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Side-by-side financial comparison of Fastly, Inc. (FSLY) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $173.0M, roughly 2.0× Fastly, Inc.). On growth, Fastly, Inc. posted the faster year-over-year revenue change (19.8% vs -12.4%). Over the past eight quarters, Fastly, Inc.'s revenue compounded faster (14.3% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
FSLY vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $173.0M | $340.0M |
| Net Profit | $-20.5M | — |
| Gross Margin | 62.5% | — |
| Operating Margin | 23.7% | 24.4% |
| Net Margin | -11.9% | — |
| Revenue YoY | 19.8% | -12.4% |
| Net Profit YoY | 47.6% | — |
| EPS (diluted) | $-0.13 | — |
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 | $340.0M | ||
| Q4 25 | $172.6M | $789.0M | ||
| Q3 25 | $158.2M | $783.0M | ||
| Q2 25 | $148.7M | $776.0M | ||
| Q1 25 | $144.5M | $705.0M | ||
| Q4 24 | $140.6M | $739.0M | ||
| Q3 24 | $137.2M | $731.0M | ||
| Q2 24 | $132.4M | $730.0M |
| Q1 26 | $-20.5M | — | ||
| Q4 25 | $-15.5M | $67.0M | ||
| Q3 25 | $-29.5M | $100.0M | ||
| Q2 25 | $-37.5M | $91.0M | ||
| Q1 25 | $-39.1M | $67.0M | ||
| Q4 24 | $-32.9M | $81.0M | ||
| Q3 24 | $-38.0M | $88.0M | ||
| Q2 24 | $-43.7M | $101.0M |
| Q1 26 | 62.5% | — | ||
| Q4 25 | 61.4% | 49.7% | ||
| Q3 25 | 58.4% | 50.3% | ||
| Q2 25 | 54.5% | 49.4% | ||
| Q1 25 | 53.2% | 48.4% | ||
| Q4 24 | 53.4% | 47.4% | ||
| Q3 24 | 54.5% | 49.0% | ||
| Q2 24 | 55.1% | 50.1% |
| Q1 26 | 23.7% | 24.4% | ||
| Q4 25 | -8.7% | 15.0% | ||
| Q3 25 | -18.2% | 19.9% | ||
| Q2 25 | -24.8% | 17.9% | ||
| Q1 25 | -26.4% | 15.5% | ||
| Q4 24 | -24.4% | 15.6% | ||
| Q3 24 | -29.6% | 17.8% | ||
| Q2 24 | -35.3% | 17.3% |
| Q1 26 | -11.9% | — | ||
| Q4 25 | -9.0% | 8.5% | ||
| Q3 25 | -18.6% | 12.8% | ||
| Q2 25 | -25.2% | 11.7% | ||
| Q1 25 | -27.1% | 9.5% | ||
| Q4 24 | -23.4% | 11.0% | ||
| Q3 24 | -27.7% | 12.0% | ||
| Q2 24 | -33.0% | 13.8% |
| Q1 26 | $-0.13 | — | ||
| Q4 25 | $-0.10 | $0.33 | ||
| Q3 25 | $-0.20 | $0.49 | ||
| Q2 25 | $-0.26 | $0.45 | ||
| Q1 25 | $-0.27 | $0.33 | ||
| Q4 24 | $-0.23 | $0.40 | ||
| Q3 24 | $-0.27 | $0.44 | ||
| Q2 24 | $-0.32 | $0.50 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $977.1M | — |
| Total Assets | $1.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $146.7M | — | ||
| Q4 25 | $361.8M | $295.0M | ||
| Q3 25 | $342.9M | $255.0M | ||
| Q2 25 | $321.2M | $272.0M | ||
| Q1 25 | $307.3M | $267.0M | ||
| Q4 24 | $295.9M | $298.0M | ||
| Q3 24 | $308.2M | $327.0M | ||
| Q2 24 | $311.8M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | $977.1M | — | ||
| Q4 25 | $929.6M | $1.3B | ||
| Q3 25 | $937.0M | $1.2B | ||
| Q2 25 | $942.6M | $1.1B | ||
| Q1 25 | $957.0M | $970.0M | ||
| Q4 24 | $965.3M | $904.0M | ||
| Q3 24 | $969.5M | $872.0M | ||
| Q2 24 | $981.2M | $769.0M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $1.5B | $2.9B | ||
| Q2 24 | $1.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | — |
| Free Cash FlowOCF − Capex | $4.1M | — |
| FCF MarginFCF / Revenue | 2.4% | — |
| Capex IntensityCapex / Revenue | 14.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $55.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.9M | — | ||
| Q4 25 | $22.4M | $144.0M | ||
| Q3 25 | $28.9M | $155.0M | ||
| Q2 25 | $25.8M | $147.0M | ||
| Q1 25 | $17.3M | $154.0M | ||
| Q4 24 | $5.2M | $130.0M | ||
| Q3 24 | $5.0M | $150.0M | ||
| Q2 24 | $-4.9M | $103.0M |
| Q1 26 | $4.1M | — | ||
| Q4 25 | $12.2M | $86.0M | ||
| Q3 25 | $22.9M | $109.0M | ||
| Q2 25 | $15.9M | $105.0M | ||
| Q1 25 | $14.7M | $103.0M | ||
| Q4 24 | $251.0K | $72.0M | ||
| Q3 24 | $3.0M | $84.0M | ||
| Q2 24 | $-6.7M | $47.0M |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 7.1% | 10.9% | ||
| Q3 25 | 14.5% | 13.9% | ||
| Q2 25 | 10.7% | 13.5% | ||
| Q1 25 | 10.2% | 14.6% | ||
| Q4 24 | 0.2% | 9.7% | ||
| Q3 24 | 2.2% | 11.5% | ||
| Q2 24 | -5.1% | 6.4% |
| Q1 26 | 14.3% | — | ||
| Q4 25 | 5.9% | 7.4% | ||
| Q3 25 | 3.8% | 5.9% | ||
| Q2 25 | 6.6% | 5.4% | ||
| Q1 25 | 1.8% | 7.2% | ||
| Q4 24 | 3.5% | 7.8% | ||
| Q3 24 | 1.5% | 9.0% | ||
| Q2 24 | 1.3% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× |
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% |
ULS
Segment breakdown not available.
