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AI核心结论
Akamai Technologies delivered modest operating income growth of 6.3% in FY2025, but net income fell 10.5% to $452M as higher costs and increased debt weighed on profitability, while operating cash flow remained essentially flat at $1.52B.
营业成本
$1.73B
同比 ++6.58%
每股收益（基本）
$3.11
同比 -6.89%
营业利润
$566.94M
同比 ++6.29%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Akamai Technologies (AKAM) FY2025 营收 $1.73B，同比增长 6.6%。 净利润 $452.03M，同比下降 10.5%，稀释每股收益 $3.07。
Operating income grew 6.3% year-over-year to $566.9M in FY2025, even as cost of revenue rose 6.6% to $1.73B and R&D spending increased 9.1% to $513.6M, reflecting continued investment in product development and infrastructure.
来源: Source: 10-K Income Statement
Net income fell 10.5% to $452.0M despite operating income growth, suggesting increased interest expense or other non-operating charges associated with the 18.4% rise in total liabilities to $6.50B.
来源: Source: 10-K Income Statement & Balance Sheet
Cash and equivalents surged 79.7% to $930.2M, and the current ratio stands at a healthy 2.36, supported by a significant reduction in current liabilities from $2.09B to $967.5M, indicating improved short-term financial flexibility.
来源: Source: 10-K Balance Sheet
Akamai repurchased $800.0M in shares during FY2025, a 43.5% increase from $557.5M in the prior year, demonstrating management's commitment to returning capital to shareholders even as net income declined.
来源: Source: 10-K Cash Flow Statement
Total assets grew 10.7% to $11.48B, supported by D&A of $708.6M (up 9.3%), reflecting continued heavy investment in the company's platform and infrastructure, while investing cash outflows moderated 32.3% to -$540.7M.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Total liabilities increased 18.4% to $6.50B in FY2025, pushing the debt-to-equity ratio to 1.31. This elevated leverage increases interest expense obligations and could constrain financial flexibility, particularly if operating cash flows were to deteriorate.
来源: Source: 10-K Balance Sheet
Net income declined 10.5% to $452.0M even as operating income grew 6.3%, suggesting that below-the-line costs such as interest expense are materially eroding profitability. If debt levels continue to rise, this gap between operating and net income could widen further.
来源: Source: 10-K Income Statement
Cost of revenue rose 6.6% and R&D expense grew 9.1% in FY2025, outpacing or matching revenue growth trends. Sustained cost inflation without corresponding revenue acceleration could compress margins over time.
来源: Source: 10-K Income Statement
Akamai spent $800.0M on share repurchases in FY2025, a 43.5% increase year-over-year, while net income fell. Funding buybacks at this pace alongside rising debt may not be sustainable and could limit investment in growth initiatives.
来源: Source: 10-K Cash Flow Statement
Current assets fell 11.3% to $2.29B, driven by deployment of capital into longer-term assets, even as the current ratio remains healthy at 2.36. A continued shift away from liquid assets could reduce the company's ability to respond to near-term market disruptions.
来源: Source: 10-K Balance Sheet
FY2025 实际 EPS $1.84，分析师一致预期 $1.79，超预期 +2.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业成本 | $1.73B | $1.62B | +6.58% |
营业利润 | $566.94M | $533.41M | +6.29% |
净利润 | $452.03M | $504.92M | -10.47% |
每股收益（基本） | $3.11 | $3.34 | -6.89% |
每股收益（稀释） | $3.07 | $3.27 | -6.12% |
研发费用 | $513.56M | $470.88M | +9.06% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.48B | $10.37B | +10.71% |
流动资产 | $2.29B | $2.58B | -11.30% |
总负债 | $6.5B | $5.49B | +18.43% |
流动负债 | $967.52M | $2.09B | -53.74% |
股东权益 | $4.98B | $4.88B | +2.03% |
现金及等价物 | $930.23M | $517.71M | +79.68% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.52B | $1.52B | -0.03% |
投资活动现金流 | $-540.74M | $-798.68M | +32.30% |
筹资活动现金流 | $-588.04M | $-679.63M | +13.48% |
股票回购 | $799.96M | $557.47M | +43.50% |
折旧及摊销 | $708.61M | $648.41M | +9.28% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净资产收益率 | 9.1% | — | — |
总资产收益率 | 3.9% | — | — |
流动比率 | $2.363 | — | — |
资产负债率 | $1.306 | — | — |
Internet Services & Infrastructure 行业其他公司
Akamai's FY2025 results showed operating income growing 6.3% to $566.9M, but net income fell 10.5% to $452.0M, likely due to higher interest costs from increased debt. The company maintained strong operating cash flow of $1.52B and aggressively returned capital via $800M in share buybacks.
Despite operating income growing 6.3% to $566.9M, Akamai's net income declined 10.5% to $452.0M in FY2025, suggesting significant non-operating charges — most likely higher interest expense — tied to the 18.4% increase in total liabilities to $6.50B. This divergence between operating and net income is a key concern for investors.
Akamai repurchased $800.0M worth of shares in FY2025, a 43.5% increase from $557.5M in the prior year. This helped cushion the decline in diluted EPS to $3.07 (down 6.1%), which fell less sharply than the 10.5% drop in net income.
Akamai's financial health is mixed: the company has a strong current ratio of 2.36 and cash of $930.2M (up 79.7%), but total liabilities rose 18.4% to $6.50B, pushing the debt-to-equity ratio to 1.31. Operating cash flow remains robust at $1.52B, providing solid coverage of debt obligations and capital return programs.
Yes, Akamai increased R&D spending by 9.1% to $513.6M in FY2025, reflecting continued investment in new products and platform capabilities. This investment, combined with rising cost of revenue (+6.6% to $1.73B), contributed to the pressure on net income despite solid operating income growth.