At a glance
Akamai Technologies Inc is worth $12.46B, about 28 times its fiscal 2025 earnings. Revenue grew 5.4% to $4.21B in fiscal 2025, with 10.7% kept as profit; over 5 years it has grown 5.6% a year. It pays no dividend; it spent $3.14B buying back its shares over FY2021–FY2025. The stock returned +15.4% over the past year with dividends reinvested and −3.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 21.9% in the 2020 crash (S&P 500: 33.7%) and 36.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 15 months after the lows.
The business in plain English
Akamai Technologies sells internet services to businesses in three areas: security, cloud computing and content delivery. These services run on a widely spread network. As of December 31, 2025, the network included more than 4,300 edge points-of-presence (server sites placed close to users) in over 130 countries and about 700 cities. Customers include global enterprises and government agencies. Akamai's revenue depends on how much service customers use and the prices it can charge.
Security is the largest source of revenue, according to the annual report filed February 20, 2026. It includes a web application firewall (a filter that blocks attacks on websites) and bot management. It also includes protection from denial-of-service attacks, which flood sites with junk traffic, and API security, which guards the links that let software programs talk to each other. Cloud computing is a growing share. Akamai rents computing power, storage and NVIDIA graphics chips to developers, and it launched Akamai Inference Cloud to run AI models closer to users. Delivery speeds up websites and streams video. Its revenue has declined under price competition.
Revenue for fiscal 2025, the year ended December 31, 2025, was $4.21 billion, up 5.4%. Sales were split almost evenly: 50.8% came from the U.S. and 49.2% from international customers.
Price history
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AKAM +15.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $2.14B | 50.8% |
| International | $2.07B | 49.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.10B, up 5.4% from a year earlier, and net income was $79.4M (-23.4%).
- For fiscal 2025, revenue was $4.21B (+5.4% year over year; +5.6% a year from FY2020 to FY2025) with a 10.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.6% good |
|---|---|
| Operating margin | 13.5% watch |
| Free cash flow margin | 24% good |
| Return on equity (FY2025) | 9.1% watch |
| Return on assets (FY2025) | 3.9% watch |
| Net cash (cash minus debt) | $-2.95B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.20B | $557.1M | $700.7M |
| FY2021 | $3.46B | $651.6M | $1.08B |
| FY2022 | $3.62B | $523.7M | $1.03B |
| FY2023 | $3.81B | $547.6M | $890.5M |
| FY2024 | $3.99B | $504.9M | $1.13B |
| FY2025 | $4.21B | $452.0M | $1.01B |
Valuation snapshot
| Market value | $12.46B |
|---|---|
| P/E ratio | 28.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Akamai Technologies’s market value went from $11.56B at the end of 2016 to $12.46B on Nov 2, 2026, up 8%; since the end of 2025 it is down 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $12.46B | -0.7% |
| 2025 | $12.55B | -12.6% |
| 2024 | $14.37B | -19.5% |
| 2023 | $17.85B | +34.7% |
| 2022 | $13.26B | -30.3% |
| 2021 | $19.02B | +11.3% |
| 2020 | $17.09B | +22.4% |
| 2019 | $13.96B | +40.3% |
| 2018 | $9.95B | -9.6% |
| 2017 | $11.00B | -4.8% |
| 2016 | $11.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AKAM price data to Nov 2, 2026 | -0.6% | +15.4% | -6.3% | -3.8% | +2.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.6% |
| 2025 | -8.8% |
| 2024 | -19.2% |
| 2023 | +40.4% |
| 2022 | -28.0% |
| 2021 | +11.5% |
| 2020 | +21.5% |
| 2019 | +41.4% |
| 2018 | -6.1% |
| 2017 | -2.5% |
| 2016 | +26.7% |
| 2015 | -16.4% |
| 2014 | +33.5% |
| 2013 | +15.3% |
| 2012 | +26.7% |
| 2011 | -31.4% |
| 2010 | +85.7% |
| 2009 | +67.9% |
| 2008 | -56.4% |
| 2007 | -34.9% |
| 2006 | +166.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.9% over that stretch · deepest drop along the way 77%, back to its old high 17.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 16.6% over that stretch · deepest drop along the way 21.9%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.3% over that stretch · deepest drop along the way 36%, back to its old high 15.4 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 16 sales ($8.2M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 12, 2026 | Adam Karon COO & GM Edge Technology Group | sell | $1.8M |
| Mar 11, 2026 | Anthony P Williams EVP and CHRO | sell | $1.3M |
| Mar 10, 2026 | Edward J McGowan Chief Financial Officer | sell (plan) | $983K |
| Sep 25, 2026 | Mani Sundaram EVP and GM Security | sell (plan) | $882K |
| Mar 16, 2026 | Aaron Ahola EVP & General Counsel | sell | $478K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 7.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.34% | Mar 31, 2026 |
| BlackRock, Inc. | 7% | Dec 31, 2025 |
| Vanguard Portfolio Management | 4.99% | Sep 30, 2026 |
ETFs with the most weight in AKAM
| WCBR WisdomTree Cybersecurity Fund | 3.79% |
| IHAK iShares Cybersecurity & Tech ETF | 3.31% |
| CLOU Global X Cloud Computing ETF | 3.07% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 3% |
| SKYY First Trust Cloud Computing ETF | 2.95% |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 1.22% |
| RBLD First Trust Alerian US NextGen Infrastructure ETF | 0.87% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.79% |
What could go wrong
- Delivery revenue keeps shrinking. Revenue from delivering web content and video has kept falling as prices drop and customers shift traffic to rivals or build their own systems. Akamai says the decline has slowed but may continue.
- Security faces larger, broader rivals. Security is Akamai's largest revenue source. Larger providers increasingly offer wide security platforms, and competition has pushed prices down on some products, including at contract renewals.
- Cloud and AI bets may not pay off. Most of Akamai's strategic investment goes into its cloud infrastructure services. It must win customers who traditionally use more established cloud companies, and its AI projects may not succeed.
- Outages or hacks would damage trust. Customers rely on Akamai to keep sites running and safe. Defects, network disruptions or a breach of Akamai's own systems could bring large costs, legal liability and harm to its reputation.
- Trade tensions could deter foreign customers. About 49% of fiscal 2025 revenue came from outside the U.S. Tariffs, export controls on advanced computing, and tensions may make foreign companies reluctant to sign with a U.S. provider or move data across borders.
- Debt and acquisitions add strain. As of June 30, 2026, Akamai had $7.56 billion of debt and $4.62 billion of cash and investments. It also keeps buying companies, which can bring integration problems and share dilution.
Recent events
- Code of ethics changed
- Major agreement signed; Unregistered sale of shares; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Akamai does not pay a dividend, and its annual report says it does not intend to. Shareholders benefit only if the share price rises, and income investors would have to sell shares to raise cash. Instead, Akamai buys back shares. It spent about $3.14 billion from fiscal 2021 through fiscal 2025, including about $800 million in fiscal 2025. That year, free cash flow (cash left after capital spending) was about $1.01 billion. Shares outstanding fell 11.5% between November 2, 2021 and August 3, 2026.
The stock has fallen hard in past downturns. It dropped 77% from its May 2008 high to its November 2008 low and took about 18 months from that low to recover. In the 2020 COVID crash it fell 21.9% but recovered in about a month. In the 2022 bear market it lost 36% and regained its high only in January 2024, about 15 months after the low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Akamai make money?
Akamai charges businesses for internet services in three areas: security, cloud computing and content delivery. All three run on its global network, which had more than 4,300 edge points-of-presence in over 130 countries as of December 31, 2025. Security brings in the most revenue. Cloud computing is a growing share, while delivery revenue has been declining. Revenue for fiscal 2025 was $4.21 billion, with 50.8% from the U.S. and 49.2% from international customers.
Does Akamai pay a dividend?
No. Akamai does not pay a dividend, and its annual report says it does not intend to, so shareholders gain only if the share price rises. Instead, the company returns cash by buying back its own shares. It spent about $3.14 billion on buybacks from fiscal 2021 through fiscal 2025. Its share count fell 11.5% between November 2, 2021 and August 3, 2026. Income investors would need to sell shares to raise cash.
Is Akamai still growing?
Yes, but slowly, and profits have slipped. Revenue rose 5.4% to $4.21 billion in fiscal 2025 and grew about 5.6% a year over the five years from fiscal 2020. Net income fell 10.5% to $452 million. Diluted earnings per share were $3.07, down from $3.37 in fiscal 2020. Free cash flow was about $1.01 billion. In the quarter ended June 30, 2026, revenue rose 5.4% from a year earlier while net income fell 23.4%.
How has Akamai stock performed?
Unevenly. As of October 28, 2026, the share price was up 29.5% over one year but had lost about 1.3% a year over both three and five years. Over 10 years it gained about 3.4% a year. Calendar-year results swing widely: the stock rose 40.4% in 2023, then fell 19.2% in 2024 and 8.8% in 2025. In the year to October 28, 2026, it fell as much as 45.9% from a peak. Because Akamai pays no dividend, these price changes are the whole return.
Which ETFs hold Akamai stock?
Akamai shows up mostly in cybersecurity and cloud computing ETFs, where it is typically roughly 3% to 3.8% of assets. Funds with some of the larger weights include WisdomTree Cybersecurity Fund (WCBR), iShares Cybersecurity & Tech ETF (IHAK), Global X Cloud Computing ETF (CLOU), First Trust NASDAQ Cybersecurity ETF (CIBR) and First Trust Cloud Computing ETF (SKYY). Broader funds such as Invesco NASDAQ Next Gen 100 ETF (QQQJ) hold a smaller share. Weights change as prices move and funds rebalance.