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0001086222false00010862222026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: August 6, 2026
(Date of earliest event reported)

AKAMAI TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Delaware 000-27275 04-3432319
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

145 Broadway
Cambridge, Massachusetts 02142
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (617) 444-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $.01 par value AKAM Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition

On August 6, 2026, Akamai Technologies, Inc. announced its financial results for the fiscal quarter ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information provided under this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

Exhibit No. Description
99.1
104 Cover page interactive data file (the cover page XBRL tags are embedded within the inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2026 AKAMAI TECHNOLOGIES, INC.
/s/ Edward McGowan
Edward McGowan
Executive Vice President, Chief Financial Officer and Treasurer



EX-99.1 2 exhibit991-q22026.htm EX-99.1 Document
Exhibit 99.1
FOR IMMEDIATE RELEASE

Contacts:
Johanna Schmitt
 Mark Stoutenberg
Media Relations Investor Relations
Akamai Technologies Akamai Technologies
AkamaiPR@akamai.com
 mstouten@akamai.com


AKAMAI REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS

Second quarter revenue of $1.1 billion, up 5% year-over-year and when adjusted for foreign exchange*

Cloud Infrastructure Services revenue of $99 million, up 39% year-over-year and when adjusted for foreign exchange*

Security revenue of $604 million, up 10% year-over-year and up 9% when adjusted for foreign exchange*

GAAP net income per diluted share of $0.52, down 27% year-over-year and down 22% when adjusted for foreign exchange*, and non-GAAP net income per diluted share* of $1.59, down 8% year-over-year and down 6% when adjusted for foreign exchange*

U.S.-based technology company commits to more than $600 million over four years for Cloud Infrastructure Services to power robotics development


CAMBRIDGE, Mass. – August 6, 2026 – Akamai Technologies, Inc. (NASDAQ: AKAM), the cybersecurity and cloud computing company that powers and protects business online, today reported financial results for the second quarter ended June 30, 2026.

“Akamai delivered a strong second quarter, highlighted by sustained momentum across our security and Cloud Infrastructure Services (CIS) portfolios,” said Dr. Tom Leighton, Akamai's Chief Executive Officer. “We are especially excited by the rapid growth of our CIS portfolio. Year-to-date, we have signed numerous customers to multi-year CIS contracts, collectively worth over $2.8 billion. This includes a contract with a U.S.-based technology company, which is also a new customer, worth more than $600 million over four years. These major contract wins validate Akamai's growing position as a key AI infrastructure provider.”

Akamai delivered the following results for the second quarter ended June 30, 2026:

Revenue: Revenue was $1.100 billion, a 5% increase over second quarter 2025 revenue of $1.043 billion and a 5% increase when adjusted for foreign exchange.*

Revenue by solution:

•Security revenue was $604 million, up 10% year-over-year and up 9% when adjusted for foreign exchange*
•Delivery and other cloud applications revenue was $396 million, down 6% year-over-year and down 5% when adjusted for foreign exchange*
•Cloud infrastructure services revenue was $99 million, up 39% year-over-year and when adjusted for foreign exchange*

Revenue by geography:

•U.S. revenue was $550 million, up 4% year-over-year
•International revenue was $549 million, up 6% year-over-year and up 7% when adjusted for foreign exchange*

1

Income from operations: GAAP income from operations was $80 million, a 47% decrease from second quarter 2025. GAAP operating margin for the second quarter was 7%, down 8 percentage points from the same period last year.

Non-GAAP income from operations* was $271 million, a 12% decrease from second quarter 2025. Non-GAAP operating margin* for the second quarter was 25%, down 5 percentage points from the same period last year.

Net income: GAAP net income was $79 million, a 23% decrease from second quarter 2025. Non-GAAP net income* was $236 million, down 6% from second quarter 2025.

EPS: GAAP net income per diluted share was $0.52, a 27% decrease from second quarter 2025 and a 22% decrease when adjusted for foreign exchange.* Non-GAAP net income per diluted share* was $1.59, an 8% decrease from second quarter 2025 and a 6% decrease when adjusted for foreign exchange.*

Adjusted EBITDA*: Adjusted EBITDA* was $416 million, a 6% decrease from second quarter 2025.

Supplemental cash information: Cash from operations for the second quarter of 2026 was $326 million, or 30% of revenue. Cash, cash equivalents and marketable securities was $4.616 billion as of June 30, 2026.

Share repurchases: The Company spent $410 million in the second quarter of 2026 to repurchase 3 million shares of common stock at a weighted average price of $134.54 per share. The Company had 144 million shares of common stock outstanding as of June 30, 2026.

Financial guidance: The Company reports the following financial guidance for the third quarter and full year 2026:

Three Months Ending
September 30, 2026		 Year Ending
December 31, 2026
Low End High End Low End High End
Revenue (in millions) $ 1,105  $ 1,130  $ 4,445  $ 4,530 
Non-GAAP operating margin *
24  % 26  % 25  % 26  %
Non-GAAP net income per diluted share *
$ 1.60  $ 1.80  $ 6.40  $ 7.05 
Non-GAAP tax rate* 19  % 19  % 19  % 19  %
Shares used in non-GAAP per diluted share calculations * (in millions)
150  150  150  150 

The guidance that is provided on a non-GAAP basis cannot be reconciled to the closest GAAP measures without unreasonable effort because of the unpredictability of the amounts and timing of events affecting the items Akamai excludes from non-GAAP measures. For example, stock-based compensation is unpredictable for Akamai’s performance-based awards, which can fluctuate significantly based on current expectations of the future achievement of performance-based targets. Amortization of intangible assets, acquisition-related costs and restructuring costs are all impacted by the timing and size of potential future actions, which are difficult to predict. In addition, from time to time, Akamai excludes certain items that occur infrequently, which are also inherently difficult to predict and estimate. It is also difficult to predict the tax effect of the items Akamai excludes and to estimate certain discrete tax items, such as the resolution of tax audits or changes to tax laws. As such, the costs that are being excluded from non-GAAP guidance are difficult to predict and a reconciliation or a range of results could lead to disclosure that would be imprecise or potentially misleading. Material changes to any one of the exclusions could have a significant effect on our guidance and future GAAP results.

* See Use of Non-GAAP Financial Measures below for definitions

2

Quarterly Conference Call
Akamai will host a conference call today at 4:30 p.m. ET that can be accessed through 1-833-634-5020 (or 1-412-902-4238 for international calls) and using passcode Akamai Technologies call. A live webcast of the call may be accessed at www.akamai.com in the Investor Relations section. In addition, a replay of the call will be available for two weeks following the conference by calling 1-855-669-9658 (or 1-412-317-0088 for international calls) and using passcode 8525174. The archived webcast of this event may be accessed through the Akamai website.

About Akamai
Akamai is the cybersecurity and cloud computing company that powers and protects business online. Our market-leading security solutions, superior threat intelligence and global operations team provide defense in depth to safeguard enterprise data and applications everywhere. Akamai’s full-stack cloud computing solutions deliver performance and affordability on the world’s most distributed platform. Global enterprises trust Akamai to provide the industry-leading reliability, scale and expertise they need to grow their business with confidence. Learn more at akamai.com and akamai.com/blog, or follow Akamai Technologies on X and LinkedIn.
3

AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands) June 30,
2026		 December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents $ 1,480,257  $ 930,231 
Marketable securities 1,875,130  256,302 
Accounts receivable, net 953,445  793,666 
Prepaid expenses and other current assets 341,254  306,481 
Total current assets 4,650,086  2,286,680 
Marketable securities 1,260,918  733,228 
Property and equipment, net 2,636,028  2,333,462 
Operating lease right-of-use assets 1,689,018  1,469,700 
Acquired intangible assets, net 564,281  614,542 
Goodwill 3,202,854  3,206,525 
Deferred income tax assets 852,383  622,776 
Other assets 217,852  212,730 
Total assets $ 15,073,420  $ 11,479,643 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 273,378  $ 125,054 
Accrued expenses 277,771  319,622 
Deferred revenue 200,269  151,186 
Convertible senior notes 1,705,576  — 
Operating lease liabilities 370,448  336,613 
Other current liabilities
 13,777  35,043 
Total current liabilities 2,841,219  967,518 
Deferred revenue 21,337  17,088 
Deferred income tax liabilities 40,077  31,089 
Convertible senior notes 5,857,252  4,105,355 
Operating lease liabilities 1,405,710  1,233,420 
Other liabilities 159,308  147,802 
Total liabilities 10,324,903  6,502,272 
Total stockholders’ equity 4,748,517  4,977,371 
Total liabilities and stockholders’ equity $ 15,073,420  $ 11,479,643 











4

AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended Six Months Ended
(in thousands, except per share data) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Revenue $ 1,099,682  $ 1,073,610  $ 1,043,494  $ 2,173,292  $ 2,058,633 
Costs and operating expenses:
Cost of revenue (1) (2)
485,932  471,299  426,535  957,231  845,480 
Research and development (1)
148,821  141,576  125,838  290,397  249,387 
Sales and marketing (1)
170,045  157,062  146,239  327,107  280,370 
General and administrative (1) (2)
187,686  163,809  162,597  351,495  318,530 
Amortization of acquired intangible assets 25,089  25,187  27,721  50,276  55,358 
Restructuring charge 1,825  183  3,103  2,008  3,464 
Total costs and operating expenses 1,019,398  959,116  892,033  1,978,514  1,752,589 
Income from operations 80,284  114,494  151,461  194,778  306,044 
Interest and marketable securities income, net 31,672  17,547  14,129  49,219  33,659 
Interest expense (9,078) (8,257) (8,201) (17,335) (14,951)
Other (expense) income, net (2,851) (1,786) (5,451) (4,637) 569 
Income before provision for income taxes 100,027  121,998  151,938  222,025  325,321 
Provision for income taxes 20,623  15,679  48,320  36,302  98,532 
Net income $ 79,404  $ 106,319  $ 103,618  $ 185,723  $ 226,789 
Net income per share:
Basic $ 0.55  $ 0.73  $ 0.72  $ 1.28  $ 1.54 
Diluted $ 0.52  $ 0.71  $ 0.71  $ 1.22  $ 1.53 
Shares used in per share calculations:
Basic 144,660  145,270  144,757  144,965  146,905 
Diluted 153,686  150,022  145,249  151,854  148,156 

(1)    Includes stock-based compensation (see supplemental table for figures)
(2)     Includes depreciation and amortization (see supplemental table for figures)

5

AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Cash flows from operating activities:
Net income $ 79,404  $ 106,319  $ 103,618  $ 185,723  $ 226,789 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 185,537  183,751  175,461  369,288  349,483 
Stock-based compensation 146,290  128,681  112,776  274,971  224,754 
(Benefit) provision for deferred income taxes (2,732) (1,749) 12,680  (4,481) 44,063 
Amortization of debt issuance costs 3,032  2,148  1,645  5,180  3,250 
Gain on investments —  —  —  —  (9,313)
Other non-cash reconciling items, net 3,716  2,709  1,840  6,425  3,982 
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (77,532) (94,272) (7,440) (171,804) (33,117)
Prepaid expenses and other current assets (23,245) (10,096) 7,430  (33,341) (29,699)
Accounts payable and accrued expenses 26,941  (42,035) 25,365  (15,094) (84,541)
Deferred revenue (2,295) 56,281  8,169  53,986  23,117 
Other current liabilities (11,856) (10,353) (2,181) (22,209) (22,457)
Other non-current assets and liabilities (994) (8,876) 19,786  (9,870) 14,038 
Net cash provided by operating activities 326,266  312,508  459,149  638,774  710,349 
Cash flows from investing activities:
Cash (paid) received for business acquisition, net of cash acquired (37) —  790  (37) 790 
Cash paid for asset acquisition —  —  —  —  (29,930)
Purchases of property and equipment and capitalization of internal-use software development costs (225,753) (191,847) (223,781) (417,600) (419,789)
Purchases of short- and long-term marketable securities (2,106,653) (161,455) (662,715) (2,268,108) (669,795)
Proceeds from sales, maturities and redemptions of short- and long-term marketable securities 79,482  35,606  206,270  115,088  1,319,225 
Other, net (1,304) (1,798) (3,430) (3,102) (6,521)
Net cash (used in) provided by investing activities (2,254,265) (319,494) (682,866) (2,573,759) 193,980 


6

AKAMAI TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility —  —  250,000  —  250,000 
Repayment from borrowings under revolving credit facility —  —  (250,000) —  (250,000)
Proceeds from the issuance of convertible senior notes, net of issuance costs 3,452,749  —  1,702,188  3,452,749  1,702,188 
Proceeds from the issuance of warrants related to convertible senior notes 657,125  —  330,855  657,125  330,855 
Purchases of note hedges related to convertible senior notes (893,725) —  (605,820) (893,725) (605,820)
Repayment of convertible senior notes —  —  (1,149,992) —  (1,149,992)
Proceeds from the issuance of common stock under stock plans 14,348  21,619  9,059  35,967  29,241 
Employee taxes paid related to net share settlement of stock-based awards (43,502) (106,574) (25,866) (150,076) (97,929)
Repurchases of common stock (409,858) (205,886) (300,000) (615,744) (799,963)
Other, net (591) (868) (1,629) (1,459) (2,035)
Net cash provided by (used in) financing activities 2,776,546  (291,709) (41,205) 2,484,837  (593,455)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 6,251  (5,672) 16,070  579  21,501 
Net increase (decrease) in cash, cash equivalents and restricted cash 854,798  (304,367) (248,852) 550,431  332,375 
Cash, cash equivalents and restricted cash at beginning of period 626,941  931,308  1,100,311  931,308  519,084 
Cash, cash equivalents and restricted cash at end of period $ 1,481,739  $ 626,941  $ 851,459  $ 1,481,739  $ 851,459 
7

AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE BY SOLUTION (1)

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Security $ 604,436  $ 589,790  $ 551,914  $ 1,194,226  $ 1,082,609 
Delivery and other cloud applications 395,927  389,208  420,117  785,135  836,960 
Cloud infrastructure services 99,319  94,612  71,463  193,931  139,064 
Total revenue $ 1,099,682  $ 1,073,610  $ 1,043,494  $ 2,173,292  $ 2,058,633 
Revenue growth rates year-over-year:
Security 10  % 11  % 11  % 10  % 9  %
Delivery and other cloud applications (6) (7) (1) (6) (4)
Cloud infrastructure services 39  40  30  39  30 
Total revenue 5  % 6  % 7  % 6  % 5  %
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2):
Security 9  % 9  % 10  % 9  % 10  %
Delivery and other cloud applications (5) (8) (2) (6) (4)
Cloud infrastructure services 39  39  29  39  30 
Total revenue 5  % 4  % 6  % 5  % 5  %

AKAMAI TECHNOLOGIES, INC.
SUPPLEMENTAL REVENUE DATA – REVENUE BY GEOGRAPHY

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
U.S. $ 550,426  $ 543,147  $ 527,607  $ 1,093,573  $ 1,056,346 
International 549,256  530,463  515,887  1,079,719  1,002,287 
Total revenue $ 1,099,682  $ 1,073,610  $ 1,043,494  $ 2,173,292  $ 2,058,633 
Revenue growth rates year-over-year:
U.S. 4  % 3  % 4  % 4  % 3  %
International 6  9  10  8  6 
Total revenue 5  % 6  % 7  % 6  % 5  %
Revenue growth rates year-over-year, adjusted for the impact of foreign exchange rates (2):
U.S. 4  % 3  % 4  % 4  % 3  %
International 7  5  8  6  7 
Total revenue 5  % 4  % 6  % 5  % 5  %

(1) Beginning with the first quarter of 2026, the Company began reporting its revenue in three solution categories: security, delivery and other cloud applications and cloud infrastructure services. Recognizing cloud infrastructure services as a primary growth area and a significant focus of investment in the Company's cloud computing portfolio, the Company began reporting its revenue separately. Prior period amounts reported in the table for revenue by solution category have been recast to reflect this change.
(2) See Use of Non-GAAP Financial Measures below for a definition
8

AKAMAI TECHNOLOGIES, INC.
OTHER SUPPLEMENTAL DATA

Three Months Ended Six Months Ended
(in thousands, except end of period statistics) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Stock-based compensation:
Cost of revenue $ 24,659  $ 21,677  $ 19,314  $ 46,336  $ 38,242 
Research and development 53,997  48,857  39,803  102,854  82,071 
Sales and marketing 26,456  24,981  22,263  51,437  44,703 
General and administrative 41,178  33,166  31,396  74,344  59,738 
Total stock-based compensation $ 146,290  $ 128,681  $ 112,776  $ 274,971  $ 224,754 
Depreciation and amortization:
Network-related depreciation $ 84,735  $ 84,048  $ 81,824  $ 168,783  $ 160,149 
Capitalized internal-use software development amortization 43,221  42,568  38,059  85,789  78,154 
Other depreciation and amortization 17,400  17,251  15,874  34,651  31,758 
Non-GAAP depreciation and amortization (1)
145,356  143,867  135,757  289,223  270,061 
Capitalized stock-based compensation amortization (2)
14,924  14,538  11,864  29,462  23,827 
Capitalized interest expense amortization (2)
168  159  119  327  237 
Amortization of acquired intangible assets 25,089  25,187  27,721  50,276  55,358 
Total depreciation and amortization $ 185,537  $ 183,751  $ 175,461  $ 369,288  $ 349,483 
Capital expenditures (1) (3):
Purchases of property and equipment $ 261,732  $ 118,915  $ 135,597  $ 380,647  $ 283,587 
Capitalized internal-use software development costs 84,804  87,422  78,584  172,226  156,494 
Total capital expenditures $ 346,536  $ 206,337  $ 214,181  $ 552,873  $ 440,081 
Capex as a percentage of revenue (1)
32  % 19  % 21  % 25  % 21  %
End of period statistics:
Number of employees
 11,540  11,419  10,944 

(1) See Use of Non-GAAP Financial Measures below for a definition
(2) Amortization of capitalized stock-based compensation and interest expense in this table excludes amortization of capitalized stock-based compensation and interest expense capitalized related to cloud-computing arrangements. However, the amounts are included in our total amortization of capitalized stock-based compensation and interest expense that is excluded from our non-GAAP measures (see reconciliations of GAAP to non-GAAP measures).
(3) Capital expenditures presented in this table are reported on an accrual basis, which differs from the cash-basis presentation in the statements of cash flows. The primary difference between the two is the change in purchases of property and equipment and capitalization of internal-use software development costs accrued for, but not paid, at period end versus prior periods.

9

AKAMAI TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP INCOME FROM OPERATIONS, NET INCOME AND TAX RATE

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Income from operations $ 80,284  $ 114,494  $ 151,461  $ 194,778  $ 306,044 
GAAP operating margin 7  % 11  % 15  % 9  % 15  %
Amortization of acquired intangible assets 25,089  25,187  27,721  50,276  55,358 
Stock-based compensation 146,290  128,681  112,776  274,971  224,754 
Amortization of capitalized stock-based compensation and capitalized interest expense 15,434  15,016  12,288  30,450  24,647 
Restructuring charge 1,825  183  3,103  2,008  3,464 
Acquisition-related costs (benefit) 1,788  (759) 1,274  1,029  1,369 
Operating adjustments 190,426  168,308  157,162  358,734  309,592 
Non-GAAP income from operations $ 270,710  $ 282,802  $ 308,623  $ 553,512  $ 615,636 
Non-GAAP operating margin 25  % 26  % 30  % 25  % 30  %
Net income $ 79,404  $ 106,319  $ 103,618  $ 185,723  $ 226,789 
Operating adjustments (from above) 190,426  168,308  157,162  358,734  309,592 
Amortization of debt issuance costs 3,032  2,148  1,645  5,180  3,250 
Gain on cost method investments, net —  —  —  —  (9,313)
Income tax effect of above non-GAAP adjustments and certain discrete tax items
 (37,039) (37,515) (11,069) (74,554) (22,866)
Non-GAAP net income $ 235,823  $ 239,260  $ 251,356  $ 475,083  $ 507,452 
GAAP tax rate 21  % 13  % 32  % 16  % 30  %
Income tax effect of non-GAAP adjustments and certain discrete tax items
 (1) 5  (13) 3  (11)
Non-GAAP tax rate 20  % 18  % 19  % 19  % 19  %

10

AKAMAI TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER DILUTED SHARE

Three Months Ended Six Months Ended
(in thousands, except per share data) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
GAAP net income per diluted share $ 0.52  $ 0.71  $ 0.71  $ 1.22  $ 1.53 
Adjustments to net income:
Amortization of acquired intangible assets 0.16  0.17  0.19  0.33  0.37 
Stock-based compensation 0.95  0.86  0.78  1.81  1.52 
Amortization of capitalized stock-based compensation and capitalized interest expense 0.10  0.10  0.08  0.20  0.17 
Restructuring charge 0.01  —  0.02  0.01  0.02 
Acquisition-related costs (benefit) 0.01  (0.01) 0.01  0.01  0.01 
Amortization of debt issuance costs 0.02  0.01  0.01  0.03  0.02 
Gain on cost method investments, net —  —  —  —  (0.06)
Income tax effect of above non-GAAP adjustments and certain discrete tax items
 (0.24) (0.25) (0.08) (0.49) (0.15)
Adjustment for shares (1)
0.06  0.02  —  0.07  — 
Non-GAAP net income per diluted share $ 1.59  $ 1.61  $ 1.73  $ 3.20  $ 3.43 
Shares used in GAAP per diluted share calculations 153,686  150,022  145,249  151,854  148,156 
Impact of benefit from note hedge transactions (1)
(5,353) (1,338) —  (3,346) — 
Shares used in non-GAAP per diluted share calculations (1)
148,333  148,684  145,249  148,508  148,156 

(1) Shares used in non-GAAP per diluted share calculations have been adjusted for the three and six months ended June 30, 2026 and for the three months ended March 31, 2026 for the benefit of Akamai's note hedge transactions. During these periods, Akamai's average stock price exceeded the initial conversion price of one or more of Akamai's convertible senior notes. See Use of Non-GAAP Financial Measures below for further definition.
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AKAMAI TECHNOLOGIES, INC.
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

Three Months Ended Six Months Ended
(in thousands) June 30,
2026		 March 31,
2026		 June 30,
2025		 June 30,
2026		 June 30,
2025
Net income $ 79,404  $ 106,319  $ 103,618  $ 185,723  $ 226,789 
Net income margin 7  % 10  % 10  % 9  % 11  %
Interest and marketable securities income, net
 (31,672) (17,547) (14,129) (49,219) (33,659)
Provision for income taxes 20,623  15,679  48,320  36,302  98,532 
Depreciation and amortization 145,356  143,867  135,757  289,223  270,061 
Amortization of capitalized stock-based compensation and capitalized interest expense 15,434  15,016  12,288  30,450  24,647 
Amortization of acquired intangible assets 25,089  25,187  27,721  50,276  55,358 
Stock-based compensation 146,290  128,681  112,776  274,971  224,754 
Restructuring charge 1,825  183  3,103  2,008  3,464 
Acquisition-related costs (benefit) 1,788  (759) 1,274  1,029  1,369 
Interest expense 9,078  8,257  8,201  17,335  14,951 
Gain on cost method investments, net —  —  —  —  (9,313)
Other expense, net 2,851  1,786  5,451  4,637  8,744 
Adjusted EBITDA $ 416,066  $ 426,669  $ 444,380  $ 842,735  $ 885,697 
Adjusted EBITDA margin 38  % 40  % 43  % 39  % 43  %


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Use of Non-GAAP Financial Measures

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (GAAP), Akamai provides additional financial metrics that are not prepared in accordance with GAAP (non-GAAP financial measures). Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation and to evaluate Akamai's financial performance. These non-GAAP financial measures are non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP tax rate, capital expenditures, non-GAAP depreciation and amortization, capex as a percentage of revenue and impact of foreign currency exchange rates, as discussed below.

Management believes that these non-GAAP financial measures reflect Akamai's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparison of financial results across accounting periods and to those of our peer companies. Management also believes that these non-GAAP financial measures enable investors to evaluate Akamai's operating results and future prospects in the same manner as management. These non-GAAP financial measures may exclude expenses and gains that may be unusual in nature, infrequent or not reflective of Akamai's ongoing operating results.

The non-GAAP financial measures do not replace the presentation of Akamai's GAAP financial measures and should only be used as a supplement to, not as a substitute for, Akamai's financial results presented in accordance with GAAP. Akamai has provided a reconciliation of non-GAAP financial measures used in its financial reporting and investor presentations to the most directly comparable GAAP financial measures. This reconciliation can be found in the “Supplemental Financial Information” on the Investor Relations section of Akamai's website.

The non-GAAP adjustments, and Akamai's basis for excluding them from non-GAAP financial measures, are outlined below:

•Amortization of acquired intangible assets – Akamai has incurred amortization of intangible assets, included in its GAAP financial statements, related to various acquisitions Akamai has made. The amount of an acquisition's purchase price allocated to intangible assets and term of its related amortization can vary significantly and is unique to each acquisition; therefore, Akamai excludes amortization of acquired intangible assets from its non-GAAP financial measures to provide investors with a consistent basis for comparing pre- and post-acquisition operating results.

•Stock-based compensation and amortization of capitalized stock-based compensation – Stock-based compensation is an important aspect of the compensation paid to Akamai's employees which includes long-term incentive plans to encourage retention, performance-based plans to encourage achievement of specified financial targets, short-term incentive awards with a one year vest and shares issued as part of a retirement savings program. The grant date fair value of the stock-based compensation awards varies based on the stock price at the time of grant, varying valuation methodologies, subjective assumptions and the variety of award types. This makes the comparison of Akamai's current financial results to previous and future periods difficult to interpret; therefore, Akamai believes it is useful to exclude stock-based compensation and amortization of capitalized stock-based compensation from its non-GAAP financial measures in order to highlight the performance of Akamai's core business and to be consistent with the way many investors evaluate its performance and compare its operating results to peer companies.

•Acquisition-related costs – Acquisition-related costs include transaction fees, advisory fees, due diligence costs and other direct costs associated with strategic activities. Acquisition-related costs are impacted by the timing and size of the acquisitions, and Akamai excludes acquisition-related costs from its non-GAAP financial measures to provide a useful comparison of operating results to prior periods and to peer companies because such amounts vary significantly based on the magnitude of the acquisition transactions and do not reflect Akamai's core operations.

•Restructuring charge – Akamai has incurred restructuring charges from programs that have significantly changed either the scope of the business undertaken by the Company or the manner in which that business is conducted. These charges include severance and related expenses for workforce reductions, impairments of long-lived assets that will no longer be used in operations (including acquired intangible assets, right-of-use assets, other facility-related property and equipment and internal-use software) and termination fees for any contracts cancelled as part of these programs. Akamai excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of its business.
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•Amortization of debt issuance costs and capitalized interest expense – The issuance costs of Akamai's convertible senior notes are amortized to interest expense and are excluded from Akamai's non-GAAP results because management believes the non-cash amortization expense is not representative of ongoing operating performance.

•Gains and losses on cost method investments – Akamai has recorded gains and losses from the disposition, changes to fair value and impairment of cost method investments. Akamai believes excluding these amounts from its non-GAAP financial measures is useful to investors as the types of events giving rise to these gains and losses are not representative of Akamai's core business operations and ongoing operating performance.

•Income tax effect of non-GAAP adjustments and certain discrete tax items – The non-GAAP adjustments described above are reported on a pre-tax basis. The income tax effect of non-GAAP adjustments is the difference between GAAP and non-GAAP income tax expense. Non-GAAP income tax expense is computed on non-GAAP pre-tax income (GAAP pre-tax income adjusted for non-GAAP adjustments) and excludes certain discrete tax items (such as the impact of intercompany sales of intellectual property related to acquisitions), if any. Akamai believes that applying the non-GAAP adjustments and their related income tax effect allows Akamai to highlight income attributable to its core operations.

Akamai's definitions of its non-GAAP financial measures are outlined below:

Non-GAAP income from operations – GAAP income from operations adjusted for the following items: amortization of acquired intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; amortization of capitalized interest expense; acquisition-related costs; restructuring charges; legal settlements; and other non-recurring or unusual items that may arise from time to time.

Non-GAAP operating margin – Non-GAAP income from operations stated as a percentage of revenue.

Non-GAAP net income – GAAP net income adjusted for the following tax-affected items: amortization of acquired intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; acquisition-related costs; restructuring charges; legal settlements; amortization of debt issuance costs; amortization of capitalized interest expense; gains and losses on cost method investments; and other non-recurring or unusual items that may arise from time to time.

Non-GAAP net income per diluted share, or EPS – Non-GAAP net income divided by weighted average diluted common shares outstanding. Diluted weighted average common shares outstanding are adjusted in non-GAAP per share calculations for the shares that would be delivered to Akamai pursuant to the note hedge transactions entered into in connection with the issuances of Akamai's convertible senior notes. Under GAAP, shares delivered under hedge transactions are not considered offsetting shares in the fully-diluted share calculation until they are delivered. However, Akamai would receive a benefit from the note hedge transactions and would not allow the dilution to occur, so management believes that adjusting for this benefit provides a meaningful view of operating performance. With respect to the convertible senior notes due in each of 2033, 2032, 2030, 2029 and 2027, and those that matured in 2025, unless Akamai's weighted average stock price is greater than $93.01, $190.81, $201.41, $126.31, $116.18 and $95.10, respectively, the initial conversion prices, there will be no difference between GAAP and non-GAAP diluted weighted average common shares outstanding.

Adjusted EBITDA – GAAP net income excluding the following items: interest and marketable securities income and losses; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; acquisition-related costs; restructuring charges; legal settlements; foreign exchange gains and losses; interest expense; amortization of capitalized interest expense; gains and losses on cost method investments; and other non-recurring or unusual items that may arise from time to time.

Adjusted EBITDA margin – Adjusted EBITDA stated as a percentage of revenue.

Non-GAAP tax rate – GAAP tax rate excluding the tax effect of non-GAAP adjustments and certain discrete tax items.

Capital expenditures, or capex – Purchases of property and equipment and capitalization of internal-use software development costs presented on an accrual basis, which differs from the cash-basis presentation included in the statements of cash flows. The primary difference between the two is the change in purchases of property and equipment and capitalization of internal-use software development costs accrued for, but not paid, at period end versus prior periods.

Capex as a percentage of revenue – Capital expenditures, or capex, stated as a percentage of revenue.

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Non-GAAP depreciation and amortization – GAAP depreciation and amortization (which consists of depreciation and amortization of property and equipment, capitalized stock-based compensation, capitalized interest expense and acquired intangible assets), less depreciation and amortization excluded from non-GAAP results (which consists of depreciation and amortization of capitalized stock-based compensation, capitalized interest expense and acquired intangible assets).

Impact of foreign currency exchange rates – Revenue and earnings from international operations have historically been an important contributor to Akamai's financial results. Consequently, Akamai's financial results have been impacted, and management expects they will continue to be impacted, by fluctuations in foreign currency exchange rates. For example, when the local currencies of our international subsidiaries weaken, generally its consolidated results stated in U.S. dollars are negatively impacted.

Because exchange rates are a meaningful factor in understanding period-to-period comparisons, management believes the presentation of the impact of foreign currency exchange rates on revenue and earnings enhances the understanding of our financial results and evaluation of performance in comparison to prior periods. The dollar impact of changes in foreign currency exchange rates presented is calculated by translating current period results using monthly average foreign currency exchange rates from the comparative period and comparing them to the reported amount. The percentage change at constant currency presented is calculated by comparing the prior period amounts as reported and the current period amounts translated using the same monthly average foreign currency exchange rates from the comparative period.


Akamai Statement Under the Private Securities Litigation Reform Act
This release and related management commentary on our quarterly earnings conference call scheduled for later today contain statements that are not statements of historical fact and constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about expected future financial performance, expectations, plans and prospects of Akamai, including our outlook, guidance, growth objectives, statements about anticipated revenue growth rates and profitability trends for future periods, statements about the anticipated benefits, timing, revenue and capital expenditure associated with customer commitments, statements about the expected economics and profitability of our cloud infrastructure services contracts, statements about expected levels of capital expenditure and infrastructure deployment and statements about our products, including Akamai Inference Cloud, and their anticipated capabilities, scalability and performance. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “committed,” “positioned,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, inability to continue to generate cash at the same level as prior years; failure of our investments in innovation to generate solutions that are accepted in the market; inability to increase our revenue at the same rate as in the past and keep our expenses from increasing at a greater rate than our revenues; effects of competition, including pricing pressure, changing business models and competition from established and emerging providers of AI infrastructure and cloud computing services; changes in customer or user preferences or demands; impact of macroeconomic trends, including economic uncertainty, turmoil in the financial services industry, the effects of inflation, fluctuating interest rates, foreign currency exchange rate and monetary supply fluctuations, international tensions and volatility in capital markets; conditions and uncertainties in the geopolitical environment, including sanctions and disruptions resulting from the ongoing war in Ukraine and the U.S.-Israel military conflict with Iran and related hostilities in the Middle East; continuing supply chain and logistics costs, constraints, changes or disruptions; risks associated with large customer commitments, including the customer’s ability to fulfill its purchase obligations, our ability to deploy the infrastructure necessary to service such commitments on anticipated timelines and our ability to procure sufficient hardware and memory at anticipated costs and on anticipated delivery schedules; our ability to convert pipeline opportunities into signed contracts; our ability to achieve projected levels of capital expenditure and the anticipated returns therefrom; defects or disruptions in our products or IT systems, including outages, cyber-attacks, data breaches or malware; difficulties in integrating our acquisitions and investments; failure to realize the expected benefits of any of our acquisitions, reorganizations or investments; changes to economic, political and regulatory conditions in the United States and internationally, including changes in government policies, regulations and resources; our ability to attract and retain key personnel; delay in developing or failure to develop new products, service offerings or functionalities, and if developed, lack of market acceptance of such service offerings and functionalities or failure of such solutions to operate as expected, and other factors that are discussed in our Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents filed with the SEC.

In addition, the statements in this press release and on our quarterly earnings conference call represent Akamai's expectations and beliefs as of the date of this press release. Akamai anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while Akamai may elect to update these forward-looking statements at some point
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in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Akamai's expectations or beliefs as of any date subsequent to the date of this press release.
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