Akamai Technologies, Inc.

Q2 FY26IT Services

Akamai Technologies, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹143

Market cap₹20.8K Cr

P/E50.1

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

3 of 5 strong

RevenueModerate growth

MarginMargins slightly down

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Cloud Infrastructure Services (CIS): Expected to grow at least 50% year-over-year in constant currency for 2026, with strong pipeline and rapid build in AI-specific use cases. - Full year 2026 non-GAAP EPS guidance is $6.40 to $7.15 per diluted share, including impact from the $1.8 billion win.

From Akamai Technologies, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Cloud Infrastructure Services (CIS): Expected to grow at least 50% year-over-year in constant currency for 2026, with strong pipeline and rapid build in AI-specific use cases.
Security Revenue: Projected to grow in the high single digits in constant currency for 2026, driven by strong demand for API security, Guardicore segmentation, and Web Application Firewall.
Delivery and Other Cloud Apps: Expected to decline mid-single digits year-over-year in 2026 but this decline is expected to moderate over the year.

2 more points management made on revenue & sales performance

Profitability & Margins

Full year 2026 non-GAAP EPS guidance is $6.40 to $7.15 per diluted share, including impact from the $1.8 billion win.
Q2 2026 non-GAAP EPS projected at $1.45 to $1.65, with revenue growth of 3%-5% year-over-year.
Total company annual top line revenue growth is expected to reach double digits in 2027, driven by cloud infrastructure services (CIS) and security segments.
Non-GAAP operating margin for 2026 is estimated at approximately 26%, stable amid ramped investments.
Increased investments in cloud infrastructure and AI-related CapEx expected, but support strong future growth and profitability.

2 more points management made on profitability & margins

See what Akamai Technologies, Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned

Q1 CapEx was $206 million, slightly below guidance due to timing and favorable pricing.
Q2 CapEx expected to jump significantly (~$433M-$453M) due to NVIDIA GPU deliveries and catching up on Q1 deferred spending.
Full-year 2026 CapEx expected around 40%-42% of revenue, including ~$700 million tied to the $1.8 billion customer win.
~$800M-$825M CapEx expected over the next 12 months to support this customer, with ~$700M deployed in H2 2026 and the balance in H1 2027.
Potential additional GPU orders in H2 2026 to meet strong pipeline demand, which could increase CapEx beyond current guidance.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

Currently, there are no announced plans for new fundraising through debt or equity.
The company is financing build-outs using its own capital, supported by strong profitability and cash generation.
It holds $1.7 billion in cash, cash equivalents, and marketable securities as of the latest quarter.
Additionally, there is a $1 billion available line of credit if needed.

2 more points management made on fundraising & capital structure

See what Akamai Technologies, Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Order book rising

The current pipeline for GPUs significantly exceeds existing and projected inventory.
There is a very large pipeline of opportunities, with customers wanting anywhere from a couple of hundred to over a thousand GPUs.
The pipeline is growing every day and includes some very large opportunities.
Additional GPU purchases may be necessary in the second half of the year to meet demand, not yet included in the current CapEx guidance.
CapEx guidance may increase if additional GPU orders are placed before year-end.
The company is actively converting pipeline opportunities into contracts.

2 more points management made on order book & pipeline

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Frequently Asked Questions

What were Akamai Technologies, Inc. Q2 FY26 results?

What is Akamai Technologies, Inc. share price analysis?

Akamai Technologies, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 50.1 with a market cap of $20,809. Investors should review the full earnings analysis for detailed insights.

Is Akamai Technologies, Inc. planning capital expenditure?

- Q1 CapEx was $206 million, slightly below guidance due to timing and favorable pricing.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.