%504 (0.4)%
Effect of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws
678 (0.6)%52 (0.1)%— — %
Tax credits:
Research and development credits(4,985)4.2 %(8,671)5.6 %(18,444)13.8 %
Changes in valuation allowances
19,627 (16.5)%26,675 (17.2)%33,410 (25.1)%
Nontaxable or nondeductible items:
Stock-based compensation awards
7,582 (6.4)%10,492 (6.7)%4,824 (3.6)%
Disallowed executive compensation1,784 (1.5)%2,483 (1.6)%3,922 (2.9)%
Other
586 (0.5)%695 (0.4)%517 (0.4)%
Changes in unrecognized tax benefits
1,824 (1.5)%2,757 (1.8)%5,909 (4.4)%
Total
$2,488 (2.1)%$2,604 (1.7)%$(221)0.2 %
*State taxes in California made up the majority (greater than 50%) of the tax effect in this category
The Company’s deferred tax assets and liabilities were as follows:
Year ended December 31,
20252024
(in thousands)
Deferred tax assets:
Net operating losses$198,780 $183,824 
Lease liability18,255 17,329 
Research and development credits52,060 46,759 
Capitalized research and development 50,707 62,615 
Stock-based compensation13,995 6,924 
Deferred revenue7,618 5,158 
Reserves and accruals5,325 4,885 
Other4,826 4,582 
Deferred tax assets351,566 332,076 
Deferred tax liabilities:
Intangible asset amortization(6,320)(10,995)
Right-of-use asset(13,814)(13,377)
State taxes(16,066)(14,844)
Prepaid commissions(11,473)(13,306)
Other(17)(1)
Deferred tax liabilities(47,690)(52,523)
Valuation allowance
(303,285)(279,204)
Net deferred tax (liabilities) assets$591 $349 
As of December 31, 2025 and 2024, the Company had NOL carryforwards for U.S. federal income tax purposes of approximately $698.2 million and $635.9 million, respectively; and for state income tax purposes of approximately $647.1 million and $621.0 million, respectively. The federal NOL carryforwards, if not utilized, will begin to expire in 2034. The state NOL carryforward, if not utilized, will begin to expire on various dates starting in 2028. The Company also has federal and California research and development credit carryforwards totaling $55.7 million and $16.8 million as of December 31, 2025, respectively. The federal research and development credit carryforwards will begin to expire in 2027, unless previously utilized. The California research credits do not expire.
As of December 31, 2025, the Company has NOL carryforwards for United Kingdom purposes of approximately $15.2 million. The UK NOL carryforwards do not expire.
Based on all available evidence on a jurisdictional basis the Company believes that it is more likely than not that the Company’s U.S. deferred tax assets will not be utilized and have recorded a full valuation allowance against its U.S. net deferred tax assets. The Company assesses on a periodic basis the likelihood that it will be able to recover its deferred tax assets. The Company considers all available evidence, both positive and negative, including historical losses. The Company determined that it is more likely than not that the U.S. net deferred tax assets will not be fully realizable for the years ended December 31, 2025 and 2024.
The Company has a valuation allowance for U.S. deferred tax assets, including NOL carryforwards. The Company expects to maintain this valuation allowance for the foreseeable future.
Changes in the valuation allowance were as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$279,204 $245,476 $208,215 
Additions charged to expenses
24,081 33,728 37,261 
Ending balance$303,285 $279,204 $245,476 
Utilization of the NOL carryforwards may be subject to a substantial annual limitation due to the ownership change limitations under the Code and similar state provisions. Under Section 382 of the Code, a corporation that undergoes an “ownership change” may be subject to limitations on its ability to utilize its pre-change NOLs to offset future taxable income. A detailed analysis was performed through December 31, 2021 for the Company to determine whether an ownership change under Section 382 of the Code has occurred, and ownership changes were identified in 2013 and 2020. A detailed analysis was completed through December 31, 2024 and no further ownership changes were identified. As a result of these analyses, the Company concluded that there is no longer any limitation on the utilization of such NOLs. A detailed analysis was performed for the period March 1, 2014 to October 1, 2020 for Signal Sciences to determine whether an ownership change under Section 382 of the Code has occurred and an ownership change was identified in 2020. As a result of this analysis, the Company concluded that there is no longer any limitation on its utilization of the NOLs of Signal Sciences.
No provision for U.S. income and foreign withholding taxes has been made for these permanently reinvested foreign earnings because it is management’s intention to permanently reinvest such undistributed earnings outside the United States.
A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):
Year ended December 31,
20252024
Balance at beginning of year
$26,003 $23,245 
Increases related to prior year tax positions
12 — 
Decreases related to prior year tax positions
— (39)
Increases related to current year tax positions
1,812 2,797 
Balance at end of year
$27,827 $26,003 
The Company has considered the amounts and probabilities of the outcomes that can be realized upon ultimate settlement with the tax authorities and determined unrecognized tax benefits primarily related to credits should be established as noted in the summary rollforward above. The unrecognized tax benefits, if recognized and in absence of full valuation allowance, would impact the income tax provision by $27.8 million and $26.0 million at December 31, 2025 and 2024, respectively.
Generally, in the U.S. federal and state taxing jurisdictions, tax periods in which certain loss and credit carryovers are generated remain open for audit until such time as the limitation period ends for the year in which such losses or credits are utilized.
The Company adopted ASU 2023-09 on a retrospective basis effective December 31, 2025 and have included the following tables as a result of the Company's adoption, which presents income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024 and 2023:
Year ended December 31,
202520242023
(in thousands)
State
$55 $129 $41 
Foreign1,282 680 290 
Total
$1,337 $809 $331 
Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:
Year ended December 31,
202520242023
(in thousands)
State
Texas
*$76 $41 
Foreign
Australia
303 87 132 
Canada
143 156 107 
Germany
*103 85 
India
283 **
Japan
248 153 66 
Netherlands
**38 
Spain
101 76 74 
Sweden
71 67 46 
UK
**(261)
*Jurisdiction below the threshold for the period presented.
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment
The Company operates as one single operating and reportable segment. The Chief Operating Decision Maker (“CODM”) is the Company's Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about its revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.
Net loss is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statements of operations, as well as share-based compensation, depreciation and amortization expenses, are significant. Refer to Note 10 for additional information about the Company's share-based compensation expense. Refer to Note 5 and 7 for additional information about the Company's depreciation and amortization expenses, respectively. The Company's other segment items include net gain on extinguishment of debt, interest income, interest expense, other expense, net and income tax expense (benefit) on the Company's consolidated statements of operations.
Revenue
Revenue by geography is based on the billing address of the customer. Refer to Note 3—Revenue for more information on net revenue by geographic area.
Long-Lived Assets
The Company’s property and equipment and operating lease right-of-use assets, each net, by geographic area were as follows:
As of December 31,
20252024
(in thousands)
United States$168,887 $169,285 
All other countries69,965 60,245 
Total long-lived assets$238,852 $229,530 
v3.25.4
Restructuring Charges
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
During the year ended December 31, 2024, in an effort to streamline its organization, the Company initiated a restructuring plan to reduce expenses including a reduction of the Company’s workforce. In connection with this plan, the Company incurred charges of $9.7 million primarily consisting of employee-related severance and termination benefits. These charges are included within the restructuring charges line in the Company's consolidated statements of operations. The plan was completed by December 31, 2025 with no remaining unpaid balances, as the plan was materially paid out by December 31, 2024.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have implemented and maintain various cybersecurity processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, trade secrets, personal information, and data of our customers (including their end-users) (“Information Systems and Data”).

Our Chief Information Security Officer (“CISO”) and security organization help identify, assess, and manage the Company’s cybersecurity threats and risks, including through the use of the Company’s security risk register. The CISO and security organization identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example: (1) identifying vulnerabilities through automated scans, vulnerability assessments, and subscriptions to threat intelligence feeds and notices; (2) assessing security weaknesses identified through internal security reviews, internal and external penetration tests, and reports on our products and services; and (3) assessing the Company’s threat landscape given the industry’s risk profile, the results of our enterprise risk assessment, and information technology, privacy, and security audits.

Depending on the environment, system, and data, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response plan; incident detection and response; vulnerability management policy; business continuity plan; risk assessments; implementation of security standards and certifications; encryption of data; network security protocols; data segregation; access controls; physical security; asset management, tracking and disposal; systems monitoring; vendor risk management program; employee training; penetration testing; cybersecurity insurance; and a dedicated CISO and security organization.

Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) the security organization is engaged in all major changes to the Company’s environment or products to conduct a risk assessment and identify potential cybersecurity risk; (2) cybersecurity risk is a component of the Company’s enterprise risk management program and managed within the Company’s risk register; (3) the security organization works with senior leadership across the Company to prioritize our risk management processes and mitigate cybersecurity threats that are most likely to lead to a material impact to our business; and (4) our senior management evaluates material risks from cybersecurity threats against our overall business objectives and reports the results to the board of directors, which evaluates our overall enterprise risk.

We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example: professional services firms, including legal counsel; cybersecurity software providers; managed cybersecurity service providers; penetration testing firms; and forensic investigators.

We use third-party service providers to perform a variety of functions throughout our business, such as providing cloud-based infrastructure, hosting third party applications, and delivering content to customers, as well as data center hosting. We have a formal vendor management program designed to manage cybersecurity risks associated with our use of these providers. The procurement organization conducts an initial risk assessment to determine the criticality of the vendor prior to onboarding. Depending on the criticality of the vendor–which is based on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider–our security organization conducts our vendor security review process, which involves different levels of assessment designed to identify cybersecurity risks associated with a provider prior to onboarding and on a periodic basis, including, for example: (1) a vendor security questionnaire; (2) results of audit reports and certifications; and (3) policies and standards detailing the third-party’s security program. Based on the results of the vendor security review, a decision is made on whether the third-party can be engaged. We review our most critical providers' audit reports and certifications on a regular basis to reassess whether or not they have experienced any material changes or degradations to their security programs since our initial review that may warrant re-evaluation. The Company
attempts to engage reputable third-party service providers and when appropriate, imposes contractual obligations related to cybersecurity on its providers.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including “If our IT Systems or data, or those of third parties upon which we rely, are compromised, limited, or fail, our business could experience materially adverse consequences, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, loss of revenue or profits, loss of customers or sales, reputational harm, and other adverse consequences.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented and maintain various cybersecurity processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, trade secrets, personal information, and data of our customers (including their end-users) (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors addresses the Company’s cybersecurity risk management as part of its general risk oversight function. The board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.

Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.

Our incident response plan is designed to escalate certain cybersecurity incidents, including breaches, to members of management depending on the circumstances, including our CISO, Chief Legal Officer, and other members of leadership when appropriate. The security incident and response team works with relevant subject matter experts across the organization when necessary to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response plan includes reporting to the board of directors for cybersecurity incidents the Company's disclosure committee determines are material. The disclosure committee, which includes members of management such as our Chief Financial Officer and Chief Legal Officer, meets quarterly. The CISO acts in an advisory capacity to the Company's disclosure committee on an as-needed basis.
Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.
Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our incident response plan is designed to escalate certain cybersecurity incidents, including breaches, to members of management depending on the circumstances, including our CISO, Chief Legal Officer, and other members of leadership when appropriate. The security incident and response team works with relevant subject matter experts across the organization when necessary to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response plan includes reporting to the board of directors for cybersecurity incidents the Company's disclosure committee determines are material. The disclosure committee, which includes members of management such as our Chief Financial Officer and Chief Legal Officer, meets quarterly. The CISO acts in an advisory capacity to the Company's disclosure committee on an as-needed basis.
Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Consolidation
The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Certain changes to presentation have been made to conform the prior period presentation to the current period reporting. The Company has made certain presentation changes to separate out deferred revenue from other current liabilities on the consolidated balance sheets.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates, judgments, and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, internal-use software development costs, the incremental borrowing rate related to the Company’s lease liabilities, fair value of assets acquired and liabilities assumed during business combinations, useful lives of acquired intangible assets and property and equipment, financial instruments, income tax reserves, and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements in the period of change and prospectively from the date of the change in estimate.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable.
The Company’s cash, cash equivalents, and marketable securities primarily consisted of money market funds, investment-grade commercial paper, corporate notes and bonds, U.S. treasury securities, certificates of deposit, and municipal bonds. The primary focus of its investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy limits the amount of credit exposure with any one financial institution or commercial issuer. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets.
Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically dispersed customers diversified across several industries
Cash, Cash Equivalents
Cash, Cash Equivalents, and Marketable Securities
Cash and cash equivalents include cash held in banks, highly liquid money market funds, U.S. treasury securities, municipal securities, and commercial paper, all with original maturities of three months or less when acquired. The Company’s short-term and long-term marketable securities consists of fixed income U.S. and foreign government agency securities, corporate bonds, municipal securities, certificates of deposit, and commercial paper. Management determines the appropriate classification of the Company’s investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying remaining contractual maturity date.
The Company classifies its marketable securities as available-for-sale as it has the ability to sell the marketable securities prior to its maturity. The Company’s marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash and cash equivalents are stated at cost, which approximate fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities and are also carried at fair market value. When the available-for-sale debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations.
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a credit impairment has occurred include whether the decline in fair value is due to credit related factors, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis. No such impairment charges were recorded during the years ended December 31, 2025, 2024, and 2023.
Marketable Securities
Cash, Cash Equivalents, and Marketable Securities
Cash and cash equivalents include cash held in banks, highly liquid money market funds, U.S. treasury securities, municipal securities, and commercial paper, all with original maturities of three months or less when acquired. The Company’s short-term and long-term marketable securities consists of fixed income U.S. and foreign government agency securities, corporate bonds, municipal securities, certificates of deposit, and commercial paper. Management determines the appropriate classification of the Company’s investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying remaining contractual maturity date.
The Company classifies its marketable securities as available-for-sale as it has the ability to sell the marketable securities prior to its maturity. The Company’s marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash and cash equivalents are stated at cost, which approximate fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities and are also carried at fair market value. When the available-for-sale debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations.
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a credit impairment has occurred include whether the decline in fair value is due to credit related factors, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis. No such impairment charges were recorded during the years ended December 31, 2025, 2024, and 2023.
Accounts Receivable, net
Accounts Receivable, net
Accounts receivable are recorded and carried at the original invoiced amount, net of an allowance for any potential credit losses. The allowance for credit losses is determined based upon the assessment of various factors, such as historical experience, credit quality of its customers, age of the accounts receivable balances, geographic related risks, economic conditions, and other factors that may affect a customer’s ability to pay. The Company records these charges as a component of general and administrative expenses in the consolidated statements of operations in the period in which the change occurs. The Company does not have any off-balance sheet credit exposure related to its customers.
Incremental Costs to Obtain a Contract with a Customer and Revenue Recognition and Disaggregation of revenue
Incremental Costs to Obtain a Contract with a Customer
The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission payments. The Company pays commissions based on contract value upon signing an arrangement with a new customer and upon upgrades of existing contracts with customers only if the upgrades result in an incremental increase in contract value. These costs are deferred on the consolidated balance sheets and amortized over the expected period of benefit on a straight-line basis. The Company also pays commissions on an ongoing basis based upon revenue recognized. In these cases, no incremental costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized. Based on the nature of the Company’s technology and services, and the duration of its relationships with its customers, the expected period of benefit is determined to be five years. Management periodically reviews the carrying amount of deferred commission costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. Amortization is included in sales and marketing expense in the consolidated statements of operations. Deferred commission are included in other assets on the consolidated balance sheets.
Revenue Recognition
The Company primarily derives revenue from the sale of services to customers executing contracts in which the standard contract term is one year, although terms may vary by contract. Most of the Company’s contracts are non-cancelable over the contractual term. The majority of the Company’s usage-based contracts commit the customer to a minimum monthly level of usage and specify the rate at which the customer must pay for actual usage above the monthly minimum. The Company also offers subscriptions to access security services at a fixed rate. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.
In accordance with Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these services. To achieve the core principle of this standard, the Company applies the following five steps:
(1) Identify the contract with a customer
The Company considers the terms and conditions of contracts with customers and its customary business practices in identifying contracts under ASC 606. The Company determines it has a contract with a customer when the contract is approved, each party’s rights regarding the services to be transferred can be identified, payment terms for the services can be identified, it has been determined that the customer has the ability and intent to pay, and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.
(2) Identify the performance obligations in the contract
Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from the Company or from third parties, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. The Company’s contracts with customers often include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require judgment. Performance obligations generally represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company.
(3) Determine the transaction price
The transaction price is determined based on the consideration to which the Company is expected to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The transaction price in a contract for usage-based services is typically equal to the minimum commit price in the contract plus any variable amounts of usage above the minimum commitment, less any discounts provided. The transaction price in a contract that does not contain usage-based services is equal to the total contract value.
(4) Allocate the transaction price to performance obligations in the contract
If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). For contracts with multiple performance obligations that are delivered over different time periods, the Company allocates the contract transaction price to each performance obligation using the estimated SSP of each distinct good or service in the contract. Judgment is required to determine the SSP for each distinct performance obligation. The Company analyzes separate sales of its services or the discounted list price per management’s approved price list as a basis for estimating the SSP of these services. In instances where SSP is not directly observable, such as when the Company does not sell the service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of those services by customers and circumstances. In these instances, the Company may use information, such as geographic region and distribution channel, in determining the SSP.
Because the Company’s typical contracts represent distinct services delivered over time with the same pattern of transfer to the customer, usage-based consideration primarily related to actual consumption over the minimum commit levels is allocated to the period to which it relates. The amount of consideration recognized for usage above the minimum commit price is limited to the amount the Company expects to be entitled to receive in exchange for providing services. The Company has elected to apply the practical expedient for estimating and disclosing the variable consideration when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a performance obligation from its remaining performance obligations under these contracts. For contracts to which such practical expedient cannot be applied, consideration is estimated.
(5) Recognize revenue when or as performance obligations are satisfied
Revenue is recognized when control of the services is transferred to the customer, in an amount that reflects the consideration expected to be received in exchange for those services. The Company generates all its revenue from contracts with customers. The Company’s revenue is recognized over time, consistent with the pattern of benefit provided to the
customer over the term of the agreement. Revenue on the Company’s subscription services are recognized ratably over their respective contractual term.
At times, customers may request changes that either amend, replace, or cancel existing contracts. Judgment is required to determine whether the specific facts and circumstances within the contracts should be accounted for as a separate contract or as a prospective modification.
In contracts where there are timing differences between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service, the Company has determined its contracts do not include a significant financing component. The Company has also elected the practical expedient to not measure financing components for any contract where the timing difference is less than one year.
Revenue by geography is based on the billing address of the customer.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s available-for-sale securities are recorded at fair value. The Company’s cash and cash equivalents are recorded at cost, which approximates fair value. Additionally, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature. For disclosure purposes, the Company measures the fair value of its outstanding senior convertible notes using a market approach based on actual bids and offers in an over-the-counter market, or Level 2 inputs, on the last trading day of the period.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows:
Computer and networking equipment
3 to 5 years
Leasehold improvements
Shorter of lease term or 5 years
Furniture and fixtures3 years
Office equipment3 years
Internal-use software
3 to 5 years
The Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change.
Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.
Internal-Use Software Development Costs
Internal-Use Software Development Costs
Labor and related costs associated with internal-use software incurred during the application development stage are capitalized. Capitalization of costs begins when the preliminary project stage is completed, management has committed to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalization ceases at the point when the project is fully tested, is substantially completed and is ready for its intended purpose. The capitalized amounts are included in property and equipment, net on the consolidated balance sheets. The Company amortizes such costs on a straight-line basis over the estimated useful life of the software, which is generally between three to five years. Completed internal-use software that is related to the Company’s network is amortized to cost of revenue over its estimated useful life. Costs incurred during the planning, training, and post-implementation stages of the software development life-cycle are expensed as incurred.
Goodwill, Intangible Assets, and Other Long-Lived Assets
Goodwill, Intangible Assets and Other Long-Lived Assets
Goodwill represents the excess of the purchase price of an acquired business over the fair value of the net tangible and identifiable intangible assets acquired. The carrying amount of goodwill is reviewed for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has a single operating segment and reporting unit structure for all of the periods presented.

As part of the annual goodwill impairment test, the Company may first perform a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of the qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test will be required. If the Company has determined it necessary to perform a quantitative impairment assessment, the Company will compare the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill of the reporting unit. The Company did not recognize any goodwill impairment charges for any of the periods presented.
Goodwill has historically been tested for impairment annually on October 31 or more frequently upon the occurrence of certain events or substantive changes in circumstances that indicate impairment is more likely than not. During the year ended December 31, 2025, the Company changed the date of its annual impairment test from October 31 to October 1 of each year. This change is preferable because it aligns the Company’s impairment testing procedures with its annual business planning and budgeting process and allows the Company to maximize time and resources required to perform the impairment analysis. The Company does not consider this change in impairment testing date to be a material change in the application of an accounting principle as it does not result in the delay, acceleration or avoidance of an impairment charge.
On October 1, 2025, the Company completed its annual goodwill impairment test associated with its single reporting unit and, based on the qualitative assessment, determined it was more likely than not that the fair value of the reporting unit exceeded its carrying value. The Company did not identify any events or changes in circumstances since the performance of its annual goodwill impairment test that would require the Company to perform another goodwill impairment test during the fiscal year.
The Company’s definite lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit.
The useful lives of the intangible assets are as follows:

Customer relationships
3 to 8 years
Developed technology
4 to 5 years
Trade names
3 to 4 years
Internet protocol addresses10 years
Long-lived assets, including property and equipment, definite lived intangible assets, and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in market capitalization, facility closures, or work-force reductions indicate that the carrying amount of the long-lived asset or asset group may not be recoverable. When such events occur, the Company compares the carrying amount of the asset or asset group to the undiscounted expected future cash flows related to the asset or asset group. If this comparison indicates that an impairment is present, the amount of impairment is calculate as the difference between the carrying amount and the fair value of the asset or asset group. In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis. Refer to Note 5 — Balance Sheet Information and Note 6 — Leases for discussion of impairment of property and equipment and impairment of operating lease right-of-use asset, respectively.
Leases
Leases
The Company leases office space and data centers (“colocation leases”) under non-cancelable operating leases with various expiration dates. The Company also leases server equipment under non-cancelable finance leases with various expiration dates. The Company determines if an arrangement contains a lease at inception.
Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and exclude lease incentives.
Operating lease expense is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised. The lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.
Certain of our operating leases contain both lease and non-lease components. Non-lease components for our office spaces include fixed payments for maintenance, utilities, real estate taxes, and management fees. Non-lease components for colocation leases include fixed payments for utilities and other operating costs. For both office spaces and colocation leases, the Company combines fixed lease and non-lease components and account for them as a single lease component.
The Company leases networking equipment from a third party through equipment finance leases. These leases include a bargain purchase option, resulting in a full transfer of ownership at the completion of the lease term.
Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease liabilities, and finance lease liabilities, non-current on the consolidated balance sheets.
Convertible Debt
Convertible Debt
The Company evaluated the terms of its debt in line with ASC 470-20, as amended by Accounting Standards Update (“ASU”) 2020-06, and concluded that the instrument does not require separation and that there were no other derivatives that required separation. The Company has combined these features with the host contract and accounted for the convertible debt as a single liability in long-term debt on the consolidated balance sheets. The carrying amount of the liability is either based on fair value or the gross proceeds, net of the unamortized transaction costs incurred related to the issuance of the convertible debt instrument, and any partial repurchases made. The debt discount from the net unamortized transaction cost is amortized to interest expense over the term of the convertible debt instrument using the effective interest rate method.
Cost of Revenue
Cost of Revenue
Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as colocation costs. Cost of revenue also includes employee costs for network operation, build-out and support and services delivery, network storage costs, cost of managed services and software-as-a-service, depreciation of network equipment used to deliver services, and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms of typically one year. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. The Company enters into contracts for colocation services with third-party providers with terms typically ranging from one to six years.
Research and Development Costs
Research and Development Costs
Research and development costs consist of primarily payroll and related personnel costs for the design, development, testing, and enhancement of the Company’s edge cloud platform. Research and development expenses also include cloud infrastructure fees for development and testing. Costs incurred in the development of the Company’s edge cloud platform are expensed as incurred, excluding those expenses which meet the criteria for the capitalization of internal-use software.
Advertising Expense
Advertising Expense
The Company recognizes advertising expense as incurred.
Accounting for Stock-Based Compensation
Accounting for Stock-Based Compensation
The Company recognizes stock-based compensation expense based on the grant-date fair value of the awards. The fair values of the restricted stock units (“RSUs”) and performance stock awards (“PSUs”) are based on the fair value of the Company’s stock price on the grant date. The fair values of stock options and employee stock purchase program (“ESPP”) are based on the Black-Scholes option-pricing model. The fair value of the market-based performance stock awards (“MPSUs”) and Relative Total Shareholder Return Award PSUs (“rTSR PSUs”) are measured using a Monte Carlo simulation valuation model.
The determination of the fair value of a stock-based award is affected by the deemed fair value of the underlying stock price on the grant date, as well as assumptions regarding a number of other complex and subjective variables, including expected term and stock price volatility of the awards.
Stock-based compensation expense for awards with service-based vesting only is recognized on a straight-line basis over the requisite service period of the awards, which is generally three or four years. In addition to service-based conditions, stock-based compensation expense for awards that have performance-based or market-based conditions are recognized over the requisite service period for each separately-vesting tranche as though each tranche of the award is its own separate grant, which results in an accelerated recognition of compensation cost. The Company accounts for forfeitures as they occur.
Foreign Currency
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the consolidated statements of operations. The aggregate transaction gain or loss for the years ended December 31, 2025, 2024 and 2023 is included in the determination of net income for the period and was not material to the respective periods.
Income Taxes
Income Taxes
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.
The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and consolidated statement of comprehensive loss. Accrued interest and penalties are included in accrued expenses on the consolidated balance sheet.
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, restricted stock units, restricted stock awards, shares issuable under its employee stock purchase plans and performance stock awards. The Company also applies the if-converted method for calculation of diluted earnings per share for its convertible debt instruments. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.
Segment Information
Segment Information
The Company has one reportable and operating segment. Financial information about the Company’s operating segment and geographic areas is presented in Note 13 to these financial statements.
Recently Issued and Adopted Accounting Pronouncements
Recently Issued and Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company's annual
periods beginning in 2025. The Company adopted the standard on December 31, 2025. For further information, refer to Note 12—Income Taxes, in these financial statements.
In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance.
In November 2024, the FASB issued ASU 2024-04 “Induced Conversions of Convertible Debt Instruments,” which amends ASC 470-202 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The guidance is effective for the Company's annual periods beginning in 2026 and interim periods within those annual reporting periods. The Company did not early adopt and is currently evaluating the impact of the new guidance.
In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which aims to clarify and modernize the accounting for costs related to internal-use software. The guidance is effective for the Company's interim and annual periods beginning in 2028. The Company is currently evaluating the impact of the new guidance.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The Company measures its cash equivalents and marketable securities at fair value. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, securities of deposit, and municipal securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Financial assets and liabilities are measured and recorded at fair value on a recurring basis.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property and Equipment, Useful Lives The estimated useful life of each asset category is as follows:
Computer and networking equipment
3 to 5 years
Leasehold improvements
Shorter of lease term or 5 years
Furniture and fixtures3 years
Office equipment3 years
Internal-use software
3 to 5 years
Property and equipment, net consisted of the following:
As of December 31,
20252024
(in thousands)
Computer and networking equipment$278,181 $237,148 
Leasehold improvements8,181 8,139 
Furniture and fixtures2,430 2,153 
Office equipment1,232 1,218 
Internal-use software148,419 123,849 
Property and equipment, gross438,443 372,507 
Accumulated depreciation and amortization(251,658)(193,410)
Property and equipment, net$186,785 $179,097 
Schedule of Intangible Assets, Net
The useful lives of the intangible assets are as follows:

Customer relationships
3 to 8 years
Developed technology
4 to 5 years
Trade names
3 to 4 years
Internet protocol addresses10 years
As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:
As of December 31, 2025As of December 31, 2024
Gross carrying valueAccumulated amortizationNet carrying valueGross carrying valueAccumulated amortizationNet carrying value
(in thousands)
Intangible assets:
Customer relationships$69,100 $(45,347)$23,753 $69,860 $(37,364)$32,496 
Developed technology49,500 (49,500)— 50,130 (42,482)7,648 
Trade names3,300 (3,300)— 3,910 (3,694)216 
Internet protocol addresses4,984 (2,966)2,018 4,984 (2,468)2,516 
Total intangible assets$126,884 $(101,113)$25,771 $128,884 $(86,008)$42,876 
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Geographic Area The following table presents the Company’s net revenue by geographic region:
Year ended December 31,
202520242023
(in thousands)
United States$465,450 $407,324 $370,424 
All other countries158,568 136,352 135,564 
Total revenue$624,018 $543,676 $505,988 
Schedule of Revenue by Product Line The following table presents the Company’s revenue by product line:
Year ended December 31,
202520242023
(in thousands)
Network Services
$477,774 $427,690 $405,116 
Security125,061 103,037 92,864 
Other21,183 12,949 8,008 
Total revenue
$624,018 $543,676 $505,988 
Schedule of Contract Assets and Liabilities
The following table presents the Company’s contract assets and contract liabilities as of December 31, 2025 and 2024:
As of December 31, 2025As of December 31, 2024
(in thousands)
Contract assets$1,668 $1,072 
Contract liabilities$40,819 $29,585 
The following table presents revenue recognized during the years ended December 31, 2025 and 2024 from amounts included in the contract liability at the beginning of the period:
Year ended December 31,
20252024
(in thousands)
Revenue recognized in the period from amounts included in contract liability at the beginning of the period$27,097 $33,719 
Schedule of Costs to Obtain Contracts
As of December 31, 2025 and December 31, 2024, the Company’s costs to obtain contracts were as follows:
As of December 31, 2025As of December 31, 2024
(in thousands)
Deferred contract costs, net$47,586 $52,583 
v3.25.4
Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Available-For-Sale Investments
The following table summarizes the Company’s cash and marketable securities' amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of December 31, 2025 and 2024.
As of December 31, 2025
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
Cash and cash equivalents
Marketable securities:
(in thousands)
Cash
$87,743 $— $— $87,743 $87,743 $— 
Level 1:
Money market funds44,032 — — 44,032 44,032 — 
Level 2:
U.S. Treasury securities64,273 27 — 64,300 8,290 56,010 
Corporate notes and bonds50,942 19 — 50,961 4,570 46,391 
Commercial paper111,706 20 (2)111,724 33,928 77,796 
Municipal Securities1,600 — — 1,600 1,600 — 
Certificates of deposit1,399 — — 1,399 400 999 
Total
$361,695 $66 $(2)$361,759 $180,563 $181,196 
As of December 31, 2024
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Cash and cash equivalents:Marketable securities:
(in thousands)
Cash
$52,951 $— $— $52,951 $52,951 $— 
Level 1:
Money market funds
233,224 — — 233,224 233,224 — 
Level 2:
Corporate notes and bonds6,005 3 — 6,008 — 6,008 
Commercial paper3,699 — — 3,699 — 3,699 
Total
$295,879 $3 $— $295,882 $286,175 $9,707 
Schedule of Cash and Cash Equivalents
The following table summarizes the Company’s cash and marketable securities' amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of December 31, 2025 and 2024.
As of December 31, 2025
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
Cash and cash equivalents
Marketable securities:
(in thousands)
Cash
$87,743 $— $— $87,743 $87,743 $— 
Level 1:
Money market funds44,032 — — 44,032 44,032 — 
Level 2:
U.S. Treasury securities64,273 27 — 64,300 8,290 56,010 
Corporate notes and bonds50,942 19 — 50,961 4,570 46,391 
Commercial paper111,706 20 (2)111,724 33,928 77,796 
Municipal Securities1,600 — — 1,600 1,600 — 
Certificates of deposit1,399 — — 1,399 400 999 
Total
$361,695 $66 $(2)$361,759 $180,563 $181,196 
As of December 31, 2024
Reported as:
Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Cash and cash equivalents:Marketable securities:
(in thousands)
Cash
$52,951 $— $— $52,951 $52,951 $— 
Level 1:
Money market funds
233,224 — — 233,224 233,224 — 
Level 2:
Corporate notes and bonds6,005 3 — 6,008 — 6,008 
Commercial paper3,699 — — 3,699 — 3,699 
Total
$295,879 $3 $— $295,882 $286,175 $9,707 
v3.25.4
Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Allowance for Doubtful Accounts
The activity in the accounts receivable reserves is as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$8,254 $7,054 $5,029 
Additions to the reserves4,181 3,834 2,025 
Write-offs and adjustments(6,173)(2,634)— 
Ending balance$6,262 $8,254 $7,054 
Schedule of Revenue Reserve
The activity in the revenue reserve is as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$5,130 $4,296 $2,449 
Additions to the reserves10,052 834 1,847 
Write-offs and adjustments(7,420)— — 
Ending balance$7,762 $5,130 $4,296 
Schedule of Property and Equipment, Net The estimated useful life of each asset category is as follows:
Computer and networking equipment
3 to 5 years
Leasehold improvements
Shorter of lease term or 5 years
Furniture and fixtures3 years
Office equipment3 years
Internal-use software
3 to 5 years
Property and equipment, net consisted of the following:
As of December 31,
20252024
(in thousands)
Computer and networking equipment$278,181 $237,148 
Leasehold improvements8,181 8,139 
Furniture and fixtures2,430 2,153 
Office equipment1,232 1,218 
Internal-use software148,419 123,849 
Property and equipment, gross438,443 372,507 
Accumulated depreciation and amortization(251,658)(193,410)
Property and equipment, net$186,785 $179,097 
Schedule of Other Assets
Other assets consisted of the following:
As of December 31,
20252024
(in thousands)
Deferred contract costs, net$47,586 $52,583 
Advance payment for purchase of property and equipment— 9,837 
Other assets10,203 5,982 
Total other assets$57,789 $68,402 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of December 31,
20252024
(in thousands)
Prepaid expenses
$16,737 $22,455 
Other current assets
10,184 5,870 
Total$26,921 $28,325 
Schedule of Accrued Expenses
Accrued expenses consisted of the following:
As of December 31,
20252024
(in thousands)
Accrued compensation and related benefits$46,611 $19,266 
Accrued colocation and bandwidth costs13,944 15,317 
Other tax liabilities4,800 4,266 
Other accrued expenses
5,314 2,773 
Total accrued expenses$70,669 $41,622 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following:
As of December 31,
20252024
(in thousands)
Accrued computer and networking equipment$413 $743 
Customer deposits
6,115 1,213 
Other current liabilities971 840 
Total other current liabilities$7,499 $2,796 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs & Other Information
The components of lease cost were as follows:
As of December 31,
202520242023
(in thousands)
Operating lease cost:
Operating lease cost$26,809 $26,581 $26,996 
Variable lease cost20,546 17,003 15,112 
Total operating lease cost$47,355 $43,584 $42,108 
Finance lease cost:
Amortization of assets under finance lease$11,598 $13,521 $14,391 
Interest15 378 1,328 
Total finance lease cost$11,613 $13,899 $15,719 
As of December 31,
202520242023
(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases4.392.843.48
Finance leases— 0.321.00
Weighted Average Discount Rate:
Operating leases7.16 %6.36 %6.03 %
Finance leases— %4.67 %4.67 %
Schedule of Operating Lease Maturities
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating Leases
(in thousands)
Year ending December 31,
2026$30,344 
202721,670 
202812,133 
20296,559 
20305,028 
Thereafter15,245 
Total future minimum lease payments$90,979 
Less: imputed interest(13,526)
Total liability$77,453 
Schedule of Finance Lease Maturity
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
Operating Leases
(in thousands)
Year ending December 31,
2026$30,344 
202721,670 
202812,133 
20296,559 
20305,028 
Thereafter15,245 
Total future minimum lease payments$90,979 
Less: imputed interest(13,526)
Total liability$77,453 
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
The useful lives of the intangible assets are as follows:

Customer relationships
3 to 8 years
Developed technology
4 to 5 years
Trade names
3 to 4 years
Internet protocol addresses10 years
As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:
As of December 31, 2025As of December 31, 2024
Gross carrying valueAccumulated amortizationNet carrying valueGross carrying valueAccumulated amortizationNet carrying value
(in thousands)
Intangible assets:
Customer relationships$69,100 $(45,347)$23,753 $69,860 $(37,364)$32,496 
Developed technology49,500 (49,500)— 50,130 (42,482)7,648 
Trade names3,300 (3,300)— 3,910 (3,694)216 
Internet protocol addresses4,984 (2,966)2,018 4,984 (2,468)2,516 
Total intangible assets$126,884 $(101,113)$25,771 $128,884 $(86,008)$42,876 
Schedule of Expected Amortization Expense of Intangible Assets
The expected amortization expense of intangible assets subject to amortization as of December 31, 2025 is as follows:
As of December 31, 2025
(in thousands)
Year ending December 31,
2026$9,064 
20279,051 
20286,891 
2029378 
2030281 
Thereafter106 
Total$25,771 
v3.25.4
Debt Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments The following table summarizes further details of the Notes:
NotesIssuance DateMaturity DatePrincipal amount (in thousands)Coupon Interest RateEffective Interest Rate
2026 Notes
March 5, 2021
March 15, 2026
$38,594 — %0.38 %
2028 Notes
June 1, 2025
June 1, 2028
$150,000 7.75 %7.77 %
2030 Notes
December 5, 2025
December 15, 2030
$180,000 — %0.76 %
The conversion rights of the Notes are as follows:
Notes
Conversion Date
Conversion Rate(1)
Conversion Price per share
2026 Notes
December 15, 2025
9.7272$102.80 
2028 Notes
March 1, 2028
50.6586$19.74 
2030 NotesSeptember 16, 203065.5136 $15.26 
(1) The conversion rate for the Notes is established as a number of shares of the Company's common stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.
Schedule of Carrying Values of Debt Agreements
Carrying Value of the Notes as of December 31, 2025 and 2024 as follows:
2030 Notes
2028 Notes
2026 Notes
As of December 31, 2025
Principal amount$180,000 $150,000 $38,594 
Less: unamortized debt issuance costs(6,620)(98)(37)
Net carrying amount
173,380 149,902 38,557 
As of December 31, 2024
Principal amount— 150,000 188,594 
Less: unamortized debt issuance costs— (77)(903)
Net carrying amount
— 149,923 187,691 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Commitments
Aside from the Company’s finance and operating lease commitments, including its colocation operating commitments, which have been disclosed in Note 6—Leases, the minimum future commitments related to the Company’s purchase commitments as of December 31, 2025 were as follows:
Cost of Revenue CommitmentsOperating Expense CommitmentsTotal Purchase Commitments
(in thousands)
Year ending December 31,
2026$59,276 $21,668 $80,944 
202717,556 13,994 31,550 
20284,081 8,664 12,745 
2029
18 — 18 
2030
— — — 
Total$80,931 $44,326 $125,257 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Option Activity
The following table summarizes stock option activity during the year ended December 31, 2025:
Number of SharesWeighted-Average 
Exercise Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
(in thousands)(in years)(in thousands)
Outstanding at December 31, 2024
2,364 $8.60 4.3$7,592 
Granted— — 
Exercised(388)2.64 
Forfeited(234)4.49 
Outstanding at December 31, 2025
1,742 $10.47 4.4$4,256 
Vested and exercisable at December 31, 2025
1,479 $9.41 3.8$4,256 
Schedule of RSU, PSU, MPSUs Activity
The following table summarizes RSU activity during the years ended December 31, 2025:
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested RSUs as of December 31, 2024
11,982 $13.06 
Granted12,840 6.52 
Vested
(7,833)11.95 
Cancelled/forfeited(2,988)10.38 
Nonvested RSUs as of December 31, 2025
14,001 $8.25 
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested executive PSUs as of December 31, 2024
1,089 $13.21 
Granted1,901 6.89 
Vested(172)14.82 
Cancelled/forfeited(1,373)10.71 
Nonvested executive PSUs as of December 31, 2025
1,445 $7.08 
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested MPSUs as of December 31, 2024
1,313 $6.45 
Granted— — 
Vested— — 
Cancelled/forfeited(978)6.39 
Nonvested MPSUs as of December 31, 2025
335 $6.63 
Number of SharesWeighted-Average Grant Date Fair Value Per Share
(in thousands)
Nonvested rTSR PSUs as of December 31, 2024
— $— 
Granted372 14.05 
Vested— — 
Cancelled/forfeited(109)13.47 
Nonvested rTSR PSUs as of December 31, 2025
263 $14.30 
Schedule of Employee Stock Purchase Plan Valuation Assumptions
The Company estimated the fair value of shares granted under the ESPP on the first date of the offering period using the Black-Scholes option pricing model with the following assumptions:
Year ended December 31,
202520242023
Fair value of common stock
$2.81 – $3.80
$2.33 – $3.56
$3.33 – $6.09
Expected term (in years)
0.49 – 0.50
0.49 – 0.50
0.49 – 0.50
Risk-free interest rate
3.75% – 4.33%
4.45% – 5.40%
4.65% – 5.43%
Expected volatility
70% – 82%
54% – 93%
70% – 88%
Dividend yield— %— %— %
Schedule of Stock-Based Compensation Expense
The following table summarizes the components of total stock-based compensation expense included in the accompanying consolidated statements of operations:
Year ended December 31,
202520242023
(in thousands)
Cost of revenue$10,137 $8,644 $11,656 
Research and development44,453 33,606 47,827 
Sales and marketing32,971 29,061 33,703 
General and administrative29,762 36,619 43,117 
Total$117,323 $107,930 $136,303 
v3.25.4
Net Loss Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock
The following table presents the computation of basic and diluted net loss per share of common stock:
Year ended December 31,
202520242023
(in thousands, except per share amounts)
Net loss attributable to common stockholders$(121,677)$(158,058)$(133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted146,902 138,099 128,770 
Net loss per share attributable to common stockholders, basic and diluted$(0.83)$(1.14)$(1.03)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share
The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive:
Number of Shares
Year ended December 31,
202520242023
(in thousands)
Stock options1,742 2,364 2,710 
RSUs14,001 11,982 11,244 
PSUs1,445 1,089 732 
MPSUs335 1,313 1,471 
rTSR PSUs263 — — 
Bonus PSUs4,054 767 1,572 
Shares issuable pursuant to the ESPP571 70 410 
Convertible senior notes (if-converted)19,767 9,433 3,370 
Total42,178 27,018 21,509 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
Loss before income taxes includes the following components:
Year ended December 31,
202520242023
(in thousands)
United States$(126,278)$(161,398)$(137,240)
Foreign7,089 5,944 3,931 
Loss before income taxes$(119,189)$(155,454)$(133,309)
Schedule of Income Tax Expense (Benefit)
The income tax expense (benefit) consists of the following:
Year ended December 31,
202520242023
(in thousands)
Current tax provision (benefit):
Federal
$— $— $— 
State
35 200 57 
Foreign
1,020 611 622 
Deferred tax expense (benefit):
Federal
— — — 
State
— — — 
Foreign
1,433 1,793 (900)
Total tax expense (benefit)$2,488 $2,604 $(221)
Schedule of Effective Tax Rate Reconciliation The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company's actual global effective amount and rate for the years ended December 31, 2025, 2024, and 2023:
Year ended December 31,
202520242023
Amount
(in thousands)		PercentAmount
(in thousands)		PercentAmount
(in thousands)		Percent
US federal statutory tax rate
$(25,030)21.0 %$(32,645)21.0 %$(27,995)21.0 %
State and local income taxes, net of federal income tax effect*
(543)0.5 %(519)0.3 %(985)0.7 %
Foreign tax effects:
United Kingdom:
Change in valuation allowance— — %— — %(2,080)1.6 %
Other
685 (0.6)%1,160 (0.7)%197 (0.1)%
Other foreign jurisdictions
280 (0.2)%125 (0.1)%504 (0.4)%
Effect of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws
678 (0.6)%52 (0.1)%— — %
Tax credits:
Research and development credits(4,985)4.2 %(8,671)5.6 %(18,444)13.8 %
Changes in valuation allowances
19,627 (16.5)%26,675 (17.2)%33,410 (25.1)%
Nontaxable or nondeductible items:
Stock-based compensation awards
7,582 (6.4)%10,492 (6.7)%4,824 (3.6)%
Disallowed executive compensation1,784 (1.5)%2,483 (1.6)%3,922 (2.9)%
Other
586 (0.5)%695 (0.4)%517 (0.4)%
Changes in unrecognized tax benefits
1,824 (1.5)%2,757 (1.8)%5,909 (4.4)%
Total
$2,488 (2.1)%$2,604 (1.7)%$(221)0.2 %
*State taxes in California made up the majority (greater than 50%) of the tax effect in this category
Schedule of Deferred Tax Assets and Liabilities
The Company’s deferred tax assets and liabilities were as follows:
Year ended December 31,
20252024
(in thousands)
Deferred tax assets:
Net operating losses$198,780 $183,824 
Lease liability18,255 17,329 
Research and development credits52,060 46,759 
Capitalized research and development 50,707 62,615 
Stock-based compensation13,995 6,924 
Deferred revenue7,618 5,158 
Reserves and accruals5,325 4,885 
Other4,826 4,582 
Deferred tax assets351,566 332,076 
Deferred tax liabilities:
Intangible asset amortization(6,320)(10,995)
Right-of-use asset(13,814)(13,377)
State taxes(16,066)(14,844)
Prepaid commissions(11,473)(13,306)
Other(17)(1)
Deferred tax liabilities(47,690)(52,523)
Valuation allowance
(303,285)(279,204)
Net deferred tax (liabilities) assets$591 $349 
Summary of Valuation Allowance
Changes in the valuation allowance were as follows:
As of December 31,
202520242023
(in thousands)
Beginning balance$279,204 $245,476 $208,215 
Additions charged to expenses
24,081 33,728 37,261 
Ending balance$303,285 $279,204 $245,476 
Schedule of Unrecognized Tax Benefits
A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):
Year ended December 31,
20252024
Balance at beginning of year
$26,003 $23,245 
Increases related to prior year tax positions
12 — 
Decreases related to prior year tax positions
— (39)
Increases related to current year tax positions
1,812 2,797 
Balance at end of year
$27,827 $26,003 
Schedule of Income Taxes Paid
The Company adopted ASU 2023-09 on a retrospective basis effective December 31, 2025 and have included the following tables as a result of the Company's adoption, which presents income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024 and 2023:
Year ended December 31,
202520242023
(in thousands)
State
$55 $129 $41 
Foreign1,282 680 290 
Total
$1,337 $809 $331 
Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:
Year ended December 31,
202520242023
(in thousands)
State
Texas
*$76 $41 
Foreign
Australia
303 87 132 
Canada
143 156 107 
Germany
*103 85 
India
283 **
Japan
248 153 66 
Netherlands
**38 
Spain
101 76 74 
Sweden
71 67 46 
UK
**(261)
*Jurisdiction below the threshold for the period presented
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Long-Lived Assets by Geographic Region
The Company’s property and equipment and operating lease right-of-use assets, each net, by geographic area were as follows:
As of December 31,
20252024
(in thousands)
United States$168,887 $169,285 
All other countries69,965 60,245 
Total long-lived assets$238,852 $229,530 
v3.25.4
Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details) - Affiliated Customer - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 10.00%   12.00%
Accounts Receivable      
Concentration Risk [Line Items]      
Concentration risk, percentage   11.00%  
v3.25.4
Summary of Significant Accounting Policies - Incremental Costs to Obtain a Contract With Customer (Details)
Dec. 31, 2025
Customer Arrangement  
Capitalized Contract Cost [Line Items]  
Capitalized contract cost, useful life (in years) 5 years
v3.25.4
Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)
Dec. 31, 2025
Computer and networking equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 3 years
Computer and networking equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 5 years
Leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 5 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 3 years
Office equipment  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 3 years
Internal-use software | Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 3 years
Internal-use software | Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 5 years
v3.25.4
Summary of Significant Accounting Policies - Internal-Use Software Development Costs (Details) - Internal-use software
Dec. 31, 2025
Minimum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 3 years
Maximum  
Property, Plant and Equipment [Line Items]  
Property and equipment, useful life (in years) 5 years
v3.25.4
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details)
Dec. 31, 2025
Customer relationships | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 3 years
Customer relationships | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 8 years
Developed technology | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 4 years
Developed technology | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 5 years
Trade names | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 3 years
Trade names | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 4 years
Internet protocol addresses  
Finite-Lived Intangible Assets [Line Items]  
Useful life (in years) 10 years
v3.25.4
Summary of Significant Accounting Policies - Cost of Revenue (Details)
 12 Months Ended
Dec. 31, 2025
Bandwidth Contracts  
Disaggregation of Revenue [Line Items]  
Typical duration of contracts (in years) 1 year
Colocation Services | Minimum  
Disaggregation of Revenue [Line Items]  
Typical duration of contracts (in years) 1 year
Colocation Services | Maximum  
Disaggregation of Revenue [Line Items]  
Typical duration of contracts (in years) 6 years
v3.25.4
Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Advertising expense $ 5.1 $ 5.8 $ 4.6
v3.25.4
Summary of Significant Accounting Policies - Accounting for Stock-Based Compensation (Details)
 12 Months Ended
Dec. 31, 2025
Minimum  
Disaggregation of Revenue [Line Items]  
Requisite service period (in years) 3 years
Maximum  
Disaggregation of Revenue [Line Items]  
Requisite service period (in years) 4 years
v3.25.4
Summary of Significant Accounting Policies - Segment Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Accounting Policies [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Revenue - Schedule of Net Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 624,018 $ 543,676 $ 505,988
United States      
Disaggregation of Revenue [Line Items]      
Total revenue 465,450 407,324 370,424
All other countries      
Disaggregation of Revenue [Line Items]      
Total revenue $ 158,568 $ 136,352 $ 135,564
v3.25.4
Revenue - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
product_line
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue from Contract with Customer [Abstract]      
Number of product lines | product_line 3    
Revenue, performance obligation, description of payment terms The Company’s payment terms and conditions vary by contract type, and generally range from 30 to 90 days    
Amortization of deferred contract costs | $ $ 19,369 $ 18,623 $ 15,548
v3.25.4
Revenue - Schedule of Revenue by Customer Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 624,018 $ 543,676 $ 505,988
Network Services      
Disaggregation of Revenue [Line Items]      
Total revenue 477,774 427,690 405,116
Security      
Disaggregation of Revenue [Line Items]      
Total revenue 125,061 103,037 92,864
Other      
Disaggregation of Revenue [Line Items]      
Total revenue $ 21,183 $ 12,949 $ 8,008
v3.25.4
Revenue - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 1,668 $ 1,072
Contract liabilities 40,819 29,585
Contract with Customer, Liability    
Revenue recognized in the period from amounts included in contract liability at the beginning of the period $ 27,097 $ 33,719
v3.25.4
Revenue - Remaining Performance Obligation (Narrative) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 353.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, percentage 70.00%
Remaining performance obligation, timing of satisfaction 12 months
v3.25.4
Revenue - Schedule of Costs to Obtain Contracts (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred contract costs, net $ 47,586 $ 52,583
v3.25.4
Investments and Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents $ 180,563 $ 286,175 $ 107,921
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Gross Unrealized Gain 66 3  
Gross Unrealized Loss (2) 0  
Marketable securities: 181,196 9,707  
Amortized Cost 361,695 295,879  
Fair Value 361,759 295,882  
Level 2: | U.S. Treasury securities      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 8,290    
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Amortized Cost 64,273    
Gross Unrealized Gain 27    
Gross Unrealized Loss 0    
Fair Value 64,300    
Marketable securities: 56,010    
Level 2: | Corporate notes and bonds      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 4,570 0  
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Amortized Cost 50,942 6,005  
Gross Unrealized Gain 19 3  
Gross Unrealized Loss 0 0  
Fair Value 50,961 6,008  
Marketable securities: 46,391 6,008  
Level 2: | Commercial paper      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 33,928 0  
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Amortized Cost 111,706 3,699  
Gross Unrealized Gain 20 0  
Gross Unrealized Loss (2) 0  
Fair Value 111,724 3,699  
Marketable securities: 77,796 3,699  
Level 2: | Municipal Securities      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 1,600    
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Amortized Cost 1,600    
Gross Unrealized Gain 0    
Gross Unrealized Loss 0    
Fair Value 1,600    
Marketable securities: 0    
Level 2: | Certificates of deposit      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 400    
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Amortized Cost 1,399    
Gross Unrealized Gain 0    
Gross Unrealized Loss 0    
Fair Value 1,399    
Marketable securities: 999    
Cash      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 87,743 52,951  
Cash and cash equivalents, fair value 87,743 52,951  
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Marketable securities: 0 0  
Money market funds | Level 1:      
Debt Securities, Available-for-sale [Line Items]      
Cash and cash equivalents 44,032 233,224  
Cash and cash equivalents, fair value 44,032 233,224  
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]      
Marketable securities: $ 0 $ 0  
v3.25.4
Balance Sheet Information - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 8,254 $ 7,054 $ 5,029
Additions to the reserves 4,181 3,834 2,025
Write-offs and adjustments (6,173) (2,634) 0
Ending balance $ 6,262 $ 8,254 $ 7,054
v3.25.4
Balance Sheet Information - Schedule of Revenue Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Reserve [Roll Forward]      
Beginning balance $ 5,130 $ 4,296 $ 2,449
Additions to the reserves 10,052 834 1,847
Write-offs and adjustments (7,420) 0 0
Ending balance $ 7,762 $ 5,130 $ 4,296
v3.25.4
Balance Sheet Information - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 438,443 $ 372,507
Accumulated depreciation and amortization (251,658) (193,410)
Property and equipment, net 186,785 179,097
Computer and networking equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 278,181 237,148
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 8,181 8,139
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 2,430 2,153
Office equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,232 1,218
Internal-use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 148,419 123,849
Property and equipment, net $ 81,400 $ 79,500
v3.25.4
Balance Sheet Information - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Impairment charge   $ 2,800  
Impairment expense $ 415 4,144 $ 4,316
Depreciation and amortization 61,000 54,000 51,600
Property and equipment, net 186,785 179,097  
Property, Plant and Equipment      
Property, Plant and Equipment [Line Items]      
Impairment expense     3,000
Property, Plant And Equipment, Advance Payments      
Property, Plant and Equipment [Line Items]      
Impairment expense     1,300
Internal-use software      
Property, Plant and Equipment [Line Items]      
Depreciation and amortization 22,600 17,000 $ 14,000
Property and equipment, net $ 81,400 $ 79,500  
v3.25.4
Balance Sheet Information - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Deferred contract costs, net $ 47,586 $ 52,583
Advance payment for purchase of property and equipment 0 9,837
Other assets 10,203 5,982
Total other assets $ 57,789 $ 68,402
v3.25.4
Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Prepaid expenses $ 16,737 $ 22,455
Other current assets 10,184 5,870
Total $ 26,921 $ 28,325
v3.25.4
Balance Sheet Information - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accrued compensation and related benefits $ 46,611 $ 19,266
Accrued colocation and bandwidth costs 13,944 15,317
Other tax liabilities 4,800 4,266
Other accrued expenses 5,314 2,773
Total accrued expenses $ 70,669 $ 41,622
v3.25.4
Balance Sheet Information - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accrued computer and networking equipment $ 413 $ 743
Customer deposits 6,115 1,213
Other current liabilities 971 840
Total other current liabilities $ 7,499 $ 2,796
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Sublease income $ 0.8 $ 1.4 $ 1.2
Impairment of operating lease right-of-use assets   1.7 $ 0.7
Lease impairment, office facility exit costs   $ 1.3  
Lease not yet commenced, commitment amount $ 9.1    
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms, operating (in years) 1 year    
Subleases, remaining lease terms (in years) 1 year    
Lease not yet commenced, term of contract 2 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining lease terms, operating (in years) 9 years    
Subleases, remaining lease terms (in years) 4 years    
Lease not yet commenced, term of contract 5 years    
v3.25.4
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 26,809 $ 26,581 $ 26,996
Variable lease cost 20,546 17,003 15,112
Total operating lease cost 47,355 43,584 42,108
Amortization of assets under finance lease 11,598 13,521 14,391
Interest 15 378 1,328
Total finance lease cost $ 11,613 $ 13,899 $ 15,719
v3.25.4
Leases - Schedule of Other Information (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted Average Remaining Lease term (in years):      
Operating leases 4 years 4 months 20 days 2 years 10 months 2 days 3 years 5 months 23 days
Finance leases 0 years 3 months 25 days 1 year
Weighted Average Discount Rate:      
Operating leases 7.16% 6.36% 6.03%
Finance leases 0.00% 4.67% 4.67%
v3.25.4
Leases - Schedule of Lease Maturity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Leases  
2026 $ 30,344
2027 21,670
2028 12,133
2029 6,559
2030 5,028
Thereafter 15,245
Total future minimum lease payments 90,979
Less: imputed interest (13,526)
Total liability $ 77,453
v3.25.4
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 670,356,000 $ 670,356,000  
Goodwill, impairment loss 0 0 $ 0
Amortization of intangible assets 16,821,000 19,599,000 20,424,000
Payments to acquire intangible assets $ 0 0 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Impairment expense    
Impairment of intangible assets $ 300,000 $ 0 $ 0
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value $ 126,884 $ 128,884
Accumulated amortization (101,113) (86,008)
Net carrying value 25,771 42,876
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 69,100 69,860
Accumulated amortization (45,347) (37,364)
Net carrying value 23,753 32,496
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 49,500 50,130
Accumulated amortization (49,500) (42,482)
Net carrying value 0 7,648
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 3,300 3,910
Accumulated amortization (3,300) (3,694)
Net carrying value 0 216
Internet protocol addresses    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 4,984 4,984
Accumulated amortization (2,966) (2,468)
Net carrying value $ 2,018 $ 2,516
v3.25.4
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 9,064  
2027 9,051  
2028 6,891  
2029 378  
2030 281  
Thereafter 106  
Net carrying value $ 25,771 $ 42,876
v3.25.4
Debt Instruments - Senior Secured Credit Facilities Agreement (Narrative) (Details) - Credit Agreement
 12 Months Ended
Feb. 16, 2021
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Debt facility, maximum borrowing amount $ 60,000,000.0    
Net liquidity covenant threshold 120,000,000.0    
Transaction costs $ 600,000    
Debt covenant, adjusted quick ratio, minimum requirement 1.25    
Debt covenant, springing revenue quarterly growth basis 5.00%    
Debt covenant, adjusted quick ratio, minimum threshold to trigger revenue growth covenant requirement 1.75    
Amounts drawn on line of credit during the period   $ 0 $ 0
Amount of debt outstanding   $ 0 $ 0
Base Rate      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 1.00%    
Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Basis spread on variable rate (as a percent) 2.00%    
Minimum      
Debt Instrument [Line Items]      
Net liquidity covenant threshold $ 200,000,000.0    
Line of credit, unused capacity, commitment fee percentage 0.20%    
Maximum      
Debt Instrument [Line Items]      
Convertible debt outstanding threshold $ 35,000,000.0    
Line of credit, unused capacity, commitment fee percentage 0.25%    
v3.25.4
Debt Instruments - Convertible Senior Notes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 05, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 25, 2022
Debt Instrument [Line Items]            
Proceeds from issuance of convertible notes   $ 180,000 $ 0 $ 0    
Net gain on extinguishment of debt   941 1,365 52,416    
Convertible Debt            
Debt Instrument [Line Items]            
Debt instrument, face amount   368,600        
Convertible Debt | 2026 Notes            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 948,800 $ 38,594        
Coupon Interest Rate 0.00% 0.00%        
Debt instrument, face amount, additional principal issuable $ 123,800          
Proceeds from issuance of convertible notes $ 930,000          
Debt instrument, repurchased face amount   $ 150,000   367,300   $ 235,000
Debt instrument, repurchase amount   148,900   309,100   176,400
Debt repurchase transaction costs       2,000   $ 700
Net gain on extinguishment of debt   900 1,400 $ 52,400 $ 54,400  
Extinguishment of debt     157,900      
Convertible Debt | 2028 Notes            
Debt Instrument [Line Items]            
Debt instrument, face amount   $ 150,000 $ 150,000      
Coupon Interest Rate   7.75% 7.75%      
Convertible Debt | 2030 Notes            
Debt Instrument [Line Items]            
Debt instrument, face amount   $ 180,000        
Coupon Interest Rate   0.00%        
v3.25.4
Debt Instruments - Schedule of Convertible Senior Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Mar. 05, 2021
Debt Instrument [Line Items]      
Principal amount $ 368,600    
2026 Notes      
Debt Instrument [Line Items]      
Principal amount $ 38,594   $ 948,800
Coupon Interest Rate 0.00%   0.00%
Effective Interest Rate 0.38%    
2028 Notes      
Debt Instrument [Line Items]      
Principal amount $ 150,000 $ 150,000  
Coupon Interest Rate 7.75% 7.75%  
Effective Interest Rate 7.77%    
2030 Notes      
Debt Instrument [Line Items]      
Principal amount $ 180,000    
Coupon Interest Rate 0.00%    
Effective Interest Rate 0.76%    
v3.25.4
Debt Instruments - Redemption Rights of the Notes (Narrative) (Details) - Convertible Debt
 12 Months Ended
Dec. 31, 2025
day
2026 And 2030 Convertible Notes  
Debt Instrument [Line Items]  
Debt instrument, redemption price, percentage 100.00%
2026 Notes  
Debt Instrument [Line Items]  
Debt instrument, redemption price, percentage 100.00%
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%
Debt instrument, convertible, threshold trading days 20
Debt instrument, convertible, threshold consecutive trading days 30
2030 Notes  
Debt Instrument [Line Items]  
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%
Debt instrument, convertible, threshold trading days 20
Debt instrument, convertible, threshold consecutive trading days 30
Debt instrument, convertible, period of noticed required 35 days
v3.25.4
Debt Instruments - Conversion Rights of the Notes (Narrative) (Details) - 2026, 2028, and 2030 Convertible Notes - Convertible Debt
 12 Months Ended
Dec. 31, 2025
day
Scenario One  
Debt Instrument [Line Items]  
Debt instrument, convertible, threshold trading days 20
Debt instrument, convertible, threshold consecutive trading days 30
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%
Scenario Two  
Debt Instrument [Line Items]  
Debt instrument, convertible, threshold trading days 5
Debt instrument, convertible, threshold consecutive trading days 5
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%
v3.25.4
Debt Instruments - Schedule of Conversion Rights of Notes (Details) - Convertible Debt
 12 Months Ended
Dec. 31, 2025
$ / shares
2026 Notes  
Debt Instrument [Line Items]  
Debt instrument, convertible, conversion ratio 0.0097272
Debt instrument, convertible, conversion price (in dollars per share) $ 102.80
2028 Notes  
Debt Instrument [Line Items]  
Debt instrument, convertible, conversion ratio 0.0506568
Debt instrument, convertible, conversion price (in dollars per share) $ 19.74
2030 Notes  
Debt Instrument [Line Items]  
Debt instrument, convertible, conversion ratio 0.655136
Debt instrument, convertible, conversion price (in dollars per share) $ 15.26
v3.25.4
Debt Instruments - Schedule of Carrying Value of Notes (Details) - Convertible Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
2030 Notes    
Debt Instrument [Line Items]    
Principal amount $ 180,000 $ 0
Less: unamortized debt issuance costs (6,620) 0
Long-term debt, net 173,380 0
2028 Notes    
Debt Instrument [Line Items]    
Principal amount 150,000 150,000
Less: unamortized debt issuance costs (98) (77)
Long-term debt, net 149,902 149,923
2026 Notes    
Debt Instrument [Line Items]    
Principal amount 38,594 188,594
Less: unamortized debt issuance costs (37) (903)
Long-term debt, net $ 38,557 $ 187,691
v3.25.4
Debt Instruments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Interest expense $ 12.6 $ 2.3 $ 2.7
Total estimated fair value of the notes $ 379.5 $ 327.7  
v3.25.4
Debt Instruments - Capped Calls (Narrative) (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
Debt Instrument [Line Items]  
Decrease from purchase of capped calls | $ $ 18,162
2030 Notes  
Debt Instrument [Line Items]  
Initial strike price (in dollars per share) | $ / shares $ 15.26
Initial cap price (in dollars per share) | $ / shares $ 23.04
Decrease from purchase of capped calls | $ $ 18,200
v3.25.4
Commitments and Contingencies - Schedule of Purchase Commitments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Long-term Purchase Commitment [Line Items]  
2026 $ 80,944
2027 31,550
2028 12,745
2029 18
2030 0
Total 125,257
Cost of Revenue Commitments  
Long-term Purchase Commitment [Line Items]  
2026 59,276
2027 17,556
2028 4,081
2029 18
2030 0
Total 80,931
Operating Expense Commitments  
Long-term Purchase Commitment [Line Items]  
2026 21,668
2027 13,994
2028 8,664
2029 0
2030 0
Total $ 44,326
v3.25.4
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Sales and use tax liability $ 4.8 $ 4.3
v3.25.4
Stockholders' Equity - Common Stock (Narrative) (Details)
May 31, 2019
stock_series
$ / shares
shares
Stockholders' Equity Note [Abstract]  
Common stock, shares authorized (in shares) | shares 1,000,000,000.0
Common stock, par value (in dollars per share) | $ / shares $ 0.00002
Common stock, voting rights (votes per share) | stock_series 1
v3.25.4
Stockholders' Equity - Equity Incentive Plans (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
plan
shares
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of equity incentive plans | plan 5  
Signal Sciences 2014 Equity Stock Options Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested stock options assumed (in shares) 251,754  
2019 Equity Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares available for future issuance (in shares) 5,800,000 6,900,000
Common stock, shares issued (in shares) 151,500,000 142,100,000
Common stock, shares outstanding (in shares) 151,500,000 142,100,000
2025 Employment Inducement Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares available for future issuance (in shares) 500,000  
v3.25.4
Stockholders' Equity - Stock Options (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Pre-tax intrinsic value $ 2,100 $ 1,900 $ 3,100
Vesting of early exercised stock options 1,700 1,900 2,100
Stock-based compensation expense 117,323 107,930 136,303
Unrecognized stock-based compensation cost 2,700    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 1,700 $ 1,900 $ 2,100
Weighted-average period of recognition 1 year 7 months 6 days    
Stock options | 2011 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award expiration period 10 years    
Award vesting period 4 years    
Stock options | 2011 Equity Incentive Plan | First Year      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting percentage 25.00%    
Stock options | 2011 Equity Incentive Plan | Remaining Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 36 months    
v3.25.4
Stockholders' Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Shares    
Options outstanding, beginning balance (in shares) 2,364  
Granted (in shares) 0  
Exercised (in shares) (388)  
Forfeited (in shares) (234)  
Options outstanding, ending balance (in shares) 1,742 2,364
Options vested and exercisable (in shares) 1,479  
Weighted-Average  Exercise Price    
Options outstanding, weighted average exercise price, beginning of period (in dollars per share) $ 8.60  
Granted, weighted-average exercise price (in dollars per share) 0  
Exercised, weighted average exercise price (in dollars per share) 2.64  
Forfeited, weighted average exercise price (in dollars per share) 4.49  
Options outstanding, end of period (in dollars per share) 10.47 $ 8.60
Vested and exercisable, weighted-average exercise price (in dollars per share) $ 9.41  
Stock Option Activity, Additional Disclosures    
Weighted-average remaining contractual period 4 years 4 months 24 days 4 years 3 months 18 days
Vested and exercisable, weighted average contractual term 3 years 9 months 18 days  
Aggregate intrinsic value $ 4,256 $ 7,592
Vested and exercisable, aggregate intrinsic value $ 4,256  
v3.25.4
Stockholders' Equity - Restricted Stock Units (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 117,323 $ 107,930 $ 136,303
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in dollars per share) $ 6.52 $ 11.62 $ 15.80
Vested in period, grant date fair value $ 93,600 $ 126,500 $ 127,300
Stock-based compensation expense 83,700 $ 96,700 $ 105,200
Unrecognized stock-based compensation cost $ 103,200    
Weighted-average period of recognition 2 years 2 months 12 days    
Minimum | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Minimum | RSUs | First Year      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
Award vesting percentage 25.00%    
Minimum | RSUs | Remaining Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 24 months    
Maximum | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Maximum | RSUs | First Year      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 4 years    
Award vesting percentage 33.00%    
Maximum | RSUs | Remaining Period      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 36 months    
v3.25.4
Stockholders' Equity - Schedule of RSU, RSA , PSU and MPSU, RTSR PSU Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
RSUs      
Number of Shares      
Beginning balance (in shares) 11,982    
Granted (in shares) 12,840    
Vested (in shares) (7,833)    
Cancelled/forfeited (in shares) (2,988)    
Ending balance (in shares) 14,001 11,982  
Weighted-Average Grant Date Fair Value Per Share      
Beginning balance (in dollars per share) $ 13.06    
Granted (in dollars per share) 6.52 $ 11.62 $ 15.80
Vested (in dollars per share) 11.95    
Cancelled/forfeited (in dollars per share) 10.38    
Ending balance (in dollars per share) $ 8.25 $ 13.06  
PSUs      
Number of Shares      
Beginning balance (in shares) 1,089    
Granted (in shares) 1,901    
Vested (in shares) (172)    
Cancelled/forfeited (in shares) (1,373)    
Ending balance (in shares) 1,445 1,089  
Weighted-Average Grant Date Fair Value Per Share      
Beginning balance (in dollars per share) $ 13.21    
Granted (in dollars per share) 6.89    
Vested (in dollars per share) 14.82    
Cancelled/forfeited (in dollars per share) 10.71    
Ending balance (in dollars per share) $ 7.08 $ 13.21  
MPSUs      
Number of Shares      
Beginning balance (in shares) 1,313    
Granted (in shares) 0    
Vested (in shares) 0    
Cancelled/forfeited (in shares) (978)    
Ending balance (in shares) 335 1,313  
Weighted-Average Grant Date Fair Value Per Share      
Beginning balance (in dollars per share) $ 6.45    
Granted (in dollars per share) 0    
Vested (in dollars per share) 0    
Cancelled/forfeited (in dollars per share) 6.39    
Ending balance (in dollars per share) $ 6.63 $ 6.45  
rTSR PSUs      
Number of Shares      
Beginning balance (in shares) 0    
Granted (in shares) 372    
Vested (in shares) 0    
Cancelled/forfeited (in shares) (109)    
Ending balance (in shares) 263 0  
Weighted-Average Grant Date Fair Value Per Share      
Beginning balance (in dollars per share) $ 0    
Granted (in dollars per share) 14.05    
Vested (in dollars per share) 0    
Cancelled/forfeited (in dollars per share) 13.47    
Ending balance (in dollars per share) $ 14.30 $ 0  
v3.25.4
Stockholders' Equity - PSUs (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 117,323 $ 107,930 $ 136,303
PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 3,900 $ 3,500 $ 4,300
v3.25.4
Stockholders' Equity - Company-Wide Bonus Program (Narrative) (Details) - USD ($)
$ in Thousands, shares in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2025
Feb. 29, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares issued under bonus program     $ 6,898 $ 26,849 $ 16,599
Stock-based compensation expense     117,323 107,930 136,303
PSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense     3,900 3,500 4,300
Bonus Program          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares issued under bonus program (in shares) 1.0 1.9      
Shares issued under bonus program $ 6,900 $ 26,800      
Bonus Program | PSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense     $ 35,300 $ 10,000 $ 24,700
Performance Target Payout Level One | Bonus Program          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payout of performance-based restricted stock units, percentage     50.00%    
Performance Target Payout Level Two | Bonus Program          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payout of performance-based restricted stock units, percentage     100.00%    
Performance Target Payout Level Three | Bonus Program          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Payout of performance-based restricted stock units, percentage     150.00%    
v3.25.4
Stockholders' Equity - Market-Based Performance Stock Units (MPSU) (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation (benefit) expense $ 117,323 $ 107,930 $ 136,303
MPSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum 3.37%    
Risk-free interest rate, maximum 3.68%    
Expected volatility rate 80.00%    
Stock-based compensation (benefit) expense $ (3,000) $ 2,800 $ 5,900
Unrecognized stock-based compensation cost $ 100    
Weighted-average period of recognition 1 year 10 months 24 days    
v3.25.4
Stockholders' Equity - Relative Total Shareholder Return Award PSUs ("rTSR PSUs") (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 117,323 $ 107,930 $ 136,303
rTSR PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 1,000    
v3.25.4
Stockholders' Equity - Employee Stock Purchase Program (ESPP) (Narrative) (Details) - USD ($)
$ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 117,323 $ 107,930 $ 136,303
Shares issued under employee stock purchase program (in shares) 1.1 1.0 1.0
Shares issuable pursuant to the ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Maximum deduction percentage of eligible compensation 15.00%    
Stock plan offering period 6 months    
Purchase price of common stock, percentage of fair value 85.00%    
Stock-based compensation expense $ 2,200 $ 3,400 $ 4,100
Unrecognized stock-based compensation cost $ 1,600    
Weighted-average period of recognition 4 months 24 days    
v3.25.4
Stockholders' Equity - Fair Value Assumptions - ESPP (Details) - Shares issuable pursuant to the ESPP - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate, minimum 3.75% 4.45% 4.65%
Risk-free interest rate, maximum 4.33% 5.40% 5.43%
Expected volatility, minimum 70.00% 54.00% 70.00%
Expected volatility, maximum 82.00% 93.00% 88.00%
Dividend yield 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of common stock (in dollars per share) $ 2.81 $ 2.33 $ 3.33
Expected term (in years) 5 months 26 days 5 months 26 days 5 months 26 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of common stock (in dollars per share) $ 3.80 $ 3.56 $ 6.09
Expected term (in years) 6 months 6 months 6 months
v3.25.4
Stockholders' Equity - Equity Awards Modification (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Award      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Modification expense $ 0.0 $ 0.0 $ 0.0
v3.25.4
Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 117,323 $ 107,930 $ 136,303
Share-based payment arrangement, amount capitalized 7,400 10,300 10,100
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 10,137 8,644 11,656
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 44,453 33,606 47,827
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense 32,971 29,061 33,703
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 29,762 $ 36,619 $ 43,117
v3.25.4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net loss attributable to common stockholders, basic $ (121,677) $ (158,058) $ (133,088)
Net loss attributable to common stockholders, diluted $ (121,677) $ (158,058) $ (133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 146,902 138,099 128,770
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 146,902 138,099 128,770
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (0.83) $ (1.14) $ (1.03)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (0.83) $ (1.14) $ (1.03)
v3.25.4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 42,178 27,018 21,509
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 1,742 2,364 2,710
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 14,001 11,982 11,244
PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 1,445 1,089 732
MPSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 335 1,313 1,471
rTSR PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 263 0 0
Bonus PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 4,054 767 1,572
Shares issuable pursuant to the ESPP      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 571 70 410
Convertible senior notes (if-converted)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities (in shares) 19,767 9,433 3,370
v3.25.4
Income Taxes - Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (126,278) $ (161,398) $ (137,240)
Foreign 7,089 5,944 3,931
Loss before income tax expense (benefit) $ (119,189) $ (155,454) $ (133,309)
v3.25.4
Income Taxes - Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current tax provision (benefit):      
Federal $ 0 $ 0 $ 0
State 35 200 57
Foreign 1,020 611 622
Deferred tax expense (benefit):      
Federal 0 0 0
State 0 0 0
Foreign 1,433 1,793 (900)
Income tax expense (benefit) $ 2,488 $ 2,604 $ (221)
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Income tax expense (benefit) $ 2,488 $ 2,604 $ (221)
Unrecognized tax benefit that would impact income tax provision 27,800 26,000  
Federal      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 698,200 635,900  
Federal | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward 55,700    
State      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 647,100 $ 621,000  
State | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward 16,800    
Foreign Tax Jurisdiction | United Kingdom:      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards $ 15,200    
v3.25.4
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount (in thousands)      
US federal statutory tax rate $ (25,030) $ (32,645) $ (27,995)
State and local income taxes, net of federal income tax effect (543) (519) (985)
Effect of cross-border tax laws 678 52 0
Research and development credits (4,985) (8,671) (18,444)
Stock-based compensation awards 7,582 10,492 4,824
Disallowed executive compensation 1,784 2,483 3,922
Other, nontaxable or nondeductible items 586 695 517
Changes in unrecognized tax benefits 1,824 2,757 5,909
Income tax expense (benefit) $ 2,488 $ 2,604 $ (221)
Percent      
US federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 0.50% 0.30% 0.70%
Effect of cross-border tax laws (0.60%) (0.10%) 0.00%
Research and development credits 4.20% 5.60% 13.80%
Stock-based compensation awards (6.40%) (6.70%) (3.60%)
Disallowed executive compensation (1.50%) (1.60%) (2.90%)
Other, nontaxable or nondeductible items (0.50%) (0.40%) (0.40%)
Changes in unrecognized tax benefits (1.50%) (1.80%) (4.40%)
Total (2.10%) (1.70%) 0.20%
United Kingdom:      
Amount (in thousands)      
Change in valuation allowance $ 0 $ 0 $ (2,080)
Other adjustments $ 685 $ 1,160 $ 197
Percent      
Change in valuation allowance 0.00% 0.00% 1.60%
Other adjustments (0.60%) (0.70%) (0.10%)
Other foreign jurisdictions      
Amount (in thousands)      
Other foreign jurisdictions $ 280 $ 125 $ 504
Percent      
Other foreign jurisdictions (0.20%) (0.10%) (0.40%)
United States      
Amount (in thousands)      
Change in valuation allowance $ 19,627 $ 26,675 $ 33,410
Percent      
Change in valuation allowance (16.50%) (17.20%) (25.10%)
v3.25.4
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:        
Net operating losses $ 198,780 $ 183,824    
Lease liability 18,255 17,329    
Research and development credits 52,060 46,759    
Capitalized research and development 50,707 62,615    
Stock-based compensation 13,995 6,924    
Deferred revenue 7,618 5,158    
Reserves and accruals 5,325 4,885    
Other 4,826 4,582    
Deferred tax assets 351,566 332,076    
Deferred tax liabilities:        
Intangible asset amortization (6,320) (10,995)    
Right-of-use asset (13,814) (13,377)    
State taxes (16,066) (14,844)    
Prepaid commissions (11,473) (13,306)    
Other (17) (1)    
Deferred tax liabilities (47,690) (52,523)    
Valuation allowance (303,285) (279,204) $ (245,476) $ (208,215)
Net deferred tax (liabilities) assets $ 591 $ 349    
v3.25.4
Income Taxes - Changes in Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Beginning balance $ 279,204 $ 245,476 $ 208,215
Additions charged to expenses 24,081 33,728 37,261
Ending balance $ 303,285 $ 279,204 $ 245,476
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits:    
Balance at beginning of year $ 26,003 $ 23,245
Increases related to prior year tax positions 12 0
Decreases related to prior year tax positions 0 (39)
Increases related to current year tax positions 1,812 2,797
Balance at end of year $ 27,827 $ 26,003
v3.25.4
Income Taxes - Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State $ 55 $ 129 $ 41
Foreign 1,282 680 290
Total 1,337 809 331
Texas      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State   76 41
Australia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 303 87 132
Canada      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 143 156 107
Germany      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign   103 85
India      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 283    
Japan      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 248 153 66
Netherlands      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign     38
Spain      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 101 76 74
Sweden      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 71 $ 67 46
UK      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign     $ (261)
v3.25.4
Segment and Geographic Information - (Narrative) (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 238,852 $ 229,530
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 168,887 169,285
All other countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 69,965 $ 60,245
v3.25.4
Restructuring Charges (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]      
Restructuring charges $ 0 $ 9,720,000 $ 0
Restructuring reserve $ 0