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Side-by-side financial comparison of Fastly, Inc. (FSLY) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Fastly, Inc. is the larger business by last-quarter revenue ($173.0M vs $137.5M, roughly 1.3× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -11.9%, a 126.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 19.8%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs 14.3%).
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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
FSLY vs TRNO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.0M | $137.5M |
| Net Profit | $-20.5M | $158.2M |
| Gross Margin | 62.5% | — |
| Operating Margin | 23.7% | — |
| Net Margin | -11.9% | 115.1% |
| Revenue YoY | 19.8% | 32.6% |
| Net Profit YoY | 47.6% | 107.9% |
| EPS (diluted) | $-0.13 | $1.54 |
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.
| Q1 26 | $173.0M | — | ||
| Q4 25 | $172.6M | $137.5M | ||
| Q3 25 | $158.2M | $116.2M | ||
| Q2 25 | $148.7M | $112.2M | ||
| Q1 25 | $144.5M | $110.4M | ||
| Q4 24 | $140.6M | $103.7M | ||
| Q3 24 | $137.2M | $99.6M | ||
| Q2 24 | $132.4M | $94.2M |
| Q1 26 | $-20.5M | — | ||
| Q4 25 | $-15.5M | $158.2M | ||
| Q3 25 | $-29.5M | $103.4M | ||
| Q2 25 | $-37.5M | $93.3M | ||
| Q1 25 | $-39.1M | $48.1M | ||
| Q4 24 | $-32.9M | $76.1M | ||
| Q3 24 | $-38.0M | $36.6M | ||
| Q2 24 | $-43.7M | $35.7M |
| Q1 26 | 62.5% | — | ||
| 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 26 | 23.7% | — | ||
| Q4 25 | -8.7% | — | ||
| Q3 25 | -18.2% | — | ||
| Q2 25 | -24.8% | — | ||
| Q1 25 | -26.4% | — | ||
| Q4 24 | -24.4% | — | ||
| Q3 24 | -29.6% | — | ||
| Q2 24 | -35.3% | — |
| Q1 26 | -11.9% | — | ||
| Q4 25 | -9.0% | 115.1% | ||
| Q3 25 | -18.6% | 88.9% | ||
| Q2 25 | -25.2% | 83.1% | ||
| Q1 25 | -27.1% | 43.6% | ||
| Q4 24 | -23.4% | 73.4% | ||
| Q3 24 | -27.7% | 36.8% | ||
| Q2 24 | -33.0% | 37.9% |
| Q1 26 | $-0.13 | — | ||
| Q4 25 | $-0.10 | $1.54 | ||
| Q3 25 | $-0.20 | $1.00 | ||
| Q2 25 | $-0.26 | $0.90 | ||
| Q1 25 | $-0.27 | $0.47 | ||
| Q4 24 | $-0.23 | $0.78 | ||
| Q3 24 | $-0.27 | $0.37 | ||
| Q2 24 | $-0.32 | $0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $146.7M | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $977.1M | $4.1B |
| Total Assets | $1.5B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $146.7M | — | ||
| Q4 25 | $361.8M | $25.0M | ||
| Q3 25 | $342.9M | $26.2M | ||
| Q2 25 | $321.2M | $128.4M | ||
| Q1 25 | $307.3M | $156.5M | ||
| Q4 24 | $295.9M | $18.1M | ||
| Q3 24 | $308.2M | $243.7M | ||
| Q2 24 | $311.8M | $182.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | — | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M |
| Q1 26 | $977.1M | — | ||
| Q4 25 | $929.6M | $4.1B | ||
| Q3 25 | $937.0M | $4.0B | ||
| Q2 25 | $942.6M | $3.9B | ||
| Q1 25 | $957.0M | $3.9B | ||
| Q4 24 | $965.3M | $3.7B | ||
| Q3 24 | $969.5M | $3.6B | ||
| Q2 24 | $981.2M | $3.4B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $5.4B | ||
| Q3 25 | $1.5B | $5.3B | ||
| Q2 25 | $1.5B | $5.0B | ||
| Q1 25 | $1.4B | $4.9B | ||
| Q4 24 | $1.5B | $4.8B | ||
| Q3 24 | $1.5B | $4.6B | ||
| Q2 24 | $1.5B | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× |
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 | $28.9M | $271.9M |
| Free Cash FlowOCF − Capex | $4.1M | — |
| FCF MarginFCF / Revenue | 2.4% | — |
| Capex IntensityCapex / Revenue | 14.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $55.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.9M | — | ||
| Q4 25 | $22.4M | $271.9M | ||
| Q3 25 | $28.9M | $79.5M | ||
| Q2 25 | $25.8M | $60.6M | ||
| Q1 25 | $17.3M | $61.4M | ||
| Q4 24 | $5.2M | $232.7M | ||
| Q3 24 | $5.0M | $70.0M | ||
| Q2 24 | $-4.9M | $64.3M |
| Q1 26 | $4.1M | — | ||
| Q4 25 | $12.2M | — | ||
| Q3 25 | $22.9M | — | ||
| Q2 25 | $15.9M | — | ||
| Q1 25 | $14.7M | — | ||
| Q4 24 | $251.0K | — | ||
| Q3 24 | $3.0M | — | ||
| Q2 24 | $-6.7M | — |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 7.1% | — | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | 10.2% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | -5.1% | — |
| Q1 26 | 14.3% | — | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $126.2M | 73% |
| Security | $38.8M | 22% |
| Other | $8.0M | 5% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
