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Akamai Technologies
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Latest analysis
Updated Nov 6, 2026
Akamai secures $14B+ in multi-year cloud infrastructure commitments, led by $11.6B Anthropic deal, while delivery revenue declines and cost structure expands ahead of revenue recognition.
Akamai entered into large multi-year cloud infrastructure arrangements totaling more than $14 billion in aggregate during 2026, with Anthropic alone committing $11.6 billion over seven-year project plans — a structural demand signal that will not appear in revenue until Q4 2026 at the earliest and accelerates through 2028. The revenue mix shift is real but front-loaded with cost: co-location costs rose 25% YoY in Q3 2026, network build-out costs rose 45%, and the company paused share buybacks to preserve liquidity for an estimated $6.8 billion in capital expenditures. Delivery and other cloud applications revenue declined 3% in Q3 2026, partially offsetting 9% security growth and 34% cloud infrastructure growth, compressing GAAP operating margin from 16% to 10% year-over-year.
Tone: mixedRevenue
$4.2B
AKAM 10-K · FY 2025
Employees
11,000
Revenue FY2024
$4B
EBITDA margin
39%
Profile
AKAM 10-K Item 1 · Feb 20, 2026Akamai Technologies develops and delivers security, cloud computing and content delivery solutions for global enterprises via a massively distributed global infrastructure spanning over 130 countries. The company operates across three core product areas — security, cloud computing and delivery — and increasingly positions its platform around AI-powered applications and edge inference. Founded in 1998, Akamai serves a broad enterprise customer base including Fortune 500 companies and U.S. federal government agencies.
Read filing description ↓ Collapse description ↑
Since 1998, Akamai has developed and provided solutions for global enterprises to build, secure and accelerate their applications and digital experiences. As of December 31, 2025, our massively distributed global infrastructure was comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and our underlying global network integrated with roughly 1,200 network partners. With this scale and distribution, Akamai has visibility and insight into traffic volumes, congestion, attack patterns, vulnerabilities and other activities across the internet's complex intersections of networks and systems. Leveraging these insights, Akamai offers solutions designed to protect our customers from threats and attacks, along with full-stack compute solutions to build and deliver high-performance, low-latency applications across our uniquely distributed architecture and edge network. Today, billions of people go online to work, learn, shop, bank, communicate and more. We firmly believe that the internet's role in transforming the way we exchange ideas and information and conduct business is more vital than ever, especially as those interactions are increasingly driven by AI. Our strategy is to help continue to power and protect business online by offering security, compute, delivery and AI infrastructure services with the industry-leading reliability, scale and expertise our customers need to grow their business with confidence.
Primary products
- Web Application Firewall (WAF)
- Bot Management
- DDoS Protection
- DNS Security
- API Security
- Network Segmentation
Business segments
End markets
Geographies
Named customers
No customer accounted for 10% or more of total revenue for any of the years ended December 31, 2025, 2024 and 2023.
Named competitors
“We believe that we compete favorably with other companies in our industry through our global scale, reliability and expertise, which we believe provides the most effective means of meeting the needs of enterprise customers and is unique to us.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $3.99 billion in 2024 to $4.21 billion in 2025, driven by increased sales of security and cloud computing solutions, partly offset by ongoing pricing pressure and traffic optimization in delivery.
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