Akamai Technologies (AKAM) 10-K risk factor changes: FY2025 vs FY2024

[removed: Slowing] [added: Slowing, flat or limited] revenue growth has in the past and may continue to negatively impact our profitability and stock price.

The overall revenue growth we have enjoyed in recent years may not continue [removed: in future periods] and could decline, [removed: which could] negatively [removed: impact] [added: impacting] our profitability and stock price.

Our ability to generate revenue depends on the amount of services we deliver, continued growth in demand for our security, delivery and [removed: compute] [added: cloud computing] solutions and our ability to maintain [added: or increase] the prices we charge for them.

Revenue [removed: we generate] from our delivery solutions is impacted by pricing pressure due to competition and fluctuations in content traffic as a result of, among other factors, changes in the popularity of our customers' content including video delivery and gaming, and economic pressures on our customers that can cause them to take steps to optimize their platforms, including through [removed: "do-it-yourself",] [added: "do-it-yourself" ("DIY") initiatives] or [removed: DIY, initiatives.][added: redistributing traffic among multiple providers.]

[removed: In addition,] [added: For example,] a large social media [removed: company] [added: customer] has [removed: recently] taken steps to lower costs and reduce reliance on U.S. [removed: providers,] [added: providers by optimizing its platform,] including [added: using] a DIY component, which [removed: we believe is in part a reaction to certain geopolitical pressures, and which has] reduced traffic on our network and negatively impacted [added: our] revenue in [removed: 2024.][added: 2024 and may continue to do so in the future.]

[removed: Other] [added: Such steps by our] customers have [added: in the past] and may [removed: continue to] [added: in the future] reduce [removed: their] traffic [removed: with us,] [added: on our network,] negatively impacting revenue.

Our ability to generate [removed: revenue in our] security [removed: business] [added: revenue] depends on our ability to increase our industry recognition as a provider of security solutions, [added: navigate a highly competitive market,] develop or acquire new solutions in a rapidly-changing environment where security threats are constantly evolving and ensure that our solutions operate effectively and are competitive with products offered by [removed: others.][added: others, particularly as larger providers increasingly offer broader platforms of security services.]

[removed: Further, security revenue for some products is impacted by] [added: Reduced] traffic levels on our network [removed: and recently has,] [added: has in the past,] and may [removed: continue to be, negatively impacted by reduced traffic on our network, including] [added: in] the [removed: reduced traffic] [added: future, negatively impact revenue] from [removed: a large social media company among other customers.][added: our security solutions.]

In addition, an increasing proportion of our revenue has [removed: recently] been generated by our [removed: compute] [added: cloud computing] solutions.

Our ability to generate revenue in our [removed: compute business is dependent] [added: cloud computing solutions depends] on our ability to successfully continue building our compute platform, [added: developing AI capabilities,] attract a customer base that has traditionally partnered with more established companies in the [removed: compute] [added: cloud computing] industry, [removed: and] develop effective, price competitive and attractive [removed: solutions.][added: solutions and increase prices without reducing customer adoption, usage or retention.]

[removed: We] [added: Because we] operate [removed: globally and as a result,] [added: globally,] our business, revenues and profitability are impacted by global macroeconomic [added: and geopolitical] conditions.

The success of our activities is affected by general [removed: economic] [added: economic, political] and market conditions, [removed: including, among others,] [added: including] inflation, foreign exchange rates, interest rates, tax rates, economic [removed: uncertainty,] [added: uncertainty or contraction,] political instability, [removed: warfare,] [added: warfare or acts of terrorism, public health crises,] changes in laws, [added: policy - and regulatory-related changes resulting from U.S. government actions and regulatory priorities,] trade [removed: barriers,] [added: barriers including announced or expected tariffs, changes in export controls,] the actual or perceived failure or financial difficulties of financial institutions, reduced consumer confidence and spending and economic and trade sanctions.

The U.S. capital markets have [added: recently] experienced and may continue to experience extreme volatility and [removed: disruption] [added: disruption, and inflation rates] in the [removed: recent past.][added: U.S. have been elevated compared to historical rates and have fluctuated.]

In addition, the [removed: Trump] [added: current U.S. presidential] administration has [added: imposed or] indicated an intention to impose tariffs [added: or export controls (including] on [added: advanced computing and networking technologies and services) on] certain countries that could [added: further] adversely impact trade relations, result in higher costs and decreased purchasing power of our customers, put increased pressure on supply chains and create general market instability.

For example, these unfavorable economic conditions could [added: slow our revenue growth or] increase our operating costs, which could [added: negatively impact our profitability.]

[removed: Geopolitical destabilization] [added: the escalation of international tensions] and warfare have impacted and could continue to impact global currency exchange rates, resources from our [removed: suppliers] [added: suppliers, availability or pricing of energy] and [added: other inputs,] our ability to [added: compete effectively and our ability to] operate or grow our business.

Additionally, we have offices and employees located in regions that historically have and may again experience periods of political instability, [removed: warfare,] [added: warfare or acts of terrorism, public health crises,] changes in laws, trade [removed: barriers] [added: barriers,] and economic and trade sanctions.

Adverse conditions in these countries [added: or actions by them to adopt policies that are unfavorable to other countries in which we operate] have in the past and may in the future affect our operations, including [added: by causing] disruptions to our workforce, supply chains, networks, financial systems and other critical infrastructure, which could adversely affect our business, results of operations, financial condition and cash flows.

For example, approximately six percent of our global employees are located in [removed: Israel] [added: Israel,] and [removed: some of our employees] have [added: in the past] been [removed: mobilized as members of] [added: impacted by] the [removed: Israeli military reserves.][added: Israel-Hamas war or other hostilities in and around or involving Israel.]

[removed: Should the Isreal-Hamas war continue, it] [added: Any escalations or conflicts impacting Israel, including periodic escalations,] could cause harm to our employees or otherwise impair their ability to work for extended periods of time.

We base our decisions about expense levels and investments on estimates of our future revenue and future anticipated rates of growth and may incur varying levels of expense based on strategic initiatives, including acquisitions and the build out of our network to support our [removed: compute] [added: cloud computing] solutions.

If we are unable to increase [removed: revenue and] [added: revenue,] limit expenses, [added: or manage increasing costs] our results of operations will suffer.

We have in the past and may in the future take certain steps to reduce [removed: expenses,] [added: expenses or to raise our prices to offset cost increases,] however, there are no assurances that we will be able to effectively reduce [added: or offset] our expenses and such actions may negatively affect our ability to invest in our business for innovation, systems improvements and other initiatives.

In particular, as security and [removed: compute] [added: cloud computing] solutions have become, and are expected to continue to be, an important part of our business, we must be particularly adept at developing new security solutions that meet the constantly-changing threat landscape and [removed: compute and] [added: cloud computing,] compute-to-edge [added: and AI inference] solutions that meet the needs of professional users and enterprises looking to increase the utility of the internet for their business.

The development timetable is uncertain and we may commit significant resources to developing solutions for which a viable market may not [removed: ultimately] develop.

For example, we are investing significant resources in our [removed: compute] [added: cloud computing] solutions and platform, working on expanding [removed: the capacity of these facilities,] [added: capacity,] adding additional sites and developing increased [removed: compute] [added: cloud computing] features and functionality.

Success in these efforts is not guaranteed and will largely depend on our ability to create products that are competitive in the enterprise market, source additional co-location facilities, manage an uncertain supply chain for server related hardware and adapt our offerings to new or emerging technologies and changes in customer requirements, including those related to [removed: artificial intelligence] [added: AI] workloads.

Trying to innovate through acquisition can be costly and with uncertain prospects for success; [removed: we may find that] attractive acquisition targets [removed: are] [added: may be] too expensive for us to [removed: pursue] [added: pursue,] which could cause us to pursue more time-consuming internal development.

Failure to [removed: develop,] [added: develop or acquire,] on a cost-effective basis, innovative or enhanced solutions that are attractive to customers and profitable to us could have a material detrimental effect on our business, results of operations, financial condition and cash flows.

Our current and potential competitors vary by size, product offerings and geographic region and range from start-ups that offer solutions competing with a discrete part of our business to large technology or telecommunications companies that offer, or may be planning to introduce, products and [removed: services that are broadly competitive with what we do.]

The primary competitive factors in our market are differentiation of technology, global presence, quality of solutions, reliability, long-term product roadmap, [added: data center maintenance and acquisition, supply chain resilience,] customer service, technical expertise, security, ease-of-use, breadth of services offered, price and financial strength.

Many of our current and potential competitors have substantially greater financial, technical and marketing resources, larger customer bases, broader product portfolios, longer operating histories, greater brand recognition and more established [added: relationships in the industry than we do.]

This is particularly true with respect to our [removed: compute] [added: AI and cloud computing] solutions, as a small number of very large competitors have established themselves as [removed: leaders] [added: incumbents] in [removed: the compute business.][added: these industries and exert significant purchasing power and priority access to servers, memory, co-location capacity and power.]

As a result, some competitors have in the past and may in the future be able to: develop superior products or services; leverage better name recognition, particularly in the security and [removed: compute] [added: cloud computing] markets; enter new markets more easily or better manage the impact of changes in general economic conditions, geopolitical conditions and industry pressures; gain greater market acceptance for their products and services; enter into long-term contracts with our potential customers; increase their points of presence and proximity to enterprise data centers and end users faster than us; [added: secure server components (including memory), co-location space and power on preferred terms and with priority access, which can constrain industry supply and increase our costs;] expand their offerings more efficiently and more rapidly; bundle their products that are competitive with ours with other solutions they offer in a way that makes our offerings less appealing to, or more costly for, current and potential customers; more quickly adapt to new or emerging technologies and changes in customer requirements; take advantage of acquisition, investment and other opportunities more readily; offer lower prices than ours, including at levels that may not be profitable for us to match; spend more money on the promotion, marketing and sales of their products and services; offer higher salaries to talented professionals which may impact our ability to hire or retain engineering and other personnel; and implement shorter sales cycles with customers and prospects.

Smaller and more nimble competitors [added: have in the past and] may [added: in the future] be able to: attract customers by offering less sophisticated versions of products and services than we provide at lower prices than those we charge; develop new business models that are disruptive to us; and respond more quickly than we can to new or emerging technologies, changes in customer requirements and market and industry developments, resulting in superior offerings.

We have also periodically experienced customer dissatisfaction with the quality of some of our delivery, security, [removed: compute] [added: cloud computing] and other services, which has led to a loss of business and could lead to a loss of customers in the future.

If we fail to meet these contractual commitments, we [removed: could] [added: have in the past and may in the future] be obligated to provide credits for future service, or face contract termination with refunds of prepaid amounts, which could harm our business.

If we are unable to efficiently and cost-effectively fix errors or other problems that we identify and improve the quality of our solutions or systems, or if there are unidentified errors that allow persons to improperly access our services or systems, we could experience litigation, the need to issue credits [removed: to customers, loss of revenue and market share, damage to our reputation, diversion of management attention, increased expenses, reduced profitability and other negative consequences which could harm our business.]

We are devoting significant resources to develop and deploy our own competing [removed: compute] [added: cloud computing] offering.

The rapid development and deployment of new compute [removed: infrastructure bears] [added: infrastructure—both hardware and software—bears] the risk of bugs and unforeseen failures that could affect our reputation and ability to execute our strategies.

Although the rate of decline has diminished in recent periods, we have continued to experience revenue declines in our delivery solutions, and ongoing competition, pricing pressure, and potential further shifts toward DIY or alternative sourcing strategies may continue to impact our delivery revenue.

Further, competition and pricing pressure has, and may continue to impact, revenue of certain of our security solutions, including during contract renewals.

Global economic and geopolitical conditions can impact our customers, potentially making non-U.S. companies reluctant to enter into contracts with U.S. providers or to permit cross-border data transfers.

Such conditions can also cause customers to take cost-savings measures-such as optimization and DIY initiatives, reduction or delay of information technology spending, contract renegotiation and lengthening of procurement and sales cycles - which have in the past and may in the future negatively impact our revenues by reducing traffic on our network.

Geopolitical destabilization,

Cybersecurity threats can also intensify during periods of geopolitical destabilization, increasing the risk of attempted attacks on our systems, suppliers and customers.

Further, we are subject to cost increases that we may not be able to successfully mitigate or pass on to our customers and we could lose customers who are unwilling to accept price increases, which could reduce our revenue.

In particular, the capital requirements of the cloud computing industry can at times be significant.

services that are broadly competitive with what we do.

to customers, loss of revenue and market share, damage to our reputation, diversion of management attention, increased expenses, reduced profitability and other negative consequences which could harm our business.

We and the third-parties upon which we rely face a variety of evolving threats, which could cause cybersecurity incidents and/or data breaches, such as cyber-attacks, malicious internet-based activity, online and offline fraud and other similar activities.

Such threats are prevalent and continue to rise, are increasingly difficult to detect and come from a variety of sources and may be enhanced or facilitated by AI.

Further, attempts to disrupt or gain unauthorized access to our and our third-party vendors’ information systems from malicious third parties or insider threats may incorporate widely varying and frequently changing tactics, which may be enhanced or facilitated by AI.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that such terms are sufficient to protect us from liabilities, damages, or claims related to our privacy and data security obligations.

Further,

although we maintain cyber liability insurance, this insurance may not provide adequate coverage against potential liabilities related to any experienced cybersecurity incident or breach.

Like other companies in our industry, we, and our third-party providers, have experienced and will continue to experience threats and cybersecurity incidents relating to our information technology systems and infrastructure.

These risks

In addition, these third-party providers can experience operational inefficiencies relating to power, climate controls, water, logistics, and other unforeseen events which could result in increased costs, service disruptions and diminished customer experiences.

We cannot guarantee that these providers have adequate measures in place to avoid service events that could impact our ability to operate portions of our network.

Increasing demand and manufacturing limitations for certain necessary equipment or components may significantly impact pricing and availability.

support the continued build out of our AI, infrastructure and platform services.

Because most of our employees work remotely, we are subject to additional risks.

In addition, in 2025 management has introduced changes to the sales organization and sales compensation structure to work to optimize sales performance and to better align sales incentives to the fastest growing areas of the business.

employee distraction and unanticipated employee turnover, which could adversely affect our operating results.

Sales to government entities are subject to a number of risks, and significant changes in the contracting or fiscal policies of such government organizations could have an adverse effect on our business and results of operations.

and therefore are more costly to comply with.

In addition to ongoing investments to integrate AI and machine learning technology into our existing products and solutions and to use AI to enhance our business operations, we recently launched AIC, a platform enabling AI inferencing at the edge of the internet, as a direct offering in the AI market.

This introduces additional risks, as we now compete with established and emerging companies providing AI infrastructure and inference solutions.

AI systems and third-party AI services that we use may also introduce operational resilience and stability risks that could disrupt our services or customers' workloads and adversely affect our business, reputation or financial results.

Use of AI that has been trained on open-source code repositories for code development, for instance, may increase intellectual property risks, as well as risks related to ingestion of malicious code.

For example, user misuse of AI capabilities, privacy concerns, user consent, supply chain security, AI-related export controls, transparency and the accuracy, completeness

In the U.S., more than a dozen states now have comprehensive privacy laws, adding complexity, variation in requirements, restrictions, and potential legal risk requiring additional investment of resources in compliance programs.

Certain jurisdictions are adopting or tightening data localization and data residency requirements that restrict where customer or employee data may be stored, processed, accessed or encrypted.

In the U.S., regulators are increasingly scrutinizing and restricting certain personal data transfers and transactions involving foreign countries.

For example, the Department of Justice’s January 8, 2025, rule on “Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons,” prohibits data brokerage transactions involving certain sensitive personal data categories to countries of concern, including China.

The regulations also restrict certain investment agreements, employment agreements and vendor agreements involving such data and countries of concern, absent specified cybersecurity controls.

Some jurisdictions, particularly the European Union (the "EU"), are also exploring broader “digital sovereignty” frameworks placing operational, ownership, and control requirements that must be met to provide services to certain markets or sectors.

These measures have gathered steam over the past year based on the emergence of geopolitical tensions, including between the US and Europe.

Together with limits on cross‑border data transfers and government access or audit obligations, they may prevent us from providing services in certain cases, or require us to provide in‑country or region‑specific hosting, rely on designated local partners, modify or limit features, or maintain segregated environments and duplicative infrastructure, routing, logging and support models.

For example, revenue from our delivery solutions increased significantly in 2020 due in large part to greater consumption of online media and games during the onset of the COVID-19 pandemic and the associated stay-at-home orders.

However, as these orders were lifted and more return-to-work policies were adopted, our revenue from delivery solutions declined.

We have continued to experience revenue declines in our delivery solutions and expect this trend to continue in the near future.

See the risk factor titled, "Global conditions have in the past and may in the future harm our industry, business and results of operations" below.

Global economic and geopolitical conditions can impact our customers, causing them to take cost-savings measures that can include optimization and "do-it-yourself", or DIY, initiatives, which can impact our revenues.

For example, a large social media company has recently taken steps to lower costs and reduce reliance on U.S. providers by optimizing its platform, including a DIY component, which reduced traffic on our network and negatively impacted our revenue in 2024.

Furthermore, inflation rates in the U.S. have been elevated compared to historical rates and have fluctuated.

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

negatively impact our profitability.

relationships in the industry than we do.

These upgrades and improvements may be difficult and costly.

Additionally, the use of artificial intelligence by bad actors has heightened the sophistication and effectiveness of these types of attacks, and may be used to create attacks that current processes and technologies are unable to adequately address.

There have in the past and could in the future be attempts to infiltrate our systems through our supply chain and contractors.

While we have, from time to time, experienced threats to and breaches of our and our third-party vendors' data and systems, to date, to our knowledge, cyber threats and other attacks have not resulted in any material adverse effect to our business or operations, but such threats are constantly evolving, increasing the difficulty of detecting and successfully defending against them.

The complexities in managing the security profile of a distributed network with vast scale and geographic reach that evolves to incorporate new capabilities expose us to both known and unknown vulnerabilities.

A number of our employees have been, and more may be, required to report for military duty which could impact our ability to operate and successfully complete ongoing initiatives particularly with respect to our security offerings and our efforts to move our internal applications from third-party clouds to our compute platform.

Furthermore, a widening of the conflict in the Middle East or further escalation could lead to broader geopolitical destabilization and macro-economic impacts.

issuances of securities to finance large transactions; and potential unknown liabilities and regulatory requirements associated with an acquired business.

For example, a large social media customer has recently taken steps to lower costs and reduce reliance on U.S. providers by optimizing its platform, including using a DIY component, which has reduced traffic on our network and negatively impacted our revenue in 2024 and is likely to continue to do so in the future.

retention efforts.

We believe our culture has been a key contributor to our success to date.

We rolled out our FlexBase program in May 2022, which allows the more than 95% of our workforce designated as flexible to choose to work from an Akamai office, their home office, an approved workspace, or a combination of all three.

This program could, among other things, negatively impact employee morale and productivity, inhibit our ability to effectively train new employees and impede our ability to support customers at the levels they expect.

Members of our workforce who access company data and systems remotely may not have access to technology that is as robust as that in our offices, which could cause the networks, information systems, applications and other tools available to those remote workers to be more limited or less reliable than in our offices.

We may also be exposed to risks associated with the locations of remote workers, including compliance with local laws and regulations or exposure to compromised internet infrastructure.

Further, if employees fail to inform us of changes in their work location, we may be exposed to additional risks without our knowledge.

Substantial expense or business disruptions resulting from restructuring and reorganization activities could adversely affect our operating results.

Many of the participating countries have enacted legislation that became effective beginning in 2024, while other countries continue to work on defining the underlying rules and administrative procedures.

have a material impact on our overall results of operations or cash flows.

Sales to government entities are subject to a number of risks.

have to resort to utilizing alternative technology of lower quality.

We have made, and expect to continue to make investments to integrate AI and machine learning technology into our products and solutions.

The Chinese application was not sold to a neutral third party by the January 19th deadline, but President Trump subsequently signed an executive order instructing the U.S. Attorney General to not take any action to enforce the passed legislation for a period of 75 days from January 20, 2025.

The Attorney General has since determined that our provision of services to this customer has not violated the law and that we can continue providing services as contemplated by the Executive Order without violating the law and without incurring any legal liability.

In the past year, this customer has taken steps to lower costs and reduce reliance on U.S. providers by optimizing its platform, including using a DIY component.

This has negatively impacted revenue growth rates in 2024, and we expect revenue from this customer to decline over the next few years, regardless of whether this legislation is enforced or takes effect.

quality of our solutions.

Furthermore, some of our

We also may not

As previously disclosed in our Form 10-K for the year ended December 31, 2022, we identified a material weakness in the Company’s internal control over financial reporting as of December 31, 2022 related to income taxes.

We develop and provide solutions for global enterprises to build, secure and accelerate their applications and digital experiences through our massively distributed global [removed: network,] [added: infrastructure,] which underpins our security, delivery and [removed: compute] [added: cloud computing] solutions, and is central to our financial success.

The key factors that influence our financial success are our ability to build on recurring revenue [removed: commitments,] [added: commitments across our security, delivery and cloud computing product portfolios,] increase traffic on our network, continue to develop, scale and successfully bring to market our compute [removed: platform] [added: platform, including AIC] and compute-to-edge [removed: solutions] [added: solutions,] that meet the needs of professional users and enterprises, including with respect to reliability, effectively manage the prices we charge for our [removed: solutions,] [added: solutions considering the market dynamics on our cost structure driven by hyperscalers, continuously] develop new [added: and existing] products and appropriately manage our capital spending and other [added: operational] expenses.

Services included in our contracts consist of security solutions, the delivery of content, applications and software over the internet, [removed: compute] [added: cloud computing] solutions and professional services.

In addition to a base level of revenue, we are also dependent on our ability to increase our product offerings and to cross-sell additional services to our new and existing customers, particularly for our security and [removed: compute solutions portfolios.][added: cloud]

Our revenue is also impacted by customer renewals and the pricing for such renewals, the rate of adoption and timing of customer offerings, variability of one-time events, usage of [removed: compute] [added: cloud computing] services and the amount of traffic we serve on our network.

Over the longer term, our ability to [added: continually develop and] expand our product [removed: portfolio] [added: portfolio, to successfully bring those products to market] and to effectively manage the prices we charge for our solutions [added: considering the market dynamics on our cost structure driven by hyperscalers,] are key factors impacting our revenue growth.

- Increased sales of our security solutions, led by application security solutions and [removed: segmentation solutions from] our [removed: acquisition of Guardicore Ltd.,] [added: microsegmentation solutions,] and increased sales of our [removed: compute] [added: cloud computing] solutions, attributable to [removed: our acquisition of Linode Limited Liability Company ("Linode") and] enhanced services on our compute platform, [added: and growth in our Cloud Infrastructure Services,] have made a significant contribution to revenue growth.

We plan to continue to invest in these areas with a focus on [added: higher growth security products and Cloud Infrastructure Services to] further [removed: advancing] [added: advance] our product portfolios and sales capabilities.

- Traffic [added: growth] on our network has [added: improved, but remains] moderated as compared to prior years.

In particular, [removed: we are seeing traffic growth slowing] [added: customers] in verticals such as media and [removed: gaming, as these customers optimize] [added: gaming have optimized] their traffic [removed: and] [added: to] manage through underlying business challenges at a time of global [removed: economic] [added: macroeconomic] and geopolitical headwinds.

[removed: If] [added: Some of] our customers' businesses [removed: continue to be] [added: have been] impacted by [removed: economic and geopolitical] [added: these] headwinds, [added: and as a result,] they may [added: continue to] reduce their [removed: spending, optimize their traffic] [added: spending] or [removed: may increase] [added: optimize] their [removed: reliance on “do-it-yourself” solutions,] [added: traffic,] which [removed: may negatively impact] [added: would reduce] traffic on our network and revenue.

- The prices paid by some of our delivery and security customers have declined in recent years [added: at contract renewal] due to [removed: competition and contract renewals,] [added: competition,] which negatively impacts our revenue growth rates.

We continue to take steps upon contract renewals to sign customers to multi-year contracts and to optimize how we charge [removed: certain high-volume traffic] customers to maintain alignment between customer traffic [removed: volumes] [added: volumes, significant cost increases we have experienced due to market dynamics driven by hyperscalers] and unit pricing.

Because we publicly report in U.S. dollars, our reported revenue results are negatively impacted when the [added: U.S.] dollar strengthens and benefit when the [added: U.S.] dollar weakens.

[removed: As we continue to build out our new compute locations to provide us with the ability to scale our platform, we] [added: We] have entered into, and expect to continue to enter into, longer term leases that include certain financial [removed: commitments in order to achieve more favorable unit economics.][added: commitments.]

We will [added: need to] continue to effectively manage our co-location [removed: costs.][added: costs to maintain or improve current levels of profitability.]

[removed: Historically, we] [added: We] have been able to [removed: mitigate increases in] [added: manage] these costs through investment in internal-use software development to improve the performance and efficiency of our [removed: network.][added: network and, more recently, improved pricing on contract renewals with our bandwidth providers.]

These costs include maintenance and supporting [removed: services] [added: services, as well as partner program costs,] incurred as we continue to build out our compute platform and maintain our global network, and costs of third-party cloud providers used for some of our operations.

We have seen [added: some of] these costs increase in recent years as a result of our network expansion, and particularly the build out of our compute platform.

[removed: We] [added: While we have] previously experienced increased costs from third-party cloud providers, [removed: but continue] [added: we have been able] to [removed: mitigate] [added: manage] those costs by migrating to our own compute [removed: solutions and working to optimize third-party cloud spend.][added: solutions.]

We will [added: need to] continue to effectively manage our network build-out and supporting service costs [removed: and continue to migrate third-party cloud services to our compute platform] in an effort to [removed: manage] [added: control] costs.

It is important to the success of [added: our] operations that we offer competitive compensation packages.

However, we are focused on remaining disciplined in allocating our resources to support our faster growing security and [removed: compute] [added: cloud computing] solutions, including maintaining operational efficiencies to mitigate the rising cost of talent.

These programs [removed: were] [added: are] designed to better align employee incentives with the interests of our stockholders, which [added: has] increased our stock-based compensation.

Because we publicly report in U.S. dollars, our expenses are positively impacted when the [added: U.S.] dollar strengthens and are negatively impacted when the [added: U.S.] dollar weakens.

We also acquired Noname [removed: Gate Ltd. ("Noname Security")] [added: Security] in June 2024.

We also acquired [removed: Neosec, Inc ("Neosec")] [added: Neosec] in May 2023, which is intended to complement our application and API security portfolio by extending its visibility into the rapidly growing API threat landscape, and StorageOS, Inc. ("StorageOS"), also known as Ondat, in March 2023, which is intended to strengthen our compute offerings.

We, along with our customers, continue to manage through an uncertain period of fluctuating inflation, [removed: regulations] [added: regulatory policies and resources] that may negatively impact business, economic and political uncertainty, [added: decreased consumer confidence and pressure on prices during contract renewals,] uncertain energy supplies, heightened geopolitical tensions and conflict, potential for supply chain disruptions, changes in [added: legislation and regulations, including] U.S. and international tax laws, [removed: changes in] [added: volatility and increasing tensions related to changing trade policies, including announced or expected] tariffs, fluctuations in foreign exchange rates and elevated interest rates.

To the extent these macroeconomic conditions continue, [removed: we expect that it] [added: the impact] may adversely affect our business, operations and financial results.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Cost of revenue (exclusive of amortization of acquired intangible assets shown below) | | | [removed: 40.6] [added: 41] | | | | | | [removed: 39.6] [added: 41] | | | | | | [removed: 38.3] [added: 40] | | |

| Research and development | | | [removed: 11.8] [added: 12] | | | | | | [removed: 10.7] [added: 12] | | | | | | [removed: 10.8] [added: 11] | | |

| Sales and marketing | | | [removed: 14.0] [added: 14] | | | | | | [removed: 14.0] [added: 14] | | | | | | [removed: 13.9] [added: 14] | | |

| General and administrative | | | [removed: 15.6] [added: 16] | | | | | | [removed: 15.8] [added: 16] | | | | | | [removed: 16.2] [added: 16] | | |

| Amortization of acquired intangible assets | | | [removed: 2.3] [added: 3] | | | | | | [removed: 1.8] [added: 2] | | | | | | [removed: 1.8] [added: 2] | | |

| Restructuring charge | | | [removed: 2.4] [added: 1] | | | | | | [removed: 1.5] [added: 2] | | | | | | [removed: 0.4] [added: 1] | | |

| Total costs and operating expenses [added: (1)] | | | [removed: 86.7] [added: 87] | | | | | | [removed: 83.4] [added: 87] | | | | | | [removed: 81.4] [added: 83] | | |

| Income from operations [added: (1)] | | | [removed: 13.4] [added: 13] | | | | | | [removed: 16.6] [added: 13] | | | | | | [removed: 18.6] [added: 17] | | |

| Interest and marketable securities income, net | | | [removed: 2.5] [added: 2] | | | | | | [removed: 1.2] [added: 3] | | | | | | [removed: 0.1] [added: 1] | | |

| Interest expense | | | [removed: (0.7)] [added: (1)] | | | | | | [removed: (0.5)] [added: (1)] | | | | | | [removed: (0.3)] [added: —] | | |

computing solutions portfolios.

Our security and cloud computing solutions continue to contribute to a large portion of revenue.

However, we are seeing incremental traffic from contracts acquired as part of our recent asset acquisitions.

We expect these traffic growth trends to continue in 2026.

As we continue to build out our new compute locations to provide us with the ability to scale our platform, we have experienced a significant increase in our co-location costs due to the market dynamics driven by the hyperscalers.

We will need to continue to focus on effectively managing our bandwidth costs to maintain or improve current levels of profitability.

Over the past few years, we redesigned some of our compensation programs by shifting certain plans from a cash-based to stock-based program, such as our employer 401(k) match program in 2025.

We plan to continue investing in our faster growing Cloud Infrastructure Services, including support for a new enterprise cloud computing customer and our new AIC.

With the build out of our compute platform, we are experiencing a significant increase in server and memory costs due to market dynamics driven by hyperscalers.

These cost increases will increase our future capital expenditures and resulting depreciation expense.

We acquired Fermyon in November 2025.

With this acquisition we plan to deepen the integration between the edge functions platform and our performance and security products.

The resulting cloud computing platform aims to make it even faster and easier for developers to build, deploy and secure applications at the edge that outperform cloud-native applications, for less money, the same way they can in core data centers today.

Revenue and earnings generated from these acquisitions are included in our financial results since the dates of the acquisitions, but were not material.

However, delivery revenue was positively impacted by customer contracts acquired from Edgio, Lumen and Stackpath.

Additionally, of note, we added approximately 200 employees from the acquisition of Noname Security.

| Revenue | | | 100 | | % | | | | 100 | | % | | | | 100 | | % |

(1) Amounts may not foot due to rounding.

| Security | | | $ | 2,243,404 | | | | | $ | 2,042,661 | | | | | 10 | | % | | | | 9 | | % | | | | $ | 2,042,661 | | | | | $ | 1,765,267 | | | | | 16 | | % | | | | 16 | | % |

| Delivery | | | 1,256,721 | | | | | | 1,318,131 | | | | | | (5) | | | | | | (5) | | | | | | 1,318,131 | | | | | | 1,542,434 | | | | | | (15) | | | | | | (14) | | |

| Cloud computing | | | 708,050 | | | | | | 630,376 | | | | | | 12 | | | | | | 12 | | | | | | 630,376 | | | | | | 504,219 | | | | | | 25 | | | | | | 25 | | |

Additionally, we believe macroeconomic headwinds are causing some customers to increase their focus on cost optimization, which negatively impacted traffic on our network and had a negative impact on delivery revenue.

The decrease for 2025 as compared to 2024 was partially offset by incremental revenue from contracts acquired as part of our asset acquisitions, such as Edgio in December 2024.

The increase in cloud computing solutions revenue in 2025 as compared to 2024 was due to growth in Cloud Infrastructure Services, which includes compute, storage, cloud-native and networking solutions, along with the Akamai EdgeWorkers serverless products and partner solutions running on our compute platform.

| | | | 2025 | | | | | | 2024 | | | | | | % Change | | | | | | % Change at Constant Currency | | | | | | 2024 | | | | | | 2023 | | | | | | % Change | | | | | | % Change at Constant Currency | | |

| International | | | 2,069,002 | | | | | | 1,915,635 | | | | | | 8 | | | | | | 7 | | | | | | 1,915,635 | | | | | | 1,843,141 | | | | | | 4 | | % | | | | 5 | | |

| Total revenue | | | $ | 4,208,175 | | | | | $ | 3,991,168 | | | | | 5 | | % | | | | 5 | | % | | | | $ | 3,991,168 | | | | | $ | 3,811,920 | | | | | 5 | | % | | | | 5 | | % |

| Co-location costs | | | $ | 349,191 | | | | | $ | 308,314 | | | | | 13 | | % | | | | $ | 308,314 | | | | | $ | 256,062 | | | | | 20 | | % |

- network build-out and supporting services, particularly due to our partner program costs related to our cloud computing solutions; and

These increases were partially offset by lower bandwidth fees, resulting from improved pricing and operational efficiencies on our network.

During 2026, we expect our cost of revenue to increase as compared to 2025.

In particular, our co-location costs, bandwidth fees, depreciation of network equipment and amortization of internal-use software is expected to increase as we continue to invest in our compute platform to provide us the ability to scale.

Due to the market dynamics driven by the hyperscalers, we are also experiencing price increases for co-location, server and memory costs, which will increase our co-location costs and depreciation of network equipment.

Additionally, we expect network build-out and supporting services to increase due to our partner programs to support the growth of our cloud computing solutions.

| | | | 2025 | | | | | | 2024 | | | | | | % Change | | | | | | 2024 | | | | | | 2023 | | | | | | % Change | | |

Additionally, stock-based compensation increased due to a shift in our employer 401(k) match program from cash-based to stock-based, effective in 2025, which partially offset the increase in payroll and related costs.

We also expect stock-based compensation to increase in 2026 as a result of a new stock-based retirement program effective in 2026.

However, we plan to continue to carefully manage costs in an effort to manage our operating margins.

| | | | 2025 | | | | | | 2024 | | | | | | % Change | | | | | | 2024 | | | | | | 2023 | | | | | | % Change | | |

The increase in sales and marketing expenses for 2025 as compared to 2024 was primarily due to higher stock-based compensation as a result of the increased achievement of our performance-based compensation plans and a shift in our employer 401(k) match program from cash-based to stock-based, effective in 2025.

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Our security and compute solutions represented over two-thirds of our total revenue during 2024.

For instance, a large social media customer has taken steps to lower costs and reduce reliance on U.S. providers by optimizing its platform, including using a “do-it-yourself” component, which has reduced traffic on our network and negatively impacted our revenue in 2024.

We expect this trend to continue in 2025.

We will continue to effectively manage our bandwidth costs.

In 2023 we redesigned one of our non-executive short-term incentive compensation programs by shifting certain employees from a cash-based to stock-based program, and in 2024 we transitioned more employees to this program.

During 2023, we also introduced a non-executive incentive program tied to our initiative to migrate certain third-party cloud services onto Akamai's platform.

We are also experiencing an increase in certain server component costs that support the continued build out of our compute platform.

We plan to continue to make investments in capital expenditures, including to support recently acquired contracts, and focus investments on our faster growing compute solutions, including support for a new enterprise compute customer.

As part of the acquisition, we integrated approximately 200 Noname Security employees primarily within sales and marketing and research and development.

Neither Neosec or Ondat included a significant number of employees when we completed the acquisitions.

In March 2022, we acquired Linode, an infrastructure-as-a-service platform provider, which allows for developer-friendly cloud computing capabilities.

The acquisition was intended to enhance our compute services by enabling us to create a unique cloud platform to build, run and secure applications from the cloud to the edge.

Linode had approximately 250 employees when we completed the acquisition.

| Revenue | | | 100.0 | | % | | | | 100.0 | | % | | | | 100.0 | | % |

| Security | | | $ | 2,042,661 | | | | | $ | 1,765,267 | | | | | 15.7 | | % | | | | 16.4 | | % | | | | $ | 1,765,267 | | | | | $ | 1,541,941 | | | | | 14.5 | | % | | | | 14.7 | | % |

| Delivery | | | 1,318,131 | | | | | | 1,542,434 | | | | | | (14.5) | | | | | | (14.0) | | | | | | 1,542,434 | | | | | | 1,669,257 | | | | | | (7.6) | | | | | | (7.1) | | |

| Compute | | | 630,376 | | | | | | 504,219 | | | | | | 25.0 | | | | | | 25.4 | | | | | | 504,219 | | | | | | 405,456 | | | | | | 24.4 | | | | | | 24.7 | | |

These increases were partially offset by a decline in revenue from our delivery solutions due to impacts from economic and geopolitical uncertainty our customers are facing which resulted in slower traffic growth rates and the continued downward pricing of renewals.

The increase in compute solutions revenue in 2023 as compared to 2022 was also due to a price increase for some of our compute solutions in 2023.

| International | | | 1,915,635 | | | | | | 1,843,141 | | | | | | 3.9 | | | | | | 5.2 | | | | | | 1,843,141 | | | | | | 1,714,603 | | | | | | 7.5 | | % | | | | 8.3 | | |

| Co-location fees | | | $ | 308,314 | | | | | $ | 256,062 | | | | | 20.4 | | % | | | | $ | 256,062 | | | | | $ | 197,375 | | | | | 29.7 | | % |

- bandwidth fees to support the increase in traffic served on our network and for traffic served from higher cost regions;

- network build-out and supporting services due to our investment in our network and costs associated with the transition services agreements to support the migration of customer contracts acquired from Lumen and StackPath; and

The increase in cost of revenue for 2023 as compared to 2022 was partially offset by lower depreciation expense of network equipment due to software and hardware initiatives we have implemented to manage our global network more efficiently.

As a result, we increased the expected average useful life of our servers from five to six years effective January 1, 2023, which resulted in a reduction to depreciation expense of $62.7 million for the year ended December 31, 2023.

Additionally, due to our focus on third-party cloud application costs, including migrating third-party cloud services to our own compute platform and optimizing third-party cloud spending which are included in network build-out and supporting services, our third-party cloud costs decreased for 2023 as compared to 2022.

During 2025, we expect our cost of revenue to increase as compared to 2024, in particular our co-location costs and depreciation of network equipment, due to investments in our network to support the continued growth of our compute solutions.

Additionally, the increase in stock-based compensation was a result of the timing of our performance-based equity award grants.

Additionally, stock-based compensation increased due to the shift in one of our compensation programs from cash-based to stock-based.

These increases were partially offset by an increase in capitalized salaries and related costs as we focused resources to work on development activities related to our platform.

During 2025 we do not expect significant increases in sales and marketing expenses as we plan to continue to carefully manage costs related to our go-to-market efforts to align resources with higher growth areas of our business.

with our FlexBase program.

The increase in general and administrative expenses for 2023 as compared to 2022 was due to higher payroll and related costs, including stock-based compensation, as a result of annual merit increases, headcount growth, the increased expected achievement of our performance-based compensation plans and higher average equity awards to employees driven by the talent market and other expenses due to increased professional service fees to support our business.

These increases were partially offset by decreases in facilities-related costs as a result of growth in sublease income from the execution of our FlexBase program and acquisition-related costs in connection with our acquisition of Linode in the first quarter of 2022.

The restructuring charge in 2022 was primarily related to capitalized internal-use software impairment charges related to our investment with Mitsubishi UFJ Financial Group ("MUFG") in the joint venture Global Open Network, Inc. ("GO-NET"), and MUFG's decision to suspend GO-NET's operations, and impairments of right-of-use-assets for facilities that are no longer needed as a result of our FlexBase program.

The decrease in the provision for income taxes for 2023 as compared to 2022 was mainly due to a reduction in intercompany sales of intellectual property and the tax on global intangible low-taxed income.

These items were partially offset by a decrease in the excess tax benefit related to stock-based compensation and the revaluation of certain foreign income tax liabilities due to foreign exchange rate fluctuations.

credits.

Additionally, our effective income tax rate was lower for the year ended December 31, 2022 due to an intercompany sale of intellectual property.

Our portfolio of cash equivalents and short- and long-term investments is maintained in a variety of [removed: securities,] [added: securities] that are detailed in Note 3 to the consolidated financial statements included elsewhere in this annual report on Form 10-K.

[added: A sharp rise in] interest rates could have an adverse impact on the fair market value of certain securities in our portfolio.

If market interest rates were to increase by 100 basis points, reflected uniformly across the yield curve regardless of the duration to maturity, from December 31, [removed: 2024] [added: 2025] levels, the fair value of our available-for-sale portfolio would decline by approximately [removed: $6.8] [added: $14.2] million.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $3,565.0] [added: $4,140.0] million in aggregate principal amount of convertible senior notes outstanding that are senior unsecured obligations with fixed annual interest rates.

Our exposure to risk for changes in interest rates relates primarily to any borrowings under our [removed: 2022 Credit Agreement,] [added: credit agreements,] which [removed: has a] [added: have] variable [removed: rate] [added: rates] of interest.

There were no outstanding borrowings under the [added: 2025 Credit Agreement or] 2022 Credit Agreement as of December 31, [removed: 2024.][added: 2025.]

Foreign currency transaction gains and losses from these forward contracts were determined to be immaterial during the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

As of December 31, [removed: 2024 and 2023,] [added: 2024,] no customer had an accounts receivable balance [removed: of] [added: greater than] 10% [removed: or more] of [removed: our] [added: total] accounts receivable.

We believe that at December 31, [removed: 2024,] [added: 2025,] the concentration of credit risk related to accounts receivable was insignificant.

Because we publicly report in U.S. dollars, our reported revenue results are negatively impacted when the U.S. dollar strengthens and benefit when the U.S. dollar weakens and has an opposite effect on our expenses where our expenses are positively impacted when the U.S. dollar strengthens and are negatively impacted when the U.S. dollar weakens.

However, the impact to expenses only partially offsets the impact to our revenue.

As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable.

A sharp rise in

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Due to the strengthening U.S. dollar, our revenue results have been negatively impacted.

The strengthening U.S. dollar has the opposite effect on expenses that are denominated in foreign currencies, but only partially offsets the impact to our revenue.

[removed: Our] [added: As of December 31, 2025, our] massively distributed global [removed: network is] [added: infrastructure was] comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in [removed: approximately] [added: over] 130 countries and [removed: over] [added: approximately] 700 cities, and our underlying global network integrated with roughly 1,200 network partners.

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 [removed: distributed,] [added: high-performance,] low-latency applications [removed: on] [added: across] our [removed: globally] [added: uniquely] distributed [added: architecture and edge] network.

Today, billions of people [added: go online to] work, learn, shop, bank, communicate and [removed: do more online globally.][added: 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 [removed: ever.][added: ever, especially as those interactions are increasingly driven by AI.]

Our strategy is to help continue to power and protect business online by offering [removed: security] [added: security, compute, delivery] and [removed: compute] [added: AI infrastructure] services with the industry-leading reliability, scale and expertise our customers need to grow their business with confidence.

We provide solutions in three core offerings: security, [removed: delivery] [added: cloud computing] and [removed: compute.][added: delivery.]

[removed: To help our customers seize on the power and potential of AI, we] [added: We] provide cloud computing infrastructure that they can use to build [added: low-latency,] AI-powered applications; cybersecurity solutions, powered by [added: adaptive] AI and automation, designed to defend against prompt injections, data exfiltration and toxic outputs; generative AI to improve the speed and efficiency of identifying and investigating malicious or [removed: suspect] [added: suspicious] activity; and throughput on our global intelligent network to enable the large volumes of data required to power AI-powered applications and facilitate effective real-time protections.

Our security solutions, threat intelligence and global operations team work to provide defense in depth to safeguard enterprise data and [removed: applications.][added: applications across hybrid cloud environments.]

[removed: programming interfaces ("APIs"),] [added: Customers trust Akamai to help keep infrastructure, websites, applications, APIs,] networks and users safe from a multitude of cyberattacks and online threats while improving performance.

Akamai’s web application and API protection solutions protect web, API and mobile app traffic from attacks that take advantage of security flaws, protection from malicious automated attacks, credential abuse and account takeover, client-side protections that protect end customers from malicious or vulnerable first- and third-party client-side scripts that can lead to audience hijacking and [removed: distributed denial of service ("DDoS")] [added: DDoS] mitigation.

Our [removed: Bot & Abuse] [added: bot and abuse] portfolio provides tailored, specialized solutions to help customers protect against these threats.

Akamai [removed: Account Protector] offers full account lifecycle protections including the ability to defend against account takeover and opening abuse, adversarial bot protection, protection against credential stuffing, inventory scalping and hoarding.

Akamai [removed: Content Protector] also helps businesses protect their intellectual property, reputation and revenue potential with solutions designed to stop persistent scrapers from stealing content that can be used for malicious purposes like competitive intelligence/espionage, inventory manipulation, site performance degradation and counterfeiting.

As a result of the acquisition, Akamai [removed: expects to offer] [added: now offers] a complete API security suite enabling customers to better discover “shadow” APIs and detect vulnerabilities and attacks.

Akamai’s enhanced offering [removed: expects to have] [added: offers] greater deployment choices for customers and access to a portfolio of technology integrations that we believe is unrivaled in the market.

[removed: Our acquisition of Guardicore Ltd. ("Guardicore") in October 2021 has enabled us to deliver the] [added: The] Akamai Guardicore [removed: Platform, which] [added: Platform] simplifies enterprise security with broad visibility and granular controls through one console.

The Akamai Guardicore Platform simply and efficiently enables Zero Trust through a fully integrated combination of microsegmentation, Zero Trust Network Access, multi-factor authentication, [removed: domain name system ("DNS")] [added: DNS] firewall and threat hunting.

[removed: Guardicore’s] [added: Akamai’s] microsegmentation solution helps our customers prevent malicious lateral movement in their network through precise segmentation policies, visuals of activity within their IT environment and network security alerts.

Akamai provides a continuum of [removed: compute solutions] [added: cloud computing services] for developers to build and deliver distributed, low-latency applications.

[removed: Distributed] [added: In 2025, we continued to expand Akamai's] compute [removed: regions] [added: platform to include additional data centers to] provide access to powerful dedicated compute, storage and networking services in major metros that lack cloud computing options and availability, enabling organizations to place compute-intensive workloads as close as possible to end users.

[removed: These GPUs] [added: We also introduced new NVIDIA Corporation ("NVIDIA") graphics processing units ("GPUs") that] are well-suited for video transcoding and live video streaming, virtual reality and augmented reality content, gaming and graphics rendering, training and inference with neural networks, data analysis and scientific computing and high-performance computing applications, such as modeling and simulation, that require fast and efficient processing of large amounts of data.

The Akamai App Platform is built on top of the cloud native Kubernetes technology Otomi, which Akamai acquired from Red Kubes Holding B.V. and its [removed: subsidiary earlier in the year.][added: subsidiary.]

Our media delivery solutions are designed to enable enterprises to execute their digital media distribution strategies by addressing volume and global reach requirements, improving the end-user experience, boosting reliability and reducing the cost [removed: of internet-related infrastructure.]

In [removed: 2024,] [added: 2025,] we continued to focus on fostering a community that enables employees to be productive, and continuing to deliver a positive experience for both employees and customers by living our values each day.

As of December 31, [removed: 2024,] [added: 2025,] we had over [removed: 10,700] [added: 11,000] employees located in more than 30 countries (with approximately 65% of those employees located outside of the U.S.) and representing over 100 nationalities, all of which we believe helps bring a global perspective to our operations.

Our employees are grouped across the following roles, with the approximate percentage of the overall population noted: engineering and research and development [removed: (36%),] [added: (37%),] services and support [removed: (27%),] [added: (26%),] sales and marketing (17%) and administrative functions (20%).

Continuing in [removed: 2024,] [added: 2025,] all employees were able to participate in a company-wide program, developed by a behavioral research organization, that was intended to help us increase inclusive behaviors, become more open to change and accelerate our innovation.

The Akamai Compassion Fund was created [removed: in 2020,] by [removed: employees] [added: employees,] for employees, with support from the Akamai Foundation, and continues to provide a way for Akamai employees to unite and support global colleagues and their families during times of unexpected hardships following a catastrophic event, such as climate events (e.g., hurricane, mudslide, wildfire) and ongoing wars and armed conflicts around the world.

We do not tolerate discrimination on the basis of gender, gender identity, sexual orientation, race or ethnicity, protected veteran status, [removed: disability,] [added: disability] or other protected group status.

Attrition was slightly up in [removed: 2024] [added: 2025] when compared to [removed: 2023.][added: 2024.]

All employees are eligible to participate in our [removed: Akamai Elevation] performance review program, which provides guidance around setting annual performance objectives, developing competencies and receiving feedback.

As a result of these investments and others, nearly [removed: 15%] [added: 16%] of open positions were filled with internal candidates in [removed: 2024.][added: 2025.]

In addition to these required trainings, nearly all of our employees and contractors completed at least one training in our Akamai University program during [removed: 2024.][added: 2025.]

[removed: In May 2022, we launched FlexBase, which is] [added: We offer] a flexible work arrangement that allows over 95% of employees to choose to work from their home office, a Company office, an approved workspace or a combination.

[removed: Since 2022, we] [added: We] have [removed: rolled out] [added: implemented] a number of tools and resources to support this program, such as supporting employees with guidance on maximizing our internal tools to deliver great virtual meeting experiences.

Our customers include many of the world's leading corporations, such as [added: adidas,] Adobe, Aflac, Airbnb, Asus, Autodesk, [added: Bank of Montreal,] Carnival Corporation, [removed: The Coca-Cola Company,] Comcast, [added: Commerzbank,] Daiwa Institute of Research, eBay, Electronic Arts, Epic Games, Fidelity Investments, Honda, Japan Airlines, Liberty Mutual, Maersk Transportation & Logistics, Marriott, NBCUniversal, Panasonic, Panera Bread, Paramount Global, Philips, Rabobank, Riot Games, Sony Interactive Entertainment, RTL, Spotify, Telefonica, Toshiba, Ubisoft, WarnerMedia and The Washington Post.

As of December 31, [removed: 2024,] [added: 2025,] our public-sector customers included the U.S. [removed: Census Bureau, the U.S.] Department of Defense, the U.S. Department of Labor, the U.S. Department of Transportation and the U.S. Department of the Treasury.

No customer accounted for 10% or more of total revenue for any of the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

Less than 10% of our total revenue in each of the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] was derived from contracts or subcontracts terminable at the election of the federal government.

We market and sell our solutions globally through our field sales and services organization and through many channel partners, including [removed: Apukay, AT&T,] [added: adidas, AHEAD,] Avant, BV Tech, Carahsoft, CPD, Deloitte, Deutsche Telecom, Doyen, [added: Guidepoint,] Kyndryl, [added: LevelBlue,] Macnica, Microsoft Azure, Netpoleon, [added: Oplium, Optiv, Presidio, SHI,] Telefonica [removed: Group] [added: Group, Trace3] and WWT.

As AI is a major focus of corporate initiatives for enterprises across the globe, we are committed to helping our customers seize on its power and potential.

Akamai operates two security platforms – Application

Protection and Zero Trust Network Security – designed to address the expanding and evolving threat landscape facing modern enterprises.

Our portfolio encompasses mature, market-leading security products including web application firewall ("WAF"), bot management, distributed denial-of-service ("DDoS") protection and domain name system ("DNS") security, complemented by fast-growing solutions in application programming interface ("API") security and network segmentation.

As chief information security officers and security teams navigate increasingly complex hybrid cloud environments, the proliferation of generative AI interfaces, AI-powered automation, and emerging AI agent ecosystems, Akamai's platforms aim to deliver real-time protection across applications, APIs, networks and private access infrastructure.

Our solutions are designed to serve businesses across every vertical, providing security controls to support both cloud-native application development and the rapidly expanding surface area introduced by AI-driven technologies.

In 2025, Akamai launched Firewall for AI, a new solution that is designed to provide protection for AI applications against unauthorized queries, adversarial inputs and large-scale data-scraping attempts.

Organizations are quickly deploying large language models ("LLMs"), AI agents and generative AI interfaces and tools, which introduces new security vulnerabilities, such as adversarial attacks, model extraction, prompt and API abuse and large-scale data scraping.

Existing WAFs are not designed to mitigate these threats.

Akamai Firewall for AI addresses this gap.

The purpose-built security solution is designed to protect AI-powered applications, LLMs and AI-driven APIs from emerging cyberthreats by helping to secure inbound AI queries and outbound AI responses.

*Cloud Computing*

Akamai cloud computing is comprised of Cloud Infrastructure Services as well as other cloud applications.

Cloud Infrastructure Services, which represent the majority of Akamai’s strategic investment and differentiation, consist of compute, storage, cloud-native and networking solutions, along with the Akamai EdgeWorkers serverless products and partner solutions running on our cloud platform.

Other cloud applications include API Acceleration, cloudlets (which are value-added apps that add discrete functionality to solve specific business or operational challenges), cloud and global traffic management and our legacy NetStorage solution.

In November 2025, Akamai acquired serverless WebAssembly company Fermyon Technologies, Inc. ("Fermyon").

As AI inference shifts to the edge, combining Fermyon’s cloud-native WebAssembly function-as-a-service with Akamai’s globally distributed platform enables enterprises to build edge-native applications that offer improved performance and lower costs compared to traditional cloud-native apps.

By acquiring Fermyon, Akamai plans to deepen the integration between the edge functions platform and its performance and security products.

The resulting cloud computing platform aims to make it even faster and easier for developers to build, deploy and secure applications at the edge that outperform cloud-native applications, for less money, the same way they can in core data centers today.

Also in 2025, Akamai launched Akamai Inference Cloud ("AIC"), a platform that expands AI inference from core data centers to the edge of the internet.

AIC is designed to provide low-latency, real-time edge AI processing on a global scale, redefining where and how AI is used by bringing intelligent, agentic AI inference close to users and devices.

Agentic workloads increasingly require low-latency inference, localizable context, and the ability to rapidly scale across regions.

AIC addresses this need by leveraging Akamai’s expertise in globally distributed infrastructure and other architectures, such as those provided by NVIDIA, to place AI inferencing capacity and performance closer to where data is created and decisions need to be made.

of internet-related infrastructure.

- the ability of our products to function in hybrid cloud environments;

- the placement and availability of our compute infrastructure;

We are also subject to similar and, in some cases, more stringent anti-corruption and commercial bribery laws outside the U.S., such as the UK Bribery Act and other anti-corruption, anti-kickback, conflicts of interest, and gift and hospitality restrictions that apply to public and private sector interactions.

Additionally, increasingly complex interactions between existing and emerging regulatory developments may constrain our product vision and impede us from fully realizing returns on our product investments.

As part of our mission to make life better for millions of businesses, trillions of times per day, Akamai is committed to enabling our customers to benefit from the latest technology developments.

In recent years, artificial intelligence ("AI") has been a major focus of corporate initiatives for enterprises in multiple verticals and across the globe.

Customers trust Akamai to help keep infrastructure, websites, applications, application

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

Akamai also expects to gain greater scale with Noname Security’s additional sales and marketing resources and established channel and alliance relationships.

*Compute*

Akamai's cloud computing services, which we sometimes refer to as compute, include compute, storage, networking, database and container management services that are required to build, deploy and secure applications and workloads.

In March 2022, Akamai acquired Linode Limited Liability Company ("Linode"), an established cloud computing platform.

This acquisition was a significant milestone in our expansion into cloud computing.

While Linode was traditionally focused on individual developers, we are leveraging the Linode cloud computing services for enterprise customers by building new enterprise-grade core computing regions and connecting them to the Akamai network, which we believe will give Akamai an advantage over its bigger cloud rivals.

Akamai’s compute solutions include a broad set of distributed cloud and edge computing services, including virtual machines, graphical processing units, cloud storage and databases, network optimization and security services

and lightweight serverless functions to help businesses build, deploy and manage applications and workloads with superior performance and affordability on the world’s most distributed platform.

In 2024, we expanded Akamai's compute platform to span 41 datacenters in 36 locations.

This includes upgrades to 5 existing datacenters and the introduction of 11 datacenters.

The locations of these datacenters include Denver, Colorado; Houston, Texas; Querétaro, Mexico; Bogotá, Colombia; Santiago, Chile; Marseille, France; Hamburg, Germany; Johannesburg, South Africa; Auckland, New Zealand; Kuala Lumpur, Malaysia; and Melbourne, Australia.

These regions act as an extension of primary infrastructure deployed in core compute regions for organizations that aim to improve application performance to attract new customers in new or target regions, and/or stabilize performance to meet user expectations.

We also introduced new NVIDIA graphics processing units ("GPUs") to provide better productivity and economics for companies in the media and entertainment industry that are challenged with processing video content faster and more efficiently, and for organizations seeking to deploy AI inferencing workloads closer to end users.

In addition, in April 2024, the U.S. government passed legislation that prohibited the provision of certain types of services to a Chinese application if the

application was not sold to a neutral third party by January 19, 2025.

The Chinese application was not sold to a neutral third party by the January 19th deadline, but President Trump subsequently signed an executive order instructing the U.S. Attorney General to not take any action to enforce the passed legislation for a period of 75 days from January 20, 2025.

The Attorney General has since determined that our provision of services to this customer has not violated the law and that we can continue providing services as contemplated by the Executive Order without violating the law and without incurring any legal liability.

It is difficult to predict whether the passed legislation will ultimately be enforced and whether any future judicial challenges brought against the executive order will be successful.

Even though President Trump has extended the enforcement deadline for a ban on the Chinese application, there is no assurance that we will not be exposed to liability and we may be exposed to significant fines, litigation, indemnification claims, negative publicity, reputational harm, diversion of management attention, interruptions in our operations, financial loss and other similar harms by continuing to provide services to the Chinese application.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

(Address of [removed: principle] [added: principal] executive offices) (Zip Code)

[added: Indicate by check mark whether] the [added: registrant has filed a report on and attestation to its management’s assessment of the] effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. [added: 7262(b)) by the registered public accounting firm that prepared or issued its audit report.]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately [removed: $13,428.8] [added: $11,183.9] million based on the last reported sale price of the Common Stock on the Nasdaq Global Select Market on June [removed: 28, 2024.][added: 30, 2025.]

The number of shares outstanding of the registrant’s Common Stock, par value $0.01 per share, as of February [removed: 20, 2025: 150,317,536] [added: 16, 2026: 144,888,114] shares.

Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission relative to the registrant’s [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this annual report on Form 10-K.

FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

| Item 1. | | | [removed: [Business](#ic3e22fe7f4c84b4fae19075e9a51605b_13)] [added: [Business](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_13)] | | | [removed: [3](#ic3e22fe7f4c84b4fae19075e9a51605b_13)] [added: [3](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#ic3e22fe7f4c84b4fae19075e9a51605b_22)] [added: Factors](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_22)] | | | [removed: [10](#ic3e22fe7f4c84b4fae19075e9a51605b_22)] [added: [11](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_22)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ic3e22fe7f4c84b4fae19075e9a51605b_25)] [added: Comments](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)] | | | [removed: [24](#ic3e22fe7f4c84b4fae19075e9a51605b_25)] [added: [25](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#ic3e22fe7f4c84b4fae19075e9a51605b_28)] [added: [Cybersecurity](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_28)] | | | [removed: [24](#ic3e22fe7f4c84b4fae19075e9a51605b_25)] [added: [25](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)] | | |

| Item 2. | | | [removed: [Properties](#ic3e22fe7f4c84b4fae19075e9a51605b_31)] [added: [Properties](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_31)] | | | [removed: [25](#ic3e22fe7f4c84b4fae19075e9a51605b_31)] [added: [27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_31)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#ic3e22fe7f4c84b4fae19075e9a51605b_34)] [added: Proceedings](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_34)] | | | [removed: [25](#ic3e22fe7f4c84b4fae19075e9a51605b_34)] [added: [27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_34)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ic3e22fe7f4c84b4fae19075e9a51605b_37)] [added: Disclosures](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_37)] | | | [removed: [25](#ic3e22fe7f4c84b4fae19075e9a51605b_37)] [added: [27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_37)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ic3e22fe7f4c84b4fae19075e9a51605b_43)] [added: Securities](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_43)] | | | [removed: [25](#ic3e22fe7f4c84b4fae19075e9a51605b_43)] [added: [27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_43)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#ic3e22fe7f4c84b4fae19075e9a51605b_46)] [added: [\[Reserved\]](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_46)] | | | [removed: [26](#ic3e22fe7f4c84b4fae19075e9a51605b_46)] [added: [28](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_46)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ic3e22fe7f4c84b4fae19075e9a51605b_49)] [added: Operations](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_49)] | | | [removed: [26](#ic3e22fe7f4c84b4fae19075e9a51605b_49)] [added: [28](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_49)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ic3e22fe7f4c84b4fae19075e9a51605b_67)] [added: Risk](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_67)] | | | [removed: [46](#ic3e22fe7f4c84b4fae19075e9a51605b_67)] [added: [49](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_67)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ic3e22fe7f4c84b4fae19075e9a51605b_70)] [added: Data](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_70)] | | | [removed: [48](#ic3e22fe7f4c84b4fae19075e9a51605b_70)] [added: [51](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_70)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ic3e22fe7f4c84b4fae19075e9a51605b_160)] [added: Disclosure](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_166)] | | | [removed: [89](#ic3e22fe7f4c84b4fae19075e9a51605b_160)] [added: [93](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ic3e22fe7f4c84b4fae19075e9a51605b_163)] [added: Procedures](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_169)] | | | [removed: [90](#ic3e22fe7f4c84b4fae19075e9a51605b_163)] [added: [94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_169)] | | |

| Item 9B. | | | [Other [removed: Information](#ic3e22fe7f4c84b4fae19075e9a51605b_166)] [added: Information](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_166)] [added: [94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ic3e22fe7f4c84b4fae19075e9a51605b_172)] [added: Inspections](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_178)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_166)] [added: [94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ic3e22fe7f4c84b4fae19075e9a51605b_178)] [added: Governance](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_184)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_178)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_184)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ic3e22fe7f4c84b4fae19075e9a51605b_181)] [added: Compensation](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_187)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_181)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_187)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ic3e22fe7f4c84b4fae19075e9a51605b_184)] [added: Matters](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_190)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_184)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_190)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ic3e22fe7f4c84b4fae19075e9a51605b_187)] [added: Independence](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_193)] | | | [removed: [91](#ic3e22fe7f4c84b4fae19075e9a51605b_187)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_193)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#ic3e22fe7f4c84b4fae19075e9a51605b_190)] [added: Services](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_196)] | | | [removed: [92](#ic3e22fe7f4c84b4fae19075e9a51605b_190)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_196)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#ic3e22fe7f4c84b4fae19075e9a51605b_196)] [added: Schedules](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_202)] | | | [removed: [92](#ic3e22fe7f4c84b4fae19075e9a51605b_196)] [added: [95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_202)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ic3e22fe7f4c84b4fae19075e9a51605b_199)] [added: Summary](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_205)] | | | [removed: [95](#ic3e22fe7f4c84b4fae19075e9a51605b_199)] [added: [98](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_205)] | | |

Actual results may differ materially from the forward-looking statements we make as a result of various factors, including, but not limited to: potential slowing revenue growth, global economic and geopolitical conditions, including changes in customer spending and inflation, our ability to acquire or develop new solutions, our ability to compete effectively, including our ability to continue to grow our [added: artificial intelligence "AI" infrastructure,] compute services and solutions, security risks stemming from ineffective information technology systems or cybersecurity breaches, risks of maintaining global operations, regulatory developments, intellectual property claims or disputes, investment related risks and maintaining an effective system of internal controls.

[Table of](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7) [Contents](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)

| [SIGNATURES](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_208) | | | | | | [99](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_208) | | |

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of

7262(b)) by the registered public accounting firm that prepared or issued its audit report.

| [SIGNATURES](#ic3e22fe7f4c84b4fae19075e9a51605b_202) | | | | | | [96](#ic3e22fe7f4c84b4fae19075e9a51605b_202) | | |

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

We provide security, delivery and [removed: compute] [added: cloud computing] solutions and services and maintain internal systems and other data associated with running our business.

Reporting to the Chief Executive Officer through [removed: the Company's] [added: Akamai's] Executive Vice President and General Manager of the Security Technology Group, the CSO leads Akamai’s Information Security Committee, which works cross-functionally with other Akamai departments, including legal, business, policy and technical functions, as appropriate, to exchange information related to cybersecurity.

In addition, the CSO meets on a regular basis with the Information Security [removed: Committee] [added: Committee, which is comprised of Akamai's senior leadership,] to provide cybersecurity program updates and to discuss potential risks and changes in the cyber threat landscape in which we operate.

The information security team, under the authority of the CSO, has developed a cybersecurity risk management [removed: program that addresses four primary operational pillars:][added: program, informed by industry cybersecurity standards, to identify, assess and manage risks presented by cybersecurity threats.]

As applicable, in certain circumstances, we also collaborate with industry partners in the security community, our peers and law [added: enforcement agencies, to support our cybersecurity threat intelligence capabilities.]

This program is integrated into our overall enterprise risk management program and addresses four primary operational pillars:

These operational pillars and the programs established from them are informed by cybersecurity industry standards.

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

enforcement agencies, to support our cybersecurity threat intelligence capabilities.

[removed: Since May 2022 we have operated] [added: We operate] as a flexible [removed: workplace,] [added: workplace] where employees can choose to work from their home office, a Company office, an approved workspace or a combination.

As of February [removed: 20, 2025,] [added: 16, 2026,] there were [removed: 173] [added: 185] holders of record of our common stock.

The following is a summary of our repurchases of our common stock in the fourth quarter of [removed: 2024] [added: 2025] (in thousands, except share and per share data):

(4)Effective [removed: January 2022,] [added: May 2024,] our board of directors authorized a [removed: $1.8] [added: $2.0] billion share repurchase program through [removed: December 2024.][added: June 2027.]

During the year ended December 31, [removed: 2024,] [added: 2025,] we repurchased [removed: 5.6] [added: 10.0] million shares of our common stock for an aggregate purchase price of [removed: $557.5] [added: $800.0] million.

| October 1, 2025 – October 31, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,180,514 | |

| November 1, 2025 – November 30, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,180,514 | | |

| December 1, 2025 – December 31, 2025 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,180,514 | | |

| Total | | | | | | — | | | | | | $ | — | | | | | — | | | | | | | | |

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

| October 1, 2024 – October 31, 2024 | | | | | | 452,321 | | | | | | $ | 102.87 | | | | | 452,321 | | | | | | $ | 2,072,316 | |

| November 1, 2024 – November 30, 2024 | | | | | | 500,295 | | | | | | 92.86 | | | | | | 500,295 | | | | | | 2,025,861 | | |

| December 1, 2024 – December 31, 2024 | | | | | | 467,548 | | | | | | 97.07 | | | | | | 467,548 | | | | | | 1,980,477 | | |

| Total | | | | | | 1,420,164 | | | | | | $ | 97.43 | | | | | 1,420,164 | | | | | | | | |

Effective May 2024, our board of directors authorized a new $2.0 billion share repurchase program through June 2027, which was in addition to amounts remaining under the January 2022 program.

We have audited the accompanying consolidated balance sheets of Akamai Technologies, Inc. and its subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of income, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes (collectively referred to as the "consolidated financial statements").

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated [removed: Framework* (2013)] [added: Framework (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated [removed: Framework* (2013)] [added: Framework (2013)*] issued by the COSO.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit [added: preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (i) [removed: relate] [added: relates] to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

As described in Notes 2 and 16 to the consolidated financial statements, the Company’s total revenue was [removed: $3.991] [added: $4.208] billion for the year ended December 31, [removed: 2024.][added: 2025.]

Services included in the Company’s contracts consist of security solutions, the delivery of content, applications and software over the internet, [removed: compute] [added: cloud computing] solutions and professional services.

Most security, delivery and [removed: compute] [added: cloud computing] services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company.

These procedures also included, among others, (i) evaluating and recalculating, on a sample basis, the revenue recognized by obtaining and inspecting source documents, such as executed contracts, invoices, and delivery documents; (ii) testing the delivery documents provided by management; and (iii) confirming a sample of outstanding customer invoice balances as of December 31, [removed: 2024,] [added: 2025,] and for confirmations not returned, obtaining and inspecting source documents, such as executed contracts, invoices, delivery documents, and subsequent cash receipts.

[removed: *Acquisition] [added: | Acquisition] of Noname Gate Ltd. [removed: – Valuation of Completed Technologies*][added: | | | — | | | | | | 312,065 | | |]

[removed: As described in Note 8 to the consolidated financial statements, in] [added: In] June 2024, the Company [removed: completed] [added: acquired all] the [removed: acquisition] [added: outstanding equity interests] of Noname Gate Ltd. [removed: (“Noname Security”)] [added: ("Noname Security")] for [removed: $452.3] [added: $451.5] million in cash.

| *(in thousands, except share data)* | | | December 31, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [added: 930,231 | | | | | $ |] 517,707 | | | | | $ | 489,468 | |

| Marketable securities | | | [removed: 1,078,876] [added: 256,302] | | | | | | [removed: 374,971] [added: 1,078,876] | | |

| Accounts receivable, net of reserves of [removed: $3,522] [added: $7,706] and [removed: $3,469] [added: $3,522] at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 727,687] [added: 793,666] | | | | | | [removed: 724,302] [added: 727,687] | | |

| Prepaid expenses and other current assets | | | [removed: 253,827] [added: 306,481] | | | | | | [removed: 216,114] [added: 253,827] | | |

| Total current assets | | | [removed: 2,578,097] [added: 2,286,680] | | | | | | [removed: 1,804,855] [added: 2,578,097] | | |

| Marketable securities | | | [removed: 275,592] [added: 733,228] | | | | | | [removed: 1,431,354] [added: 275,592] | | |

| Property and equipment, net | | | [removed: 1,995,071] [added: 2,333,462] | | | | | | [removed: 1,825,944] [added: 1,995,071] | | |

| Operating lease right-of-use assets | | | [removed: 1,006,738] [added: 1,469,700] | | | | | | [removed: 908,634] [added: 1,006,738] | | |

| Acquired intangible assets, net | | | [removed: 727,585] [added: 614,542] | | | | | | [removed: 536,143] [added: 727,585] | | |

| [removed: Goodwill] [added: Beginning balance] | | | [added: $ |] 3,151,077 | | | | | [added: $] | 2,850,470 | | [removed: |]

| Deferred income tax assets | | | [removed: 483,249] [added: 622,776] | | | | | | [removed: 418,297] [added: 483,249] | | |

| Other assets | | | [removed: 151,376] [added: 212,730] | | | | | | [removed: 124,340] [added: 151,376] | | |

| Total assets | | | $ | [removed: 10,368,785] [added: 11,479,643] | | | | | $ | [removed: 9,900,037] [added: 10,368,785] | |

| Accounts payable | | | $ | [removed: 130,447] [added: 125,054] | | | | | $ | [removed: 146,927] [added: 130,447] | |

| Accrued expenses | | | [removed: 370,888] [added: 319,622] | | | | | | [removed: 352,181] [added: 370,888] | | |

| Deferred revenue | | | [removed: 149,222] [added: 151,186] | | | | | | [removed: 107,544] [added: 149,222] | | |

| Convertible senior notes | | | [removed: 1,149,116] [added: —] | | | | | | [removed: —] [added: 1,149,116] | | |

| Operating lease liabilities | | | [removed: 259,134] [added: 336,613] | | | | | | [removed: 222,944] [added: 259,134] | | |

| Other current liabilities | | | [removed: 32,516] [added: 35,043] | | | | | | [removed: 6,442] [added: 32,516] | | |

| Total current liabilities | | | [removed: 2,091,323] [added: 967,518] | | | | | | [removed: 836,038] [added: 2,091,323] | | |

| Deferred revenue | | | [removed: 26,314] [added: 17,088] | | | | | | [removed: 23,006] [added: 26,314] | | |

| Deferred income tax liabilities | | | [removed: 16,066] [added: 31,089] | | | | | | [removed: 24,622] [added: 16,066] | | |

| Convertible senior notes | | | [removed: 2,396,695] [added: 4,105,355] | | | | | | [removed: 3,538,229] [added: 2,396,695] | | |

| Operating lease liabilities | | | [removed: 829,660] [added: 1,233,420] | | | | | | [removed: 774,806] [added: 829,660] | | |

| Other liabilities | | | [removed: 130,370] [added: 147,802] | | | | | | [removed: 106,181] [added: 130,370] | | |

| Total liabilities | | | [removed: 5,490,428] [added: 6,502,272] | | | | | | [removed: 5,302,882] [added: 5,490,428] | | |

February 20, 2026

| Goodwill | | | 3,206,525 | | | | | | 3,151,077 | | |

| Net income | | | $ | 452,031 | | | | | $ | 504,918 | | | | | $ | 547,629 | |

| Net income | | | $ | 452,031 | | | | | $ | 504,918 | | | | | $ | 547,629 | |

| Repayment of convertible senior notes | | | (1,149,992) | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2024 | | | 150,025,096 | | | | | | 1,556 | | | | | | 2,618,384 | | | | | | (558,488) | | | | | | (155,993) | | | | | | 2,972,898 | | | | | | 4,878,357 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Issuance of warrants related to convertible senior notes | | | | | | | | | | | | | | | 330,855 | | | | | | | | | | | | | | | | | | | | | | | | 330,855 | | |

| Purchase of note hedge related to convertible senior notes, net of deferred taxes of $149,509 | | | | | | | | | | | | | | | (456,311) | | | | | | | | | | | | | | | | | | | | | | | | (456,311) | | |

| Repurchases of common stock | | | (10,028,703) | | | | | | | | | | | | | | | | | | (804,077) | | | | | | | | | | | | | | | | | | (804,077) | | |

| Re-issuance of treasury stock for 401(k) employer match | | | 343,450 | | | | | | | | | | | | | | | | | | 31,412 | | | | | | | | | | | | | | | | | | 31,412 | | |

| Treasury stock retirement | | | | | | | | | (103) | | | | | | (896,264) | | | | | | 896,367 | | | | | | | | | | | | | | | | | | — | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 452,031 | | | | | | 452,031 | | |

| Balance at December 31, 2025 | | | 144,711,094 | | | | | | $ | 1,497 | | | | | $ | 2,080,487 | | | | | $ | (434,786) | | | | | $ | (94,756) | | | | | $ | 3,424,929 | | | | | $ | 4,977,371 | |

As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable.

identical assets in an inactive market).

The liquidation was finalized in 2023 resulting in no material impact to the Company's consolidated financial statements.

Services included in the Company's contracts consist of security solutions, the delivery of content, applications and software over the internet, cloud computing solutions and professional services.

Most security, delivery and cloud computing services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company.

Changes in the fair

In September 2025, the FASB issued guidance which modernizes the accounting for internal-use software by removing all references to software development stages given the evolution of software development.

The targeted improvements aim to increase the operability of the recognition guidance for internal-use software.

The guidance also seeks to clarify the disclosure requirements for internal-use software.

The Company is evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In July 2025, the FASB issued guidance which provides targeted improvements and clarifications related to the recognition and measurement of expected credit losses, particularly for off-balance-sheet credit exposures and certain practical expedients.

This guidance was effective for the Company on January 1, 2026, and will be applied prospectively.

The Company does not expect this guidance to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued guidance which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion.

This guidance was effective for the Company on January 1, 2026, and will be applied prospectively.

The Company has historically not had induced conversions of its convertible senior notes and does not anticipate this guidance to have an impact on its consolidated financial statements or its disclosures upon adoption.

| Corporate bonds | | | 920,142 | | | | | | 3,921 | | | | | | (127) | | | | | | 923,936 | | | | | | 217,139 | | | | | | 706,797 | | |

| | | | $ | 951,177 | | | | | $ | 3,921 | | | | | $ | (127) | | | | | $ | 954,971 | | | | | $ | 248,174 | | | | | $ | 706,797 | |

| | | | $ | 954,971 | | | | | $ | 1,320,654 | |

| As of December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | |

| Corporate bonds | | | 923,936 | | | | | | — | | | | | | 923,936 | | | | | | | | |

| | | | $ | 1,500,243 | | | | | $ | 438,307 | | | | | $ | 1,061,936 | | | | | | | |

*Change in Accounting Principle*

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for convertible instruments in 2022.

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

Of the acquired intangible assets, $132.3 million of completed technologies were recorded.

Management applied the multi-period excess earnings method to estimate the fair value of the completed technologies.

Management applied significant judgment in estimating the fair value of the acquired completed technologies, which involved significant estimates and assumptions with respect to forecasted revenue growth rates, forecasted operating margin rates, the technology obsolescence curve and discount rate.

The principal considerations for our determination that performing procedures relating to the valuation of completed technologies acquired in the acquisition of Noname Security is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the completed technologies acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to

forecasted revenue growth rates, forecasted operating margin rates, the technology obsolescence curve and discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the completed technologies acquired.

These procedures also included, among others (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate of the completed technologies acquired; (iii) evaluating the appropriateness of the multi-period excess earnings method used by management; (iv) testing the completeness and accuracy of the underlying data used in the multi-period excess earnings method; and (v) evaluating the reasonableness of the significant assumptions used by management related to forecasted revenue growth rates, forecasted operating margin rates, the technology obsolescence curve and discount rate.

Evaluating management’s assumptions related to forecasted revenue growth rates and forecasted operating margin rates involved considering (i) the current and past performance of the Noname Security business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the multi-period excess earnings method and (ii) the reasonableness of the technology obsolescence curve and discount rate assumptions.

February 24, 2025

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2022 | | | 160,512,111 | | | | | | $ | 1,605 | | | | | $ | 3,340,822 | | | | | $ | — | | | | | $ | (69,105) | | | | | $ | 1,256,692 | | | | | $ | 4,530,014 | |

| Cumulative-effect adjustment from adoption of new accounting pronouncement | | | | | | | | | | | | | | | (375,414) | | | | | | | | | | | | | | | | | | 139,987 | | | | | | (235,427) | | |

| Repurchases of common stock | | | (6,402,650) | | | | | | | | | | | | | | | | | | (608,010) | | | | | | | | | | | | | | | | | | (608,010) | | |

| Treasury stock retirement | | | | | | | | | (64) | | | | | | (607,946) | | | | | | 608,010 | | | | | | | | | | | | | | | | | | — | | |

| Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 523,672 | | | | | | 523,672 | | |

The Company has implemented software and hardware initiatives to manage its global network more efficiently and, as a result, the expected average useful life of its servers increased from five years to six years, effective January 1, 2023.

These changes decreased depreciation expense by $47.7 million for the year ended December 31, 2024, and increased net income by $39.8 million, or $0.26 per share, for the year ended December 31, 2024.

These changes decreased depreciation expense by $62.7 million for the year ended December 31, 2023, and increased net income by $52.3 million, or $0.34 per share, for the year ended December 31, 2023.

The liquidation was finalized in 2023.

Due to these actions, the Company impaired its remaining investment of $7.5 million in GO-NET in 2022.

In 2023, a gain of $1.5 million was recognized related to the Company's receipt of its share of GO-NET's remaining assets upon final liquidation.

While GO-NET was in operation, the Company recognized revenue of $4.0 million for the year ended December 31, 2022 for services provided to GO-NET.

The Company no longer provided these services after June 2022 due to the suspension of operations.

delivery.

Effective January 1, 2022, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") associated with accounting for convertible instruments and contracts in an entity’s own equity on a modified retrospective basis.

Prior to the adoption of this guidance, the Company separated its convertible senior notes into a liability and an equity component.

The equity portion was eliminated.

The net effect of adoption was recorded as an increase of $140.0 million to retained earnings as of January 1, 2022.

With the elimination of the debt discount created by the equity component, amortization of the debt discount to interest expense was eliminated.

Additionally, the guidance eliminated the application of the treasury stock method and required the application of the if-converted method for convertible instruments that can be settled in whole or in part with equity, when calculating diluted earnings per share.

For the annual period ending December 31, 2024, the Company adopted guidance issued by the FASB to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense and application of all segment disclosure requirements to entities with a single reportable segment, on a retrospective basis.

The Company is evaluating the impact the update will have on its disclosures.

| Corporate bonds | | | 1,328,980 | | | | | | 6,429 | | | | | | (4,201) | | | | | | 1,331,208 | | | | | | 276,975 | | | | | | 1,054,233 | | |

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

Based on the evaluation of our disclosure controls and procedures as of December 31, [removed: 2024] [added: 2025] our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, our management concluded that as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting was effective based on those criteria at the reasonable assurance level.

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report, which is included in Item 8 of this annual report on Form 10-K.

No change in our internal control over financial reporting occurred during the fourth quarter ended December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

During the quarter ended December 31, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

The following table describes, for the quarterly period ended December 31, 2024, each trading arrangement for the sale or purchase of Company securities adopted, terminated or for which the amount, pricing or timing provisions were modified by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 trading arrangement”) or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K):

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name (Title) | | | Action Taken (Date of Action) | | | Type of Trading Arrangement | | | Nature of Trading Arrangement | | | Duration of Trading Arrangement | | | Aggregate Number of Securities to be Purchased or Sold | | |

| Adam Karon (Chief Operating Officer and General Manager of the Cloud Technology Group) | | | Adoption (December 2, 2024) | | | Rule 10b5-1 trading arrangement | | | Sales | | | Until June 2, 2025, or such earlier date upon which all transactions are completed or expire without execution | | | Up to 46,778 shares of common stock(1) | | |

| Mani Sundaram (Executive Vice President and General Manager of the Security Technology Group) | | | Adoption (December 4, 2024) | | | Rule 10b5-1 trading arrangement | | | Sales | | | Until September 1, 2025, or such earlier date upon which all transactions are completed or expire without execution | | | Up to 16,867 shares of common stock | | |

(1) The Rule 10b5-1 trading arrangement provides for the sale of a percentage of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes.

The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Mr. Karon's Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of future vesting events.

For purposes of this disclosure, we have reported the maximum aggregate number of shares to be sold without subtracting any shares to be withheld upon future vesting events.

The information required by this Item is incorporated herein by reference to the information that will be contained in our Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Shareholders to be filed with the SEC within 120 days of the fiscal year ended December 31, [removed: 2024] [added: 2025] (the [removed: "2025] [added: "2026] Proxy Statement").

The information required by this Item is incorporated herein by reference to the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement.

The information required by this Item is incorporated herein by reference to the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement.

The information required by this Item is incorporated herein by reference to the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement.

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

The information required by this Item is incorporated herein by reference the information that will be contained in our [removed: 2025] [added: 2026] Proxy Statement.

- Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

- Consolidated Statements of Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

- Consolidated Statements of Stockholders' Equity for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| | | | | | | | | | | | | | | | [removed: Incorporated by Reference] | | | [added: Incorporated by Reference] | | | | | | | | |

| 3.1 | | | | | | [Amended and Restated Certificate of Incorporation of Akamai Technologies, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1086222/000119312524140697/d804411dex31.htm)] [added: Inc. (including all amendments thereto)](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000181/exhibit31.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | May 16, [removed: 2024] [added: 2025] | | |

| 3.2 | | | | | | [Amended and Restated [removed: Bylaws] [added: By-Laws] of Akamai Technologies, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1086222/000108622222000278/ex31akamai-bylaws.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000238/exh31arby-lawsseptember2025.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | [removed: December 16, 2022] [added: September 12, 2025] | | |

| [removed: 4.2] [added: 4.6] | | | | | | [Indenture (including form of Notes) with respect to [removed: Akamai’s 0.125%] [added: Akamai's 0.25%] Convertible Senior Notes due [removed: 2025,] [added: May 15, 2033,] dated as of May [removed: 21, 2018,] [added: 19, 2025,] between Akamai and U.S. Bank [added: Trust Company,] National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1086222/000108622218000117/exhibit41indenture2018.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | May [removed: 22, 2018] [added: 19, 2025] | | |

| [removed: 4.4] [added: 4.5] | | | | | | [Indenture (including form of Notes) with respect to the Registrant's 1.125% Convertible Senior Notes due February 15, 2029, dated as of August 18, 2023, between Akamai Technologies, Inc. and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | August 18, 2023 | | |

| [removed: 4.5] [added: 4.4] | | | | | | [First Supplemental Indenture with respect to [removed: 0.125%] [added: 0.375%] Convertible Senior Notes due [removed: 2025,] [added: 2027,] dated December 16, 2021, between Akamai Technologies, Inc. and U.S. Bank National Association, as [removed: trustee](https://www.sec.gov/Archives/edgar/data/1086222/000108622221000313/a41firstsupplementalindent.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/1086222/000108622221000313/a42firstsupplementalindent.htm)] | | | | | | 8-K | | | | | | [removed: 4.1] [added: 4.2] | | | | | | December 16, 2021 | | |

| [removed: 4.7] [added: 4.7*] | | | | | | [Description of Registrant's Securities Registered Under Section 12 of the Exchange [removed: Act](https://www.sec.gov/Archives/edgar/data/1086222/000108622220000045/exhibit4410k2019.htm)] [added: Act](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit47_10k2025.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 4.4] | | | | | | [removed: February 28, 2020] | | |

| 10.3@ | | | | | | [removed: [2009 Akamai] [added: [Akamai] Technologies, Inc. [added: Second Amended and Restated 2013] Stock Incentive Plan, as [removed: amended](https://www.sec.gov/Archives/edgar/data/1086222/000119312511147774/dex991.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000181/exhibit101.htm)] | | | | | | 8-K | | | | | | [removed: 99.1] [added: 10.1] | | | | | | May [removed: 23, 2011] [added: 16, 2025] | | |

| [removed: 10.6@] [added: 10.4@*] | | | | | | [Form of [added: Global Employee] Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan (time [removed: vesting)](https://www.sec.gov/Archives/edgar/data/1086222/000108622219000136/akam10q3312019ex1039.htm)] [added: vesting)](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/a10-kex104pdf.htm)] | | | | | | [removed: 10-Q] | | | | | | [removed: 10.39] | | | | | | [removed: May 09, 2019] | | |

| [removed: 10.7@] [added: 10.7@*] | | | | | | [Form of [removed: Performance-Based] [added: TSR-Based] Restricted Stock Unit Agreement for use under the 2013 Stock Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622223000078/exhibit109_10k2022.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/a10-kex107pdf.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 10.9] | | | | | | [removed: February 28, 2023] | | |

| [removed: 10.9] [added: 10.9@] | | | | | | [Form of Deferred Stock Unit Agreement for use under the 2013 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/1086222/000154256713000027/akam10q63013ex105.htm) | | | | | | 10-Q | | | | | | 10.5 | | | | | | August 09, 2013 | | |

| 10.12@ | | | | | | [Form of Executive Bonus [removed: Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622223000072/formofexecutivebonusplan20.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000004/execcomp8-kexh991.htm)] | | | | | | 8-K | | | | | | 99.1 | | | | | | February [removed: 24, 2023] [added: 17, 2026] | | |

| [removed: 10.2] [added: 10.20] | | | | | | [150 Broadway Real Property Lease Dated December 20, 2017](https://www.sec.gov/Archives/edgar/data/1086222/000108622218000052/exhibit1019-150broadwaylea.htm) | | | | | | 10-K | | | | | | 10.19 | | | | | | March 01, 2018 | | |

| [removed: 10.23] [added: 10.29] | | | | | | [Form of Call Option Confirmation between Akamai and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000108622218000117/exhibit101bondhedgeconfirm.htm)] [added: Counterparty (2025 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex101.htm)] | | | | | | 8-K | | | | | | 10.1 | | | | | | May [removed: 22, 2018] [added: 19, 2025] | | |

| [removed: 10.24] [added: 10.30] | | | | | | [Form of Warrant Confirmation between Akamai and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000108622218000117/exhibit102warrantconfirmat.htm)] [added: Counterparty (2025 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex102.htm)] | | | | | | 8-K | | | | | | 10.2 | | | | | | May [removed: 22, 2018] [added: 19, 2025] | | |

| 10.25 | | | | | | [Form of Call Option Confirmation between the Registrant and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex101.htm)] [added: Counterpart](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex101.htm)[y (](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex101.htm)[2019 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex101.htm)] | | | | | | 8-K | | | | | | 10.1 | | | | | | August 16, 2019 | | |

| 10.26 | | | | | | [Form of Warrant Confirmation between the Registrant and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex102.htm)] [added: Counterpart](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex102.htm)[y (2019 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex102.htm)] | | | | | | 8-K | | | | | | 10.2 | | | | | | August 16, 2019 | | |

| 10.27 | | | | | | [Form of Call Option Transaction Confirmation between the Registrant and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex101.htm)] [added: Counterpart](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex101.htm)[y (2023](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex101.htm) [Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex101.htm)] | | | | | | 8-K | | | | | | 10.1 | | | | | | August 18, 2023 | | |

| 10.28 | | | | | | [Form of Warrant Confirmation between the Registrant and each Option [removed: Counterparty](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex102.htm)] [added: Counterpart](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex102.htm)[y (](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex102.htm)[2023 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312523215943/d525419dex102.htm)] | | | | | | 8-K | | | | | | 10.2 | | | | | | August 18, 2023 | | |

| [removed: 19.1*] [added: 19.1] | | | | | | [Akamai Technologies, Inc. Statement of Company Policy on Securities Transactions by Akamai Personnel](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit191_10k2024.htm) | | | | | | [added: 10-K] | | | | | | [added: 19.1] | | | | | | [added: February 24, 2025] | | |

| 21.1* | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit211_10k2024.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit211_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 23.1* | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit231_10k2024.htm)] [added: Firm](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit231_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 31.1* | | | | | | [Certification of Chief Executive Officer pursuant to Rule 13a- 14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit311_10k2024.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit311_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 31.2* | | | | | | [Certification of Chief Financial Officer pursuant to Rule 13a- 14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as [removed: amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit312_10k2024.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit312_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 32.1* | | | | | | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit321_10k2024.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit321_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 32.2* | | | | | | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit322_10k2024.htm)] [added: 2002](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/exhibit322_10k2025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 10.5@* | | | | | | [Form of Global Executive Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan (time vesting)](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/a10-kex105pdf.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.6@* | | | | | | [Form of Performance-Based Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/a10-kex106pdf.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.10@* | | | | | | [Form of Non-U.S. Director Deferred Stock Unit Agreement for use under the 2013 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000022/a10-kex1010pdf.htm) | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.23 | | | | | | [Amendment No. 1 to Credit Agreement by and among Akamai Technologies, Inc., the financial institutions identified therein as lenders and JPMorgan Chase Bank, N.A., as administrative agent, dated April 1](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000138/a101amendno1tocreditagreem.htm)[7](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000138/a101amendno1tocreditagreem.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000138/a101amendno1tocreditagreem.htm) | | | | | | 8-K | | | | | | 10.1 | | | | | | April 18, 2025 | | |

| 10.24 | | | | | | [Amendment No. 2 to Credit Agreement by and among Akamai Technologies, Inc., the financial institutions identified therein as lenders and JPMorgan Chase Bank, N.A., as administrative agent, dated May 12, 2025](https://www.sec.gov/Archives/edgar/data/1086222/000119312525118908/d942780dex101.htm) | | | | | | 8-K | | | | | | 10.1 | | | | | | May 13, 2025 | | |

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| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | |

| Exhibit No. | | | | | | Exhibit Description | | | | | | Form | | | | | | Exhibit No. | | | | | | Date Filed | | |

[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

| 3.3 | | | | | | [Amendment No. 1 to Amended and Restated Bylaws of Akamai Technologies, Inc.](https://www.sec.gov/Archives/edgar/data/1086222/000119312523237687/d508328dex31.htm) | | | | | | 8-K | | | | | | 3.1 | | | | | | September 19, 2023 | | |

| 4.6 | | | | | | [First Supplemental Indenture with respect to 0.375% Convertible Senior Notes due 2027, dated December 16, 2021, between Akamai Technologies, Inc. and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1086222/000108622221000313/a42firstsupplementalindent.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | December 16, 2021 | | |

| 10.4@* | | | | | | [Akamai Technologies, Inc. Second Amended and Restated 2013 Stock Incentive Plan, as amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000028/exhibit104_10k2024.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.5 | | | | | | [Linode Limited Liability Company 2022 RSU Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622222000144/exhibit991march212022.htm) | | | | | | S-8 | | | | | | 99.1 | | | | | | March 21, 2022 | | |

| 10.10@ | | | | | | [Form of Performance-Based Vesting Restricted Stock Unit Agreement with Retirement Provision](https://www.sec.gov/Archives/edgar/data/1086222/000108622223000078/exhibit1012_10k2022.htm) | | | | | | 10-K | | | | | | 10.12 | | | | | | February 28, 2023 | | |

| February [removed: 24, 2025] [added: 20, 2026] | | | AKAMAI TECHNOLOGIES, INC. | | | | | |

| /s/ F. THOMSON LEIGHTON | | | | | | Chief Executive Officer, President and Director (Principal Executive Officer) | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ EDWARD MCGOWAN | | | | | | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ LAURA HOWELL | | | | | | Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ SHARON Y. BOWEN | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ MARIANNE C. BROWN | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ DANIEL R. HESSE | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ PETER T. KILLALEA | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ JONATHAN F. MILLER | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ MADHU RANGANATHAN | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ BERNARDUS VERWAAYEN | | | | | | Director | | | | | | February [removed: 24, 2025] [added: 20, 2026] | | |

| /s/ JANAKI AKELLA | | | | | | Director | | | | | | February 20, 2026 | | |

| Janaki Akella | | | | | | | | | | | | | | |

| /s/ BAS BURGER | | | | | | Director | | | | | | February 20, 2026 | | |

| Bas Burger | | | | | | | | | | | | | | |

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[Table](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [of](#ic3e22fe7f4c84b4fae19075e9a51605b_7) [Content](#ic3e22fe7f4c84b4fae19075e9a51605b_7)[s](#ic3e22fe7f4c84b4fae19075e9a51605b_7)

| /s/ MONTE E. FORD | | | | | | Director | | | | | | February 24, 2025 | | |

| Monte E. Ford | | | | | | | | | | | | | | |

| /s/ WILLIAM R. WAGNER | | | | | | Director | | | | | | February 24, 2025 | | |

| William R. Wagner | | | | | | | | | | | | | | |