Akamai Technologies, Inc.

Good day and welcome to the Q4 2025 Akamai Technologies, Inc. earnings conference call. Today, all participants will be in a listen-only mode. Should you need assistance during today's call, please signal for a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star, then two. Please note that today's event is being recorded. I would now like to turn the conference over to Mark Steltenberg, Head of Investor Relations. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining Akamai's fourth quarter 2025 earnings call. Speaking today will be Tom Layton, Akamai's Chief Executive Officer, and Ed McGowan, Akamai's Chief Financial Officer. Please note that today's comments include forward-looking statements, including those regarding revenue and earnings guidance. These forward-looking statements are based on current expectations and assumptions that are subject to certain risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied. The factors include, but are not limited to, any impact from macroeconomic trends, the integration of any acquisition, geopolitical developments, and other risk factors identified in our filings with the SEC. The statements included on today's call represent the company's views on February 19th, 2026, and we assume no obligation to update any forward-looking statements. As a reminder, we will be referring to certain non-GAAP financial metrics during today's call. A detailed reconciliation of gap to non-gap metrics can be found under the financial portion of the investor relations section of Akamai.com. With that, I'll now hand the call off to our CEO, Dr. Tom Layton.

Thanks, Mark. I'm pleased to report that Akamai delivered strong fourth quarter results as we continue to make major progress in positioning Akamai for the future. Revenue grew to $1.095 billion last up 7% year-over-year as reported, and up 6% in constant currency. Non-GAAP operating margin was 29%. And non-GAAP earnings per share was $1.84, up 11% year-over-year as reported, and in constant currency. Q4 revenue for cloud infrastructure services, or CIS, was $94 million. up 45% year-over-year as reported, and up 44% in constant currency. That's an acceleration from the 39% growth rate we achieved in Q3. The rapid growth was broad-based within CIS, driven by our ISV solutions, by infrastructure as a service and storage customers, and by customers leveraging Edge Workers and WebAssembly, which offer improved performance and lower costs for Edge native applications. In each of these areas, we're starting to benefit from AI-related tailwinds as customers make greater use of AI applications and agents across their businesses. Last quarter, Akamai took a major step toward the future with the launch of Akamai Inference Cloud, our platform to support the growing demand to scale AI inference on the internet. Akamai's architecture uniquely positions us to power and protect AI the way we power and protect the web. by bringing AI physically close to users, enabling the faster performance and global scale needed to unlock AI's full potential. We believe the AI market is entering a critical transition point, the first inning of a long game to come, where inference, or the execution of queries against a trained model, is the new frontier. This requires purpose-built infrastructure to enable distributed, low latency, globally scalable AI at the edge, with response times measured in a few tens of milliseconds. Akamai Inference Cloud does just that by incorporating NVIDIA Blackwell GPUs into Akamai's distributed cloud infrastructure with its unparalleled global reach and security at the edge. This enables intelligence to run instantly, securely, and exactly where it's needed, right next to the user, agent, or device. As evidence of our strong momentum, we're delighted to announce that we recently signed a four-year, $200 million commitment for our cloud infrastructure services with a major US tech company at the forefront of the AI revolution. I've had the privilege to work at Akamai for many years, and I have to say that it's really exciting to see such a pivotal player in the AI ecosystem choosing Akamai Inference Cloud for such a large AI use case. We also signed many other new and expanded contracts for our cloud infrastructure services in Q4. An AI chatbot platform based in India signed a three-year contract for our IaaS and enhanced compute support solutions and saved 45% on compute costs they would have paid to a hyperscaler. A very well-known antivirus software company chose Akamai's cloud for their VPN service telling us they liked our performance and support better than what they previously got from two of our cloud competitors. A leading social networking platform that was using us on a pay-as-you-go basis committed to consolidate their multi-vendor stack onto Akamai's cloud platform, providing us with another takeaway from a hyperscaler. Two ad tech companies in China chose us for our significantly lower latency and dramatically reduced egress costs. And one of the world's largest retail companies expanded their use of our edge compute platform to improve their digital shopping experience and increase conversion rates. As a result of the strong customer demand that we're seeing and the strong AI tailwinds across the marketplace, we anticipate that the very rapid growth rate for our cloud infrastructure services will accelerate further in 2026. Our security solutions also performed well in Q4, led by continued strong demand for our market-leading API security and GuardaCore segmentation solutions. Revenue from these high-growth security products grew 36% year-over-year as reported and 34% in constant currency. Last month, Akamai was recognized as a customer's choice for network security micro-segmentation in the Gartner Peer Insights Report for 2026. Akamai earned a 99% recommendation rate, scoring above market norms for both user adoption and overall experience. Last quarter, we saw continued strong demand for our GuardaCore segmentation platform with both new and existing customers. One of North America's largest financial institutions purchased our segmentation solution to gain visibility and protection across all of their network assets. as part of a four-year, $40 million contract. South Korea's largest mobile operator selected Akamai following the well-publicized BPF door security incident, which exposed gaps in east-west security and zero trust maturity. The customer chose our solution for workload-level segmentation, deep visibility, and resilient enforcement across hybrid environments. We also signed deals for segmentation in Q4 with one of the largest carriers in the UK, a major branch of the US Armed Services, and multinational banks in North and South America and Scandinavia. In Q4, we also saw increased demand for our API security solution, signing new customers across multiple verticals, including financial services, technology, healthcare, real estate, retail, and travel. Customers who chose Akamai API security in Q4 included a major European automaker, a telco in the Middle East, as well as airlines serving Asia Pacific and Latin America. We also signed a five-year, $47 million commitment from one of the largest hardware companies in the world in a contract that included API security and cloud infrastructure services, along with other Akamai offerings. We had many other customers in Q4 who purchased multiple security products across our portfolio, including one of Asia's largest airlines, which signed a $10 million contract for multi-layered protection over five years, and a three-year $45 million renewal with one of the world's largest financial institutions to migrate nearly 100 critical applications away from hyperscaler security and onto the Akamai platform to ensure best-in-class DDoS and web application protection, high availability, and robust security support from Akamai Security Operations Command Center. Earning the trust of customers is imperative for Akamai. The world's biggest brands trust us to keep their apps performing well, even under peak traffic conditions. They trust us to protect them from myriad attacks, and to keep their data safe, and they trust us for our reliability. We saw how much this trust mattered to customers who relied on us during the recent holiday season, a time when one of our competitors took down their customers with multiple multi-hour outages. Major enterprises know who they can trust, and we're grateful for the trust that our customers place in Akamai. Last quarter, we were honored to be named by Forbes in their list of America's most trusted companies and in their list of America's best companies for 2026. Forbes analyzed thousands of the largest public and private companies in the U.S. across 11 dimensions, including financial performance, customer sentiment, employee ratings, reputation for innovation, executive leadership, cybersecurity, and sustainability. We were also honored by the Wall Street Journal naming Akamai to its list of America's best managed companies, the management top 250. This ranking by the Drucker Institute analyzed publicly traded companies based on customer satisfaction, innovation, financial strength, social responsibility, and employee engagement and development. Before I hand off to Ed, I want to thank our employees and our management team for their achievements in 2025. Together, we're successfully executing on our ongoing transformation of Akamai into the cybersecurity and cloud company that powers and protects business online. We believe that the investments we're making today are enabling Akamai to do for cloud and AI what we've done for security and CDN, and enabling Akamai to grow even faster as a result. Now I'll turn the call over to Ed to say more about our results and our outlook for Q1 and the year. Ed?