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Side-by-side financial comparison of Fastly, Inc. (FSLY) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Fastly, Inc. is the larger business by last-quarter revenue ($172.6M vs $152.8M, roughly 1.1× Riot Platforms, Inc.). Fastly, Inc. runs the higher net margin — -9.0% vs -452.0%, a 443.0% gap on every dollar of revenue. On growth, Fastly, Inc. posted the faster year-over-year revenue change (22.8% vs 7.2%). Fastly, Inc. produced more free cash flow last quarter ($12.2M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 13.7%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
FSLY vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.6M | $152.8M |
| Net Profit | $-15.5M | $-690.7M |
| Gross Margin | 61.4% | — |
| Operating Margin | -8.7% | -447.9% |
| Net Margin | -9.0% | -452.0% |
| Revenue YoY | 22.8% | 7.2% |
| Net Profit YoY | 52.9% | -606.3% |
| EPS (diluted) | $-0.10 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $172.6M | $152.8M | ||
| Q3 25 | $158.2M | $180.2M | ||
| Q2 25 | $148.7M | $153.0M | ||
| Q1 25 | $144.5M | $161.4M | ||
| Q4 24 | $140.6M | $142.6M | ||
| Q3 24 | $137.2M | $84.8M | ||
| Q2 24 | $132.4M | $70.0M | ||
| Q1 24 | $133.5M | $79.3M |
| Q4 25 | $-15.5M | $-690.7M | ||
| Q3 25 | $-29.5M | $104.5M | ||
| Q2 25 | $-37.5M | $219.5M | ||
| Q1 25 | $-39.1M | $-296.4M | ||
| Q4 24 | $-32.9M | $136.4M | ||
| Q3 24 | $-38.0M | $-154.4M | ||
| Q2 24 | $-43.7M | $-84.4M | ||
| Q1 24 | $-43.4M | $211.8M |
| Q4 25 | 61.4% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 54.5% | — | ||
| Q1 25 | 53.2% | — | ||
| Q4 24 | 53.4% | — | ||
| Q3 24 | 54.5% | — | ||
| Q2 24 | 55.1% | — | ||
| Q1 24 | 54.8% | — |
| Q4 25 | -8.7% | -447.9% | ||
| Q3 25 | -18.2% | 44.4% | ||
| Q2 25 | -24.8% | — | ||
| Q1 25 | -26.4% | -144.9% | ||
| Q4 24 | -24.4% | — | ||
| Q3 24 | -29.6% | -143.3% | ||
| Q2 24 | -35.3% | -167.2% | ||
| Q1 24 | -34.6% | — |
| Q4 25 | -9.0% | -452.0% | ||
| Q3 25 | -18.6% | 58.0% | ||
| Q2 25 | -25.2% | 143.4% | ||
| Q1 25 | -27.1% | -183.6% | ||
| Q4 24 | -23.4% | 95.7% | ||
| Q3 24 | -27.7% | -182.1% | ||
| Q2 24 | -33.0% | -120.6% | ||
| Q1 24 | -32.5% | 267.1% |
| Q4 25 | $-0.10 | $-1.89 | ||
| Q3 25 | $-0.20 | $0.26 | ||
| Q2 25 | $-0.26 | $0.58 | ||
| Q1 25 | $-0.27 | $-0.90 | ||
| Q4 24 | $-0.23 | $0.39 | ||
| Q3 24 | $-0.27 | $-0.54 | ||
| Q2 24 | $-0.32 | $-0.32 | ||
| Q1 24 | $-0.32 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $361.8M | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $929.6M | $2.9B |
| Total Assets | $1.5B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $361.8M | $233.5M | ||
| Q3 25 | $342.9M | $330.7M | ||
| Q2 25 | $321.2M | $255.4M | ||
| Q1 25 | $307.3M | $163.7M | ||
| Q4 24 | $295.9M | $277.9M | ||
| Q3 24 | $308.2M | $355.7M | ||
| Q2 24 | $311.8M | $481.2M | ||
| Q1 24 | $329.5M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $929.6M | $2.9B | ||
| Q3 25 | $937.0M | $3.5B | ||
| Q2 25 | $942.6M | $3.3B | ||
| Q1 25 | $957.0M | $2.9B | ||
| Q4 24 | $965.3M | $3.1B | ||
| Q3 24 | $969.5M | $2.7B | ||
| Q2 24 | $981.2M | $2.6B | ||
| Q1 24 | $991.8M | $2.5B |
| Q4 25 | $1.5B | $3.9B | ||
| Q3 25 | $1.5B | $4.5B | ||
| Q2 25 | $1.5B | $4.3B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.5B | $3.9B | ||
| Q3 24 | $1.5B | $2.9B | ||
| Q2 24 | $1.5B | $2.7B | ||
| Q1 24 | $1.5B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $22.4M | $-572.9M |
| Free Cash FlowOCF − Capex | $12.2M | $-774.3M |
| FCF MarginFCF / Revenue | 7.1% | -506.6% |
| Capex IntensityCapex / Revenue | 5.9% | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $-572.9M | ||
| Q3 25 | $28.9M | $-114.0M | ||
| Q2 25 | $25.8M | $-231.3M | ||
| Q1 25 | $17.3M | $-122.1M | ||
| Q4 24 | $5.2M | $-255.1M | ||
| Q3 24 | $5.0M | $-56.3M | ||
| Q2 24 | $-4.9M | $-42.5M | ||
| Q1 24 | $11.1M | $-57.9M |
| Q4 25 | $12.2M | $-774.3M | ||
| Q3 25 | $22.9M | $-139.7M | ||
| Q2 25 | $15.9M | $-291.7M | ||
| Q1 25 | $14.7M | $-154.9M | ||
| Q4 24 | $251.0K | $-495.4M | ||
| Q3 24 | $3.0M | $-127.6M | ||
| Q2 24 | $-6.7M | $-96.1M | ||
| Q1 24 | $9.5M | $-115.2M |
| Q4 25 | 7.1% | -506.6% | ||
| Q3 25 | 14.5% | -77.5% | ||
| Q2 25 | 10.7% | -190.7% | ||
| Q1 25 | 10.2% | -96.0% | ||
| Q4 24 | 0.2% | -347.5% | ||
| Q3 24 | 2.2% | -150.5% | ||
| Q2 24 | -5.1% | -137.2% | ||
| Q1 24 | 7.1% | -145.2% |
| Q4 25 | 5.9% | 131.8% | ||
| Q3 25 | 3.8% | 14.3% | ||
| Q2 25 | 6.6% | 39.5% | ||
| Q1 25 | 1.8% | 20.4% | ||
| Q4 24 | 3.5% | 168.6% | ||
| Q3 24 | 1.5% | 84.1% | ||
| Q2 24 | 1.3% | 76.5% | ||
| Q1 24 | 1.2% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
