# EDGAR Filing Document

**Accession Number:** 0001086222
**File Stem:** 0001086222-26-000022
**Filing Date:** 2026-2
**Character Count:** 767017
**Document Hash:** 53a4f55542ccc38c1b83409a507d42b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001086222-26-000022.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001086222-26-000022

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 245

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AKAMAI TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0001086222
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 043432319
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27275
- **FILM NUMBER:** 26660073

**BUSINESS ADDRESS:**
- **STREET 1:** 145 BROADWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 6174443000

**MAIL ADDRESS:**
- **STREET 1:** 145 BROADWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

?xml version='1.0' encoding='ASCII'? akam-20251231

<u>[Table of](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)[Contents](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K** 

(Mark One)

---

| | |
|:---|:---|
| ☑ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

For the fiscal year ended December 31, 2025

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Commission file number: 0-27275** 

**Akamai Technologies, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **04-3432319** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

**145 Broadway** 

**Cambridge, Massachusetts 02142** 

**(Address of principal executive offices) (Zip Code)** 

**Registrant's telephone number, including area code: (617) 444-3000** 

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock - par value $0.01 per share | AKAM | Nasdaq Global Select Market |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗹&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ◻&nbsp;&nbsp;&nbsp;&nbsp;No 🗹

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗹&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes 🗹&nbsp;&nbsp;&nbsp;&nbsp;No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the 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. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 🗹

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No 🗹

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $11,183.9 million based on the last reported sale price of the Common Stock on the Nasdaq Global Select Market on June 30, 2025. For the purposes of this disclosure only, the registrant has assumed that its directors and executive officers (as defined in Rule 3b-7 under the Exchange Act) are the affiliates of the registrant.

The number of shares outstanding of the registrant's Common Stock, par value $0.01 per share, as of February 16, 2026: 144,888,114 shares.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission relative to the registrant's 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.

Auditor name: PricewaterhouseCoopers LLP Auditor location: Boston, Massachusetts PCAOB ID: 238

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<u>[**Table of Contents**](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)</u>

**AKAMAI TECHNOLOGIES, INC.**

**ANNUAL REPORT ON FORM 10-K**

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** 

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **PART I** | | |
| Item 1. | <u>[Business](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_13)</u> | <u>[3](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_13)</u> |
| Item 1A. | <u>[Risk Factors](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_22)</u> | <u>[11](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_22)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)</u> | <u>[25](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)</u> |
| Item 1C. | <u>[Cybersecurity](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_28)</u> | <u>[25](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_25)</u> |
| Item 2. | <u>[Properties](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_31)</u> | <u>[27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_31)</u> |
| Item 3. | <u>[Legal Proceedings](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_34)</u> | <u>[27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_34)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_37)</u> | <u>[27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_37)</u> |
| **PART II** |  |  |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_43)</u> | <u>[27](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_43)</u> |
| Item 6. | <u>[\[Reserved\]](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_46)</u> | <u>[28](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_46)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_49)</u> | <u>[28](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_49)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_67)</u> | <u>[49](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_67)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_70)</u> | <u>[51](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_70)</u> |
| Item 9. | <u>[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_166)</u> | <u>[93](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_166)</u> |
| Item 9A. | <u>[Controls and Procedures](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_169)</u> | <u>[94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_169)</u> |
| Item 9B. | <u>[Other Information](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)</u> | <u>[94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_178)</u> | <u>[94](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_172)</u> |
| **PART III** |  |  |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_184)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_184)</u> |
| Item 11. | <u>[Executive Compensation](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_187)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_187)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_190)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_190)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_193)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_193)</u> |
| Item 14. | <u>[Principal Accounting Fees and Services](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_196)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_196)</u> |
| **PART IV** |  |  |
| Item 15. | <u>[Exhibits, Financial Statement Schedules](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_202)</u> | <u>[95](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_202)</u> |
| Item 16. | <u>[Form 10-K Summary](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_205)</u> | <u>[98](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_205)</u> |
| <u>[SIGNATURES](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_208)</u> | <u>[SIGNATURES](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_208)</u> | <u>[99](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_208)</u> |

---

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<u>[**Table of Contents**](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)</u>

***Forward-Looking Statements***

*This annual report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Akamai Technologies, Inc., which we refer to as "we," "us," or the "Company." All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of our management as of the date hereof based on information currently available to our management. Use of words such as "believes," "could," "expects," "anticipates," "intends," "plans," "seeks," "projects," "estimates," "should," "would," "forecasts," "if," "continues," "goal," "likely," "may," "will," variations of such words or similar expressions are intended to identify a forward-looking statement. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions. 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 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. See "Risk Factors" elsewhere in this annual report on Form 10-K and in our other reports filed with the Securities and Exchange Commission for a discussion of certain risks associated with our business. We disclaim any obligation to update any forward-looking statements as a result of new information, future events or otherwise, including the potential impact of any mergers, acquisitions, divestitures or other events that may be announced after the date hereof.*

**PART I**

**Item 1. Business**

**Overview**

Akamai's mission is to power and protect life online.

Since 1998, Akamai has developed and provided solutions for global enterprises to build, secure and accelerate their applications and digital experiences. As of December 31, 2025, our massively distributed global infrastructure was comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and our underlying global network integrated with roughly 1,200 network partners. With this scale and distribution, Akamai has visibility and insight into traffic volumes, congestion, attack patterns, vulnerabilities and other activities across the internet's complex intersections of networks and systems. 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 high-performance, low-latency applications across our uniquely distributed architecture and edge network.

Today, billions of people go online to work, learn, shop, bank, communicate and 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 ever, especially as those interactions are increasingly driven by AI. Our strategy is to help continue to power and protect business online by offering security, compute, delivery and AI infrastructure services with the industry-leading reliability, scale and expertise our customers need to grow their business with confidence.

**Our Solutions**

*Security*

Our security solutions, threat intelligence and global operations team work to provide defense in depth to safeguard enterprise data and applications across hybrid cloud environments. Akamai operates two security platforms – Application

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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.

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. With insight and automation derived from the world's most distributed global network, our solutions blend robust automation with customizable protections and managed security services to enable businesses to effectively manage risk and maximize protections. 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 DDoS mitigation. As adversaries relentlessly refine their evasion techniques, it requires continuous innovation in threat detection and specialized defenses to stay ahead of advanced bot and abuse attacks. Our bot and abuse portfolio provides tailored, specialized solutions to help customers protect against these threats. Akamai 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 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.

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.

In May 2023, Akamai acquired Neosec, Inc. ("Neosec"), which enabled us to offer a solution we refer to as API Security that works to discover and audit APIs and monitor API activity. API Security complements our application and API security portfolio by extending our visibility into the growing API threat landscape to detect and respond to threats and abuse detection and operates using a response platform based on data and behavioral analytics. In June 2024, Akamai acquired Noname Security Ltd. ("Noname Security"), one of the top API security vendors in the market. This enhanced Akamai's API Security solution and accelerated our ability to meet growing customer demand and market requirements as the use of APIs continues to expand. As a result of the acquisition, Akamai now offers a complete API security suite enabling customers to better discover "shadow" APIs and detect vulnerabilities and attacks. Akamai's enhanced offering offers greater deployment choices for customers and access to a portfolio of technology integrations that we believe is unrivaled in the market.

We also offer microservice and application component protection that analyzes and protects application traffic that moves between application components like containers, APIs and workloads. This is part of a growing set of solutions designed to help businesses implement a Zero Trust security architecture. The Akamai Guardicore 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, DNS firewall and threat hunting. 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. The platform leverages AI to simplify user experience, vulnerability assessments, compliance and incident response, helping to protect businesses from the threat of ransomware. AI network labeling examines how assets are behaving and suggests labels to help security teams apply appropriate controls, and generative AI allows security professionals to ask natural language questions of their network, instead of manually poring through logs, to drastically expedite a variety of use cases like compliance scoping and incident response.

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*Cloud Computing*

Akamai provides a continuum of cloud computing services for developers to build and deliver distributed, low-latency applications. We empower businesses to build and deploy massively scalable applications, distribute them to reduce latency and reach underserved locations and work to optimize and secure experiences and data from the core to the digital touchpoint. 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. The cloud computing services running on Akamai's compute platform enable companies to distribute workloads and applications across our core to edge infrastructure to help solve the cost, performance and scale challenges that centralized cloud computing platforms present today.

In November 2024, we launched the Akamai App Platform, a ready-to-run solution that makes it easy to deploy, manage and scale highly distributed applications. 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 subsidiary. The application platform provides ready-to-run templates that address common challenges in deploying, managing and scaling Kubernetes clusters at scale. Instead of relying on multiple departments and spending months sourcing, connecting and configuring the software needed to operate Kubernetes fleets, Akamai's solution automates the provisioning process, allowing developers to build and deploy highly distributed applications in a few clicks. This can cut deployment time from months to less than an hour and provides near-instant scaling as production workloads grow.

In 2025, we continued to expand Akamai's compute 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. 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.

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.

*Delivery*

Our delivery solutions consist primarily of web and mobile performance focused solutions and media delivery solutions. Our web and mobile performance solutions are architected to enable dynamic websites and applications to have rapid response times, no matter where the user is, what device or browser they are using or how they are connected to the internet. These services leverage intelligent performance optimization and real-time monitoring, origin offload and network reliability and insights that enable enterprises to identify and address performance issues. Akamai web and mobile performance capabilities also include global traffic management, site acceleration, application load balancing, large-scale load testing and real-user monitoring.

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

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of internet-related infrastructure. Underlying these solutions is technology to address variable connection speeds and device types, facilitate access to disparate locations around the world, accelerate large file downloads, reliably deliver high-quality live content across various devices and platforms and enable comprehensive insights and real-time online video monitoring. Akamai media delivery solutions include video streaming and video player services, game and software delivery, broadcast operations, authoritative DNS, resolution and data and analytics.

*Services and Support*

We provide an array of service and support offerings across our core offerings. Through our service and support offerings we work closely with our customers to develop creative and tailored solutions to assist them with integrating, configuring, optimizing and managing our core offerings. Customers can rely on our professional services and security experts for customized solutions, problem resolution and 24/7 customer support. Additional features are available to enterprises that purchase our premium and managed security solutions, including a dedicated technical account team, proactive service monitoring, custom technical support handling, security traffic monitoring, technical security reviews, threat advisories and emergency support for security events.

**Human Capital**

Our employees – our human capital – are our most valuable resources as they are fundamental to our innovation, the operation and ongoing enhancement of Akamai's solutions and global network, the fostering and maintenance of relationships with our customers and the management of our operations. The importance of our workforce to our success is underscored by the inclusion of corporate mission critical goals centered on our employees. In 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. Different aspects of our human capital management are overseen by our board of directors as well as its Talent, Leadership and Compensation Committee and Environmental, Social and Governance Committee.

As of December 31, 2025, we had over 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 (37%), services and support (26%), sales and marketing (17%) and administrative functions (20%).

*Engagement* 

*Representation*

Akamai is an equal opportunity employer that values the strength that diverse perspectives bring to the workplace. We do not tolerate discrimination on the basis of gender, gender identity, sexual orientation, race or ethnicity, protected veteran status, disability or other protected group status. Akamai supports a variety of programs and practices designed to support an optimal working environment. We have eight employee resource groups ("ERGs") that offer opportunities for employees to come together for mutual support, education and development. ERGs encompass different racial and ethnic groups, persons with different physical or cognitive abilities, parents, military veterans, the LGBTQIA+ community and women and are open to all employees.

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*Retention*

We have a demonstrated history of investing in our workforce by offering competitive salaries, wages and benefits. Our compensation and benefits philosophy is to maximize the effectiveness of pay and benefits programs to attract and retain the high caliber individuals needed to drive the success of our business, while balancing cost-effectiveness and competitive factors. Our benefits programs (which vary by country and region) include healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, family care resources, flexible work schedules and locations, adoption and fertility assistance, employee assistance programs, tuition assistance and holistic wellness programs. Our wellness programs include educational offerings on healthy lifestyles, access to mental health experts, access to ergonomic advice and equipment and financial wellness support. To foster a stronger sense of ownership and align the interests of employees with shareholders, stock awards are held by the vast majority of our employees under our broad-based stock incentive programs and most employees are eligible to participate in our employee stock purchase plan. We monitor voluntary attrition in assessing our overall human capital. Attrition was slightly up in 2025 when compared to 2024.

We conduct annual internal pay equity analyses (with the assistance of a nationally-recognized outside consultant), and we take action to remedy identified discrepancies when we believe it is appropriate. To date, no widespread patterns of disparity have been identified.

In addition, succession planning is an ongoing priority for our leadership. We conduct annual succession planning for senior leadership, which is overseen by our board of directors, including development plans for the next level of our senior leaders. Annual talent reviews focus on both high performers as well as those with high potential to keep a full pipeline of tomorrow's leaders.

*Development*

We invest significant resources in professional development, career advancement and training for our global workforce. All employees are eligible to participate in our performance review program, which provides guidance around setting annual performance objectives, developing competencies and receiving feedback. Where appropriate, we offer leadership training workshops, 360-degree feedback and succession planning exercises to encourage and enable internal promotion and advancement. As a result of these investments and others, nearly 16% of open positions were filled with internal candidates in 2025. All employees are required to complete annual ethics and compliance and data security training. In addition to these required trainings, nearly all of our employees and contractors completed at least one training in our Akamai University program during 2025.

*FlexBase*

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. We believe that a focus on employee choice makes us a more attractive employer, increases productivity, enables us to recruit from a broader and more varied pool of applicants and presents additional growth and development opportunities for our employees. We have 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. In addition, we have invested in ensuring that workplace connection remains strong and developed a framework for understanding, measuring and optimizing workplace connection, named CLEAR Connections. CLEAR stands for Colleague, Leader, Employer and Role. We measure each dimension in a quarterly anonymous survey, which allows us to track and report on workplace connection around the world.

**Customers**

Our customers include many of the world's leading corporations, such as adidas, Adobe, Aflac, Airbnb, Asus, Autodesk, Bank of Montreal, Carnival Corporation, Comcast, 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. We also actively sell to government agencies. As of December 31, 2025, our public-sector customers included 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.

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No customer accounted for 10% or more of total revenue for any of the years ended December 31, 2025, 2024 and 2023. Less than 10% of our total revenue in each of the years ended December 31, 2025, 2024 and 2023 was derived from contracts or subcontracts terminable at the election of the federal government.

**Sales, Services and Marketing**

We market and sell our solutions globally through our field sales and services organization and through many channel partners, including adidas, AHEAD, Avant, BV Tech, Carahsoft, CPD, Deloitte, Deutsche Telecom, Doyen, Guidepoint, Kyndryl, LevelBlue, Macnica, Microsoft Azure, Netpoleon, Oplium, Optiv, Presidio, SHI, Telefonica Group, Trace3 and WWT. In addition to entering into agreements with resellers, we have several other types of sales and marketing focused alliances with entities such as system integrators, application service providers, technology solution distributors, referral partners and marketplaces. By aligning with these partners, we believe we are better able to market our solutions and leverage partners to add valuable services to complement our offerings and improve the customer experience. Our sales, services and marketing professionals are based in locations across the Americas, Europe, the Middle East and Asia-Pacific and focus on direct and channel sales, sales operations, professional services, account management and technical consulting.

To support our sales efforts and promote the Akamai brand, we conduct comprehensive marketing programs to shape perception and drive awareness and consideration of our solutions. Our integrated marketing strategies include public relations, digital programmatic advertising, paid search and SEO marketing, content marketing, social media, strategic alliances, e-mail marketing programs, events and webinars, participation at industry trade shows and ongoing training and sales enablement.

**Competition**

The market for our solutions is intensely competitive and characterized by rapidly changing technology, evolving industry standards and frequent new product and service innovations. We expect competition for our offerings to increase both from existing competitors and new market entrants. We compete primarily on the basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance and reliability of our solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• massive distribution and availability of our network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• return on investment in terms of cost savings and new revenue opportunities for our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced infrastructure complexity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our products to function in hybrid cloud environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the placement and availability of our compute infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sophistication and functionality of our offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our long-term product roadmaps and ability to quickly innovate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scalability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ease of implementation and use of service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• first-party global services and support across products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price.

We compete with companies offering products and services that provide internet content delivery and hosting services, security and cloud computing solutions, technologies used by carriers to improve the efficiency of their systems, streaming content delivery services and equipment-based solutions for internet performance problems, such as load balancers and server switches. Other companies offer online distribution of digital media assets through advertising-based billing or revenue-sharing models that may represent an alternative method for charging for the delivery of content and applications over the internet. In addition, existing and potential customers may decide to purchase or develop their own hardware, software or other technology solutions rather than rely on a third-party provider like us. Our security solutions compete with those offered by both hardware and software providers. While our cloud computing services have historically competed with alternative cloud computing platforms focused on individual developers, we anticipate that going forward our cloud computing services will increasingly compete with the large so-called "hyper-scaler" cloud computing providers.

We believe that we compete favorably with other companies in our industry through our global scale, reliability and expertise, which we believe provides the most effective means of meeting the needs of enterprise customers and is unique to us. In our view, we also benefit from the high quality of our offerings, our customer service and the information we can provide to our customers about their online operations and value.

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**Government Regulation**

As a global technology company, Akamai is subject to complex foreign and U.S. laws and regulations in areas, both existing as well as new and rapidly evolving, such as data privacy and localization, cybersecurity, AI, technology sovereignty, liability for content delivered over our network, various internet regulations, bribery, sanctions, export controls, competition, tax and foreign exchange controls.

Privacy laws, such as the European Union General Data Protection Regulation and the California Consumer Privacy Act, impact how we use data generated from our network to improve and develop services, as well as our ability to reach current and prospective customers, understand how our solutions are being used, use and transfer data about our employees and respond to customer requests allowed under applicable laws. Other laws and regulations that apply to the internet related to, among other things, content liability, security and disclosure requirements, critical infrastructure designations, internet resiliency, law enforcement access to information, net neutrality, so-called "fair share" or internet content taxes, data localization and data residency requirements and developing digital or cloud sovereignty frameworks, industry regulations applicable to key suppliers to some of our customers and restrictions on social media or other content can have an impact on our business. For instance, regulations have been enacted or proposed in a number of countries that limit the delivery of certain types of content into those countries. As an example, restrictions were adopted in India in 2020 prohibiting access to identified Chinese-owned applications. Enactment and expansion of such laws and regulations in other jurisdictions would negatively impact our revenues or cause us to incur costs to redesign our systems to ensure compliance.

We are subject to anti-bribery and anti-corruption laws in the U.S. and other countries in which we operate, including, without limitation, the U.S. Foreign Corrupt Practices Act, which generally prohibits companies and their intermediaries from offering, authorizing or providing anything of value to foreign government officials or employees of state-owned or state-controlled entities for the purpose of obtaining or retaining business. 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.

We are subject to U.S. and international laws and regulations governing international trade and exports, including, but not limited to, the International Traffic in Arms Regulations, the Export Administration Regulations, U.S. economic and trade sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control, as well as other sanctions and export control regimes.

Many of these laws and regulations are evolving and could be interpreted and applied in a manner that is inconsistent from country to country and inconsistent with our current policies and practices and in ways that could harm our business. For example, while we are generally not subject to regulations applicable to telecommunications companies, new or different interpretations of laws or regulations could subject us to regulatory supervision. 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. In general, the nature and breadth of laws and regulations governing the internet may increase in the future; accordingly, we are unable to assess the possible effect of compliance with future requirements or whether our compliance with such regulations will materially impact our business, results of operations or financial condition.

For further discussion of how government regulations may affect our business, see the related discussion below in Item 1A. Risk Factors – Financial and Operational Risks – We face risks associated with global operations that could harm our business; – Legal and Regulatory Risks – Evolving privacy regulations could negatively impact our profitability and business operations; and – Legal and Regulatory Risks – Other regulatory developments could negatively impact our business.

**Intellectual Property**

Our success and ability to compete are dependent on developing and maintaining the proprietary aspects of our technology and operating without infringing on the proprietary rights of others. We rely on a combination of patent, trademark, trade secret and copyright laws and contractual restrictions to protect the proprietary aspects of our technology. As of December 31, 2025, we owned, or had exclusive rights to, over 560 U.S. patents covering our technology as well as patents issued in other countries. Our U.S.-issued patents have terms extendable to various dates between 2026 and 2044. We do not believe that the expiration of any particular patent in the near future would be materially detrimental to our business. We seek to limit disclosure of our intellectual property by requiring employees and consultants with access to our proprietary information to execute confidentiality agreements with us and by restricting access to our source code.

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**Additional Information**

Our internet website address is www.akamai.com. We make available, free of charge, on or through our internet website, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments thereto that we have filed or furnished with the Securities and Exchange Commission (the "Commission") as soon as reasonably practicable after we electronically file them with the Commission. We also use our https://www.ir.akamai.com website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. We are not, however, including the information contained on our website, or information that may be accessed through links on our website, as part of, or incorporating such information by reference into, this annual report on Form 10-K.

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**Item 1A. Risk Factors**

The following are important factors that could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this annual report on Form 10-K or presented elsewhere by management from time to time.

**Financial and Operational Risks**

***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 and could decline, negatively 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 cloud computing solutions and our ability to maintain or increase the prices we charge for them. If we are unable to increase revenues, our profitability and stock price could suffer.

Revenue 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 "do-it-yourself" ("DIY") initiatives or redistributing traffic among multiple providers. Such steps by our customers have in the past and may in the future reduce traffic on our network, negatively impacting revenue. 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.

Our security solutions currently generate the largest portion of our revenue. Our ability to generate security revenue depends on our ability to increase our industry recognition as a provider of security solutions, 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 others, particularly as larger providers increasingly offer broader platforms of security services. Further, competition and pricing pressure has, and may continue to impact, revenue of certain of our security solutions, including during contract renewals. Reduced traffic levels on our network has in the past, and may in the future, negatively impact revenue from our security solutions.

In addition, an increasing proportion of our revenue has been generated by our cloud computing solutions. Our ability to generate revenue in our cloud computing solutions depends on our ability to successfully continue building our compute platform, developing AI capabilities, attract a customer base that has traditionally partnered with more established companies in the cloud computing industry, develop effective, price competitive and attractive solutions and increase prices without reducing customer adoption, usage or retention.

***Global conditions have in the past and may in the future harm our industry, business and results of operations.***

Because we operate globally, our business, revenues and profitability are impacted by global macroeconomic and geopolitical conditions. The success of our activities is affected by general economic, political and market conditions, including inflation, foreign exchange rates, interest rates, tax rates, economic uncertainty or contraction, political instability, warfare or acts of terrorism, public health crises, changes in laws, policy - and regulatory-related changes resulting from U.S. government actions and regulatory priorities, trade 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. 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. The U.S. capital markets have recently experienced and may continue to experience extreme volatility and disruption, and inflation rates in the U.S. have been elevated compared to historical rates and have fluctuated. In addition, the current U.S. presidential administration has imposed or indicated an intention to impose tariffs or export controls (including on advanced computing and networking technologies and services) on certain countries that could 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. Such economic volatility has in the past and could in the future adversely affect our business, financial condition, results of operations and cash flows and future market disruptions could negatively impact us. For example, these unfavorable economic conditions could slow our revenue growth or increase our operating costs, which could negatively impact our profitability. Geopolitical destabilization,

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the escalation of international tensions and warfare have impacted and could continue to impact global currency exchange rates, resources from our suppliers, availability or pricing of energy and other inputs, our ability to compete effectively and our ability to operate or grow our business. Cybersecurity threats can also intensify during periods of geopolitical destabilization, increasing the risk of attempted attacks on our systems, suppliers and customers.

Additionally, we have offices and employees located in regions that historically have and may again experience periods of political instability, warfare or acts of terrorism, public health crises, changes in laws, trade barriers, and economic and trade sanctions. Adverse conditions in these countries 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 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 Israel, and have in the past been impacted by the Israel-Hamas war or other hostilities in and around or involving Israel. 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.

***Failure to control expenses could reduce our profitability, which would negatively impact our stock price.***

Maintaining or improving our profitability depends both on our ability to increase our revenue and limit our expenses. 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 cloud computing solutions. In addition, many of our expenses are fixed costs for a certain amount of time which may impact our ability to reduce costs in a timely manner or without incurring additional costs. 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. If we are unable to increase revenue, limit expenses, 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 expenses or to raise our prices to offset cost increases, however, there are no assurances that we will be able to effectively reduce or offset our expenses and such actions may negatively affect our ability to invest in our business for innovation, systems improvements and other initiatives.

***If we do not develop or acquire new solutions that are attractive to our customers, our revenue and operating results could be adversely affected.***

Innovation is important to our future success. In particular, as security and 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 cloud computing, compute-to-edge 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 process of developing new solutions and product enhancements is complex, lengthy and uncertain and has become increasingly complex due to the sophistication of our customers' needs. The development timetable is uncertain and we may commit significant resources to developing solutions for which a viable market may not develop. For example, we are investing significant resources in our cloud computing solutions and platform, working on expanding capacity, adding additional sites and developing increased 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 AI workloads. In addition, we have experienced, and may in the future experience, delays in developing and releasing new products and product enhancements. This could cause our expenses to grow more rapidly than our revenue.

Trying to innovate through acquisition can be costly and with uncertain prospects for success; attractive acquisition targets may be too expensive for us to pursue, which could cause us to pursue more time-consuming internal development. Failure to 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.

***If we are unable to compete effectively and adapt to changing market conditions, our business will be adversely affected.***

We compete in markets that are intensely competitive and rapidly changing. 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

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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, data center maintenance and acquisition, supply chain resilience, customer service, technical expertise, security, ease-of-use, breadth of services offered, price and financial strength. Ultimately, any type of increased competition could result in price and revenue reductions, loss of customers and loss of market share or inability to penetrate new markets, each of which could materially impact our business, profitability, financial condition, results of operations and cash flows.

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 relationships in the industry than we do. This is particularly true with respect to our AI and cloud computing solutions, as a small number of very large competitors have established themselves as incumbents in 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 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; 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 have in the past and may 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 and other companies that compete in this industry and these markets experience continually shifting business relationships, reputations, commercial focuses and business priorities, all of which occur in reaction to industry and market forces and the emergence of new opportunities. These shifts have led or could lead to our customers or partners becoming our competitors; customers implementing multi-vendor policies and seeking out one or more of our competitors to provide content and application delivery or security protection services; network suppliers no longer seeking to work with us; and technology companies that previously did not appear to show interest in the markets we seek to address entering into those markets as our competitors. With this constantly changing environment, we may face operational difficulties in adjusting to the changes or our core strategies could become obsolete. Any of these or other developments could harm our business.

***Defects or disruptions in our products and IT systems could require us to increase spending on upgrading systems, diminish demand for our solutions or subject us to substantial liability.***

Our solutions are highly complex and are designed to be deployed in and across numerous large and complex networks that we do not control. From time to time, we have needed to correct errors and defects in the proprietary and open-source software that underlies our platform that have given rise to service incidents, outages and disruptions or otherwise impacted our operations. We have in the past and could in the future face the loss of customers from these incidents as they seek alternative or supplemental providers. We have also periodically experienced customer dissatisfaction with the quality of some of our delivery, security, cloud computing and other services, which has led to a loss of business and could lead to a loss of customers in the future. Furthermore, most of our customer agreements contain service level commitments. If we fail to meet these contractual commitments, we 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.

We may not have in place adequate quality assurance procedures to ensure that we detect errors in our hardware, software and open-source components that we use in a timely manner, and we may have insufficient resources to efficiently address multiple service incidents happening simultaneously or in rapid succession. 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

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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.

Defects in our security solutions or human error could lead to negative publicity, loss of business, damages payments to customers, diminishing customer appeal and other negative consequences which could harm our business. As our solutions are adopted by an increasing number of enterprises and governments, it is possible that the adversaries behind advanced malicious actions will specifically focus on finding ways to defeat our products and services. If they are successful, we could experience a serious impact on our reputation and financial condition as a provider of security solutions.

We are devoting significant resources to develop and deploy our own competing cloud computing offering. The rapid development and deployment of new compute infrastructure—both hardware and software—bears the risk of bugs and unforeseen failures that could affect our reputation and ability to execute our strategies. The risks of such bugs and unforeseen failures introduced to our compute platform by our customers who control many aspects of their use of our cloud computing services and experimental technologies could affect our reputation, ability to execute our strategies and our financial condition. It is also uncertain whether our strategies to develop and deploy our own competing cloud computing offering will attract additional customers or generate enough revenue to be successful. The costs related to these efforts may also reduce the gross and operating margins we have previously achieved. Failure to adequately and rapidly deploy additional points of presence, increased proximity to enterprise data centers and end users and develop competitive offerings could result in negative publicity, loss of business, diminishing customer appeal and other negative consequences which could harm our business.

Our business relies on our data systems, traffic measurement systems, billing systems, ordering processes and other operational and financial reporting and control systems. We also rely on third-party software for certain essential operational services and a failure or disruption in these services could materially and adversely affect our ability to manage our business effectively. All of these systems have become increasingly complex due to the complexity of our business, use of third-party software and services, acquisitions of new businesses with different systems and changing regulation over controls and procedures. As a result, these systems have in the past and could in the future generate errors that impact traffic measurement or invoicing, revenue recognition and financial forecasting or other parts of our business. We will need to continue to upgrade and improve our data systems, traffic measurement systems, billing systems, ordering processes and other operational and financial systems, procedures and controls, which may be difficult and costly. If we are unable to adapt our systems and organization in a timely, efficient and cost-effective manner to accommodate changing circumstances, our business may be adversely affected.

***Cybersecurity breaches and attacks on us, our contractors or our third-party vendors, as well as steps we need to take in an effort to prevent them, can lead to significant costs and disruptions that would harm our business, financial results and reputation.***

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. We regularly face attempts to gain unauthorized access or deliver malicious software to Akamai's platforms, products and services and our internal IT systems, with the goal of stealing proprietary information related to our business, products, employees and customers; disrupting our systems and services or those of our customers or others; or demanding ransom to return control of such systems and services. These attempts take a variety of forms, including DDoS attacks, infrastructure attacks, botnets, malicious file uploads, computer malware, application abuse, credential abuse, social engineering (including phishing attacks), ransomware, bugs, viruses, worms malicious software programs, business email compromises, misuse of employee credentials and wrongful conduct by insider employees or vendors, all of which 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. Malicious actors are known to attempt to fraudulently induce employees and suppliers to disclose sensitive information through illegal electronic spamming, phishing or other tactics. Other parties may attempt to gain unauthorized physical access to our facilities in order to infiltrate our internal-use information systems. Furthermore, nation state and hacktivist attacks against us or our customers have in the past and may in the future intensify during periods of heightened geopolitical tensions or armed conflict, such as the ongoing war in Ukraine, the Israel-Hamas war and the escalation of military conflict between Israel and Iran, as well as broader military confrontations involving the United States. We may not be able to anticipate the techniques used in such attacks, as they change frequently and may not be recognized until launched. The rapidly changing technological and geopolitical landscape may also create new, unexpected, or unknown risks for which we may not immediately be prepared, requiring increased risk mitigation expenditures.

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,

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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. For example, we have discovered vulnerabilities in software and hardware used in our technology, such as the AMD "Inception" vulnerability identified in mid-2023 that potentially impacted a large portion of the internet ecosystem, and may have other undiscovered vulnerabilities. Vulnerabilities, resident in software, hardware or configurations, have in the past and may in the future require significant operational efforts to mitigate and may persist for extended periods of time and the effects of any such vulnerability could be exacerbated. Similar security risks exist with respect to acquired companies, our business partners and the third-party vendors that we rely on for aspects of our information technology support services and administrative functions. As a result, we are subject to risks that the activities of our business partners and third-party vendors may adversely affect our business even if an attack or breach does not directly target our systems.

To protect our corporate and deployed networks, we aim to continuously engineer more secure solutions, enhance security and reliability features, improve the deployment of software updates to address security vulnerabilities, develop mitigation technologies that help to secure customers from attacks and maintain the digital security infrastructure that protects the integrity of our network and services. For example, our efforts to continually enhance the security and reliability of our globally distributed infrastructure, customer applications and corporate systems comprise various initiatives and mitigation efforts, including upgrading access and configuration controls; improving security instrumentation, monitoring, detection and prevention tools; enhancing software inventory and tracking and patching systems; upgrading encryption processes and protections; enhancing authorization methods in applications; enhancing data loss prevention and endpoint security management capabilities; upgrading vulnerability identification, assessment and remediation processes and technologies; and enhancing the security of passwords and other credentials, as applicable and appropriate.

Our efforts to engineer more secure solutions are frequently costly, with a negative impact on near-term profitability, and may be unsuccessful in preventing security incidents that may have an adverse effect on our business and reputation. For example, with the acquisition of Linode Limited Liability Company ("Linode"), we continue to adapt procedures for mitigating risks that have in the past or may in the future materialize, including any harms that may arise from abuse of our cloud computing products. If we fail to mitigate these harms or if there is a significant cybersecurity event using our cloud computing products or our cloud computing products are perceived to be less reliable than our competitors, it could result in loss of customers and reputational damage.

Any actual, alleged or perceived breach of network security in our systems or networks, or any other actual, alleged or perceived outage, compromise or data security incident we, our customers or our third-party suppliers suffer, has in the past and could in the future result in legal reporting obligations; damage to our reputation; negative publicity; loss of channel partners, customers and sales; loss of revenue; loss of competitive advantages; increased costs to remedy any problems and otherwise respond to any incident; regulatory investigations and enforcement actions and fines; costly litigation; and other liabilities.

***If we cannot maintain compatibility with our customers' IT infrastructure, including their chosen third-party services, our business will be harmed.***

Our products interoperate with our customers' IT infrastructures that often have different specifications, utilize diverse technology and require compatibility with multiple communication protocols. Therefore, the functionality of our technology often needs to have, and maintain, compatibility with our customers' technology environment, including their chosen third-party technology. Aspects of our technology's compatibility with our customers' technology is dependent on our customers because our customers, and in particular those who implement third-party applications within their environments, may change features, restrict our access to, or alter their applications within their discretion and in a manner that causes incompatibilities or causes us significant costs to maintain compatibility. Such changes could functionally limit or prevent the compatibility of our products with our customers' IT infrastructure, which would negatively affect adoption of our products and harm our business. If we fail to update our products to achieve compatibility with new third-party applications that our customers use, we may not be able to offer the functionality that our customers need, which would harm our business.

***We face risks associated with global operations that could harm our business.***

A significant portion of our hiring, new customers and revenue growth in recent years has been attributable to our business outside the U.S. Our operations in international countries subject us to risks that may increase our costs, impact our financial results, disrupt our operations or make our operations less efficient and require significant management attention. These risks

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include: foreign exchange rate risks; uncertainty regarding liability for content or services, including uncertainty as a result of local laws and lack of legal precedent; loss of revenues if the U.S. or international governments impose limitations on doing business with significant current or potential customers; difficulty in staffing, training, developing and managing international operations as a result of distance, language, cultural differences, differences in employee/employer relationships or regulations; theft of intellectual property in high-risk countries where we operate; difficulties in enforcing contracts, collecting accounts and longer payment cycles in certain countries; difficulties in transferring funds from, or converting currencies in, certain countries; managing the costs and processes necessary to comply with export control, sanctions, anti-bribery and anti-corruption, data protection, cybersecurity and competition laws and regulations or other regulatory or contractual limitations on our ability to sell or develop our products and services in certain international markets; changes in regulatory rules or policies or changes in government enforcement priorities and resources; macroeconomic developments and changes in the labor markets in which we operate; geopolitical developments, including increasing international tensions or any that impact our or our customers' ability to operate in or deliver content to a country; other circumstances outside of our control such as trade disputes, including the imposition of tariffs by the United States on imports from certain countries and any resulting counter-tariffs or macroeconomic impacts, political unrest, warfare, military or armed conflict, such as the Russian invasion of Ukraine, the Israel-Hamas war, and periodic escalations involving Israel and Iran or Hezbollah, as well as broader military confrontations involving the United States, terrorist attacks, public health emergencies, energy crises and natural disasters that could disrupt our ability to provide services or limit customer purchases of them. For example, approximately six percent of our global employees are located in Israel and have been and may continue to be impacted by hostilities in the region, including being required to report for military duty, which could impact our ability to operate and successfully complete ongoing initiatives.

In addition, we are subject to laws and regulations worldwide that differ among jurisdictions and may change, affecting our operations in areas such as intellectual property ownership and infringement; tax; anti-bribery and anti-corruption; technology sovereignty, internet, technology and export regulations; so-called "fair share" or internet content taxes; foreign exchange controls and cash repatriation; data privacy; cyber security; competition; consumer protection; corporate sustainability; and employment and immigration. Compliance with such requirements can be onerous and expensive and may otherwise impact our business operations negatively. Although we have policies, controls and procedures designed to help ensure compliance with applicable laws, there can be no assurance that our employees, contractors, suppliers, customers, channel partners, intermediaries, agents or acquired businesses will not violate such laws or our policies, or that our controls will timely prevent, detect or remediate misconduct. Violations of these laws and regulations can result in fines or disgorgement of profits; additional costs related to internal or governmental investigations; remedial undertakings; contract damages, criminal sanctions against us, our officers or our employees; suspension or debarment; loss of licenses or certifications; prohibitions on the conduct of our business; and damage to our reputation.

***Our business strategy depends on the ability to source adequate transmission capacity, co-location facilities and the equipment we need to operate our network; failure to have access to those resources could lead to loss of revenue and service disruptions.***

To operate and grow our globally distributed network serving our portfolio of services, we are dependent in part upon transmission capacity provided by third-party telecommunications network providers and co-location facilities to house our servers and equipment to support our operations. We may be unable to purchase the bandwidth and space we need from these providers due to limitations on their resources, increasing energy costs or other reasons outside of our control, including market dynamics driven by hyperscalers, significant cost increases in servers and memory, and shortages of data center space and power. In particular, our efforts to increase the size and scale of our network infrastructure have required and may continue to require procuring significant additional space in co-location facilities. Inability to access facilities where we would like to install servers, secure sufficient power capacity or perform maintenance on existing servers for any reason impedes our ability to expand or maintain capacity. As a result, there can be no assurance that we are adequately prepared for unexpected increases in capacity demands by our customers. Failure to put in place the capacity we require to operate our business effectively could result in a reduction in, or disruption of, service to our customers and ultimately a loss of those customers. 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.

Akamai's platforms, products and services rely on hardware equipment, including hundreds of thousands of servers deployed around the world. Increasing demand and manufacturing limitations for certain necessary equipment or components may significantly impact pricing and availability. In addition, disruptions in our supply chain have occurred in the past and could occur in the future that prevent us from purchasing needed equipment at attractive prices or at all. For example, we are experiencing continued volatility in certain server component costs, including as a result of recently imposed tariffs, that

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support the continued build out of our AI, infrastructure and platform services. In addition, from time to time, it has been, and may continue to be, more difficult to purchase equipment that is manufactured in areas that face disruptions to operations due to war, unrest, trade sanctions or other political activity, public health issues, safety issues, natural disasters or general economic conditions. For example, tariffs imposed by the United States on other countries and any resulting counter-tariffs have in the past and will in the future likely lead to increasing costs and supply chain disruptions. Failure to have adequate equipment, including server and other networking equipment, could harm the quality of our services, which could lead to the loss of customers and revenue.

***Acquisitions and other strategic transactions could result in operating difficulties, dilution, diversion of management attention and other harmful consequences that may adversely impact our business and results of operations.***

We expect to continue to pursue acquisitions and other types of strategic relationships that involve technology sharing or close cooperation with other companies. Acquisitions and other complex transactions are accompanied by a number of risks, including the following: difficulty integrating technologies, operations and personnel while maintaining the quality standards; potential disruptions of our ongoing business and distraction of management attention; diversion of financial and business resources from core operations or other attractive investments; financial consequences, such as increased operating expenses, incurrence of material post-closing liabilities, incurrence of additional debt and other dilutive effects on our earnings, particularly in the current environment where we have seen relatively high valuations of, and valuation expectations for, many technology companies and increasing allocation of risk to acquirors; failure to realize synergies or other expected benefits; lawsuits resulting from an acquisition or disposition; the inability to retain the acquired company's key talent; exposure to cybersecurity risks and the cost associated with remediating those risks in connection with the acquisition of IT systems; increased accounting charges such as impairment of goodwill or intangible assets, amortization of intangible assets acquired and a reduction in the useful lives of intangible assets acquired; the need to use substantial portions of available cash or dilutive issuances of securities to finance large transactions; and potential unknown liabilities and regulatory requirements associated with an acquired business.

The data practices and technology systems of businesses that we have acquired, or may acquire, and our efforts to integrate our acquisitions with our existing technologies have in the past and may in the future pose risks, such as cybersecurity vulnerabilities or past cybersecurity or privacy incidents. Following an acquisition, we work to enhance the security and reliability of our systems. As such, there is a period of increased cybersecurity risk during the period between closing an acquisition and the completion of our security upgrades and integration. For example, as part of the integration of the Linode compute platform into Akamai's platform and the migration of certain applications and products from third party cloud providers onto Akamai's compute platform, we have been working to enhance the security and reliability of the integrated systems. While we continue to make progress on these efforts, the mitigation of a number of risks is ongoing and thus certain underlying vulnerabilities remain that, if exploited, could negatively impact Akamai's platform and our customers. Despite our efforts to enhance the security and reliability of our systems, our information technology systems and those of third parties with whom we do business or communicate may be damaged, disrupted, or shut down due to attacks by unauthorized access, malicious software, computer viruses, undetected intrusion, hardware failures, or other events. In addition, our disaster recovery plans may be ineffective or inadequate.

Any inability to integrate completed acquisitions or combinations in an efficient and timely manner could have an adverse impact on our results of operations.

***If current and potential large customers shift to DIY internal solutions for content and application delivery or security protection, our business will be negatively impacted.***

We are reliant on some of our larger customers to direct traffic to our network for a significant part of our revenues. At times, some of our customers have determined that it is better for them to employ a DIY strategy by putting in place equipment, software and other technology solutions for content and application delivery and security protection within their internal systems instead of using our solutions for some or all of their needs. As the amount of money a customer spends with us increases, the risk that they will seek alternative solutions such as DIY or a multi-vendor policy likewise increases. While the number of customers implementing a DIY strategy had been decreasing, current global economic and geopolitical conditions may cause customers to increase their focus on DIY solutions, which could negatively impact traffic on our network, and, as a result, our revenue. For example, 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 DIY component, which reduced traffic on our network and negatively impacted our revenue in 2024 and may continue to do so in the future. If our customers increase their use of DIY solutions or if multiple additional large customers shift to this model, traffic on our network and our contracted revenue commitments could decrease more significantly, which could negatively impact our business, profitability, financial condition, results of operations and cash flows.

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***If we are unable to recruit and retain key employees and qualified sales, research and development, technical, marketing and support personnel, our ability to compete could be harmed.***

Our future success depends upon the services of our executive officers and other key technology, sales, research and development, marketing and support personnel who have critical industry experience and relationships. Attracting, hiring and retaining highly skilled and qualified employees continues to be a priority and a key dependency for our ongoing success. If we fail to attract new personnel, fail to retain and motivate our current personnel or fail to effectively train our employees to support our business needs, our business and future growth prospects could suffer. For example, none of our officers or key employees are bound by an employment agreement for any specific term, and members of our senior management have left our company over the years for a variety of reasons. In addition, effective succession planning is important to our long-term success and our failure to ensure effective transfer of knowledge and smooth transitions involving our officers and other key personnel could hinder our strategic planning and execution.

In addition, our future success will depend upon our ability to attract, train and retain employees, particularly in our expected areas of growth such as security and cloud computing. Such efforts will require time, expense and attention by our employees as there is significant competition for talented individuals. This competition results in increased costs in the form of cash and stock-based compensation and can have a dilutive impact on our stock. Our ability to hire and retain employees may be adversely affected by volatility in our stock price or our ability to obtain shareholder approval to offer additional stock to our employees, because a significant portion of our compensation is in the form of equity grants. We are retasking certain employees to work on our cloud computing solutions which will require the use of our resources and if we are unable to successfully retrain our employees, our cloud computing business may suffer. Furthermore, geopolitical events may impact our retention efforts. For example, the Israel-Hamas War and other hostilities in the Middle East have and could continue to impact our workforce in Israel, as employees have been and may continue to be required to report for military service or have other competing priorities. The loss of the services of a significant number of our employees or any of our key employees or our inability to attract and retain new talent in a timely fashion may be disruptive to our operations and overall business.

***Our failure to manage new risks as our business evolves and our work practices change could harm us.***

As a result of the diversification of our business, personnel growth, the deployment of our FlexBase program, acquisitions and international expansion in recent years, most of our employees are now based outside of our Cambridge, Massachusetts headquarters. Because most of our employees work remotely, we are subject to additional risks. For example, certain security systems in homes or other remote workplaces may be less secure than those used in our offices, which may subject us to increased security risks, including cybersecurity-related events, and expose us to risks of data or financial loss and associated disruptions to our business operations. If we are unable to effectively maintain a hybrid workforce, manage the cybersecurity and other risks of remote work and maintain our corporate culture and workforce morale, our business could be harmed or otherwise negatively impacted.

Additionally, if we are unable to appropriately increase management depth, enhance succession planning and decentralize our decision-making at a pace commensurate with our actual or desired growth rates, we may not be able to achieve our financial or operational goals. It is also important to our continued success that we hire qualified personnel, integrate new employees from our recent acquisitions, properly train them and manage poorly-performing personnel, all while maintaining our corporate culture and spirit of innovation. If we are not successful in these efforts, our growth and operations could be adversely affected.

***Our restructuring and reorganization activities may be disruptive to our operations and harm our business.***

Over the past several years, we have implemented internal restructurings and reorganizations designed to reduce the size and cost of our operations, improve operational efficiencies and reprioritize investments, enhance our ability to pursue market opportunities and accelerate our technology development initiatives. During the first quarter of 2023, the third quarter of 2024 and the fourth quarter of 2025, management committed to actions to restructure certain parts of the company, including reducing headcount, to enable it to prioritize investments in the fastest growing areas of the business and redeploy resources to support the company's strategic investments. We may take similar steps in the future as we seek to realize operating synergies, optimize our operations to achieve our target operating model and profitability objectives, respond to market forces or better reflect changes in the strategic direction of our business. 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. Disruptions in operations may occur as a result of taking these actions. Taking these actions may also result in significant expense, including with respect to workforce reductions, decreased productivity due to

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

***We may have exposure to greater-than-anticipated tax liabilities.***

Our future income taxes could be adversely affected by earnings being lower than anticipated in jurisdictions that have lower statutory tax rates and higher than anticipated in jurisdictions that have higher statutory tax rates, or changes in tax laws, regulations or accounting principles, as well as certain discrete items such as equity-related compensation. The Organisation for Economic Co-operation and Development ("OECD") and participating OECD member countries continue to work toward the enactment of a 15% global minimum corporate tax rate for large multinational enterprise groups, also known as "Pillar Two." 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. Although the enacted and effective legislation in some countries was applicable to us as of January 1, 2024, and increased our effective income tax rate, the increase did not have a material impact on our overall results of operations or cash flows. We will continue to monitor and evaluate the impacts of the developing legislation.

We have recorded certain tax reserves to address potential exposures involving our income tax and indirect tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different jurisdictions. We are currently subject to tax audits in various jurisdictions. If the ultimate outcome of any tax audits are adverse to us, our reserves may not be adequate to cover our total actual liability, and we would need to take a financial charge. Although we believe our estimates, our reserves and the positions we have taken in all jurisdictions are reasonable, the ultimate tax outcome may differ from the amounts recorded in our financial statements and may materially affect our financial results in the period or periods for which such determination is made.

***Fluctuations in foreign currency exchange rates affect our reported operating results in U.S. dollar terms.***

Because we conduct a substantial portion of our business outside the United States, we face exposure to adverse movements in foreign currency exchange rates, which could have a material adverse impact on our financial results and cash flows. These exposures may change over time as business practices evolve and economic conditions change.

The fluctuations of currencies in which we conduct business can both increase and decrease our overall revenue and expenses for any given period. This exposure is the result of selling in multiple currencies, headcount in foreign locations and operating in countries where the functional currency is the local currency. Revenue generated and expenses incurred by our international subsidiaries are often denominated in their local currencies, but many of our expenses related to our operations in foreign jurisdictions are denominated in U.S. dollars. As a result, our consolidated U.S. dollar financial statements are subject to fluctuations due to changes in exchange rates as the financial results of our international subsidiaries are translated from local currencies into U.S. dollars. For example, in 2025, the weakening of the U.S. dollar had a positive impact on our revenue and increased our overall profitability, but if this dynamic reverses, it would have a negative impact on our revenue and profitability. In addition, our financial results are subject to changes in exchange rates that impact the settlement of transactions in non-functional currencies.

In addition, we have recently experienced increased volatility in foreign currency exchange rates, due to a number of factors, including geopolitical and economic developments. We may not be able to effectively manage such volatility, and our financial results have in the past and could in the future be adversely impacted as a result of such volatility. In addition, such volatility, even when it increases our revenues or decreases our expenses, impacts our ability to accurately predict our future results and earnings.

***Our sales to government clients subject us to risks, including early termination, audits, investigations, sanctions and penalties.***

We have customer contracts with the U.S. government, as well as international, state and local governments and their respective agencies and we may in the future increase sales to government entities. 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. Selling to government entities can be highly competitive, expensive, time consuming and subject to specific public tender and/or procurement processes and rules, often requiring significant upfront time and expense without any assurance that these efforts will generate a sale. Such government entities often have the right to terminate these contracts at any time, without cause, and may require us to issue on-demand performance bonds or guarantees. There is increased pressure for governments and their agencies, both domestically and internationally, to reduce spending and demand and payment for our services may be impacted by public sector budgetary cycles and funding authorizations. These factors may combine to potentially limit the revenue we derive from government contracts in the future. Additionally, government contracts generally have requirements that are more complex than those found in commercial enterprise agreements

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and therefore are more costly to comply with. Such contracts are also subject to audits and investigations that could result in civil and criminal penalties and administrative sanctions, including contract termination, fee refunds, forfeiture of profits, suspension of payments, fines and suspensions or debarment from future government business.

***We utilize third-party technology in our business, and failures or vulnerabilities, and/or litigation, related to these technologies may adversely affect our business.***

We utilize third-party software, services and other technology to operate critical functions of our business, including the integration of certain of these technologies into our network, products and services, and in some cases our products and services include features designed to enable our customers and partners to write and execute their own software within our platform. If these software, services, or other technology become unavailable, malfunction or contain vulnerabilities, our expenses could increase and our ability to operate our network, provide our products and our results of operations could be impaired until equivalent software, technology, or services are purchased or developed or any identified vulnerabilities or malfunctioning are remedied. If we are unable to procure the necessary third-party technology we may need to acquire or develop alternative technology, or we may have to resort to utilizing alternative technology of lower quality. This could limit and delay our ability to offer new or competitive products and increase our costs of production. As a result, our business could be significantly harmed. In addition, the use of third-party technology may expose us to third-party claims of intellectual property infringement which could cause us to incur significant costs in defense or alternative sourcing.

***We rely on certain "open-source" software, which may contain security flaws or other deficiencies, and the use of which could result in our having to distribute our proprietary software, including source code, to third parties on unfavorable terms, either of which could materially affect our business.***

Certain of our offerings use software that is subject to open-source licenses. Open-source code is software that is freely accessible, usable and modifiable; however, certain open-source code is governed by license agreements, the terms of which could require users of such software to make any derivative works of the software available to others on unfavorable terms or at no cost. Because we use open-source code, we may be required to take remedial action in order to protect our proprietary software. Such action could include replacing certain source code used in our software, discontinuing certain of our products or taking other actions that could be expensive and divert resources away from our development efforts. In addition, the terms relating to disclosure of derivative works in many open-source licenses are unclear and have not been interpreted by U.S. courts. If a court interprets one or more such open-source licenses in a manner that is unfavorable to us, we could be required to make certain of our key software generally available at no cost. We could also be subject to similar conditions or restrictions should there be any changes in the licensing terms of the open-source software incorporated into our products. In either event, we could be required to seek licenses from third parties in order to continue offering our products, to re-engineer our products or to discontinue the sale of our products in the event re-engineering cannot be accomplished on a timely or successful basis, any of which could adversely affect our business, operating results and financial condition. Furthermore, open-source software may have security flaws and other deficiencies that could make our solutions less reliable and damage our business.

***We may not be successful in our artificial intelligence initiatives, which could adversely affect our business, reputation, or financial results.***

Artificial intelligence presents new risks, opportunities and challenges that may affect our business. 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. Given the nature of AI technology, we face significant competition from other companies and an evolving regulatory landscape. Our AI focused initiatives, including AIC, may not be successful, and our competitors may incorporate AI into their products or market their AI solutions more successfully than us, which could impair our ability to compete effectively and adversely affect our financial results. Further, the rapid evolution of AI combined with the uncertain, rapidly evolving and often inconsistent regulatory landscape may require significant additional resources and costs and could in some cases limit our ability to implement AI capabilities in our solutions or to use AI to support business operations. 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. Further, data used to train AI-based systems may lead to harm to our 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. Despite our implementation of programs designed to support responsible and safe AI use and development, we may not successfully address all issues that may arise. For example, user misuse of AI capabilities, privacy concerns, user consent, supply chain security, AI-related export controls, transparency and the accuracy, completeness

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and suitability of data sets are all potential issues that could adversely affect our business, reputation, or financial results.

**Legal and Regulatory Risks**

***Evolving privacy regulations could negatively impact our profitability and business operations.***

The nature and breadth of laws and regulations, or expanded interpretation of these laws and regulations, that relate to privacy on the internet and international data transfer restrictions may increase in the future. Accordingly, we are unable to assess the possible effect of compliance with future requirements or whether our compliance efforts will materially impact our business, results of operations or financial condition, as well as increase expenses or create other disadvantages to our business.

Privacy laws are rapidly proliferating, changing and evolving globally. Governments, private citizens and privacy advocates with class action attorneys are increasingly scrutinizing how companies collect, process, use, store, share and transmit personal data. Numerous laws and industry self-regulatory codes have been enacted, and additional and revised laws are being considered that may affect how we use data generated from our network as well as our ability to reach current and prospective customers, understand how our solutions are being used and respond to customer requests allowed under the laws. 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. Any perception that our business practices, our data collection activities or how our solutions operate represent an invasion of privacy or improper practice, whether or not consistent with current regulations and industry practices, may subject us to public criticism or boycotts, class action lawsuits, reputational harm, or actions by regulators, or claims by industry groups or other third parties, all of which could disrupt our business and expose us to liability.

Engineering efforts to build new capabilities to facilitate compliance with increasing international data transfer restrictions and new and changing privacy laws and related customer demands could require us to take on substantial expenses and divert engineering resources from other projects. We might experience reduced demand for our offerings if we are unable to engineer products that meet our legal duties or help our customers meet their obligations under applicable data regulations, or if the changes we implement to comply with such laws and regulations make our offerings less attractive.

Our ability to leverage the data generated by our global networks is important to the value of many of the solutions we offer, our operational efficiency and future product development opportunities. Our ability to use data in this way may be constrained by regulatory developments. Compliance with applicable laws and regulations regarding personal data may require changes in services, business practices or internal systems that result in increased costs, lower revenue, reduced efficiency or greater difficulty in competing with other companies. Compliance with data regulations might limit our ability to innovate or offer certain features and functionality in some jurisdictions where we operate. Failure to comply with existing or new rules may result in significant penalties or orders to stop the alleged non-compliant activity, as well as negative publicity and diversion of management time and effort.

Our security controls over personal data, our training of employees and third parties on privacy, data security and other ethical data use practices we follow may not prevent the improper disclosure or misuse of customer or end-user data we process. Improper disclosure or misuse of personal data could harm our reputation, lead to legal exposure to customers or end users, or subject us to liability under laws that protect personal data, resulting in increased costs or loss of revenue.

***Other regulatory developments could negatively impact our business.***

U.S. and international laws and regulations that apply to the internet, including content liability, security requirements, law enforcement access to information, critical infrastructure, net neutrality, so-called "fair share" or internet content taxes, international data transfer restrictions, sanctions, export controls, restrictions on social media or other platforms, applications or content, as well as developing regulatory concerns related to digital or cloud sovereignty, could pose risks to our revenues, intellectual property and customer relationships and could increase expenses or create other disadvantages to our business. Section 230 of the U.S. Communications Decency Act ("Section 230"), gives websites that host user-generated content broad protection from legal liability for content posted on their sites. Proposals to repeal or amend Section 230 could expose us to greater legal liability in the conduct of our business. Our Acceptable Use Policy prohibits customers from using our network to deliver illegal or inappropriate content; if customers violate that policy, we may nonetheless face reputational damage, enforcement actions or lawsuits related to their content. In addition, laws and regulations related to content could cause internet service providers, or others, to block our products in order to enforce content-blocking efforts. Efforts to block a single product or domain name may end up blocking a number of other products or domain names in an overbroad manner that could affect our business.

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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. These developments could decrease our addressable market, increase our costs and complexity, lengthen sales cycles, limit the functionality or performance of our services in some markets and reduce economies of scale. These risks may accelerate or vary by region due to geopolitical factors, including changes in sanctions, export or import controls, tariffs and other trade restrictions, or regional conflicts.

Regulations have also been enacted or proposed in a number of countries that limit the delivery of certain types of content into those countries. Enactment and expansion of such laws and regulations would negatively impact our revenues. For example, restrictions were adopted in India in 2020 prohibiting access to identified Chinese-owned applications which caused a reduction in revenue to us. In addition, in April 2024, the U.S. government enacted the Protecting Americans from Foreign Adversary Controlled Applications Act ("PAFACA"), which, among other things, 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 President of the United States subsequently signed a series of Executive Orders delaying enforcement of the legislation, culminating with an Executive Order issued on September 25, 2025, which declared that a proposed sale of the Chinese-owned application's U.S. operations to a new joint-venture company complied with PAFACA's divestiture requirements and extended non-enforcement of PAFACA until January 23, 2026. These Executive Orders further directed the Department of Justice to issue guidance and letters stating there was no violation and no liability for conduct during the PAFACA non-enforcement periods, resulting in Akamai's receipt of an Attorney General determination that Akamai services had not violated the law and that we could continue providing services as contemplated by the Executive Orders without violating the law and without incurring any legal liability.

On January 22, 2026, the divestiture was finalized, and a new U.S.-based joint venture assumed operation of the U.S. application. Although the divestiture has been completed, certain aspects of the transaction could be subject to future governmental review or litigation. Further, it is difficult to predict whether any future legislative, regulatory or judicial actions, including those that may be brought against the Executive Orders, will be successful. There is no assurance that we will not be exposed to liability, and we may face 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 this customer.

In addition, enactment and expansion of laws related to the use of AI and machine learning in our operations and increased regulation of cloud service providers also could increase the costs of doing business, subject us to potential liability or regulatory risk and introduce other disadvantages to our business, including brand or reputational harm. U.S. states have advanced and, in some cases, enacted numerous AI governance laws, creating a complicated legislative patchwork that may be litigated in state and federal courts, notwithstanding a December 2025 executive order endorsing a federal moratorium on enforcement of state AI laws. In Europe, the EU began implementing the Artificial Intelligence Act (the "AI Act") on August 1, 2024, with significant provisions scheduled to take effect in August 2026. The AI Act, which may be amended as part of the EU's Digital Omnibus, imposes significant obligations on providers and deployers of high-risk AI systems, and non-compliance can lead to substantial fines. If we develop or use AI systems governed by these laws or regulations, we may face burdensome and costly compliance obligations relating to data quality, transparency, human oversight, and ethical and administrative requirements, as well as significant enforcement actions or litigation in the event of any perceived non-compliance. Interpretations of laws or regulations that would subject us to regulatory enforcement actions, supervision or, alternatively, require us to exit a line of business or a country, could lead to the loss of significant revenues and have a negative impact on the quality of our solutions. Engineering efforts to build new capabilities to facilitate compliance with law enforcement access requirements, content access restrictions or other regulations could require us to take on substantial expenses and divert engineering resources from other projects. These circumstances could harm our profitability.

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***We may need to defend against patent or copyright infringement claims, which would cause us to incur substantial costs or limit our ability to use certain technologies in the future.***

As we expand our business and develop new technologies, products and services, we have become increasingly subject to intellectual property infringement and other claims and related litigation. We have also agreed to indemnify our customers and channel and strategic partners if our solutions infringe or misappropriate specified intellectual property rights. As a result, we have been and could again become involved in litigation or claims brought against customers or channel or strategic partners if our solutions or technology are the subject of such allegations. Any litigation or claims, whether or not valid, brought against us or pursuant to which we indemnify our customers or partners could result in substantial costs and diversion of resources and require us to do one or more of the following: cease selling, incorporating or using features, functionalities, products or services that incorporate the challenged intellectual property; pay substantial damages and incur significant litigation expenses; obtain a license from the holder of the infringed intellectual property right, which license may not be available on reasonable terms or at all; or redesign products or services. If we are forced to take any of these actions, our business may be seriously harmed.

***Our business will be adversely affected if we are unable to protect our intellectual property rights from unauthorized use or infringement by third parties.***

We rely on a combination of patent, copyright, trademark and trade secret laws and contractual restrictions on disclosure to protect our intellectual property rights. These legal protections afford only limited protection, particularly in some regions outside the U.S. We have previously brought lawsuits against entities that we believed were infringing our intellectual property rights but have not always prevailed. Such lawsuits can be expensive and require a significant amount of attention from our management and technical personnel, and the outcomes are unpredictable. Monitoring unauthorized use of our solutions is difficult, and we cannot be certain that the steps we have taken or will take will prevent unauthorized use of our technology. Furthermore, we cannot be certain that any pending or future patent applications will be granted, that any future patent will not be challenged, invalidated or circumvented, or that rights granted under any patent that may be issued will provide competitive advantages to us. If we are unable to protect our proprietary rights from unauthorized use, the value of our intellectual property assets may be reduced. Although we have licensed from other parties proprietary technology covered by patents, we cannot be certain that any such patents will not be challenged, invalidated or circumvented. Such licenses may also be non-exclusive, meaning our competition may also be able to access such technology.

***Litigation may adversely impact our business.***

From time to time, we are or may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including patent, commercial, product liability, breach of contract, employment, class action, whistleblower, other litigation, claims and governmental and other regulatory investigations and proceedings. In addition, under our charter, we could be required to indemnify and advance expenses to our directors and officers in connection with their involvement in certain actions, suits, investigations and other proceedings. Such matters can be time-consuming, divert management's attention and resources and cause us to incur significant expenses. Furthermore, because litigation is inherently unpredictable and may not be covered by insurance, there can be no assurance that the results of any litigation matters will not have an adverse impact on our business, results of operations, financial condition or cash flows.

***Global climate change, other disruptions and related natural resource conservation regulations could adversely impact our business.***

The long-term effects of climate change on the global economy and our industry in particular remain unknown. For example, changes in weather where we operate may increase the costs of powering and cooling computer hardware we use to develop software and provide cloud services. In addition, catastrophic natural disasters, such as an earthquake, fire, flood or other act of God and any similar disruption, as well as any derivative disruption, such as those to services provided through localized physical infrastructure, including utility or telecommunication outages, or any to the continuity of our, our partners', suppliers' and our customers' workforce, could have a material adverse impact on our business and operating results. In addition, pandemics or other public health crises, as well as any derivative disruptions such as those experienced during the COVID-19 pandemic, in places where we operate may adversely affect our results of operations. Our global operations are dependent on our network infrastructure, technology systems and website, including the supply of servers from our third-party partners, as well as our intellectual property and personnel and any disruption to these dependencies may negatively impact our ability to respond to customers, provide services and maintain local and global business continuity. Furthermore, some of our products and business functions are hosted or carried out by third parties that may be vulnerable to these same types of disruptions, the response to or resolution of which may be beyond our control. Any disruption to our business could cause us to incur significant costs to repair damages to our facilities, equipment, infrastructure and business relationships.

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In addition, in response to concerns about global climate change, governments may adopt new regulations affecting the use of fossil fuels or requiring the use of alternative fuel sources which could adversely impact our business. Our deployed network of servers consumes significant energy resources, including those generated by the burning of fossil fuels. While we have invested in projects to support renewable energy development, our customers, investors and other stakeholders may require us to take more steps to demonstrate that we are taking ecologically responsible measures in operating our business. The costs and any expenses we may incur to make our network more energy-efficient and comply with any new regulations could make us less profitable in future periods. Failure to comply with applicable laws and regulations or other requirements imposed on us could lead to fines, lost revenue and damage to our reputation.

**Investment-Related Risks**

***Our stock price has been, and may continue to be, volatile, and your investment could lose value.***

The market price of our common stock has historically been volatile. Trading prices for our common stock may continue to fluctuate in response to a number of events and factors, including the following: quarterly variations in operating results; changes in guidance or failure to meet guidance; announcements by our customers related to their businesses that could be viewed as impacting their usage of our solutions; market speculation about whether we are a takeover target or considering a strategic transaction; announcements by us regarding acquisitions; announcements by competitors; activism by any single large stockholder or combination of stockholders or rumors about such activity; changes in financial estimates and recommendations by securities analysts; failure to meet the expectations of securities analysts; purchases or sales of our stock by our officers and directors; general economic conditions and other macroeconomic factors, such as inflationary pressures, foreign currency exchange rate fluctuations, energy prices, reduced consumer spending, elevated interest rates, the announcement or imposition of tariffs, recessionary economic cycles, protracted economic slowdowns and overall market volatility; repurchases of shares of our common stock; the issuance of additional shares or securities convertible into, or exchangeable or exercisable for, shares of our common stock, including under our equity compensation plans; entry into, or termination of, relationships with material customers and partners; and performance by other companies in our industry.

Furthermore, our revenue, particularly that portion attributable to usage of our solutions beyond customer commitments, can be difficult to forecast, and, as a result, our quarterly operating results can fluctuate substantially. This concern is particularly acute with respect to our media and commerce customers. In the future, our customer contracting models may change to move away from a committed revenue structure to a "pay-as-you-go" approach, which could make it easier for customers to reduce the amount of business they do with us or leave altogether. Changes in billing models and committed revenue requirements could, therefore, create challenges with our forecasting processes. Because a significant portion of our cost structure is largely fixed in the short-term, revenue shortfalls tend to have a disproportionately negative impact on our profitability. If we announce revenue or profitability results that do not meet or exceed our guidance, issue guidance that does not meet or exceed market expectations, or make changes in our guidance with respect to future operating results, our stock price may decrease significantly as a result.

Any of these events, as well as other circumstances discussed in these Risk Factors, may cause the price of our common stock to fall. In addition, the stock market in general, and the market prices of stock of publicly-traded technology companies in particular, have experienced significant volatility that often has been unrelated to the operating performance of affected companies. These broad stock market fluctuations may adversely affect the market price of our common stock, regardless of our operating performance.

***Any failure to meet our debt obligations or obtain financing would damage our business.***

As of the date of this report, we had total principal amount of $1,150.0 million of convertible senior notes outstanding due in 2027, total principal amount of $1,265.0 million of convertible senior notes outstanding due in 2029 and total principal amount of $1,725.0 million of convertible senior notes outstanding due in 2033. In November 2022 we entered into a credit agreement that provides for an initial $500.0 million revolving credit facility and was amended in May 2025 to increase the aggregate revolving commitments from $500.0 million to $1.0 billion and to extend the maturity date one year to November 22, 2028. We also entered into a credit agreement in January 2025 providing for a $150.0 million revolving credit facility. As of December 31, 2025, there were no outstanding borrowings under the credit facilities. Our ability to repay any amounts we borrow under our credit facility, refinance the notes, make cash payments in connection with conversions of the notes or repurchase the notes in the event of a fundamental change (as defined in the applicable indenture governing the notes) will depend on market conditions and our future performance, which is subject to economic, financial, competitive and other factors beyond our control. We also may not use the cash we have raised through future borrowing under the credit facility or the issuance of the convertible senior notes in an optimally productive and profitable manner. If we are unable to remain profitable or if we use more cash than we generate in the future, our level of indebtedness at such time could adversely affect our

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operations by increasing our vulnerability to adverse changes in general economic and industry conditions and by limiting or prohibiting our ability to obtain additional financing for additional capital expenditures, acquisitions and general corporate and other purposes. If we do not have sufficient cash upon conversion of the notes or to repurchase the notes if required by purchasers in accordance with the terms thereof, we would be in default under the terms of the notes, which could seriously harm our business. Although the terms of our credit facilities include certain covenants that potentially limit our future indebtedness, the terms of the notes do not. If we incur significantly more debt, this could intensify the risks described above. In addition, if we are unable to obtain financing to fund additional capital expenditures, acquisitions, and general corporate and other purposes on reasonable terms, or at all, then our business, operations and financial condition may be harmed.

***Because we currently do not intend to pay dividends, stockholders will benefit from an investment in our common stock only if it appreciates in value.***

We currently intend to retain our future earnings, if any, for use in the operation of our business and do not expect to pay any cash dividends in the foreseeable future on our common stock. As a result, the success of an investment in our common stock will depend upon any future appreciation in its value. There is no guarantee that our common stock will appreciate in value or even maintain the price at which stockholders have purchased their shares, and our stock price has been, and may continue to be, volatile, and your investment could lose value. See the risk factor titled "Our stock price has been, and may continue to be, volatile, and your investment could lose value" above.

***Provisions of our charter, by-laws and Delaware law may have anti-takeover effects that could prevent a change in control even if the change in control would be beneficial to our stockholders.***

***If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, our stockholders could lose confidence in our financial reporting, which could harm our business and the trading price of our common stock.***

Section 404 of the Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We must continue to enhance and maintain our processes and systems and adapt them as our business evolves, including as we expand into new markets, increase reliance on channel partners, complete acquisitions and we rearrange management responsibilities. This continuous process of maintaining and adapting our internal controls and complying with Section 404 is expensive, time-consuming and requires significant management attention, and as our business changes our internal controls may become more complex and require additional resources to remain effective. In the past, we identified, and subsequently remediated, a material weakness in our internal control over financial reporting; however, we cannot be certain that our internal control measures will provide adequate control over our financial processes and reporting or ensure compliance with Section 404, and we may identify additional material weaknesses in internal controls in the future. Failure to develop or maintain effective controls, or difficulties encountered in their implementation or improvement, or the identification of additional material weaknesses—by us or by our independent registered public accounting firm—could harm our operating results, result in a restatement of prior-period financial statements, cause us to fail to meet our reporting obligations, and adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we are required to include in the periodic reports we will file with the Securities and Exchange Commission. Furthermore, if we or our independent registered public accounting firm identify any material weaknesses, the disclosure of that fact, even if quickly remediated, could reduce the market's confidence in our financial statements and harm our stock price.

**Item 1B. Unresolved Staff Comments**

None.

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**Item 1C. Cybersecurity**

Our customers rely upon Akamai to power and protect the online experiences of their end user customers. We provide security, delivery and cloud computing solutions and services and maintain internal systems and other data associated with running our business. We have implemented cybersecurity risk management programs and procedures designed to identify and address threats to both internal and customer facing data and systems that are subject to ongoing compliance assessments, certifications and testing.

Under the oversight and direction of the Akamai executive management team and the Audit Committee of Akamai's board of directors, the Chief Security Officer (the "CSO") has primary responsibility for overseeing Akamai's management of cybersecurity risks. Reporting to the Chief Executive Officer through 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. Our current CSO is an accomplished security professional with over 15 years of experience in building and leading information security teams at both public and private companies. Akamai's information security team is comprised of senior ranking staff who have experience in a broad range of security domains, including security operations, software security, risk management and auditing.

The CSO and Akamai's information security team regularly communicate the nature and state of security risks to senior business leaders across the organization. In addition, the CSO meets on a regular basis with the Information Security 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. On a quarterly basis and as needed, the CSO reports to the Audit Committee to provide information on, as applicable and appropriate, cybersecurity risk management programs, risk mitigation, cybersecurity incidents and related disclosure obligations, if any, information on new or changing threats and other cybersecurity matters. The Audit Committee Chair reports to our board at least quarterly on our cybersecurity risk management program, including risk mitigation, cybersecurity incidents and other relevant developments in our cyber threat landscape. In addition to formal reporting, the CSO takes part in informal meetings as needed and requested with Akamai's management, including the Chief Executive Officer and the board of directors.

The information security team, under the authority of the CSO, has developed a cybersecurity risk management program, informed by industry cybersecurity standards, to identify, assess and manage risks presented by cybersecurity threats. This program is integrated into our overall enterprise risk management program and addresses four primary operational pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• researching, monitoring and identifying significant cybersecurity threats and risks across Akamai and the larger internet ecosystem taking into account malicious actors, software vulnerabilities and other threat sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing designated risks applicable to Akamai's assets and systems, including those associated with third-party vendors and suppliers, and planning and tracking efforts to address significant risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing cybersecurity incidents and associated reporting and communications obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing compliance assessments through internal and external audits and assessments, certifications and the penetration and vulnerability testing of certain systems.

Our programs are designed to identify and categorize cybersecurity threats and risks through different sources. We conduct assessments of threat models to determine which risks are most likely to impact us. Akamai's information security team gathers threat and risk data and updates through various sources, such as systems reviews, security research activities, product development processes, diligence efforts in acquisitions and internal and external security scans and alerts, as appropriate. As applicable, in certain circumstances, we also collaborate with industry partners in the security community, our peers and law enforcement agencies, to support our cybersecurity threat intelligence capabilities. This information is collected, categorized and assessed to identify, prioritize and manage significant cybersecurity risks. As a result, our process is continually evaluated and evolves as the threat landscape changes.

In addition to ongoing risk management procedures, we have implemented a cybersecurity incident procedure designed to identify and address security incidents through various channels. As part of this process, cybersecurity incidents are evaluated, as appropriate, by a cross-functional team to assess the impact of the incident or threat to Akamai from a financial, reputational and operational perspective, and to determine notification obligations to customers and regulators and disclosure obligations to investors, as applicable. The results of such evaluation are discussed with the board of directors as appropriate. On a regular basis, our cybersecurity professionals conduct internal assessments of this process. Additionally, we have implemented an incident response plan that is reviewed by the Audit Committee and the board of directors from time to time.

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We also incorporate security practices into employee training. We have a process for employees to formally acknowledge their review and understanding of security obligations, and the information security and legal teams conduct periodic security and data protection training aimed to emphasize the importance of security and data protection. In addition, we have implemented a review process to assess the security profile and data protection practices of certain third-party service providers that have exposure to Akamai's systems, including, as appropriate, review of vendor security policies and procedures and contractually required security commitments.

Although risks from cybersecurity threats have to date not materially affected us, our business strategy, results of operations or financial condition, we have, from time to time, experienced threats to and breaches of our and our third-party vendors' data and systems. For more information, see "Risk Factors" included elsewhere in this annual report on Form 10-K.

**Item 2. Properties**

We operate as a flexible workplace where employees can choose to work from their home office, a Company office, an approved workspace or a combination. However, our headquarters is located in Cambridge, Massachusetts where we lease approximately 659,000 square feet, of which approximately 285,000 square feet is currently subleased to third parties. We also have offices in other locations in the U.S. and other countries, the largest of which are Bangalore, India; Krakow, Poland; and Tel Aviv, Israel. All of our facilities are leased. We believe our facilities are sufficient to meet our needs.

**Item 3. Legal Proceedings**

We are party to various litigation matters, governmental proceedings, investigations, claims and disputes that we consider routine and incidental to our business. We do not currently expect the results of any of these matters to have a material effect on our business, results of operations, financial condition or cash flows.

**Item 4. Mine Safety Disclosures**

Not applicable.

**PART II**

**Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

Our common stock, par value $0.01 per share, trades under the symbol "AKAM" on the Nasdaq Global Select Market.

As of February 16, 2026, there were 185 holders of record of our common stock.

We have never paid or declared any cash dividends on shares of our common stock or other securities and do not anticipate paying or declaring any cash dividends in the foreseeable future. We currently intend to retain all future earnings, if any, for use in the operation of our business.

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*Issuer Purchases of Equity Securities*

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Period<sup>(1)</sup> | Total Number of Shares Purchased<sup>(2)</sup> | Average Price Paid per Share<sup>(3)</sup> | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs<sup>(4)</sup> | Approximate Dollar Value of Shares that May Yet be Purchased Under Plans or Programs<sup>(4)</sup> |
| October 1, 2025 – October 31, 2025 |  | $— |  | $1180514 |
| November 1, 2025 – November 30, 2025 |  |  |  | 1180514 |
| December 1, 2025 – December 31, 2025 |  |  |  | 1180514 |
| Total |  | $— |  |  |

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(1)Information is based on settlement dates of repurchase transactions.

(2)Consists of shares of our common stock, par value $0.01 per share.

(3)Includes commissions paid, but excludes any estimated excise taxes payable on share repurchases.

(4)Effective May 2024, our board of directors authorized a $2.0 billion share repurchase program through June 2027.

During the year ended December 31, 2025, we repurchased 10.0 million shares of our common stock for an aggregate purchase price of $800.0 million.

**Item 6. [Reserved]**

Not applicable.

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), should be read in conjunction with our consolidated financial statements and notes thereto that appear elsewhere in this annual report on Form 10-K. See "Risk Factors" elsewhere in this annual report on Form 10-K for a discussion of certain risks associated with our business. The following discussion contains forward-looking statements. The forward-looking statements do not include the potential impact of any mergers, acquisitions, divestitures or other events that may be announced after the date hereof.*

**Overview**

We develop and provide solutions for global enterprises to build, secure and accelerate their applications and digital experiences through our massively distributed global infrastructure, which underpins our security, delivery and 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 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 platform, including AIC and compute-to-edge solutions, that meet the needs of professional users and enterprises, including with respect to reliability, effectively manage the prices we charge for our solutions considering the market dynamics on our cost structure driven by hyperscalers, continuously develop new and existing products and appropriately manage our capital spending and other operational expenses. The purpose of this discussion and analysis section is to provide material information relevant to an assessment of our financial condition and results of operations from management's perspective, including to describe and explain key trends, events and other factors that impacted our reported results and that are likely to impact our future performance.

*Revenue*

We primarily derive revenue from the sale of services to customers pursuant to contracts having terms of one year or longer, which allows us to have a consistent and predictable base level of revenue. Services included in our contracts consist of security solutions, the delivery of content, applications and software over the internet, 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 cloud

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computing solutions portfolios. 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 cloud computing services and the amount of traffic we serve on our network. Geopolitical, economic and other developments that impact our customers' businesses can also impact our ability to attract new customers or continue to cross-sell additional services to existing customers and traffic levels for customers with variable usage. Over the longer term, our ability to continually develop and expand our product portfolio, to successfully bring those products to market and to effectively manage the prices we charge for our solutions considering the market dynamics on our cost structure driven by hyperscalers, are key factors impacting our revenue growth.

We have observed the following trends related to our revenue in recent years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased sales of our security solutions, led by application security solutions and our microsegmentation solutions, and increased sales of our cloud computing solutions, attributable to enhanced services on our compute platform, and growth in our Cloud Infrastructure Services, have made a significant contribution to revenue growth. Our security and cloud computing solutions continue to contribute to a large portion of revenue. We plan to continue to invest in these areas with a focus on higher growth security products and Cloud Infrastructure Services to further advance our product portfolios and sales capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Traffic growth on our network has improved, but remains moderated as compared to prior years. We, and the industry more broadly, are seeing growth at a slower pace than we have experienced in the past. In particular, customers in verticals such as media and gaming have optimized their traffic to manage through underlying business challenges at a time of global macroeconomic and geopolitical headwinds. Some of our customers' businesses have been impacted by these headwinds, and as a result, they may continue to reduce their spending or optimize their traffic, which would reduce traffic on our network and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prices paid by some of our delivery and security customers have declined in recent years at contract renewal due to competition, which negatively impacts our revenue growth rates. We have been able to mitigate some of the negative impacts to our revenue growth rates by upselling incremental solutions to our existing customers. We continue to take steps upon contract renewals to sign customers to multi-year contracts and to optimize how we charge customers to maintain alignment between customer traffic volumes, significant cost increases we have experienced due to market dynamics driven by hyperscalers and unit pricing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from our international operations continues to grow, particularly from new customer acquisition and cross-selling of incremental solutions. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have experienced variations in certain types of revenue from quarter-to-quarter. These quarterly variations in revenue are attributable to, among other things, the timing of large customer contract renewals; the frequency and timing of purchases of custom solutions or licensed software; the nature and timing of software and gaming releases by our customers; holiday season activity; and whether there are large live sporting or other events or situations that impact the amount of media traffic on our network.

*Expenses*

Our level of profitability is impacted by our expenses, including direct costs to support our revenue such as bandwidth and co-location costs, which includes energy to power our network. We have observed the following trends related to our profitability in recent years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Co-location costs are a significant portion of our cost of revenue. 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 have entered into, and expect to continue to enter into, longer term leases that include certain financial commitments. The costs of the financial commitments are expensed ratably over the lease term, and, as a result, in some cases, we are incurring costs in advance of these compute locations being fully utilized. We continue to improve our internal-use software and remain disciplined in managing our hardware deployments, which enables us to use servers more efficiently. We will need to continue to effectively manage our co-location costs to maintain or improve current levels of profitability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Network bandwidth costs are also a significant portion of our cost of revenue. We have been able to manage these costs through investment in internal-use software development to improve the performance and efficiency of our network and, more recently, improved pricing on contract renewals with our bandwidth providers. We will need to continue to focus on effectively managing our bandwidth costs to maintain or improve current levels of profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Network build-out and supporting service costs represent another significant portion of our cost of revenue. These costs include maintenance and supporting 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 some of these costs increase in recent years as a result of our network expansion, and particularly the build out of our compute platform. While we have previously experienced increased costs from third-party cloud providers, we have been able to manage those costs by migrating to our own compute solutions. We will need to continue to effectively manage our network build-out and supporting service costs in an effort to control costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our employees are core to the operations of our business, and payroll and related costs, including stock-based compensation, is our largest expense. It is important to the success of 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 cloud computing solutions, including maintaining operational efficiencies to mitigate the rising cost of talent. 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. These programs are designed to better align employee incentives with the interests of our stockholders, which has increased our stock-based compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation expense related to our network equipment also contributes to our overall expense levels. In recent years, we have invested in our network, particularly as part of building out our compute infrastructure, which increased our capital expenditures and resulting depreciation expense. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth in our international operations incrementally increases our exposure to foreign currency fluctuations. Because we publicly report in U.S. dollars, our expenses are positively impacted when the U.S. dollar strengthens and are negatively impacted when the U.S. dollar weakens.

*Recent Acquisitions*

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.

We acquired certain customer contracts from Edgio, Inc. ("Edgio") in December 2024 as part of a bankruptcy process. This acquisition is intended to further strengthen our existing delivery and other businesses as we transition the acquired customers to our platform and offer our portfolio of other services to them. We also acquired Noname Security in June 2024. Noname Security is intended to expand our existing API Security offering by providing more flexible deployment options, extensive vendor integrations and enhanced attack analysis. We believe this acquisition will accelerate our ability to meet increasing customer and market demand.

We acquired certain customer contracts from Lumen Technologies, Inc. ("Lumen") in October 2023 and from StackPath, LLC ("StackPath") in August 2023. These acquisitions are intended to further strengthen our existing delivery and other businesses as we transition the acquired customers to our platform and offer our portfolio of other services to them. We also acquired 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.

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.

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*Global Economic Conditions*

Global macroeconomic and geopolitical conditions continue to impact our customers, as well as our business and revenue growth rates. We, along with our customers, continue to manage through an uncertain period of fluctuating inflation, regulatory policies and resources that may negatively impact business, economic and political uncertainty, 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 legislation and regulations, including U.S. and international tax laws, 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, the impact may adversely affect our business, operations and financial results.

**Results of Operations**

The following sets forth, as a percentage of revenue, consolidated statements of income data for the years indicated:

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Revenue | 100% | 100% | 100% |
| Costs and operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of amortization of acquired intangible assets shown below) | 41 | 41 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 12 | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 3 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charge | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and operating expenses <sup>(1)</sup> | 87 | 87 | 83 |
| Income from operations <sup>(1)</sup> | 13 | 13 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and marketable securities income, net | 2 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (1) | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net |  |  |  |
| Income before provision for income taxes <sup>(1)</sup> | 14 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (4) | (2) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from equity method investment |  |  |  |
| Net income <sup>(1)</sup> | 11% | 13% | 14% |

---

(1) Amounts may not foot due to rounding.

*Revenue*

Revenue by solution category during the periods presented was as follows (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | % Change at Constant Currency | 2024 | 2023 | % Change | % Change at Constant Currency |
| Security | $2243404 | $2042661 | 10% | 9% | $2042661 | $1765267 | 16% | 16% |
| Delivery | 1256721 | 1318131 | (5) | (5) | 1318131 | 1542434 | (15) | (14) |
| Cloud computing | 708050 | 630376 | 12 | 12 | 630376 | 504219 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4208175 | $3991168 | 5% | 5% | $3991168 | $3811920 | 5% | 5% |

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The increases in our revenue in 2025 as compared to 2024, and 2024 as compared to 2023, were primarily the result of continued growth in sales of our security and cloud computing solutions, partially offset by a decline in revenue from our delivery solutions due to downward pricing of renewals.

The increases in security solutions revenue for 2025 as compared to 2024, and 2024 as compared to 2023, were due to growth of sales in key products in our security solutions portfolio, including our API security, web application and Guardicore segmentation solutions.

The decreases in delivery solutions revenue for 2025 as compared to 2024, and 2024 as compared to 2023, were due to downward pricing of contract renewals. 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. In 2024, these headwinds caused a large social media customer to increase their focus on cost optimization and "do-it-yourself" solutions, which additionally reduced traffic on our network. 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. The increase in cloud computing revenue in 2024 as compared to 2023 was due to growth in sales of Cloud Infrastructure Services, as well as cloud optimization solutions, to new and existing customers.

Revenue derived in the U.S. and internationally during the periods presented is as follows (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | % Change at Constant Currency | 2024 | 2023 | % Change | % Change at Constant Currency |
| U.S. | $2139173 | $2075533 | 3% | 3% | $2075533 | $1968779 | 5% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a percentage of revenue* | *51 %* | *52 %* |  |  | *52 %* | *52 %* |  |  |
| International | 2069002 | 1915635 | 8 | 7 | 1915635 | 1843141 | 4% | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;*As a percentage of revenue* | *49 %* | *48 %* |  |  | *48 %* | *48 %* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4208175 | $3991168 | 5% | 5% | $3991168 | $3811920 | 5% | 5% |

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For each of the years ended December 31, 2025, 2024 and 2023, no single country outside of the U.S. accounted for 10% or more of revenue. Changes in foreign currency exchange rates positively impacted our revenue by $13.7 million in 2025 as compared to 2024, and negatively impacted our revenue by $22.5 million in 2024 as compared to 2023.

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*Cost of Revenue*

Cost of revenue consisted of the following for the periods presented (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Co-location costs | $349191 | $308314 | 13% | $308314 | $256062 | 20% |
| Bandwidth fees | 192875 | 233100 | (17) | 233100 | 228038 | 2 |
| Network build-out and supporting services | 236644 | 193607 | 22 | 193607 | 215557 | (10) |
| Payroll and related costs | 340991 | 334215 | 2 | 334215 | 325851 | 3 |
| Acquisition-related costs |  |  |  |  | 3190 | (100) |
| Stock-based compensation, including amortization of prior capitalized amounts | 123617 | 100705 | 23 | 100705 | 73786 | 36 |
| Depreciation of network equipment | 328221 | 282106 | 16 | 282106 | 231500 | 22 |
| Amortization of internal-use software | 155974 | 168746 | (8) | 168746 | 177079 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | $1727513 | $1620793 | 7% | $1620793 | $1511063 | 7% |
| *As a percentage of revenue* | *41 %* | *41 %* |  | *41 %* | *40 %* |  |

---

The increase in cost of revenue for 2025 as compared to 2024 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• co-location costs and depreciation of network equipment as a result of investment in our network, particularly as we build out our compute platform to support future growth and scalability;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payroll and related costs, including stock-based compensation, as a result of headcount growth, annual merit increases and increased achievement of our performance-based compensation plans; additionally, stock-based compensation increased due to the shift in some of our compensation programs from cash-based to stock-based for certain employees, including our employer 401(k) match program, effective in 2025, which partially offset the increase in payroll and related costs.

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

The increase in cost of revenue for 2024 as compared to 2023 was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• co-location costs and depreciation of network equipment as a result of investment in our network, particularly as we are building out our compute platform to support future growth and scalability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payroll and related costs, including stock-based compensation, as a result of headcount growth from our strategic initiatives and annual merit increases, as well as the shift in timing of our performance-based compensation. Additionally, stock-based compensation increased due to a shift in our compensation programs from cash-based to stock-based for certain employees.

The increase in cost of revenue for 2024 as compared to 2023 was partially offset by lower network build-out and supporting services due to a decrease in third-party cloud costs as we have migrated third-party cloud services onto our own compute platform and have focused on optimizing third-party cloud spending.

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.

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*Research and Development Expenses*

Research and development expenses consisted of the following for the periods presented (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Payroll and related costs | $601288 | $562286 | 7% | $562286 | $494803 | 14% |
| Stock-based compensation | 169404 | 152114 | 11 | 152114 | 123896 | 23 |
| Capitalized salaries and related costs | (286816) | (272320) | 5 | (272320) | (239928) | 14 |
| Acquisition-related costs |  |  |  |  | 721 | (100) |
| Other expenses | 29684 | 28796 | 3 | 28796 | 26556 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total research and development | $513560 | $470876 | 9% | $470876 | $406048 | 16% |
| *As a percentage of revenue* | *12 %* | *12 %* |  | *12 %* | *11 %* |  |

---

The increase in research and development expenses for 2025 as compared to 2024 was primarily due to higher payroll and related costs, including stock-based compensation, as a result of headcount growth from our strategic initiatives, annual merit increases and the increased achievement of our performance-based compensation plans. 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.

The increase in research and development expenses for 2024 as compared to 2023 was primarily due to higher payroll and related costs, including stock-based compensation, as a result of headcount growth from our strategic initiatives and annual merit increases, as well as the shift in timing of our performance-based compensation. These increases were partially offset by increases in capitalized salaries and related costs as we had additional resources focused on development activities related to our platform and solutions.

Research and development costs are expensed as incurred, other than certain internal-use software development costs eligible for capitalization. Capitalized development costs consist of payroll and related costs for personnel and external consulting expenses involved in the development of internal-use software used to deliver our services and operate our network. For the years ended December 31, 2025, 2024 and 2023, we capitalized $114.8 million, $99.6 million and $77.0 million, respectively, of stock-based compensation. These capitalized internal-use software development costs are amortized to cost of revenue over their estimated useful lives, ranging from two to ten years based on the software developed and its expected useful life.

We expect our research and development costs to increase in 2026, in particular payroll and related costs, including stock-based compensation, in support of our faster growing security and cloud computing solutions. 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.

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*Sales and Marketing Expenses*

Sales and marketing expenses consisted of the following for the periods presented (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Payroll and related costs | $388555 | $393584 | (1)% | $393584 | $376305 | 5% |
| Stock-based compensation | 90198 | 77593 | 16 | 77593 | 66453 | 17 |
| Marketing programs and related costs | 57202 | 53893 | 6 | 53893 | 59151 | (9) |
| Acquisition-related costs |  |  |  |  | 1387 | (100) |
| Other expenses | 38347 | 31711 | 21 | 31711 | 29930 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sales and marketing | $574302 | $556781 | 3% | $556781 | $533226 | 4% |
| *As a percentage of revenue* | *14 %* | *14 %* |  | *14 %* | *14 %* |  |

---

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. Other expenses also increased as a result of professional service fees associated with our go-to-market transformation initiative.

The increase in sales and marketing expenses for 2024 as compared to 2023 was due to higher payroll and related costs, including stock-based compensation, as a result of annual merit increases and employees acquired through the Noname Security acquisition, as well as the shift in timing of our performance-based compensation. These increases were partially offset by a reduction in marketing programs and related costs as a result of the timing of events and advertising campaigns.

During 2026, we expect our sales and marketing expenses to increase as compared to 2025, in particular payroll and related costs, including stock-based compensation, primarily due to our reinvestment in headcount as part of our go-to-market strategy to drive acquisition of new customers for our faster growing security and cloud computing solutions. However, we plan to continue to carefully manage costs in an effort to manage our operating margins.

*General and Administrative Expenses*

General and administrative expenses consisted of the following for the periods presented (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Payroll and related costs | $232671 | $225687 | 3% | $225687 | $218272 | 3% |
| Stock-based compensation | 122624 | 102494 | 20 | 102494 | 94316 | 9 |
| Depreciation and amortization | 66909 | 66184 | 1 | 66184 | 65817 | 1 |
| Facilities-related costs | 86081 | 86671 | (1) | 86671 | 90061 | (4) |
| Provision for doubtful accounts | 6324 | 3919 | 61 | 3919 | 1649 | 138 |
| Acquisition-related costs | 3247 | 7502 | (57) | 7502 | 8050 | (7) |
| Software and related service costs | 70361 | 56557 | 24 | 56557 | 55714 | 2 |
| Other expenses | 68522 | 72771 | (6) | 72771 | 66972 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative | $656739 | $621785 | 6% | $621785 | $600851 | 3% |
| *As a percentage of revenue* | *16 %* | *16 %* |  | *16 %* | *16 %* |  |

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The increase in general and administrative 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, an increase in the number of participants in the equity compensation program, as well as a shift in our employer 401(k) match program from cash-based to stock-based effective in 2025, which increased stock-based compensation and partially offset the increase in payroll and related costs. Additionally, software and related service costs increased as we transition to and expand usage of cloud-based

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applications to support our operations.

The increase in general and administrative expenses for 2024 as compared to 2023 was primarily due to higher payroll and related costs, including stock-based compensation, as a result of annual merit increases and the shift in timing of our performance-based compensation. Additionally, other expenses increased due to professional service fees to support our business. These increases were partially offset by decreased facilities-related costs as we exited certain facilities in connection with our FlexBase program.

During 2026, we expect our general and administrative expenses to increase as compared to 2025, to support the operations of the business. In particular, we 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.

*Amortization of Acquired Intangible Assets*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Amortization of acquired intangible assets | $111066 | $92081 | 21% | $92081 | $66751 | 38% |
| *As a percentage of revenue* | *3 %* | *2 %* |  | *2 %* | *2 %* |  |

---

The increase in amortization of acquired intangible assets for 2025 as compared to 2024, and 2024 as compared to 2023, was the result of amortization of acquired intangible assets related to our recent acquisitions. Based on acquired intangible assets as of December 31, 2025, future amortization is expected to be $100.2 million, $85.6 million, $79.0 million, $74.0 million and $66.7 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively.

*Restructuring Charge*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Restructuring charge | $58051 | $95441 | (39)% | $95441 | $56643 | 68% |
| *As a percentage of revenue* | *1 %* | *2 %* |  | *2 %* | *1 %* |  |

---

The restructuring charge in 2025 was primarily driven by management's commitment to an action to restructure certain parts of the company to align investments and simplify organizational structure to long-term growth priorities. The charge included severance and related expenses for certain headcount reductions, as well as impairments of acquired intangible assets and capitalized internal-use software. We do not expect to incur material additional charges related to this action.

The restructuring charge in 2024 was primarily driven by management's commitment to an action with the primary intent to redeploy resources to support our strategic investments and as a result of our completed acquisitions. The restructuring charge included severance and related expenses for certain headcount reductions, as well as impairments of acquired intangible assets and capitalized internal-use software. We do not expect to incur material additional charges related to this action.

The restructuring charge in 2023 was primarily driven by our FlexBase program as we exited certain facilities that were no longer needed, resulting in impairments of right-of-use-assets and leasehold improvements. We do not expect to incur material additional charges related to the FlexBase program. Additionally, the restructuring charge in 2023 included the result of certain actions initiated in the first quarter of 2023. Management's commitment to an action to restructure certain parts of the company was to enable the prioritization of investments in the fastest growing areas of the business. The restructuring charge for this action includes severance and related expenses for certain headcount reductions. We do not expect to incur material additional charges related to these actions.

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*Non-Operating Income (Expense)*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Interest and marketable securities income, net | $70808 | $100280 | (29)% | $100280 | $45194 | 122% |
| *As a percentage of revenue* | *2 %* | *3 %* |  | *3 %* | *1 %* |  |
| Interest expense | $(30759) | $(27117) | 13% | $(27117) | $(17709) | 53% |
| *As a percentage of revenue* | *(1) %* | *(1) %* |  | *(1) %* | *— %* |  |
| Other expense, net | $(4588) | $(19561) | (77)% | $(19561) | $(12296) | 59% |
| *As a percentage of revenue* | *— %* | *— %* |  | *— %* | *— %* |  |

---

Interest and marketable securities income, net primarily consists of interest earned on invested cash and marketable securities balances and income and losses on mutual funds that are associated with our employee non-qualified deferred compensation plan. The decrease to interest and marketable securities income, net for 2025 as compared to 2024, was due to a reduction of cash and marketable securities balances and re-positioning our investments to cash equivalents, yielding lower interest, in 2025 in order to repay our $1,150.0 million convertible senior notes that became due in May 2025. This decrease was partially offset by interest earned as a result of purchases of new marketable securities with the proceeds of our convertible senior notes that were issued in May 2025. The increase to interest and marketable securities income, net for 2024 as compared to 2023, was the result of increased cash, cash equivalents and marketable securities balances received from our August 2023 issuance of $1,265.0 million in par value of convertible senior notes due 2029 and higher interest rates, as well as increased gains associated with the non-qualified deferred compensation plan.

Interest expense is related to our debt transactions, which are described in Note 11 to the consolidated financial statements included elsewhere in this annual report on Form 10-K. The increase to interest expense for 2025 as compared to 2024 was primarily due to the May 2025 issuance of $1,725.0 million in par value of convertible senior notes due 2033. The increase to interest expense for 2024 as compared to 2023 was primarily due to the August 2023 issuance of $1,265.0 million in par value of convertible senior notes due 2029.

Other expense, net primarily represents net foreign exchange gains and losses mainly due to foreign exchange rate fluctuations on the remeasurement of monetary assets and liabilities that are not denominated in the functional currency as well as other non-operating expense and income items. Other expense, net for 2025 and 2024 also includes a net gain of $9.4 million and impairments of $5.1 million, respectively, from cost method investments. Other expense, net may fluctuate in the future based on changes in foreign currency exchange rates or other events.

*Provision for Income Taxes*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Provision for income taxes | $150374 | $82095 | 83% | $82095 | $106373 | (23)% |
| *As a percentage of revenue* | 4% | 2% |  | 2% | 3% |  |
| *Effective income tax rate* | *25 %* | *14 %* |  | *14 %* | *16 %* |  |

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The increase in the provision for income taxes for 2025 as compared to 2024 was mainly due to a shortfall in the tax benefit related to stock-based compensation, the benefit from an intercompany sale of intellectual property in 2024 that did not recur in 2025, revaluation of deferred tax assets and a decrease in the benefit of U.S. federal and state research and development credits.

The decrease in the provision for income taxes for 2024 as compared to 2023 was mainly due to the benefit from an intercompany sale of intellectual property, an increase in the excess tax benefit related to stock-based compensation, lower profitability and an increase in the benefit of U.S. federal and state research and development credits. These amounts were partially offset by a decrease in foreign income taxed at lower rates, an increase in non-deductible transfer pricing and an increase in certain tax reserves.

For the year ended December 31, 2025, our effective income tax rate was higher than the federal statutory tax rate due to non-deductible stock-based compensation, revaluation of deferred tax assets and a shortfall in the tax benefit related to stock-

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based compensation. These amounts were partially offset by foreign income taxed at lower rates and the benefit of U.S. federal, state and foreign research and development credits.

For the year ended December 31, 2024, our effective income tax rate was lower than the federal statutory tax rate due to the benefit of U.S. federal, state and foreign research and development credits, an intercompany sale of intellectual property, foreign income taxed at lower rates and the excess tax benefit related to stock-based compensation. These amounts were partially offset by non-deductible stock-based compensation and non-deductible transfer pricing.

For the year ended December 31, 2023, our effective income tax rate was lower than the federal statutory tax rate due to foreign income taxed at lower rates and the benefit of U.S. federal, state and foreign research and development credits. These amounts were partially offset by non-deductible stock-based compensation and the tax on global intangible low-taxed income.

Our effective income tax rate may fluctuate between fiscal years and from quarter to quarter due to items arising from discrete events, such as tax benefits from the settlement of employee equity awards, tax law changes and settlements of tax audits and assessments. Our effective income tax rate is also impacted by, and may fluctuate in any given period because of, the composition of income in foreign jurisdictions where tax rates differ depending on the local statutory rates. The OECD and participating OECD member countries continue to work toward the enactment of a 15% global minimum corporate tax rate for large multinational enterprise groups, also known as "Pillar Two." 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. Although the enactment and effective legislation in many countries was applicable to us beginning on January 1, 2024, and increased our effective income tax rate, the increase did not have a material impact on our overall results of operations or cash flows.

In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The OBBBA did not have a material impact on our consolidated financial statements for the annual period ending December 31, 2025.

*Gain from Equity Method Investment*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | % Change | 2024 | 2023 | % Change |
| Gain from equity method investment | $— | $— | —% | $— | $(1475) | 100% |
| *As a percentage of revenue* | *— %* | *— %* |  | *— %* | *— %* |  |

---

The gain from equity method investment relates to our investment with MUFG in a joint venture, GO-NET. GO-NET intended to operate a blockchain-based online payment network. However, GO-NET operations were suspended in February 2022, and ultimately liquidated in August 2023. The gain from equity method investment in 2023 was related to the liquidation and disbursement of our portion of GO-NET's remaining assets, which were previously impaired. We do not expect additional activity related to this investment.

**Use of Non-GAAP Financial Measures**

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America ("GAAP") we provide additional financial metrics that are not prepared in accordance with GAAP ("non-GAAP financial measures"). Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation and to evaluate our financial performance. These non-GAAP financial measures are non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin and impact of foreign currency exchange rates, as discussed below.

Management believes that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparison of financial results across accounting periods and to those of our peer companies. Management also believes that these non-GAAP financial measures enable investors to evaluate our operating results and future prospects in the same manner as management. These non-GAAP

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financial measures may exclude expenses and gains that may be unusual in nature, infrequent or not reflective of our ongoing operating results.

The non-GAAP financial measures do not replace the presentation of our GAAP financial measures and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP.

The non-GAAP adjustments, and our basis for excluding them from non-GAAP financial measures, are outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Amortization of acquired intangible assets** – We have incurred amortization of intangible assets, included in our GAAP financial statements, related to various acquisitions we have made. The amount of an acquisition's purchase price allocated to intangible assets and term of its related amortization can vary significantly and is unique to each acquisition; therefore, we exclude amortization of acquired intangible assets from our non-GAAP financial measures to provide investors with a consistent basis for comparing pre- and post-acquisition operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Stock-based compensation and amortization of capitalized stock-based compensation** – Stock-based compensation is an important aspect of the compensation paid to our employees which includes long-term incentive plans to encourage retention, performance-based plans to encourage achievement of specified financial targets, short-term incentive awards with a one year vest and shares issued as part of a retirement savings program. The grant date fair value of the stock-based compensation awards varies based on the stock price at the time of grant, varying valuation methodologies, subjective assumptions and the variety of award types. This makes the comparison of our current financial results to previous and future periods difficult to interpret; therefore, we believe it is useful to exclude stock-based compensation and amortization of capitalized stock-based compensation from our non-GAAP financial measures in order to highlight the performance of our core business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Acquisition-related costs** – Acquisition-related costs include transaction fees, advisory fees, due diligence costs and other direct costs associated with strategic activities, as well as certain additional compensation costs payable to employees acquired from the Linode acquisition if employed for a certain period of time. The additional compensation cost was initiated by and determined by the seller and is in addition to normal levels of compensation, including retention programs, offered by Akamai. Acquisition-related costs are impacted by the timing and size of the acquisitions, and we exclude acquisition-related costs from our non-GAAP financial measures to provide a useful comparison of operating results to prior periods and to peer companies because such amounts vary significantly based on the magnitude of our acquisition transactions and do not reflect our core operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Restructuring charge** – We have incurred restructuring charges from programs that have significantly changed either the scope of the business undertaken by us or the manner in which that business is conducted. These charges include severance and related expenses for workforce reductions, impairments of long-lived assets that will no longer be used in operations (including acquired intangible assets, right-of-use assets, other facility-related property and equipment and internal-use software) and termination fees for any contracts cancelled as part of these programs. We exclude these items from our non-GAAP financial measures when evaluating our continuing business performance as such items vary significantly based on the magnitude of the restructuring action and do not reflect expected future operating expenses. In addition, these charges do not necessarily provide meaningful insight into the fundamentals of current or past operations of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Amortization of debt issuance costs and capitalized interest expense** – The issuance costs of our convertible senior notes are amortized to interest expense and are excluded from our non-GAAP results because management believes the non-cash amortization expense is not representative of ongoing operating performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Gains and losses on cost method investments** – We have recorded gains and losses from the disposition, changes to fair value and impairment of cost method investments. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to these gains and losses are not representative of our core business operations and ongoing operating performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Legal settlements** – We have incurred losses related to the settlement of legal matters. We believe excluding these amounts from our non-GAAP financial measures is useful to investors as the types of events giving rise to them are not representative of our core business operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gains and losses from equity method investment** – We record income or losses on our share of earnings and losses from our equity method investment, and any gains from returns of investments or impairments. We exclude such income and losses because we do not have direct control over the operations of the investment and the related income and losses are not representative of our core business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income tax effect of non-GAAP adjustments and certain discrete tax items** – The non-GAAP adjustments described above are reported on a pre-tax basis. The income tax effect of non-GAAP adjustments is the difference between GAAP and non-GAAP income tax expense. Non-GAAP income tax expense is computed on non-GAAP pre-tax income (GAAP pre-tax income adjusted for non-GAAP adjustments) and excludes certain discrete tax items (such as the impact of intercompany sales of intellectual property related to our acquisitions), if any. We believe that applying the non-GAAP adjustments and their related income tax effect allows us to highlight income attributable to our core operations.

The following table reconciles GAAP income from operations to non-GAAP income from operations and non-GAAP operating margin for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Income from operations | $566944 | $533411 | $637338 |
| Amortization of acquired intangible assets | 111066 | 92081 | 66751 |
| Stock-based compensation | 459402 | 393378 | 328467 |
| Amortization of capitalized stock-based compensation and capitalized interest expense | 50890 | 42910 | 32981 |
| Restructuring charge | 58051 | 95441 | 56643 |
| Acquisition-related costs | 3247 | 7502 | 13345 |
| Legal settlements | 4000 | 2500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP income from operations | $1253600 | $1167223 | $1135525 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAAP operating margin | 13% | 13% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating margin | 30% | 29% | 30% |

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The following table reconciles GAAP net income to non-GAAP net income for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net income | $452031 | $504918 | $547629 |
| Amortization of acquired intangible assets | 111066 | 92081 | 66751 |
| Stock-based compensation | 459402 | 393378 | 328467 |
| Amortization of capitalized stock-based compensation and capitalized interest expense | 50890 | 42910 | 32981 |
| Restructuring charge | 58051 | 95441 | 56643 |
| Acquisition-related costs | 3247 | 7502 | 13345 |
| Legal settlements | 4000 | 2500 |  |
| Amortization of debt issuance costs | 7053 | 6521 | 5341 |
| (Gain) loss on cost method investments, net | (9370) | 5066 | (311) |
| Gain from equity method investment |  |  | (1475) |
| Income tax effect of above non-GAAP adjustments and certain discrete tax items | (89945) | (154735) | (89364) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP net income | $1046425 | $995582 | $960007 |

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The following table reconciles GAAP net income per diluted share to non-GAAP net income per diluted share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| GAAP net income per diluted share | $3.07 | $3.27 | $3.52 |
| Adjustments to net income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 0.76 | 0.60 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3.12 | 2.55 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized stock-based compensation and capitalized interest expense | 0.35 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charge | 0.39 | 0.62 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 0.02 | 0.05 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlements | 0.03 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 0.05 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on cost method investments, net | (0.06) | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from equity method investment |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect of above non-GAAP adjustments and certain discrete tax items | (0.61) | (1.00) | (0.58) |
| Adjustment for shares <sup>(1)</sup> |  | 0.03 | 0.02 |
| Non-GAAP net income per diluted share <sup>(2)</sup> | $7.12 | $6.48 | $6.20 |
| Shares used in GAAP per diluted share calculations | 147023 | 154346 | 155397 |
| Impact of benefit from note hedge transactions <sup>(1)</sup> |  | (744) | (574) |
| Shares used in non-GAAP per diluted share calculations <sup>(1)</sup> | 147023 | 153602 | 154823 |

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(1) Shares used in non-GAAP per diluted share calculations have been adjusted for the years ended December 31, 2024 and 2023, for the benefit of our note hedge transactions. During these periods, our average stock price was in excess of $95.10, which is the initial conversion price of our convertible senior notes which matured in May 2025. See further definition below.

(2) Amounts may not foot due to rounding.

Non-GAAP net income per diluted share is calculated as non-GAAP net income divided by weighted average diluted common shares outstanding. Diluted weighted average common shares outstanding are adjusted in non-GAAP per share calculations for the shares that would be delivered to us pursuant to the note hedge transactions entered into in connection with the issuances of our convertible senior notes. Under GAAP, shares delivered under hedge transactions are not considered offsetting shares in the fully-diluted share calculation until they are delivered. However, we would receive a benefit from the note hedge transactions and would not allow the dilution to occur, so management believes that adjusting for this benefit provides a meaningful view of operating performance. With respect to the convertible senior notes due in each of 2033, 2029 and 2027, and those that matured in 2025, unless our weighted average stock price is greater than $93.01, $126.31, $116.18 and $95.10, respectively, the initial conversion prices, there will be no difference between GAAP and non-GAAP diluted weighted average common shares outstanding.

We consider Adjusted EBITDA to be another important indicator of the operational strength and performance of our business and a good measure of our historical operating trends. Adjusted EBITDA eliminates items that we do not consider to be part of our core operations. We define Adjusted EBITDA as GAAP net income excluding the following items: interest and marketable securities income and losses; income taxes; depreciation and amortization of tangible and intangible assets; stock-based compensation; amortization of capitalized stock-based compensation; acquisition-related costs; restructuring charges; legal settlements; foreign exchange gains and losses; interest expense; amortization of capitalized interest expense; gains and losses on cost method investments; gains and losses from equity method investments; and other non-recurring or unusual items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA stated as a percentage of revenue.

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The following table reconciles GAAP net income to Adjusted EBITDA and Adjusted EBITDA margin for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Net income | $452031 | $504918 | $547629 |
| Amortization of acquired intangible assets | 111066 | 92081 | 66751 |
| Stock-based compensation | 459402 | 393378 | 328467 |
| Amortization of capitalized stock-based compensation and capitalized interest expense | 50890 | 42910 | 32981 |
| Restructuring charge | 58051 | 95441 | 56643 |
| Acquisition-related costs | 3247 | 7502 | 13345 |
| Legal settlements | 4000 | 2500 |  |
| Interest and marketable securities income, net | (70808) | (100280) | (45194) |
| Interest expense | 30759 | 27117 | 17709 |
| Provision for income taxes | 150374 | 82095 | 106373 |
| Depreciation and amortization | 548012 | 514455 | 472035 |
| (Gain) loss on cost method investments, net | (9370) | 5066 | (311) |
| Gain from equity method investment |  |  | (1475) |
| Other expense, net | 13958 | 14495 | 12607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $1801612 | $1681678 | $1607560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income margin | 11% | 13% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 43% | 42% | 42% |

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*Impact of Foreign Currency Exchange Rates*

Revenue and earnings from our international operations have historically been an important contributor to our financial results. Consequently, our financial results have been impacted, and management expects they will continue to be impacted, by fluctuations in foreign currency exchange rates. For example, when the local currencies of our international subsidiaries weaken, generally our consolidated results stated in U.S. dollars are negatively impacted.

Because exchange rates are a meaningful factor in understanding period-to-period comparisons, management believes the presentation of the impact of foreign currency exchange rates on revenue and earnings enhances the understanding of our financial results and evaluation of performance in comparison to prior periods. The dollar impact of changes in foreign currency exchange rates presented is calculated by translating current period results using monthly average foreign currency exchange rates from the comparative period and comparing them to the reported amount. The percentage change at constant currency presented is calculated by comparing the prior period amounts as reported and the current period amounts translated using the same monthly average foreign currency exchange rates from the comparative period.

**Liquidity and Capital Resources**

To date, we have financed our operations primarily through public and private sales of debt and equity securities and cash generated by operations. As of December 31, 2025, our cash, cash equivalents and marketable securities, which are detailed in Note 3 to the consolidated financial statements included elsewhere in this annual report on Form 10-K, totaled $1.9 billion. We place our cash investments in instruments that meet high-quality credit standards, as specified in our investment policy. Our investment policy is also designed to limit the amount of our credit exposure to any one issue or issuer and seeks to manage these assets to achieve our goals of preserving principal and maintaining adequate liquidity at all times.

Changes in cash, cash equivalents and marketable securities are dependent upon changes in, among other things, working capital items such as accounts receivable, deferred revenue, accounts payable, various accrued expenses and operating lease obligations, as well as changes in our capital and financial structure due to common stock repurchases, debt repayments and issuances, purchases and sales of marketable securities, cash paid for acquisitions and similar events. We believe our strong balance sheet, cash position and access to funds available under our revolving credit facilities are important competitive

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differentiators that provide the financial stability and flexibility to enable us to continue to make investments at opportune times. We expect to continue to evaluate strategic investments to strengthen our business.

As of December 31, 2025, we had cash and cash equivalents of $382.7 million held in accounts outside the U.S. The U.S. Tax Cuts and Jobs Act establishes a territorial tax system in the U.S., which provides companies with the potential ability to repatriate earnings with minimal U.S. federal income tax impact. As a result, our liquidity is not expected to be materially impacted by the amount of cash and cash equivalents held in accounts outside the U.S.

*Cash Provided by Operating Activities*

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| | | | |
|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Net income | $452031 | $504918 | $547629 |
| Non-cash reconciling items included in net income | 1239811 | 1048595 | 931507 |
| Changes in operating assets and liabilities | (173077) | (34342) | (130697) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $1518765 | $1519171 | $1348439 |

---

The decrease in cash provided by operating activities for 2025 as compared to 2024 was due to timing of customer collections and severance payments occurring in 2025 related to our restructuring action in the third quarter of 2024, as well as higher income tax payments driven by intercompany sales of intellectual property. These decreases were partially offset by the shift of our employer 401(k) match program from cash-based to stock-based effective in 2025.

The increase in cash provided by operating activities for 2024 as compared to 2023 was due to increased collections from customers as a result of increased revenue and timing of customer collections. The increase was also due to the shift in our performance-based compensation program from cash-based to stock-based, which led to cash performance-based program payments in 2023 that did not recur in 2024.

*Cash Used in Investing Activities*

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| | | | |
|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Cash paid for business acquisitions, net of cash acquired | $(55112) | $(434066) | $(106171) |
| Cash paid for asset acquisitions | (29930) | (132835) | (120985) |
| Purchases of property and equipment and capitalization of internal-use software development costs | (819500) | (685267) | (730040) |
| Net marketable securities activity | 369093 | 449516 | (884973) |
| Other, net | (5294) | 3973 | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(540743) | $(798679) | $(1848238) |

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The decrease in cash used in investing activities in 2025 as compared to 2024 was due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acquisitions of Noname Security and Edgio in 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in net marketable securities activity, primarily due to higher purchases compared to maturities and sales, which resulted from net proceeds from our convertible senior notes activities.

These decreases were partially offset by higher purchases of property and equipment related to network expansion, primarily for our compute infrastructure.

The decrease in cash used in investing activities in 2024 as compared to 2023 was due to an increase in cash proceeds from net marketable securities activity to fund the acquisition of Noname Security in 2024 and a reduction of purchases of property and equipment related to our compute platform build-out. Additionally, cash used in investing activities in 2023 included an increase in purchases of marketable securities with the proceeds from our August 2023 issuance of convertible senior notes. These decreases were partially offset by cash paid for the acquisition of Noname Security.

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*Cash (Used in) Provided by Financing Activities*

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| | | | |
|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Net convertible senior notes activity | $276245 | $— | $1101028 |
| Activity related to stock-based compensation | (61320) | (111663) | (3243) |
| Repurchases of common stock | (799963) | (557468) | (654046) |
| Other, net | (2998) | (10504) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | $(588036) | $(679635) | $443379 |

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The decrease in cash used in financing activities in 2025 as compared to 2024 was primarily due to net convertible senior notes activity and decreased employee taxes paid in 2025 driven by a reduction in stock price. During 2025, we issued $1,725.0 million in par value of convertible senior notes and repaid $1,150.0 million in convertible senior notes which were due in May 2025. These decreases were partially offset by the increase in repurchases of our common stock as part of our share repurchase program.

The increase in cash used in financing activities in 2024 as compared to 2023 was due to the net proceeds received in 2023 from our convertible senior notes due 2029 that did not recur in 2024 and increased employee taxes paid in 2024 related to vesting of stock awards driven by the shift in our performance-based compensation program from cash-based to stock-based and an increase in stock price. These increases were partially offset by a reduction in repurchases of our common stock as part of our share repurchase program.

*Convertible Senior Notes*

In May 2025, we issued $1,725.0 million in principal amount of convertible senior notes due 2033 and entered into related convertible note hedge and warrant transactions. We intend to use a portion of the net proceeds to repay at maturity our $1,150.0 million outstanding aggregate principal amount of convertible senior notes due in 2027. Additionally, we used a portion of the net proceeds to repay $250.0 million in borrowings made in April 2025 under our revolving credit agreement entered into in November 2022 ("2022 Credit Agreement") and for share repurchases.

As of December 31, 2025, we had $4,140.0 million of convertible senior notes outstanding that are senior unsecured obligations and bear interest payable semi-annually in arrears. These notes mature between September 2027 and May 2033. The terms of the notes and hedge and warrant transactions are discussed more fully in Note 11 to the consolidated financial statements included elsewhere in this annual report on Form 10-K.

*Revolving Credit Facilities*

In January 2025, we entered into a $150.0 million uncommitted revolving credit agreement ("2025 Credit Agreement"). Any outstanding borrowings are secured by collateral, consisting primarily of available-for-sale marketable securities. The 2025 Credit Agreement does not expire but is cancellable at any time and any borrowings can be due on demand. Borrowings under the 2025 Credit Agreement will bear a specified interest rate, based on the Secured Overnight Financing Rate, and interest period at the time of the confirmed borrowing. There were no outstanding borrowings under the 2025 Credit Agreement as of December 31, 2025.

In November 2022, we entered into a $500.0 million, five-year revolving credit agreement ("2022 Credit Agreement"), which allows us to borrow up to $500.0 million at various interest rates and contains customary representations and warranties,

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affirmative and negative covenants and events of default. The 2022 Credit Agreement was amended in May 2025 to increase the aggregate revolving commitments from $500.0 million to $1.0 billion and to extend the expiration one year to November 2028. As of December 31, 2025, we were in compliance with all covenants. There were no outstanding borrowings under the 2022 Credit Agreement as of December 31, 2025.

The terms of the revolving credit agreements are discussed more fully in Note 11 to the consolidated financial statements included elsewhere in this annual report on Form 10-K.

*Operating Leases*

We have entered into operating leases for real estate assets related to office space and co-location assets related to space or racks at co-location facilities and related equipment for our servers and other networking equipment. In addition, we have entered into an operating lease with a data center operator for space in the Virginia area that we contemporaneously subleased to an affiliate of a large social media customer. A portion of the space at the subleased data center commenced in 2025, with the remainder of the space commencing in January 2026. Both the lease payments and associated sublease income are expected to substantially offset each other.

As of December 31, 2025, the total obligation under these agreements was $1,865.9 million, of which $560.3 million is for the subleased data center. In the next 12 months, $342.5 million of the total obligation is payable, including $43.6 million for the subleased data center obligation. We have also executed additional operating leases of $465.1 million, of which substantially all are expected to commence in 2026, including $187.1 million for the subleased data center. The operating lease terms and maturities are discussed more fully in Note 12 to the consolidated financial statements included elsewhere in this annual report on Form 10-K.

*Purchase Commitments* 

We enter into long-term agreements with network and internet service providers for bandwidth, as well as execute purchase orders for the purchase of goods or services in the ordinary course of business, which may contain minimum commitments. These minimum commitments may vary from period to period depending on the timing and length of contract renewals with our vendors, and on our plans for network expansion, including our expansion plans related to our compute locations.

*Liquidity Outlook*

Based on our present business plan, we expect our current cash, cash equivalents and marketable securities balances and our forecasted cash flows from operations to be sufficient to meet our foreseeable cash needs for at least the next 12 months. Our foreseeable cash needs, in addition to our recurring operating costs, include our expected capital expenditures, investments in information technology, potential strategic acquisitions, anticipated share repurchases, lease and purchase commitments and settlements of other liabilities.

**Off-Balance Sheet Arrangements**

We have entered into indemnification agreements with third parties, including vendors, customers, landlords, our officers and directors, stockholders of acquired companies, joint venture partners and third parties to which we license technology. Generally, these indemnification agreements require us to reimburse losses suffered by a third party due to various events, such as lawsuits arising from patent or copyright infringement or our negligence. These indemnification obligations are considered off-balance sheet arrangements in accordance with the authoritative guidance for guarantor's accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others. See Note 13 to our consolidated financial statements included elsewhere in this annual report on Form 10-K for further discussion of these indemnification agreements. The fair value of guarantees issued or modified during 2025 and 2024 was determined to be immaterial.

**Significant Accounting Policies and Estimates**

See Note 2 to the consolidated financial statements included elsewhere in this annual report on Form 10-K for information regarding recent and newly adopted accounting pronouncements.

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**Application of Critical Accounting Policies and Estimates**

***Overview***

Our MD&A is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. These principles require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, cash flow and related disclosure of contingent assets and liabilities. Our estimates include those related to revenue recognition, accounts receivable and related reserves, valuation and impairment of marketable securities, capitalized internal-use software development costs, goodwill and acquired intangible assets, income tax reserves, impairment and useful lives of long-lived assets and stock-based compensation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances at the time such estimates are made. Actual results may differ from these estimates. For a complete description of our significant accounting policies, see Note 2 to our consolidated financial statements included elsewhere in this annual report on Form 10-K.

***Definitions***

We define our critical accounting policies as those policies that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our consolidated financial statements. Our estimates are based upon assumptions and judgments about matters that are highly uncertain at the time an accounting estimate is made and applied and require us to assess a range of potential outcomes.

***Review of Critical Accounting Policies and Estimates***

*Revenue Recognition*

Our contracts with customers sometimes include promises to transfer multiple services to a customer. Determining whether services are distinct performance obligations often requires the exercise of judgment by management. Advanced features that enhance a main product or service and are highly interrelated are generally not considered distinct; rather, they are combined with the service they relate to into one performance obligation. Different determinations related to combining services into performance obligations could result in differences in the timing and amount of revenue recognized in a period.

Determination of the standalone selling price ("SSP") for each distinct performance obligation in a contract also requires the exercise of judgment by management. SSP is based on observable inputs such as the price we charge for the service when sold separately, or the discounted list price per management's approved price list. In cases where services are not sold separately or price list rates are not available, a cost-plus-margin approach or adjusted market approach is used to determine SSP. Changes to SSP could result in differences in the allocation of transaction price among performance obligations, which could result in differences in the timing and amount of revenue recognized in a period.

From time to time, we enter into contracts to sell services or license technology to unrelated enterprises at or about the same time that we enter into contracts to purchase products or services from the same enterprises. Consideration payable to a customer is reviewed as part of the transaction price. If the payment to the customer does not represent payment for a distinct service, revenue is recognized only up to the net amount of consideration after customer payment obligations are considered. Different determinations on whether a payment represents a distinct service could result in differences in the amount of revenue recognized.

We may also resell licenses or services of third parties. If we are acting as an agent in an arrangement with a customer to provide third party services, the transaction price reflects only the net amount to which we will be entitled, after accounting for payments made to the third party responsible for satisfying the performance obligation. Different determinations on whether we are acting as an agent or a principal could change the amount of revenue recognized.

*Accounts Receivable and Related Reserves*

Trade accounts receivable are recorded at the invoiced amounts and do not bear interest. In addition to trade accounts receivable, our accounts receivable balance includes unbilled accounts that represent revenue recorded for customers that is typically billed within one month. We record allowances against our accounts receivable balance, primarily for current expected credit losses. Increases and decreases in the allowance for current expected credit losses are included as a component of general and administrative expense in the consolidated statements of income.

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Estimates are used in determining our allowance for current expected credit losses using historical loss rates for the previous twelve months as well as expectations about the future where we have been able to develop forecasts to supports our estimates. In addition, the allowance for current expected credit losses considers outstanding balances on a customer-specific, account-by-account basis. We assess collectability based upon a review of customer receivables from prior sales with collection issues where we no longer believe that the customer has the ability to pay for services previously provided. We also perform ongoing credit evaluations of our customers. If such an evaluation indicates that payment is no longer reasonably assured for services provided, any future services provided to that customer will result in the creation of a cash basis reserve until we receive consistent payments.

*Valuation and Impairment of Marketable Securities*

We measure the fair value of our financial assets and liabilities at the end of each reporting period. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We have certain financial assets and liabilities recorded at fair value (principally cash equivalents and short- and long-term marketable securities) that have been classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we can access at the reporting date. Fair values determined by Level 2 inputs utilize data points other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Fair values determined by Level 3 inputs are based on unobservable data points for the asset or liability.

Marketable securities, which consist primarily of securities available-for-sale, are evaluated for impairment when the fair value declines below the cost basis. We periodically evaluate whether the decline is due to credit losses by considering available evidence regarding these investments including, among other factors, the extent to which, the fair value is less than the cost basis; the financial health of, and business outlook for, the issuer, including industry and sector performance and operational and financing cash flow factors. Additionally, we consider our intent and ability to retain our investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Assessing the above factors involves inherent uncertainty. If a portion of the unrealized loss is due to credit losses or we do not have the intent or ability to retain our investment in the security, an impairment will be recorded in interest and marketable securities income, net. Impairments, if recorded, could be materially different from the actual market performance of marketable securities in our portfolio if, among other things, relevant information related to our investments was not publicly available or other factors not considered by us would have been relevant to the determination of impairment.

*Impairment of Long-Lived Assets*

We review our long-lived assets, such as property and equipment, operating lease right-of-use assets and acquired intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Events that would trigger an impairment review include a change in the use of the asset or forecasted negative cash flows related to the asset. When such events occur, we compare the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If this comparison indicates that impairment is present, the amount of the impairment is calculated as the difference between the carrying amount and the fair value of the asset. If a readily determinable market price does not exist, fair value is estimated using discounted expected cash flows attributable to the asset. The estimates required to apply this accounting policy include forecasted usage of the long-lived assets, the useful lives of these assets and expected future cash flows. Changes in these estimates could materially impact results from operations.

*Goodwill and Acquired Intangible Assets*

We test goodwill for impairment on an annual basis, as of December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have concluded that we have one reporting unit and that our chief operating decision maker is our chief executive officer and the executive management team. We have assigned the entire balance of goodwill to our one reporting unit. The fair value of the reporting unit was based on our market capitalization as of each of December 31, 2025 and 2024, and it was substantially in excess of the carrying value of the reporting unit at each date.

&nbsp;&nbsp;&nbsp;&nbsp;

Acquired intangible assets consist of completed technologies, customer relationships, trademarks and trade names, non-compete agreements and acquired license rights. We engage third party valuation specialists to assist us with the initial measurement of the fair value of acquired intangible assets. Fair value and amortization period determinations may be based on, among other factors, estimates of future expected cash flows, royalty cost savings and appropriate discount rates used in calculating present values. The value of our acquired intangible assets could be different if we had used different assumption. Acquired intangible assets, other than goodwill, are amortized over their estimated useful lives based upon the estimated

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economic value derived from the related intangible assets.

*Income Taxes*

&nbsp;&nbsp;&nbsp;&nbsp;Our provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated for the estimated future tax effects attributable to temporary differences and carryforwards by using expected tax rates in effect in the years during which the differences are expected to reverse or the carryforwards are expected to be realized.

We currently have net deferred tax assets, comprised of net operating loss ("NOL") carryforwards, tax credit carryforwards and deductible temporary differences. Our management periodically weighs the positive and negative evidence to determine if it is more-likely-than-not that some or all of the deferred tax assets will be realized. In determining our net deferred tax assets and valuation allowances, annualized effective tax rates and cash paid for income taxes, management is required to make judgments and estimates about domestic and foreign profitability, the timing and extent of the utilization of NOL carryforwards, applicable tax rates, transfer pricing methodologies and tax planning strategies. Judgments and estimates related to our projections and assumptions are inherently uncertain; therefore, actual results could differ materially from our projections.

We have recorded certain tax reserves to address potential exposures involving our income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. Our estimate of the value of our tax reserves contains assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be more or less than the amount that we estimated.

Uncertainty in income taxes is recognized in our consolidated financial statements using a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained based on technical merit, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that we believe has a greater than 50% likelihood of being realized upon ultimate settlement.

*Stock-Based Compensation*

We issue stock awards as part of our compensation program which includes restricted stock, restricted stock units, deferred stock units and employee stock purchases related to our employee stock purchase plan. For equity classified awards, we measure the fair value of these awards at the grant date and recognize such fair value as expense over the vesting period. For liability classified awards, the fair value is determined each reporting period beginning at the grant date until final vesting. We have selected the Black-Scholes option pricing model to determine the fair value of stock awards issued under our 1999 Employee Stock Purchase Plan and the Monte Carlo simulation model to determine the fair value of market-based restricted stock unit awards. Determining the fair value of stock-based awards at the grant date requires judgment, including estimating the expected life of the stock awards and the volatility of the underlying common stock. Our assumptions may differ from those used in prior periods. Changes to the assumptions may have an impact on the fair value of stock awards, which could have an impact on our financial statements. Judgment is also required in estimating the number of stock awards that are expected to be forfeited. Should our actual forfeiture rates differ significantly from our estimates, our stock-based compensation expense and results of operations could be materially impacted. In addition, for awards that vest and become exercisable only upon achievement of specified performance conditions, we make judgments and estimates each quarter about the probability that such performance conditions will be met or achieved. Changes to the estimates we make from time to time may have an impact on our stock-based compensation expense and our results of operations.

*Capitalized Internal-Use Software Costs*

We capitalize salaries and related costs, including stock-based compensation, of employees and consultants who devote time to the development of internal-use software development projects, as well as interest expense related to our outstanding debt. Capitalization begins during the application development stage, once the preliminary project stage has been completed. If a project constitutes an enhancement to previously-developed software, we assess whether the enhancement creates additional functionality to the software, thus qualifying the work incurred for capitalization. Once the project is available for general release, capitalization ceases and we estimate the useful life of the asset and begin amortization. We periodically assess whether triggering events are present to review internal-use software for impairment. Changes in our estimates related to internal-use software would increase or decrease operating expenses or amortization recorded during the period.

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**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Risk**

Our portfolio of cash equivalents and short- and long-term investments is maintained in a variety of securities that are detailed in Note 3 to the consolidated financial statements included elsewhere in this annual report on Form 10-K. The majority of our investments are classified as available-for-sale securities and carried at fair market value with cumulative unrealized gains or losses recorded as a component of accumulated other comprehensive loss within stockholders' equity. A sharp rise in interest rates could have an adverse impact on the fair market value of certain securities in our portfolio. We do not currently hedge our interest rate exposure and do not enter into financial instruments for trading or speculative purposes. 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, 2025 levels, the fair value of our available-for-sale portfolio would decline by approximately $14.2 million.

As of December 31, 2025, we had $4,140.0 million in aggregate principal amount of convertible senior notes outstanding that are senior unsecured obligations with fixed annual interest rates. The terms of the notes are discussed more fully in Note 11 to our consolidated financial statements included elsewhere in this annual report on Form 10-K. Due to the fixed annual interest rate, these notes do not give rise to financial or economic interest exposure associated with changes in interest rates. However, the fair value of fixed rate debt instruments fluctuates when interest rates change. Additionally, the fair value can be affected when the market price of our common stock fluctuates. We carry the notes at face value less an unamortized discount on our consolidated balance sheet, and we present the fair value for required disclosure purposes only.

Our exposure to risk for changes in interest rates relates primarily to any borrowings under our credit agreements, which have variable rates of interest. There were no outstanding borrowings under the 2025 Credit Agreement or 2022 Credit Agreement as of December 31, 2025.

**Foreign Currency Risk**

Growth in our international operations will incrementally increase our exposure to foreign currency fluctuations as well as other risks typical of international operations that could impact our business, including, but not limited to, differing economic conditions, changes in political climate, differing tax structures and other regulations and restrictions. 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.

*Transaction Exposure*

Foreign exchange rate fluctuations may adversely impact our consolidated results of operations as exchange rate fluctuations on transactions denominated in currencies other than functional currencies result in gains and losses that are reflected in our consolidated statements of income. We enter into short-term foreign currency forward contracts to offset foreign exchange gains and losses generated by the re-measurement of certain assets and liabilities recorded in non-functional currencies. Changes in the fair value of these derivatives, as well as re-measurement gains and losses, are recognized in our consolidated statements of income within other expense, net. Foreign currency transaction gains and losses from these forward contracts were determined to be immaterial during the years ended December 31, 2025, 2024 and 2023. We do not enter into derivative financial instruments for trading or speculative purposes.

*Translation Exposure*

To the extent the U.S. dollar weakens against foreign currencies, the translation of these foreign currency-denominated transactions will result in increased revenue and operating expenses. Conversely, our revenue and operating expenses will decrease when the U.S. dollar strengthens against foreign currencies. A hypothetical 10% strengthening or weakening in the value of the U.S. dollar relative to the foreign currencies in which our revenues and expenses are denominated would not result in a material impact to our consolidated financial statements.

Foreign exchange rate fluctuations may also adversely impact our consolidated financial condition as the assets and liabilities of our international operations are translated into U.S. dollars in preparing our consolidated balance sheet. These gains or losses are recorded as a component of accumulated other comprehensive loss within stockholders' equity.

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**Credit Risk**

Concentrations of credit risk with respect to accounts receivable are limited to certain customers to which we make substantial sales. Our customer base consists of a large number of geographically dispersed customers diversified across numerous industries. We believe that our accounts receivable credit risk exposure is limited. As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable. As of December 31, 2024, no customer had an accounts receivable balance greater than 10% of total accounts receivable. We believe that at December 31, 2025, the concentration of credit risk related to accounts receivable was insignificant.

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**Item 8. Financial Statements and Supplementary Data**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of Akamai Technologies, Inc.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated balance sheets of Akamai Technologies, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 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, 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, 2025, based on criteria established in *Internal Control - Integrated 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 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, 2025, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. 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 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.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) 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 matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Revenue Recognition*

As described in Notes 2 and 16 to the consolidated financial statements, the Company's total revenue was $4.208 billion for the year ended December 31, 2025. The Company primarily derives revenue from the sale of services to customers executing contracts having terms of one year or longer. 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. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration the Company expects to receive in exchange for those 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. Accordingly, revenue for those services is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at a point in time of delivery or satisfaction of the performance obligation.

The principal considerations for our determination that performing procedures relating to revenue recognition is a critical audit matter are a high degree of auditor effort involved in performing procedures and evaluating audit evidence related to the Company's revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to revenue recognition, including controls over the recording of revenue at the amount of consideration the Company expects to receive as the promised services are delivered to the customer. 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, 2025, and for confirmations not returned, obtaining and inspecting source documents, such as executed contracts, invoices, delivery documents, and subsequent cash receipts.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 20, 2026

We have served as the Company's auditor since 1998.

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
| *(in thousands, except share data)* | December 31, 2025 | December 31, 2024 |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $930231 | $517707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 256302 | 1078876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of reserves of $7,706 and $3,522 at December 31, 2025 and 2024, respectively | 793666 | 727687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 306481 | 253827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2286680 | 2578097 |
| Marketable securities | 733228 | 275592 |
| Property and equipment, net | 2333462 | 1995071 |
| Operating lease right-of-use assets | 1469700 | 1006738 |
| Acquired intangible assets, net | 614542 | 727585 |
| Goodwill | 3206525 | 3151077 |
| Deferred income tax assets | 622776 | 483249 |
| Other assets | 212730 | 151376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11479643 | $10368785 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $125054 | $130447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 319622 | 370888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 151186 | 149222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes |  | 1149116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 336613 | 259134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 35043 | 32516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 967518 | 2091323 |
| Deferred revenue | 17088 | 26314 |
| Deferred income tax liabilities | 31089 | 16066 |
| Convertible senior notes | 4105355 | 2396695 |
| Operating lease liabilities | 1233420 | 829660 |
| Other liabilities | 147802 | 130370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 6502272 | 5490428 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 5,000,000 shares authorized; 700,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 700,000,000 shares authorized; 149,711,094 shares issued and 144,711,094 shares outstanding at December 31, 2025, and 155,647,988 shares issued and 150,025,096 outstanding at December 31, 2024  | 1497 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2080487 | 2618384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (94756) | (155993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 5,000,000 shares at December 31, 2025, and 5,622,892 shares at December 31, 2024 | (434786) | (558488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3424929 | 2972898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 4977371 | 4878357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $11479643 | $10368785 |

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*The accompanying notes are an integral part of the consolidated financial statements.*

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF INCOME**

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| | | | |
|:---|:---|:---|:---|
| *(in thousands, except per share data)* | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands, except per share data)* | 2025 | 2024 | 2023 |
| Revenue | $4208175 | $3991168 | $3811920 |
| Costs and operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue (exclusive of amortization of acquired intangible assets shown below) | 1727513 | 1620793 | 1511063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 513560 | 470876 | 406048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 574302 | 556781 | 533226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 656739 | 621785 | 600851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 111066 | 92081 | 66751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charge | 58051 | 95441 | 56643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and operating expenses | 3641231 | 3457757 | 3174582 |
| Income from operations | 566944 | 533411 | 637338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and marketable securities income, net | 70808 | 100280 | 45194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (30759) | (27117) | (17709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (4588) | (19561) | (12296) |
| Income before provision for income taxes | 602405 | 587013 | 652527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (150374) | (82095) | (106373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain from equity method investment |  |  | 1475 |
| Net income | $452031 | $504918 | $547629 |
| Net income per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.11 | $3.34 | $3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.07 | $3.27 | $3.52 |
| Shares used in per share calculations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 145402 | 151392 | 152510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 147023 | 154346 | 155397 |

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*The accompanying notes are an integral part of the consolidated financial statements.*

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

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| | | | |
|:---|:---|:---|:---|
| | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Net income | $452031 | $504918 | $547629 |
| Other comprehensive gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 59563 | (59064) | 18439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain (loss) on investments, net of income tax (expense) benefit of $(522), $515 and $(8562) for the years ended December 31, 2025, 2024 and 2023, respectively | 1674 | (1599) | 26563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive gain (loss) | 61237 | (60663) | 45002 |
| Comprehensive income | $513268 | $444255 | $592631 |

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*The accompanying notes are an integral part of the consolidated financial statements.*

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Cash flows from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $452031 | $504918 | $547629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 708611 | 648410 | 570776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 459402 | 393378 | 328467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 26653 | (70268) | (22987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 7053 | 6521 | 5341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on investments | (9370) | 5066 | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash reconciling items, net | 47462 | 65488 | 50221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects of acquisitions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (59437) | (22300) | (49203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (43749) | (46094) | (18726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (48577) | 344 | (39825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (13054) | 20687 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 965 | 26860 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets and liabilities | (9225) | (13839) | (24507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1518765 | 1519171 | 1348439 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for business acquisitions, net of cash acquired | (55112) | (434066) | (106171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for asset acquisitions | (29930) | (132835) | (120985) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (507786) | (390433) | (457909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of internal-use software development costs | (311714) | (294834) | (272131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of short- and long-term marketable securities | (964590) | (236176) | (1461890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of short- and long-term marketable securities | 273375 | 333069 | 201585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities and redemptions of short- and long-term marketable securities | 1060308 | 352623 | 375332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (5294) | 3973 | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (540743) | (798679) | (1848238) |

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS, continued**

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| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | For the Years Ended December 31, | For the Years Ended December 31, | For the Years Ended December 31, |
| *(in thousands)* | 2025 | 2024 | 2023 |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings under revolving credit facility | 250000 |  | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of borrowings under revolving credit facility | (250000) |  | (90000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of convertible senior notes, net of issuance costs | 1701202 |  | 1247388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of warrants related to convertible senior notes | 330855 |  | 90195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of note hedges related to convertible senior notes | (605820) |  | (236555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible senior notes | (1149992) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds related to the issuance of common stock under stock plans | 62450 | 61513 | 62979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee taxes paid related to net share settlement of stock awards | (123770) | (173176) | (66222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (799963) | (557468) | (654046) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (2998) | (10504) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (588036) | (679635) | 443379 |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | 22238 | (12243) | 3868 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 412224 | 28614 | (52552) |
| Cash, cash equivalents and restricted cash at beginning of year | 519084 | 490470 | 543022 |
| Cash, cash equivalents and restricted cash at end of year | $931308 | $519084 | $490470 |
| Supplemental disclosure of cash flow information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest expense | 23293 | 20420 | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for operating lease liabilities | 329674 | 288067 | 257961 |
| Non-cash activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 742969 | 356912 | 333590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment and capitalization of internal-use software development costs included in accounts payable and accrued expenses | 55479 | 55515 | 65048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of stock-based compensation | 126046 | 107488 | 83676 |
| Reconciliation of cash, cash equivalents and restricted cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $930231 | $517707 | $489468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 1077 | 1377 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $931308 | $519084 | $490470 |

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*The accompanying notes are an integral part of the consolidated financial statements.*

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | Common Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders' Equity |
| *(in thousands, except share data)* | Shares | Amount | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders' Equity |
| Balance at January 1, 2023 | 156494816 | $1565 | $2578603 | $— | $(140332) | $1920351 | $4360187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon the exercise of stock options and vesting of restricted and deferred stock units, net of shares withheld for employee taxes | 1743329 | 17 | (69621) |  |  |  | (69604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan | 796541 | 8 | 62357 |  |  |  | 62365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 398495 |  |  |  | 398495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of warrants related to convertible senior notes |  |  | 90195 |  |  |  | 90195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of note hedge related to convertible senior notes, net of deferred taxes of $57,628 |  |  | (178927) |  |  |  | (178927) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (7801778) |  |  | (658187) |  |  | (658187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock retirement |  | (78) | (658109) | 658187 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 547629 | 547629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  | 18439 |  | 18439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain on investments, net of tax |  |  |  |  | 26563 |  | 26563 |
| Balance at December 31, 2023 | 151232908 | $1512 | $2222993 | $— | $(95330) | $2467980 | $4597155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes | 3627278 | 36 | (172560) |  |  |  | (172524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan | 787802 | 8 | 61123 |  |  |  | 61131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 506828 |  |  |  | 506828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (5622892) |  |  | (558488) |  |  | (558488) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 504918 | 504918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  | (59064) |  | (59064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized loss on investments, net of tax |  |  |  |  | (1599) |  | (1599) |
| Balance at December 31, 2024 | 150025096 | 1556 | 2618384 | (558488) | (155993) | 2972898 | 4878357 |

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**AKAMAI TECHNOLOGIES, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, continued**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | Common Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders' Equity |
| *(in thousands, except share data)* | Shares | Amount | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Stockholders' Equity |
| Balance at December 31, 2024 | 150025096 | 1556 | 2618384 | (558488) | (155993) | 2972898 | 4878357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon the vesting of restricted and deferred stock units, net of shares withheld for employee taxes | 3405612 | 35 | (123812) |  |  |  | (123777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under employee stock purchase plan | 965639 | 9 | 62313 |  |  |  | 62322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation |  |  | 545322 |  |  |  | 545322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of warrants related to convertible senior notes |  |  | 330855 |  |  |  | 330855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of note hedge related to convertible senior notes, net of deferred taxes of $149,509 |  |  | (456311) |  |  |  | (456311) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (10028703) |  |  | (804077) |  |  | (804077) |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-issuance of treasury stock for 401(k) employer match | 343450 |  |  | 31412 |  |  | 31412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock retirement |  | (103) | (896264) | 896367 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  | 452031 | 452031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  | 59563 |  | 59563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gain on investments, net of tax |  |  |  |  | 1674 |  | 1674 |
| Balance at December 31, 2025 | 144711094 | $1497 | $2080487 | $(434786) | $(94756) | $3424929 | $4977371 |

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*The accompanying notes are an integral part of the consolidated financial statements.*

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**AKAMAI TECHNOLOGIES, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Nature of Business and Basis of Presentation**

Akamai Technologies, Inc. (the "Company") develops and provides solutions for global enterprises to build, secure and accelerate their applications and digital experiences. Its massively distributed global infrastructure is comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities. The Company was incorporated in Delaware in 1998 and is headquartered in Cambridge, Massachusetts. The Company is currently organized and operates as one operating and reportable segment.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in the accompanying consolidated financial statements.

**2. Summary of Significant Accounting Policies**

*Use of Estimates*

The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the amounts disclosed in the related notes to the consolidated financial statements. Actual results and outcomes may differ materially from management's estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, valuation and impairment of investments and marketable securities, valuation and amortization periods of acquired intangible assets, useful lives and realizability of long-lived assets, capitalized internal-use software development costs, income tax reserves and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate.

*Cash, Cash Equivalents and Marketable Securities*

Cash and cash equivalents consist of cash held in bank deposit accounts and short-term, highly-liquid investments with remaining maturities of three months or less at the date of purchase. Marketable securities consist of corporate, government and other securities. Securities having remaining maturities of less than one year from the date of the balance sheet are classified as short-term, and those with maturities of more than one year from the date of the balance sheet are classified as long-term in the consolidated balance sheets.

The Company classifies its fixed income securities with readily determinable fair values as available-for-sale. These investments are classified as marketable securities on the consolidated balance sheets and are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive loss, a separate component of stockholders' equity.

Available-for-sale securities are evaluated for impairment when the fair value declines below the cost basis. The Company periodically evaluates whether the decline is due to credit losses by considering available evidence regarding these investments including, among other factors, the extent to which, the fair value is less than the cost basis; the financial health of, and business outlook for, the issuer, including industry and sector performance and operational and financing cash flow factors. Additionally, the Company considers its intent and ability to retain its investment in the security for a period of time sufficient to allow for an anticipated recovery in market value. Assessing the above factors involves inherent uncertainty. If a portion of the unrealized loss is due to credit losses, or if the Company does not have the intent or ability to retain its investment in the security, an impairment will be recorded in interest and marketable securities income, net. Impairments, if recorded, could materially differ from the actual market performance of marketable securities in the Company's portfolio if, among other things, relevant information related to the Company's investments was not publicly available, or other factors not considered by the Company would have been relevant to the determination of impairment.

*Accounts Receivable and Related Reserves*

The Company's accounts receivable balance includes unbilled amounts that represent revenue recorded for customers that are typically billed monthly in arrears. The Company records reserves against its accounts receivable balance which primarily

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consists of allowances for current expected credit losses. Increases and decreases in the allowance for current expected credit losses are included as a component of general and administrative expense in the consolidated statements of income. The allowance for current expected credit losses has been developed using historical loss rates for the previous twelve months as well as expectations about the future where the Company has been able to develop forecasts to support its estimates. In addition, the allowance considers outstanding balances on a customer-specific, account-by-account basis. The Company assesses collectibility based upon a review of customer receivables from prior sales with collection issues where the Company no longer believes that the customer has the ability to pay for services previously provided. The Company also performs ongoing credit evaluations of its customers. If such an evaluation indicates that payment is no longer reasonably assured for services provided, any future services provided to that customer will result in the creation of a cash-basis reserve until the Company receives consistent payments. The Company does not have any off-balance sheet credit exposure related to its customers.

*Incremental Costs to Obtain a Contract with a Customer*

The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission and incentive payments. The Company pays commissions and incentives up-front based on contract value upon signing a new arrangement with a customer and upon renewal and upgrades of existing contracts with customers if the renewal and upgrades result in a net incremental increase in contract value. To the extent commissions and incentives are earned, the expenses, including estimated payroll taxes, are deferred on the Company's consolidated balance sheet and amortized over the expected life of the customer arrangement on a straight-line basis. Based on the nature of the Company's unique technology and services, and the rate at which the Company continually enhances and updates its technology, the expected life of the customer arrangement is determined to be approximately four years. Additionally, the Company may pay commissions and incentives based upon contract value, rather than net incremental increase in contract value, to certain sales groups within the Company. For these commission arrangements, the Company amortizes capitalized costs for contract renewals over an average renewal contract period. The Company also incurs commission expense on an ongoing basis based upon revenue recognized. In these cases, no costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized.

Amortization of the costs is primarily included in sales and marketing expense in the consolidated statements of income. The current portion of deferred commission and incentive payments is included in prepaid expenses and other current assets, and the long-term portion is included in other assets on the Company's consolidated balance sheets.

*Concentrations of Credit Risk*

The amounts reflected in the consolidated balance sheets for accounts receivable, other current assets, accounts payable, accrued liabilities and other current liabilities approximate fair values due to their short-term maturities. The Company maintains the majority of its cash, cash equivalents and marketable securities with major financial institutions that the Company believes to be of high credit standing. The Company believes that, as of December 31, 2025, its concentration of credit risk related to cash equivalents and marketable securities was not significant.

Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company's customer base consists of a large number of geographically-dispersed customers diversified across several industries. To reduce risk, the Company routinely assesses the financial strength of its customers. Based on such assessments, the Company believes that its accounts receivable credit risk exposure is limited. For the years ended December 31, 2025, 2024 and 2023, no customer accounted for more than 10% of total revenue. As of December 31, 2025, there was one customer with an accounts receivable balance greater than 10% of total accounts receivable. As of December 31, 2024, no customer had an accounts receivable balance greater than 10% of total accounts receivable. The Company believes that, as of December 31, 2025 and 2024, its concentration of credit risk related to accounts receivable was not significant.

*Fair Value of Financial Instruments*

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. When the Company has certain financial assets and liabilities recorded at fair value, principally cash equivalents and short- and long-term marketable securities, they are classified as Level 1, 2 or 3 within the fair value hierarchy. Fair values determined by Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or

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identical assets in an inactive market). Fair values determined by Level 3 inputs are based on unobservable data points for the asset or liability.

*Property and Equipment*

Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally include purchases of items with a per-unit value greater than $1,000 and an estimated useful life greater than one year. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the related lease terms or their estimated useful lives.

The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in income from operations. Repairs and maintenance costs are expensed as incurred.

*Operating Leases*

The Company enters into operating leases for real estate assets related to office space and co-location assets related to space or racks at co-location facilities and related equipment for its servers and other networking equipment. The Company determines if an arrangement contains a lease at the inception of a contract by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration and the right to obtain the economic benefits from the use of the identified asset.

Upon commencement of a lease, the Company records a right-of-use asset that represents the Company's right to use the underlying asset for the lease term and a lease liability that represents an obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments are discounted at the lease commencement date. As the implicit rates in the Company's leases are not readily determinable, an incremental borrowing rate has been applied based on the Company's credit-adjusted risk-free rate.

The Company often enters into contracts that contain both lease and non-lease components. Real estate non-lease components include real estate taxes, insurance, maintenance, parking and other operating costs. Co-location non-lease components include utilities and other operating costs. The Company accounts for both lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, primarily utilities based on actual usage, common area maintenance and real estate taxes, are not included in the measurement of right-of-use assets and lease liabilities but are expensed when the event determining the amount of variable consideration to be paid occurs.

The Company's lease terms often include renewal options and, particularly in the case of co-location arrangements, may include evergreen provisions. The Company's right-of-use assets and lease liabilities generally do not include the options to extend, or terminate, unless it is reasonably certain that the Company will exercise these options. The Company has elected to exclude leases for certain networking equipment and leases assumed through acquisitions with terms of 12 months or less from its right-of-use assets and lease liabilities on its consolidated balance sheets.

Lease expense is recognized on a straight-line basis over the expected lease term. Reductions in right-of-use assets and changes in lease liabilities are presented on a net basis within other non-current assets and liabilities within the operating section of the Company's consolidated statement of cash flows.

*Cost Method Investments*

The Company accounts for its cost method investments at cost, less impairment, and adjusts for subsequent observable price changes. The Company's cost method investments consist primarily of equity securities of companies which do not have readily determinable fair values, and in which the Company does not have the ability to exercise significant influence over the companies' operations. As of December 31, 2025 and 2024, the carrying amount of the Company's cost method investments was $31.7 million and $20.5 million, respectively, and are included in other assets in the consolidated balance sheets. During the years ended December 31, 2025, 2024 and 2023, the Company recorded a gain, net of impairments, of $9.4 million, an impairment of $5.1 million and a gain of $0.3 million, respectively, included in other expense, net within the Company's consolidated statements of income.

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*Equity Method Investments*

The Company accounts for equity investments in which it has significant influence, but not a controlling financial interest, using the equity method of accounting. Under the equity method of accounting, investments are initially recorded at cost, less impairment, and subsequently adjusted to recognize the Company's share of earnings or losses.

The Company and Mitsubishi UFJ Financial Group ("MUFG") established Global Open Network, Inc. ("GO-NET") as a joint venture. The Company's 20% stake in GO-NET was accounted for using the equity method. In 2022, MUFG announced its intention to suspend operations and liquidate GO-NET. The liquidation was finalized in 2023 resulting in no material impact to the Company's consolidated financial statements.

*Goodwill, Acquired Intangible Assets and Long-Lived Assets*

Goodwill is the amount by which the cost of acquired net assets in a business combination exceeds the fair value of the net identifiable assets on the date of purchase and is carried at its historical cost. The Company tests goodwill for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its impairment test of goodwill as of December 31 each year. As of December 31, 2025, 2024 and 2023, the Company concluded that it has one reporting unit and that its chief operating decision maker is its chief executive officer and the executive management team. The Company has assigned the entire balance of goodwill to one reporting unit. The fair value of the reporting unit was based on the Company's market capitalization as of each of December 31, 2025 and 2024, and it was substantially in excess of the carrying value of the reporting unit at each date.

Acquired intangible assets consist of completed technologies, customer-related intangible assets, trademarks and trade names and acquired license rights. Acquired intangible assets, other than goodwill, are amortized over their estimated useful lives based upon the estimated economic value derived from the related intangible asset. Significant judgment is used in determining fair values of acquired intangibles assets and their estimated useful lives. Fair value and useful life determinations may be based on, among other factors, estimates of future expected cash flows, royalty cost savings and appropriate discount rates used in calculating present values.

Long-lived assets, including property and equipment, operating lease right-of-use assets and acquired intangible assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in the Company's market capitalization, facility closures or work-force reductions indicate that the carrying amount of the long-lived asset may not be recoverable. When such events occur, the Company compares the carrying amount of the asset to the undiscounted expected future cash flows related to the asset. If this comparison indicates that an impairment is present, the amount of the impairment is calculated as the difference between the carrying amount and the fair value of the asset.

*Contract Liabilities*

*&nbsp;&nbsp;&nbsp;&nbsp;*

Contract liabilities primarily represent payments received from customers for which the related performance obligations have not yet been satisfied. These balances consist of the unearned portion of monthly service fees and integration fees and prepayments made by customers for future periods. The current and long-term portions of the Company's contract liabilities are included in deferred revenue in the respective sections of the Company's consolidated balance sheets.

*Revenue Recognition*

The Company primarily derives revenue from the sale of services to customers executing contracts having terms of one year or longer. 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. Revenue is recognized upon transfer of control of promised services in an amount that reflects the consideration the Company expects to receive in exchange for those services.

&nbsp;&nbsp;&nbsp;&nbsp;

The Company enters into contracts that may include various combinations of these services, which are generally capable of being distinct and accounted for as separate performance obligations. These contracts generally commit the customer to a minimum of monthly, quarterly or annual levels of usage and specify the rate at which the customer must pay for actual usage above the stated minimum. Based on the typical structure of the Company's contracts, which are generally for monthly recurring services that are essentially the same over time and have the same pattern of transfer to the customer, most performance obligations represent a promise to deliver a series of distinct services over time.

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The Company's contracts with customers sometimes include promises to deliver multiple services to a customer. Determining whether services are distinct performance obligations often requires the exercise of judgment by management. For example, advanced features that enhance a service and are highly interrelated are generally not considered distinct; rather, they are combined with the service they relate to into one performance obligation. Different determinations related to combining services into performance obligations could result in differences in the timing and amount of revenue recognized in a period.

Generally, the transaction price in a contract is equal to the committed price stated in the contract, less any discounts or rebates. The Company's typical contracts qualify for series accounting, and the pricing terms generally do not require estimation of the transaction price beyond the reporting period. As a result, any incremental fees generated as a result of usage or "bursting" over committed contract levels are recorded in the period to which the services relate. The amount of consideration recognized for usage above contract minimums is limited to the amount the Company expects to be entitled to receive in exchange for providing the services. Once the transaction price has been determined, the Company allocates such price among all performance obligations in the contract on a relative standalone selling price ("SSP") basis.

Determination of SSP requires the exercise of judgment by management. SSP is based on observable inputs such as the price the Company charges for the service when sold separately or the discounted list price per management's approved price list. In cases where services are not sold separately or price list rates are not available, a cost-plus-margin approach or adjusted market approach is used to determine SSP.

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. Accordingly, revenue for those services is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any bursting over given commitments is recognized in the period in which the usage was served. For services that involve traffic consumption, revenue is recognized in an amount that reflects the level of traffic served to a customer in a given period. For custom arrangements, other methods may be used as a measure of progress towards satisfying the performance obligations.

A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at the point in time of delivery or satisfaction of the performance obligation.

From time to time, the Company enters into contracts to sell its services or license its technology to unrelated enterprises at or about the same time that it enters into contracts to purchase products or services from the same enterprises. Consideration payable to a customer is reviewed as part of the transaction price. If the payment to the customer does not represent payment for a distinct service, revenue is recognized only up to the net amount of consideration after customer payment obligations are considered. The Company may also resell the licenses or services of third parties. If the Company is acting as an agent in an arrangement with a customer to provide third party services, the transaction price reflects only the net amount to which the Company will be entitled, after accounting for payments made to the third party responsible for satisfying the performance obligation.

*Cost of Revenue*

Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as co-location costs. Cost of revenue also includes employee costs for services delivery and network operation, build-out and support of the Company's network; network build-out and supporting service costs, including network storage costs, cost of software licenses and partner program costs; depreciation of network equipment used to deliver the Company's services; and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms typically ranging from several months to two years. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. In some circumstances, internet service providers ("ISPs") make rack space available for the Company to locate its servers and provide access to their bandwidth at a discount or no cost. Although the Company does not provide any goods or services to the ISPs or the ISPs' customers under these arrangements, the ISPs and their customers indirectly benefit by accessing content through a local Company server, resulting in better content delivery. The Company records the cost of these vendor relationships at their negotiated transaction price, which is either at a discount or no cost.

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*Research and Development Costs and Capitalized Internal-Use Software*

Research and development costs consist primarily of payroll and related personnel costs for the design, development, deployment, testing and enhancement of the Company's solutions and global network. Costs incurred in the development of the Company's services are expensed as incurred, except certain internal-use software development costs eligible for capitalization.

Capitalized costs include external consulting fees, payroll and payroll-related costs and stock-based compensation for employees in the Company's engineering, research and development and information technology groups who are directly associated with, and who devote time to, the Company's internal-use software projects. Capitalization begins when the planning stage is complete and the Company commits resources to the software project; capitalization continues during the application development stage. Capitalization ceases when the software has been tested and is ready for its intended use. Costs incurred during the planning, training and post-implementation stages of the software development life-cycle are expensed as incurred. The Company amortizes completed internal-use software that is used on its network to cost of revenue over its estimated useful life.

*Restructuring Charges*

The Company classifies certain expenses as restructuring charges that result from programs that have significantly changed either the scope of the business undertaken by management or the manner in which that business is conducted. These charges include employee severance and related expenses for workforce reductions, impairments of long-lived assets that will no longer be used in operations (including acquired intangible assets, operating lease right-of-use assets, other facility-related property and equipment and internal-use software) and termination fees for any contracts cancelled as part of these programs.

Employee severance and related expenses are recognized when the action giving rise to the expense is probable. Employee severance and related expenses are based upon contractual severance plans.

*Stock-Based Compensation*

The Company issues various forms of stock-based compensation, which includes restricted stock, restricted stock units and deferred stock units, and has an employee stock purchase plan (collectively referred to as "stock awards"). The Company's stock awards are classified as equity and the fair value is determined at the time of grant, unless the number of shares to be granted is unknown. Stock awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares are known, at which time the stock awards are re-classified to equity. For liability-classified awards, the fair value is determined each reporting period beginning at the grant date until final vesting.

The Company has selected the Black-Scholes option-pricing model to determine the fair value of stock awards issued under the Company's 1999 Employee Stock Purchase Plan ("1999 ESPP"). For stock awards with market-based vesting conditions, the Company uses a Monte Carlo simulation to determine the fair value of the award. For stock awards that contain only a service-based vesting feature, the Company recognizes compensation cost on a straight-line basis over the award's vesting period. For awards with a performance-based vesting condition feature, the Company recognizes compensation cost on a graded-vesting basis over the award's expected vesting period, commencing when achievement of the performance condition is deemed probable. In addition, for awards that vest and become exercisable only upon achievement of specified performance conditions, the Company makes judgments and estimates each quarter about the probability that such performance conditions will be met or achieved.

The Company excludes from stock-based compensation the fair value of stock awards it estimates will be forfeited. Forfeitures are estimated using historical forfeiture rates, adjusted for any non-recurring one-time events, and are revised in subsequent periods if actual forfeitures differ from those estimates.

*Foreign Currency Translation and Forward Currency Contracts*

The assets and liabilities of the Company's subsidiaries are translated at the applicable exchange rate as of the balance sheet date, and revenue and expenses are translated at an average rate over the period. Resulting currency translation adjustments are recorded as a component of accumulated other comprehensive loss, a separate component of stockholders' equity. Gains and losses on inter-company and other non-functional currency transactions are recorded in other expense, net.

The Company enters into short-term foreign currency forward contracts to offset foreign exchange gains and losses generated by the re-measurement of certain assets and liabilities recorded in non-functional currencies. Changes in the fair

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value of these derivatives, as well as re-measurement gains and losses, are recognized in current earnings in other expense, net. As of December 31, 2025 and 2024, the fair value of the forward currency contracts and the underlying gains and losses for the years ended December 31, 2025, 2024 and 2023 were immaterial.

The Company's foreign currency forward contracts may be exposed to credit risk to the extent that its counterparties are unable to meet the terms of the agreements. The Company seeks to minimize counterparty credit (or repayment) risk by entering into transactions only with major financial institutions of investment grade credit rating.

*Income Taxes*

The Company's provision for income taxes is comprised of a current and a deferred portion. The current income tax provision is calculated as the estimated taxes payable or refundable on tax returns for the current year. The deferred income tax provision is calculated as the estimated future tax effects attributable to temporary differences and carryforwards using expected tax rates in effect in the years during which the differences are expected to reverse or the carryforwards are expected to be realized.

&nbsp;&nbsp;&nbsp;&nbsp;The Company currently has net deferred tax assets consisting of net operating loss ("NOL") carryforwards, tax credit carryforwards and deductible temporary differences. Management periodically weighs the positive and negative evidence to determine if it is more-likely-than-not that some or all of the deferred tax assets will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;The Company has recorded certain tax reserves to address potential exposures involving its income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations and interpretations by different taxing jurisdictions. The Company's estimate of the value of its tax reserves contains assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be more or less than the amount the Company estimated.

&nbsp;&nbsp;&nbsp;&nbsp;Uncertainty in income taxes is recognized in the Company's consolidated financial statements using a two-step process. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed more-likely-than-not to be sustained based on technical merit, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.

*Recently Adopted Accounting Pronouncements*

For the annual period ending December 31, 2025, the Company adopted guidance issued by the Financial Accounting Standards Board ("FASB") to improve income tax disclosures, primarily through enhanced disclosures of the effective tax rate and cash paid for income taxes, in addition to the modification or elimination of other disclosures, on a retrospective basis. Other than additional required disclosures, adoption of the standard did not have an impact on the Company's consolidated financial statements.

*Recent Accounting Pronouncements*

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. This guidance will be effective for the Company on January 1, 2028, and is to be applied prospectively, modified prospectively or retrospectively. 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.

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In November 2024, the FASB issued guidance to enhance income statement disclosures through additional disclosures of specified information about certain costs and expenses. This guidance will be effective for the Company's annual period ending December 31, 2027 and interim periods beginning on January 1, 2028, and is to be applied prospectively with the option to adopt retrospectively. The Company is evaluating the impact the update will have on its disclosures.

**3. Investments and Fair Value Measurements**

Available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Gross Unrealized | Gross Unrealized | Aggregate<br>Fair Value | Classification on Balance Sheet | Classification on Balance Sheet |
| | Amortized Cost | | | Aggregate<br>Fair Value | Short-Term<br>Marketable<br>Securities | Long-Term<br>Marketable<br>Securities |
| <u>As of December 31, 2025</u> | Amortized Cost | Gains | Losses | Aggregate<br>Fair Value | Short-Term<br>Marketable<br>Securities | Long-Term<br>Marketable<br>Securities |
| &nbsp;&nbsp;Time deposits | $31035 | $— | $— | $31035 | $31035 | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds | 920142 | 3921 | (127) | 923936 | 217139 | 706797 |
|  | $951177 | $3921 | $(127) | $954971 | $248174 | $706797 |
| <u>As of December 31, 2024</u> |  |  |  |  |  |  |
| &nbsp;&nbsp;Time deposits | $11330 | $— | $— | $11330 | $11330 | $— |
| &nbsp;&nbsp;&nbsp;Corporate bonds | 1003915 | 1369 | (307) | 1004977 | 808800 | 196177 |
| &nbsp;&nbsp;&nbsp;U.S. government agency obligations | 303816 | 567 | (36) | 304347 | 249318 | 55029 |
|  | $1319061 | $1936 | $(343) | $1320654 | $1069448 | $251206 |

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The Company holds money market funds and mutual funds, which are classified as equity securities. These securities are not included in the available-for-sale securities table above, but are included in marketable securities in the consolidated balance sheets.

Unrealized gains and unrealized losses on investments classified as available-for-sale are included within accumulated other comprehensive loss in the consolidated balance sheets. Upon realization, those amounts are reclassified from accumulated other comprehensive loss to interest and marketable securities income, net in the consolidated statements of income. As of December 31, 2025, the Company did not hold any available-for-sale marketable securities in a continuous unrealized loss position for more than 12 months.

Contractual maturities of the Company's available-for-sale marketable securities held as of December 31, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Due in 1 year or less | $248174 | $1069448 |
| Due after 1 year through 5 years | 706797 | 251206 |
|  | $954971 | $1320654 |

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*Fair Value Measurements*

The fair value measurements within the fair value hierarchy of the Company's financial assets as of December 31, 2025 and 2024 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | Total Fair Value | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using |
| | Total Fair Value | Level 1 | Level 2 |
| <u>As of December 31, 2025</u> |  |  |  |
| *Cash Equivalents and Marketable Securities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $409326 | $409326 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 103038 |  | 103038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | 34962 |  | 34962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 923936 |  | 923936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 28981 | 28981 |  |
|  | $1500243 | $438307 | $1061936 |
| <u>As of December 31, 2024</u> |  |  |  |
| *Cash Equivalents and Marketable Securities:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $163722 | $163722 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 64202 |  | 64202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | 1004977 |  | 1004977 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency obligations | 304347 |  | 304347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 26580 | 26580 |  |
|  | $1563828 | $190302 | $1373526 |

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As of December 31, 2025 and 2024, the fair value of the Company's financial assets were determined utilizing a Level 1 or Level 2 valuation. Level 1 valuations are based upon the market prices for such investments that are readily available in active markets and Level 2 valuations are based upon the available quoted prices for similar assets in active markets (or identical assets in an inactive market). The Company did not have any transfers of assets or liabilities between Level 1 or Level 2 of the fair value measurement hierarchy during the years ended December 31, 2025 and 2024.

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about the assumptions market participants would use to estimate the fair value of a financial instrument.

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**4. Accounts Receivable**

Net accounts receivable consisted of the following as of December 31, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Trade accounts receivable | $577914 | $508928 |
| Unbilled accounts receivable | 223458 | 222281 |
| Gross accounts receivable | 801372 | 731209 |
| Allowances for current expected credit losses and other reserves | (7706) | (3522) |
| Accounts receivable, net | $793666 | $727687 |

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A summary of activity in the accounts receivable allowance for current expected credit losses and other reserves for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Beginning balance | $3522 | $3469 | $5917 |
| Charges to income from operations | 16109 | 6954 | 13431 |
| Collections from customers previously reserved and other | (11925) | (6901) | (15879) |
| Ending balance | $7706 | $3522 | $3469 |

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Charges to income from operations primarily represents charges to provision for doubtful accounts for increases in the allowance for current expected credit losses.

**5. Prepaid Expenses and Other Current Assets**

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):

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| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Prepaid income taxes | $61399 | $36822 |
| Prepaid sales and other taxes | 48989 | 39069 |
| Prepaid software and related service costs | 33945 | 35490 |
| Deferred commissions | 69983 | 72391 |
| Other prepaid expenses | 32963 | 23604 |
| Other current assets | 59202 | 46451 |
| Total | $306481 | $253827 |

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*Incremental Costs to Obtain a Contract with a Customer*

Deferred costs associated with obtaining customer contracts, specifically commission and incentive payments, as of December 31, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Deferred costs included in prepaid expenses and other current assets | $69983 | $72391 |
| Deferred costs included in other assets | 92525 | 58996 |
| Total deferred costs | $162508 | $131387 |

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Information related to incremental costs to obtain a contract with a customer for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Amortization expense related to deferred costs | $64895 | $66366 | $50414 |
| Incremental costs capitalized | $90945 | $114238 | $70072 |

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Amortization expense related to deferred costs is primarily included in sales and marketing expense in the consolidated statements of income.

**6. Property and Equipment**

Property and equipment consisted of the following as of December 31, 2025 and 2024 (in thousands, except years):

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| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 | Estimated Useful Life<br>(in years) |
| Computer and networking equipment | $3058517 | $2665002 | 3-7 |
| Purchased software | 98119 | 88033 | 3-10 |
| Furniture and fixtures | 64923 | 63876 | 1-7 |
| Office equipment | 33000 | 36340 | 3-5 |
| Leasehold improvements | 198377 | 197663 | 1-15 |
| Internal-use software | 2501492 | 2103054 | 2-10 |
| Property and equipment, gross | 5954428 | 5153968 |  |
| Accumulated depreciation and amortization | (3620966) | (3158897) |  |
| Property and equipment, net | $2333462 | $1995071 |  |

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Depreciation and amortization expense on property and equipment and capitalized internal-use software for the years ended December 31, 2025, 2024 and 2023 was $597.5 million, $556.0 million and $504.0 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company capitalized $123.4 million, $105.3 million and $81.8 million, respectively, of stock-based compensation related to employees who developed and enhanced internal-use software applications.

During the years ended December 31, 2025 and 2024, the Company wrote off $143.5 million and $250.6 million, respectively, of property and equipment, gross, along with the associated accumulated depreciation and amortization. The write-offs were primarily related to computer and networking equipment and internal-use software no longer in use. These assets had been substantially depreciated and amortized. In addition, the Company recorded a restructuring charge of $9.4 million and $32.8 million during the years ended December 31, 2025 and 2024, respectively, related to the impairment of internal-use software and facility-related property and equipment.

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**7. Acquired Intangible Assets and Goodwill**

Acquired intangible assets that are subject to amortization consisted of the following as of December 31, 2025 and 2024 (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Gross<br>Carrying<br>Amount | Accumulated<br>Amortization | Net<br>Carrying<br>Amount | Gross<br>Carrying<br>Amount | Accumulated<br>Amortization | Net<br>Carrying<br>Amount |
| Completed technologies | $465832 | $(250436) | $215396 | $463766 | $(223480) | $240286 |
| Customer-related intangible assets | 725494 | (363724) | 361770 | 758817 | (313991) | 444826 |
| Trademarks and trade names | 15247 | (12080) | 3167 | 15318 | (10579) | 4739 |
| Acquired license rights | 44810 | (10601) | 34209 | 44810 | (7076) | 37734 |
| Total | $1251383 | $(636841) | $614542 | $1282711 | $(555126) | $727585 |

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Aggregate expense related to amortization of acquired intangible assets for the years ended December 31, 2025, 2024 and 2023 was $111.1 million, $92.1 million and $66.8 million, respectively. Based on the Company's acquired intangible assets as of December 31, 2025, aggregate expense related to amortization of acquired intangible assets is expected to be $100.2 million, $85.6 million, $79.0 million, $74.0 million and $66.7 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. The Company recorded restructuring charges related to the impairment of acquired completed technologies and customer-related intangible assets whose values were no longer supported by future cash flows of $22.2 million and $23.7 million for the years ended December 31, 2025 and 2024, respectively. There were no impairments for the year ended December 31, 2023.

The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Beginning balance | $3151077 | $2850470 |
| Acquisition of Fermyon Technologies, Inc. | 36008 |  |
| Acquisition of Noname Gate Ltd. |  | 312065 |
| Measurement period adjustments related to acquisitions completed in prior years | (996) | 18 |
| Foreign currency translation | 20436 | (11476) |
| Ending balance | $3206525 | $3151077 |

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**8. Acquisitions**

**Asset Acquisitions**

The Company acquired certain customer contracts from Edgio, Inc. ("Edgio"), Lumen Technologies, Inc. ("Lumen") and StackPath, LLC ("StackPath"), and certain of their affiliates. The acquisitions are intended to further strengthen the Company's existing delivery and security businesses by integrating the acquired customers onto its platform and offering them the Company's broader portfolio of services. Substantially all of the purchase price related to these acquisitions has been ascribed to customer-related acquired intangible assets.

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The following table summarizes the details of the asset acquisitions:

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| | | | |
|:---|:---|:---|:---|
| Asset Acquisition | Acquisition Date | Purchase Price <sup>(1)</sup><br>(in thousands) | Weighted Average Amortization Period<br>(in years) |
| Edgio | December 2024 | $158341 | 9.0 |
| Lumen | October 2023 | $79682 | 12.2 |
| StackPath | August 2023 | $51211 | 13.4 |

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(1) Includes capitalized transaction costs and a portion of the transition services agreement costs.

**Business Acquisitions**

Business acquisition-related costs were $3.2 million, $7.5 million and $2.7 million during the years ended December 31, 2025, 2024 and 2023, respectively, and are included in general and administrative expense in the consolidated statements of income. Pro forma results of operations for the acquisitions completed in the years ended December 31, 2025, 2024 and 2023 have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to the Company's consolidated financial results. Revenue and earnings of the acquired companies since the dates of the acquisitions are included in the Company's consolidated statements of income and are not presented separately because they are not material.

*Fermyon*

In November 2025, the Company acquired all the outstanding equity interests of Fermyon Technologies, Inc. ("Fermyon") for $56.6 million in cash, subject to post-closing adjustments. By acquiring Fermyon, a serverless WebAssembly company, the Company 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. The Company allocated $36.0 million of the purchase price to goodwill and $17.3 million to a completed technology identifiable intangible asset with a total weighted average amortization period of 9.1 years. The intangible asset is being amortized based upon the pattern in which the economic benefits of the intangible asset is being utilized. The value of the goodwill can be attributed to a number of business factors, including a trained technical workforce and revenue synergies expected to be realized. The Company expects that $16.9 million of the goodwill related to the acquisition of Fermyon will be deductible for tax purposes as a result of post-acquisition transactions. As of December 31, 2025, the purchase price allocation is preliminary, pending net working capital adjustments and the finalization of certain income tax matters.

*Noname Security*

In June 2024, the Company acquired all the outstanding equity interests of Noname Gate Ltd. ("Noname Security") for $451.5 million in cash. Noname Security is intended to expand the Company's existing application programming interface ("API") security offering by providing more flexible deployment options, extensive vendor integrations and enhanced attack analysis. The Company believes this acquisition will accelerate its ability to meet increasing customer and market demand. The Company finalized its allocation of the purchase price in the second quarter of 2025.

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The allocation of the purchase price for Noname Security and fair values of the assets acquired and liabilities assumed were as follows (in thousands):

---

| | |
|:---|:---|
| Total purchase consideration | $451529 |
| Allocation of the purchase consideration: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $18253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets | 137800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 167583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2074) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (5759) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (19289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | (27122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable net assets acquired | 140461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 311068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchase price allocation | $451529 |

---

The value of the goodwill can be attributed to a number of business factors, including a trained technical and sales workforce, and revenue and cost synergies expected to be realized. The value of goodwill deductible for tax purposes as a result of post-acquisition transactions is $248.8 million.

Identified intangible assets acquired and their respective weighted average amortization period were as follows (in thousands, except years):

---

| | | |
|:---|:---|:---|
| | Gross Carrying Amount | Weighted Average Amortization Period<br>(in years) |
| Completed technologies | $132300 | 10.5 |
| Customer-related intangible assets | 4800 | 10.5 |
| Trademarks | 700 | 2.5 |
| Total | $137800 |  |

---

The Company applied the multi-period excess earnings method to estimate the fair values of the completed technologies and customer-related acquired intangible assets, and the relief-from-royalty method to estimate the fair values of the trademarks. The Company applied significant judgment in estimating the fair values of the acquired intangible assets, which involved significant estimates and assumptions with respect to forecasted revenue growth rates, forecasted operating margins, the technology obsolescence curve and discount rates. The total weighted average amortization period for the intangible assets acquired from Noname Security is 10.5 years. The intangible assets are amortized using a method that approximates their economic benefit over their estimated useful lives.

*Neosec*

In May 2023, the Company acquired all the outstanding equity interests of Neosec for $91.4 million in cash. Neosec is an API detection and response platform based on data and behavioral analytics. The acquisition is intended to complement the Company's application and API security portfolio by extending its visibility into the rapidly growing API threat landscape. The Company allocated $66.9 million of the purchase price to goodwill and $19.9 million to identifiable intangible assets, primarily consisting of completed technologies, with a total weighted average amortization period of 9.7 years. The intangible assets are being amortized based upon the pattern in which the economic benefits of the intangible assets are being utilized. The value of the goodwill can be attributed to a number of business factors, including the expected impact from the ability to interface with the Company's platform. The value of goodwill deductible for tax purposes as a result of post-acquisition transactions is $33.8 million. The Company finalized its allocation of the purchase price in the second quarter of 2024.

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*StorageOS*

In March 2023, the Company acquired all the outstanding equity interests of StorageOS, Inc. ("StorageOS"), also known as Ondat, a cloud-based storage technology provider for $20.6 million in cash. The acquisition of StorageOS's cloud storage technology and its industry-recognized talent is intended to strengthen the Company's cloud computing offerings. Storage is a key component of any cloud computing offering, and this acquisition is expected to enhance the Company's storage capabilities, allowing the Company to offer a fundamentally different approach to cloud that integrates core and distributed compute sites with a massively scaled edge network. The Company allocated $14.0 million of the purchase price to goodwill and $4.5 million to a completed technology identifiable intangible asset with a total weighted average amortization period of 8.8 years. The intangible asset is being amortized based upon the pattern in which the economic benefit of the intangible asset is being utilized. The value of the goodwill is primarily attributable to synergies related to the integration of StorageOS technology onto the Company's platform as well as a trained technical workforce. All of the goodwill related to the acquisition of StorageOS is deductible for tax purposes as a result of post-acquisition transactions. The Company finalized its allocation of purchase price in the first quarter of 2024.

**9. Accrued Expenses**

Accrued expenses consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Payroll and other related benefits | $171314 | $146841 |
| Income taxes payable | 53257 | 76375 |
| Bandwidth, co-location and network-related expenses | 45222 | 77603 |
| Property, use and other taxes | 34515 | 31357 |
| Convertible senior notes interest | 7229 | 6926 |
| Other accrued expenses | 8085 | 31786 |
| Total | $319622 | $370888 |

---

**10. Restructuring**

During the fourth quarter of 2025, management committed to an action to restructure certain parts of the Company to align investments and simplify organizational structure to long-term growth priorities ("Q4 2025 Action"). As a result, certain headcount reductions were necessary. Additionally, the Company planned for the end of life of certain solutions which resulted in impairments to completed technologies and customer-related acquired intangible assets, as well as capitalized internal-use software. The Company does not expect to incur material additional charges related to this action.

During the third quarter of 2024, management committed to an action to restructure certain parts of the Company with the primary intent of redeploying resources to support the Company's strategic investments ("Q3 2024 Action"). As a result, certain headcount reductions were necessary. Additionally, the Company planned for the end of life of certain solutions which resulted in impairments to capitalized internal-use software, as well as completed technologies and customer-related acquired intangible assets. The Company does not expect to incur material additional charges related to this action.

During the first quarter of 2023, management committed to an action to restructure certain parts of the Company to enable it to prioritize investments in the fastest growing areas of the business ("Q1 2023 Action"). As a result, certain headcount reductions were necessary. The Company does not expect to incur material additional charges related to this action.

The Company launched its FlexBase program in May 2022, which is a flexible workplace arrangement that allows employees to choose to work from their home office, a Company office, an approved workspace, or a combination of all three, which is a significant change to the way employees worked prior to the program. As a result, impairments of right-of-use assets and property and equipment were recognized. The Company does not expect to incur material additional charges related to this action.

At times the Company also recognizes restructuring charges related to completed acquisitions for severance and related expenses paid to redundant employees, fees paid to terminate redundant contracts and impairments of redundant long-lived

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assets, primarily duplicative facility-related assets, acquired intangible assets and capitalized internal-use software. The Company does not expect to incur material additional charges related to past acquisitions.

The following table summarizes the Company's restructuring charges during the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Q4 2025 Action | $51260 | $— | $— |
| Q3 2024 Action | 398 | 63398 |  |
| Q1 2023 Action |  |  | 20668 |
| FlexBase | 13 | 1717 | 27654 |
| Acquisitions related and other | 6380 | 30326 | 8321 |
| Total restructuring charge | $58051 | $95441 | $56643 |

---

The liability for restructuring charges related to employee severance and associated expenses is substantially included in other current liabilities on the consolidated balance sheets. The changes in the liability for all restructuring actions for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Q4 2025 Action | Q3 2024 Action | Q1 2023 Action | Acquisitions Related and Other | Total |
| Balance as of January 1, 2023 | $— | $— | $— | $541 | $541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost incurred |  |  | 20668 | 417 | 21085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash disbursements |  |  | (19798) | (950) | (20748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments and other |  |  | (51) | 10 | (41) |
| Balance as of December 31, 2023 |  |  | 819 | 18 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost incurred |  | 34447 |  | 2360 | 36807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash disbursements |  | (9326) | (60) | (1394) | (10780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments and other |  | (515) | (1) | 3 | (513) |
| Balance as of December 31, 2024 |  | 24606 | 758 | 987 | 26351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost incurred | 20695 | 398 |  | 1972 | 23065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash disbursements |  | (25269) |  | (2183) | (27452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustments and other | 55 | 310 |  | 67 | 432 |
| Balance as of December 31, 2025 | $20750 | $45 | $758 | $843 | $22396 |

---

**11. Debt**

***Convertible Senior Notes***

In May 2025, the Company issued $1,725.0 million in principal amount of convertible senior notes due 2033 and entered into related convertible note hedge and warrant transactions. The Company intends to use a portion of the net proceeds to repay at maturity its $1,150.0 million outstanding aggregate principal amount of convertible senior notes due in 2027.

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Including the May 2025 issuance of $1,725.0 million in principal amount of convertible senior notes, the Company has three convertible senior notes ("2033 Notes", "2029 Notes" and "2027 Notes") outstanding with a par value totaling $4,140.0 million (collectively, the "Notes") that are senior unsecured obligations of the Company and bear interest payable semi-annually in arrears. The following table summarizes further details of the Notes:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Notes | Issuance Date | Maturity Date | Maturity Date | Principal Amount (in thousands) | Coupon Interest Rate | Effective Interest Rate |
| 2033 Notes | May 19, 2025 | May 15, 2033 | <sup>(1)</sup> | $1725000 | 0.250% | 0.484% |
| 2029 Notes | August 18, 2023 | February 15, 2029 |  | $1265000 | 1.125% | 1.388% |
| 2027 Notes | August 16, 2019 | September 1, 2027 |  | $1150000 | 0.375% | 0.539% |

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(1) Holders of the 2033 Notes have the right to require the Company to repurchase for cash all or a portion of their 2033 Notes on May 15, 2031 if the last reported sale price of the Company's common stock on the trading day immediately preceding the business day immediately preceding May 15, 2031 is less than the conversion price per share. The repurchase price will be equal to 100% of the principal amount of the 2033 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the optional repurchase date.

Additionally, on May 1, 2025, the Company repaid $1,150.0 million in par value of convertible senior notes that matured ("2025 Notes"). The 2025 Notes were senior unsecured obligations of the Company and bore interest at 0.125%.

*Conversion Rights of the Notes*

At their option, holders may exercise the conversion right of the respective Notes at the following specified times and rates to receive the principal amount in cash and receive any amount in excess of the principal amount in cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election.

Prior to the close of business on the business day immediately preceding the conversion date, as noted in the table below, under the following circumstances a holder may exercise their conversion right:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during any calendar quarter commencing after the calendar quarter ended September 30, 2025 for the 2033 Notes, December 31, 2023 for the 2029 Notes and December 31, 2019 for the 2027 Notes (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the respective Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the occurrence of specified corporate events.

On or after the respective conversion date, as noted in the table below, holders may convert all or any portion of their respective Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

If the Company undergoes a fundamental change at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date.

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The conversion rights for the outstanding Notes as of December 31, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
| Notes | Conversion Date | Conversion Rate <sup>(1)</sup> | Conversion Price per Share <sup>(1)</sup> |
| 2033 Notes | January 15, 2033 | 10.7513 | $93.01 |
| 2029 Notes | October 15, 2028 | 7.9170 | $126.31 |
| 2027 Notes | May 1, 2027 | 8.6073 | $116.18 |

---

(1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.

*Components and Fair Value of the Notes*

The Notes consisted of the following components as of December 31, 2025 and 2024 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2033 Notes | 2029 Notes | 2027 Notes | 2025 Notes | Total |
| <u>As of December 31, 2025</u> |  |  |  |  |  |
| Principal | $1725000 | $1265000 | $1150000 | $— | $4140000 |
| Less: issuance costs, net of amortization | (21390) | (10187) | (3068) |  | (34645) |
| Net carrying amount | $1703610 | $1254813 | $1146932 | $— | $4105355 |
| Estimated fair value <sup>(1)</sup> | $1918062 | $1254981 | $1158407 | $— | $4331450 |
| <u>As of December 31, 2024</u> |  |  |  |  |  |
| Principal | $— | $1265000 | $1150000 | $1150000 | $3565000 |
| Less: issuance costs, net of amortization |  | (13354) | (4951) | (884) | (19189) |
| Net carrying amount | $— | $1251646 | $1145049 | $1149116 | $3545811 |
| Estimated fair value <sup>(1)</sup> | $— | $1239068 | $1155865 | $1219345 | $3614278 |

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(1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy.

*Note Hedges and Warrants*

To minimize the impact of potential dilution upon conversion of the Notes, the Company entered into convertible note hedge transactions with respect to its common stock concurrently with each respective note issuance month. The note hedge transactions cover an approximate number of shares of the Company's common stock at a strike price that corresponds to the conversion prices for the Notes, also subject to adjustment, and are exercisable upon conversion of the Notes. The note hedge transactions expire upon the respective maturity dates of the Notes. The Company determined that the note hedges meet the definition of a derivative and are classified in stockholders' equity, as the note hedges are indexed to the Company's common stock, and the Company, at its election, may receive cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock. The Company recorded the purchase of the hedges as a decrease to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the note hedges in its consolidated financial statements.

Separately, the Company also entered into warrant transactions concurrently with each of the note issuances, whereby the Company sold warrants to acquire, subject to anti-dilution adjustments, shares of the Company's common stock at a predetermined strike price per share. The convertible note hedge and warrant transactions will generally have the effect of increasing the conversion price of each of the Notes to the respective strike price related to the warrant transactions. The Company determined that the warrants meet the definition of a derivative and are classified in stockholders' equity, as the warrants are indexed to the Company's common stock, and the Company, at its election, may pay or deliver to holders cash or shares of the Company's common stock. The Company recorded the proceeds from the issuance of the warrants as an increase

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to additional paid-in capital. The Company does not recognize subsequent changes in fair value of the warrants in its consolidated financial statements. The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data):

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| | | | |
|:---|:---|:---|:---|
| | 2033 Notes | 2029 Notes | 2027 Notes |
| Note hedge transaction costs | $605820 | $236555 | $312225 |
| Shares covered by note hedge transactions | 18546 | 10015 | 9898 |
| Shares related to warrant transactions | 18546 | 10015 | 9898 |
| Strike price per share related to warrant transactions | $155.02 | $180.44 | $178.74 |
| Aggregate proceeds from sale of warrants | $330855 | $90195 | $185150 |

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***Revolving Credit Facility***

In January 2025, the Company entered into a $150.0 million uncommitted revolving credit agreement (the "2025 Credit Agreement"). Any outstanding borrowings are secured by collateral, consisting primarily of available-for-sale marketable securities. Borrowings under the 2025 Credit Agreement may be used to finance working capital needs and for general corporate purposes. The 2025 Credit Agreement does not expire but is cancellable at any time and any borrowings can be due on demand. Borrowings under the 2025 Credit Agreement will bear a specified interest rate, based on the Secured Overnight Financing Rate, and interest period at the time of the confirmed borrowing. There were no outstanding borrowings under the 2025 Credit Agreement as of December 31, 2025.

In November 2022, the Company entered into a $500.0 million revolving credit agreement (the "2022 Credit Agreement"). The 2022 Credit Agreement was amended in May 2025 to increase the aggregate revolving commitments under the 2022 Credit Agreement from $500.0 million to $1.0 billion and to extend the expiration one year. Borrowings under the 2022 Credit Agreement may be used to finance working capital needs and for general corporate purposes. The 2022 Credit Agreement expires on November 22, 2028, and any amounts outstanding thereunder will become due and payable, subject to up to a one-year extension at the Company's request and with the consent of the lenders party thereto.

Borrowings under the 2022 Credit Agreement bear interest, at the Company's option, at a term benchmark rate plus a spread of 0.75% to 1.125%, a reference rate plus a spread of 0.75% to 1.125%, or a base rate plus a spread of 0.00% to 0.125%, in each case with such spread being determined based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement. Regardless of what amounts, if any, are outstanding under the 2022 Credit Agreement, the Company is also obligated to pay an ongoing commitment fee on undrawn amounts at a rate of 0.07% to 0.125%, with such rate being based on the Company's consolidated leverage ratio specified in the 2022 Credit Agreement.

The 2022 Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default. As of December 31, 2025, the Company was in compliance with all covenants. The negative covenants include restrictions on subsidiary indebtedness, liens and fundamental changes. These covenants are subject to a number of important exceptions and qualifications. The principal financial covenant requires a maximum consolidated leverage ratio. There were no outstanding borrowings under the 2022 Credit Agreement as of December 31, 2025.

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***Interest Expense***

The Notes bear interest at fixed rates that are payable semi-annually in arrears on their respective interest payment dates each year. Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Amortization of debt issuance costs | $8696 | $7802 | $5803 |
| Coupon interest payable on 2033 Notes | 2647 |  |  |
| Coupon interest payable on 2029 Notes | 14232 | 14232 | 5218 |
| Coupon interest payable on 2027 Notes | 4312 | 4312 | 4312 |
| Coupon interest payable on 2025 Notes | 483 | 1436 | 1436 |
| Interest payable and commitment fees under the credit agreements | 2032 | 616 | 1402 |
| Capitalization of interest expense | (1643) | (1281) | (462) |
| Total interest expense | $30759 | $27117 | $17709 |

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**12. Leases**

The Company has entered into various operating lease agreements for its offices and co-location sites and related equipment. The Company has also entered into sublease agreements with tenants of various offices previously vacated by the Company. These operating leases have lease periods expiring between 2026 and 2046. Additionally, the Company entered into an operating lease with a data center operator for space in the Virginia area. Contemporaneously, the Company entered into a sublease with the affiliate of a large social media customer for the use of the space on substantially similar terms. Both the lease and sublease for the data center expire in 2037.

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The Company's operating lease costs for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Real Estate Arrangements | Co-location Arrangements | Data Center Sublease | Total |
| <u>2025</u> |  |  |  |  |
| Operating lease cost | $66545 | $260243 | $6959 | $333747 |
| Short-term lease cost | 381 | 25590 |  | 25971 |
| Variable lease cost | 26218 | 73375 | 1074 | 100667 |
| Sublease income | (31459) |  | (8187) | (39646) |
| Total operating lease costs (income) | $61685 | $359208 | $(154) | $420739 |
| <u>2024</u> |  |  |  |  |
| Operating lease cost | $67757 | $225145 | $— | $292902 |
| Short-term lease cost | 660 | 25288 |  | 25948 |
| Variable lease cost | 26122 | 67728 |  | 93850 |
| Sublease income | (31722) |  |  | (31722) |
| Total operating lease costs | $62817 | $318161 | $— | $380978 |
| <u>2023</u> |  |  |  |  |
| Operating lease cost | $74054 | $179552 | $— | $253606 |
| Short-term lease cost | 133 | 23565 |  | 23698 |
| Variable lease cost | 25860 | 62084 |  | 87944 |
| Sublease income | (32024) |  |  | (32024) |
| Total operating lease costs | $68023 | $265201 | $— | $333224 |

---

Lease costs for real estate arrangements and the data center sublease are included in general and administrative expenses in the consolidated statements of income. Lease costs for co-location arrangements are primarily included in cost of revenue in the consolidated statements of income.

Weighted average remaining lease terms and discount rates related to the Company's operating leases as of December 31, 2025 and 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Real Estate Arrangements | Co-location Arrangements | Data Center Sublease | Real Estate Arrangements | Co-location Arrangements | Data Center Sublease |
| Weighted average remaining lease term (in years) | 8.1 | 4.8 | 11.9 | 9.1 | 4.6 | 0.0 |
| Weighted average discount rate | 3.6% | 4.4% | 5.1% | 3.5% | 4.3% | —% |

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Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | Real Estate Arrangements | Co-location Arrangements | Data Center Sublease |
| 2026 | $69605 | $229288 | $43580 |
| 2027 | 67183 | 160536 | 41793 |
| 2028 | 61593 | 124197 | 42838 |
| 2029 | 59376 | 102560 | 43909 |
| 2030 | 58666 | 63985 | 45007 |
| Thereafter | 210526 | 98149 | 343135 |
| Total lease payments | 526949 | 778715 | 560262 |
| Less: imputed interest | 68683 | 81944 | 145266 |
| Total lease liabilities | $458266 | $696771 | $414996 |

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The table above excludes future sublease income of $164.7 million from real estate arrangements and $566.5 million from the data center sublease that are expected to be recognized through 2034 and 2037, respectively. As of December 31, 2025, the Company had additional operating leases for co-location arrangements that had not yet commenced of $278.0 million, of which a majority will commence in 2026, with lease terms of one year to twenty years. Additionally, the final portion of the data center sublease commenced in January 2026, with a total commitment of $187.1 million and a lease term of twelve years. Both the lease cost and associated sublease income are expected to substantially offset each other.

As of December 31, 2025, the Company had outstanding letters of credit in the amount of $4.4 million, primarily related to operating leases. The letters of credit remain in effect until the Company fulfills its obligations under these leases or as such obligations expire under the terms of the letters of credit.

**13. Commitments and Contingencies**

*Purchase Commitments*

The Company enters into long-term agreements with network and internet service providers for bandwidth, as well as executes purchase orders for the purchase of goods or services in the ordinary course of business, which may contain minimum commitments. These minimum commitments may vary from period to period depending on the timing and length of contract renewals with vendors, and on the Company's plans for network expansion, including expansion plans related to the Company's compute business. Minimum commitments are not recorded as liabilities on the consolidated balance sheet until the Company has received the related good or service.

*Legal Matters*

The Company is party to various litigation matters that management considers routine and incidental to its business. Management does not expect the results of any of these routine actions to have a material effect on the Company's business, results of operations, financial condition or cash flows.

*Indemnification*

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company's business partners, vendors or customers, in connection with its provision of its services. Generally, these obligations are limited to claims relating to infringement of a patent, copyright or other intellectual property right or the Company's negligence, willful misconduct or violation of law. Subject to applicable statutes of limitation, the term of each of these indemnification agreements is generally perpetual from the time of execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company carries insurance that covers certain third-party claims relating to its services and activities and that could limit the Company's exposure in that respect.

The Company has agreed to indemnify each of its officers and directors, or employees who serve as officers or directors of its subsidiaries at management's request, during his or her lifetime for certain events or occurrences that happen by reason of the

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fact that the officer or director is or was or has agreed to serve as an officer or director of the Company. The Company has director and officer insurance policies that may limit its exposure and may enable the Company to recover a portion of certain future amounts paid.

To date, the Company has not encountered material costs as a result of such indemnification obligations and has not accrued any related liabilities in its consolidated financial statements. In assessing whether to establish an accrual, the Company considers such factors as the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss.

**14. Stockholders' Equity**

*Stock Repurchase Program*

The following summarizes the share repurchase activity pursuant to the share repurchase programs described above (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Repurchases of common stock | $799963 | $557468 | $654046 |
| Number of shares repurchased | 10029 | 5623 | 7802 |

---

As of December 31, 2025, the Company had $1.2 billion available for future purchases of shares under the current repurchase program.

The board of directors authorized the retirement of 10.3 million shares and 7.8 million shares of its treasury stock at December 31, 2025 and December 31, 2023, respectively, and no shares at December 31, 2024. The retired shares were returned to the number of authorized but unissued shares of the Company's common stock, and the retirement was recorded to additional paid-in capital.

**15. Accumulated Other Comprehensive Loss**

Changes in accumulated other comprehensive loss, net of tax, which is reported as a component of stockholders' equity, for the years ended December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | Foreign Currency Translation | Net Unrealized Gains (Losses) on Investments | Total |
| Balance as of January 1, 2024 | $(98035) | $2705 | $(95330) |
| Other comprehensive loss | (59064) | (1599) | (60663) |
| Balance as of December 31, 2024 | (157099) | 1106 | (155993) |
| Other comprehensive income | 59563 | 1674 | 61237 |
| Balance as of December 31, 2025 | $(97536) | $2780 | $(94756) |

---

Amounts reclassified from accumulated other comprehensive loss to net income were insignificant for the years ended December 31, 2025 and 2024.

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**16. Revenue from Contracts with Customers**

The Company sells its services through a sales force located both domestically and internationally. Revenue derived from operations outside of the U.S. is determined based on the country in which the sale originated. Other than the U.S., no single country accounted for 10% or more of the Company's total revenue for any reported period. Revenue by geography included in the Company's consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| U.S. | $2139173 | $2075533 | $1968779 |
| International | 2069002 | 1915635 | 1843141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4208175 | $3991168 | $3811920 |

---

The Company reports its revenue in three solution categories: security, delivery and cloud computing. Security includes solutions that are designed to protect business online by keeping infrastructure, websites, applications, APIs, networks and users safe. Delivery includes solutions that are designed to enable business online, including media delivery and web and mobile performance. Cloud computing is comprised of Cloud Infrastructure Services, which includes compute and storage solutions, EdgeWorkers product and the partner solutions running on the Company's compute platform, and other cloud applications. Revenue by solution category included in the Company's consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Security | $2243404 | $2042661 | $1765267 |
| Delivery | 1256721 | 1318131 | 1542434 |
| Cloud computing | 708050 | 630376 | 504219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $4208175 | $3991168 | $3811920 |

---

Revenue for Cloud Infrastructure Services for the years ended December 31, 2025, 2024 and 2023 were $313.9 million, $230.0 million, and $174.4 million, respectively.

Most security, delivery and cloud computing services represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the services provided by the Company. Accordingly, the majority of the Company's revenue is recognized over time, generally ratably over the term of the arrangement due to consistent monthly usage commitments that expire each period. Any usage over a given commitment is recognized in the period in which the units are served. A small percentage of the Company's contracts are satisfied at a point in time, such as one-time professional services contracts, integration services and most license sales where the primary obligation is delivery of the license at the start of the term. In these cases, revenue is recognized at a point in time of delivery or satisfaction of the performance obligation.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $147.2 million, $109.1 million and $105.9 million of revenue that was included in deferred revenue as of December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2025, the aggregate amount of remaining performance obligations from contracts with customers was $5.2 billion. The Company expects to recognize approximately 55% of its remaining performance obligations as revenue over the next 12 months and approximately 40% over the next two to three years, with the remaining thereafter. Remaining performance obligations represent the amount of the transaction price under contracts with customers that are attributable to performance obligations that are unsatisfied or partially satisfied at the reporting date. This consists of future committed revenue for monthly, quarterly or annual periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced in prior periods for which the related performance obligations have not been satisfied. It excludes estimates of variable consideration such as usage-based contracts with no committed contract as well as anticipated renewed contracts. Revenue recognized during the years ended December 31, 2025, 2024 and 2023, related to performance obligations satisfied in previous periods was not material.

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**17. Employee Benefit Plans**

*Defined Contribution Plans*

The Company has a savings plan for its U.S. employees that is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to this plan through payroll deductions within statutory and plan limits. During 2025, the Company's matching program related to this plan was redesigned to be settled in shares of the Company's common stock instead of cash and the percentage match was increased. The Company contributed $28.2 million of the Company's common stock to the savings plan for the year ended December 31, 2025 under the matching program. The Company contributed $19.1 million and $19.7 million of cash to the savings plan for the years ended December 31, 2024 and 2023, respectively, under a matching program.

The Company also maintains defined contribution benefit plans covering eligible foreign employees. The expense for these plans was not material in any period presented.

*Deferred Compensation Plan*

The Company offers certain eligible employees the ability to participate in a non-qualified deferred compensation plan, under which certain executives may elect to defer a portion of their compensation. Deferrals of cash compensation are invested by the Company in restricted mutual funds that mirror hypothetical investments elected by the plan participants and deferrals of stock awards remain in the Company's common stock. As of December 31, 2025 and 2024, the total cash obligation under the deferred compensation plan was $29.0 million and $26.6 million, respectively. As of December 31, 2025, the Company has deferred the issuance of 23,145 shares of common stock in connection with the deferred compensation plan.

**18. Stock-Based Compensation**

*Equity Plans*

In May 2013, the Company's stockholders approved the Akamai Technologies, Inc. 2013 Stock Incentive Plan, which was amended with Company shareholder approval in each of 2015, 2017, 2019, 2021, 2022, 2023, 2024 and 2025 (as amended and restated, the "2013 Plan"). The 2013 Plan allows for the issuance of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and cash-based awards for up to 46.8 million shares of common stock, subject to certain adjustments, to employees, officers, directors, consultants and advisers of the Company. As of December 31, 2025, the Company had reserved 9.3 million shares of common stock available for future issuance of equity awards under the 2013 Plan.

The Company has assumed certain stock incentive plans and the outstanding stock incentives of companies that it has acquired ("Assumed Plans"). Stock awards outstanding as of the date of acquisition under the Assumed Plans were exchanged for the Company's stock awards and adjusted to reflect the appropriate conversion ratio as specified by the applicable acquisition agreement, but are otherwise administered in accordance with the terms of the Assumed Plans. Stock awards under the Assumed Plans generally vest over three years to four years, and outstanding stock options under the Assumed Plans expire ten years from the date of grant.

Additionally, the Company has the 1999 ESPP that permits eligible employees to purchase up to 1.5 million shares each June 1 and December 1, provided that the aggregate number of shares issued shall not exceed 20.0 million. The 1999 ESPP allows participants to purchase shares of common stock at a 15% discount from the fair market value of the stock as determined on specific dates at six-month intervals. As of December 31, 2025, the Company had reserved 0.6 million shares of common stock available for future purchases under the 1999 ESPP.

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*Stock-Based Compensation Expense*

Components of total stock-based compensation expense included in the Company's consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Cost of revenue | $77176 | $61177 | $43802 |
| Research and development | 169404 | 152114 | 123896 |
| Sales and marketing | 90198 | 77593 | 66453 |
| General and administrative | 122624 | 102494 | 94316 |
| Total stock-based compensation | 459402 | 393378 | 328467 |
| Provision for income taxes | (80946) | (96607) | (59359) |
| Total stock-based compensation, net of taxes | $378456 | $296771 | $269108 |

---

In addition to the amounts of stock-based compensation reported in the table above, the Company's consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 also include stock-based compensation reflected as a component of amortization primarily consisting of capitalized internal-use software; the additional stock-based compensation was $50.4 million, $42.5 million and $32.5 million, respectively, before taxes.

As of December 31, 2025, total pre-tax unrecognized compensation cost for stock awards was $497.6 million. The expense is expected to be recognized through 2029 over a weighted average period of 1.5 years.

*Employee Stock Purchase Plan* 

The following summarizes the activity under the 1999 ESPP (in thousands, except per share amounts):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Shares issued | 966 | 788 | 797 |
| Weighted average purchase price per share | $64.54 | $77.60 | $78.29 |
| Issuance of common stock | $62322 | $61131 | $62365 |

---

As of December 31, 2025, $7.0 million had been withheld from employees for future purchases under the 1999 ESPP.

The Company uses the Black-Scholes option pricing model to determine the fair value of the stock awards issued under the Company's 1999 ESPP. This model requires the input of subjective assumptions, including expected stock price volatility and the estimated term of each award. The estimated fair value of the stock awards issued under the Company's 1999 ESPP, less expected forfeitures, is amortized over the stock awards' six-month contribution period on a straight-line basis. Expected volatilities are based on the Company's historical stock price volatility. The risk-free interest rate for periods commensurate with the expected term of the stock award is based on the U.S. Treasury yield rate in effect at the time of grant. The expected dividend yield is zero, as the Company currently does not pay a dividend and does not anticipate doing so in the future.

The grant-date fair values of awards granted under the 1999 ESPP during the years ended December 31, 2025, 2024 and 2023 were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Expected term (in years) | 0.5 | 0.5 | 0.5 |
| Risk-free interest rate | 4.3% | 5.2% | 5.2% |
| Expected volatility | 38.3% | 24.4% | 29.1% |
| Dividend yield | —% | —% | —% |

---

For the years ended December 31, 2025, 2024 and 2023, the weighted average fair value of awards granted under the 1999 ESPP was $22.00 per share, $22.63 per share and $23.12 per share, respectively.

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*Restricted Stock Units, Restricted Stock and Deferred Stock Units*

Restricted stock units ("RSUs") represent the right to receive one share of the Company's common stock upon vesting, while restricted stock is a grant of one share of the Company's common stock subject to vesting conditions. These awards are granted at the discretion of the board of directors, a committee thereof or, subject to defined limitations, the Chief Executive Officer of the Company, acting as a committee of one director, to whom such authority has been delegated. The Company has issued service-based RSUs and restricted stock that vest based on the passage of time assuming continued service with the Company, market-based RSUs that vest based upon total shareholder return ("TSR") measured against the benchmark TSR of a peer group and performance-based RSUs that vest only upon the achievement of defined internal performance metrics tied primarily to defined financial metrics.

In addition to granting RSUs and restricted stock to its employees, the Company has granted deferred stock units ("DSUs") to non-employee members of its board of directors. These DSUs are granted at the discretion of the board of directors, subject to defined limitations. Each DSU represents the right to receive one share of the Company's common stock upon vesting. The holder may elect to defer receipt of the vested shares of stock represented by the DSU for a period of at least one year but not more than ten years from the grant date. DSUs vest 100% on the first anniversary of the grant date. If a director has completed one year of service, vesting of 100% of the DSUs held by such director will accelerate at the time of his or her departure from the board.

The RSUs, restricted stock and DSUs granted by the Company during the year ended December 31, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
| | December 31, 2025 |
| Service-based <sup>(1)</sup> | 6499 |
| Market-based | 249 |
| Performance-based | 135 |
| Total | 6883 |

---

(1) Includes DSU grants of 36,948 shares

For service-based RSUs, restricted stock and DSUs, the fair value is calculated based upon the Company's closing stock price on the date of grant, and the stock-based compensation expense is being recognized over the vesting period. The majority of these awards vest over a three- or four-year period following the grant date, with some programs vesting over less time.

For market-based RSUs, the Company uses the Monte Carlo simulation model to determine the fair value. This model requires the input of assumptions, including the estimated term of each award, the risk-free interest rate, historical stock price volatility of the Company's shares and historical stock price volatility of peer-company shares. The grant-date fair values of the TSR-based RSUs granted during the years ended December 31, 2025, 2024 and 2023 were estimated using a Monte Carlo simulation model with the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Expected term (in years) | 3.0 | 3.0 | 3.0 |
| Risk-free interest rate | 3.9% | 4.3% | 4.5% |
| Akamai historical share price volatility | 31.5% | 25.6% | 28.8% |
| Average volatility of peer-company share price | 30.2% | 30.6% | 33.6% |

---

For performance-based RSUs, management measures compensation expense based upon a review of the Company's expected achievement against specified financial performance targets. Such compensation cost is being recognized using a graded-vesting method for each series of grants of performance-based RSUs, to the extent management has deemed that such awards are probable of vesting based upon the expected achievement against the specified targets. Each reporting period, management reviews the Company's expected performance and adjusts the compensation cost, if needed, at such time.

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RSU, restricted stock and DSU activity for the year ended December 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
| | Units<br>(in thousands) | Weighted Average Grant Date Fair Value |
| Outstanding at January 1, 2025 | 7710 | $100.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 6883 | 81.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested <sup>(1)</sup> | (4932) | 98.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (691) | 99.04 |
| Outstanding at December 31, 2025 | 8970 | $86.81 |

---

(1) Includes DSUs of 20,900 shares which have vested and been distributed. Excludes DSUs which have vested, but have not yet been distributed.

The pre-tax intrinsic value and fair value of RSUs, restricted stock and DSUs were as follows (in thousands, except per share amounts):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Pre-tax intrinsic value of awards vested | $479587 | $429491 | $254686 |
| Fair value of awards vested | $484411 | $433026 | $259919 |
| Weighted average fair value of awards granted, per share <sup>(1)</sup> | $81.43 | $108.09 | $74.89 |

---

(1) The grant-date fair value is calculated based upon the Company's closing stock price on the date of grant.

As of December 31, 2025, outstanding and unvested RSUs, restricted stock and DSUs had an aggregate intrinsic value of $782.6 million and a weighted average remaining vesting period of approximately 1.5 years. These awards are expected to vest on various dates through 2029.

As of December 31, 2025 and 2024, the Company had liability-classified awards outstanding of $18.0 million and $10.0 million, respectively. The liability-classified awards outstanding at December 31, 2025 are expected to vest and be re-classified to equity in 2026. The liability-classified awards outstanding at December 31, 2024 vested and were re-classified to equity in 2025.

**19. Income Taxes**

The components of income before provision for income taxes were as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| U.S. | $26232 | $54465 | $20146 |
| Foreign | 576173 | 532548 | 632381 |
| Income before provision for income taxes | $602405 | $587013 | $652527 |

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The provision for income taxes consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Current tax provision (benefit): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | $13625 | $23870 | $23406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | (3637) | 6998 | 6731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 113733 | 121495 | 99223 |
| Deferred tax provision (benefit): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | 9791 | (43695) | (18213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State | 9048 | (17313) | (3759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 7814 | (9260) | (1015) |
| Total | $150374 | $82095 | $106373 |

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In July 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The OBBBA did not have a material impact on the Company's consolidated financial statements for the year ended December 31, 2025.

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The Company's effective tax rate differed from the U.S. federal statutory tax rate as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
| Income before provision for income taxes | $602405 |  | $587013 |  | $652527 |  |
| U.S. federal statutory tax rate | 126505 | 21.0% | 123273 | 21.0% | 137031 | 21.0% |
| U.S. tax effects |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; State and local income taxes, net of federal effect <sup>(1)</sup> | 8027 | 1.3 | (14231) | (2.4) | (731) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of cross-border tax laws |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign-derived intangible income | (5168) | (0.9) | (9655) | (1.6) | (7547) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (32) |  | 3730 | 0.6 | (1530) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credits |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development credit | (17084) | (2.8) | (27194) | (4.6) | (18296) | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other credits | (732) | (0.1) | 345 |  | (922) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-taxable or non-deductible items |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 13589 | 2.2 | (16723) | (2.8) | 6214 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officers' compensation | 8588 | 1.4 | 6401 | 1.1 | 6647 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer pricing | 14974 | 2.5 | 11417 | 1.9 | 6722 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (744) | (0.1) | 1137 | 0.2 | 419 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany sale of intellectual property |  |  | (20640) | (3.5) | 5740 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (284) |  | 4388 | 0.7 | 6008 | 0.9 |
| Foreign tax effects |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 3354 | 0.5 | 8268 | 1.4 | 5803 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany sale of intellectual property |  |  | 14174 | 2.4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (216) |  | 8530 | 1.5 | (473) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and local income taxes | 19148 | 3.2 | 2710 | 0.5 | 9495 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference between Switzerland and U.S. | (57418) | (9.5) | (44276) | (7.5) | (62660) | (9.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany sale of intellectual property |  |  | (14093) | (2.4) | (3993) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding tax | 6276 | 1.0 | 11480 | 2.0 | 681 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 4704 | 0.8 | 1409 | 0.2 | 2277 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | 13617 | 2.3 | 21388 | 3.6 | 14718 | 2.3 |
| Changes in unrecognized tax benefits | 13270 | 2.2 | 10257 | 1.7 | 770 | 0.1 |
| Total | $150374 | 25.0% | $82095 | 14.0% | $106373 | 16.3% |

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(1) The majority of the tax effects within this category represent taxes in New Jersey and Massachusetts for the year ended December 31, 2025; Massachusetts and California for the year ended December 31, 2024; and California, New Jersey, Massachusetts and New York City for the year ended December 31, 2023.

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The components of the net deferred tax assets and liabilities and the related valuation allowance as of December 31, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | 2025 | 2024 |
| Deferred revenue | 20154 | 20598 |
| Acquired intangible assets | 4955 | 23731 |
| Operating lease liabilities | 196643 | 108429 |
| Stock-based compensation | 55249 | 48486 |
| NOLs | 31401 | 21769 |
| Capitalized interest expense | 26933 | 8045 |
| Tax credit carryforwards | 109687 | 101508 |
| Capitalized research and development costs | 246457 | 188470 |
| Convertible senior notes interest | 193401 | 82881 |
| Depreciation and amortization | 9107 | 43601 |
| Other | 28748 | 33830 |
| Deferred tax assets | 922735 | 681348 |
| Operating lease right-of-use assets | (184876) | (96683) |
| Deferred commissions | (31328) | (25477) |
| Capitalized internal-use software development costs | (70348) | (50390) |
| Deferred tax liabilities | (286552) | (172550) |
| Valuation allowance | (44496) | (41615) |
| Net deferred tax assets | $591687 | $467183 |

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A summary of activity in the valuation allowance on deferred tax assets for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Beginning balance | $41615 | $45704 | $41250 |
| Charges to income tax expense | 3330 | 3469 | 4814 |
| Release of valuation allowance | (449) | (7558) | (360) |
| Ending balance | $44496 | $41615 | $45704 |

---

Valuation allowances will be recognized on deferred tax assets if it is more-likely-than-not that some or all of the deferred tax assets will not be utilized. In measuring deferred tax assets, the Company considers all available evidence, both positive and negative, to determine whether a valuation allowance is needed. As of December 31, 2025, the Company recorded a $44.5 million valuation allowance against deferred tax assets related to state tax credits, foreign tax deductions and foreign NOLs in which it is more-likely-than-not that such attributes will expire prior to utilization.

The Company's NOL and tax credit carryforwards in U.S. federal, state and foreign jurisdictions as of December 31, 2025 were as follows (in thousands, except years):

---

| | | |
|:---|:---|:---|
| | 2025 | Expirations at Various Dates Through: |
| NOL carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $62500 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | $65200 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | $61600 | 2039 |
| Federal and state research and development tax credit and other credit carryforwards | $143300 | 2045 |

---

A portion of the Company's U.S. federal, state and foreign NOL carryforwards relate to acquisitions completed between 2012 and 2025.

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As of December 31, 2025, no provision for U.S. federal, state and foreign income taxes or withholding taxes has been provided for any undistributed foreign earnings or any additional basis differences inherent in the Company's international subsidiaries, as these amounts continue to be indefinitely reinvested. Determination of the amount of the unrecognized deferred tax liability on outside basis differences is not practicable because of the complexity of laws and regulations, the varying tax treatment of alternative repatriation scenarios and the variation due to multiple potential assumptions relating to the timing of any future repatriation.

The changes in the Company's unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Balance at beginning of year | $79921 | $68658 | $67958 |
| Gross increases – tax positions of prior periods | 7322 | 11150 | 2074 |
| Gross increases – current period tax positions | 2801 | 4223 | 4091 |
| Gross decreases – tax positions of prior periods | (3839) | (1445) | (3685) |
| Gross decreases – lapse of applicable statute of limitations | (593) | (2665) | (1780) |
| Balance at end of year | $85612 | $79921 | $68658 |

---

As of December 31, 2025 and 2024, the Company had total accrued interest and penalties for unrecognized tax benefits of $25.8 million and $16.3 million, respectively. Interest and penalties related to unrecognized tax benefits are recorded in the provision for income taxes and were $8.5 million, $7.5 million and $2.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate is $57.7 million.

Certain U.S. federal, state and foreign income tax returns from 2015 through 2024 are currently under audit. The Company has reserved for those positions that are not more-likely-than-not to be sustained.

Cash paid for income taxes, net of refunds, for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Federal | $8379 | $8502 | $14989 |
| State | (324) | 4465 | 2348 |
| Foreign |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | \* | 8742 | 8342 |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 10342 | 17531 | 11909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 32557 | 14162 | 10278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 40267 | 45623 | 60176 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 9870 | 8240 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | 42455 | 29057 | 26436 |
| Total foreign | 135491 | 123355 | 117141 |
| Cash paid for income taxes, net of refunds | $143546 | $136322 | $134478 |

---

\* Jurisdiction below the threshold for the period presented

**20. Net Income per Share**

Basic net income per share is computed using the weighted average number of common shares outstanding during the applicable period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock awards, convertible senior notes and warrants issued by the Company. The dilutive effect of outstanding stock awards is reflected in diluted earnings per share by application of the treasury stock method and the dilutive effect of the convertible securities is reflected in diluted earnings per share by application of the if-converted method.

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The components used in the computation of basic and diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands, except per share data):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Numerator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $452031 | $504918 | $547629 |
| Denominator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares used for basic net income per share | 145402 | 151392 | 152510 |
| Effect of dilutive securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock awards | 1621 | 2210 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes |  | 744 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants related to issuance of convertible senior notes |  |  |  |
| Shares used for diluted net income per share | 147023 | 154346 | 155397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic net income per share | $3.11 | $3.34 | $3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted net income per share | $3.07 | $3.27 | $3.52 |

---

For the years ended December 31, 2025, 2024 and 2023, certain potential outstanding shares from service-based stock awards and warrants were excluded from the computation of diluted net income per share because the effect of including these items was anti-dilutive. Additionally, certain market- and performance-based stock awards were excluded from the computation of diluted net income per share because the underlying market and performance conditions for such stock awards had not been met as of these dates. The number of potentially outstanding shares excluded from the computation of diluted net income per share for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Service-based stock awards | 3532 | 2171 | 2947 |
| Market- and performance-based stock awards | 1583 | 1316 | 1371 |
| Warrants related to issuance of convertible senior notes | 40776 | 32006 | 26998 |
| Total shares excluded from computation | 45891 | 35493 | 31316 |

---

**21. Segment and Geographic Information**

The Company's chief operating decision-maker ("CODM") is the chief executive officer and the executive management team. As of December 31, 2025, the Company is currently organized and operates as one operating and reportable segment. The Company is not organized by market and is managed and operated as one business. A single management team that reports to the chief executive officer comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities with respect to its services. Accordingly, the Company does not accumulate discrete financial information with respect to separate entities. The CODM assesses performance and makes decisions on optimizing the allocation of resources across functions and strategic investments using consolidated net income. Segment assets represent total assets as reported on the consolidated balance sheets.

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Information regarding the Company's one operating segment for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | 2025 | 2024 | 2023 |
| Revenue | $4208175 | $3991168 | $3811920 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Co-location costs | 349191 | 308314 | 256062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bandwidth fees | 192875 | 233100 | 228038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Network build-out and supporting services | 236644 | 193607 | 215557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll and related costs | 1565108 | 1511272 | 1408866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized salaries and related costs | (322703) | (302830) | (261728) |
| &nbsp;&nbsp;&nbsp;&nbsp;Facilities-related costs | 86081 | 86671 | 90061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software and related service costs | 85483 | 71687 | 69970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(1)</sup> | 219241 | 211205 | 198525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 708611 | 648410 | 570776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 459402 | 393378 | 328467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charge | 58051 | 95441 | 56643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 3247 | 7502 | 13345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and marketable securities income, net | (70808) | (100280) | (45194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 30759 | 27117 | 17709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 4588 | 19561 | 12296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 150374 | 82095 | 106373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from equity method investment |  |  | (1475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $452031 | $504918 | $547629 |

---

(1) Other segment items includes marketing programs and related costs, third-party professional service fees, non-income related tax expense and other expenses.

The Company deploys its servers into networks worldwide. Net property and equipment, excluding internal-use software, and operating lease right-of-use assets, located in the U.S. and international locations, as of December 31, 2025 and 2024 was as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 |
| Property and equipment, net, excluding internal-use software, located in the U.S. | $669390 | $616376 |
| Property and equipment, net, excluding internal-use software, located internationally | $737260 | $663914 |
| Operating lease right-of-use assets located in the U.S. | $1066526 | $600015 |
| Operating lease right-of-use assets located internationally | $403174 | $406723 |

---

**Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure**

None.

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**Item 9A. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

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, 2025. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended ("the Exchange Act"), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures. Based on the evaluation of our disclosure controls and procedures as of December 31, 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.

*Management's Annual Report on Internal Control over Financial Reporting*

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, the company's principal executive and principal financial officers and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide reasonable assurance that transactions are recorded as necessary to permit 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Our management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. Based on this assessment, our management concluded that as of December 31, 2025, our internal control over financial reporting was effective based on those criteria at the reasonable assurance level. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in *Internal Control — Integrated Framework* (2013).

The effectiveness of the Company's internal control over financial reporting as of December 31, 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.

*Changes in Internal Control over Financial Reporting*

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

**Item 9B. Other Information**

*(b) Director and Officer Trading Arrangements*

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).

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**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

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

**Item 11. Executive Compensation**

The information required by this Item is incorporated herein by reference to the information that will be contained in our 2026 Proxy Statement.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this Item is incorporated herein by reference to the information that will be contained in our 2026 Proxy Statement.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by this Item is incorporated herein by reference to the information that will be contained in our 2026 Proxy Statement.

**Item 14. Principal Accounting Fees and Services**

The information required by this Item is incorporated herein by reference the information that will be contained in our 2026 Proxy Statement.

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules**

(a)Documents Filed as Part of this annual report on Form 10-K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Financial Statements (included in Item 8 of this annual report on Form 10-K):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Balance Sheets as of December 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Statements of Stockholders' Equity for the years ended December 31, 2025, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Financial Statement Schedules

Financial statements schedules are omitted as they are either not required or the information is otherwise included in the consolidated financial statements.

(b)Exhibits

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**EXHIBIT INDEX**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | Incorporated by Reference | Incorporated by Reference |
| Exhibit No. | Exhibit Description | Form | Exhibit No. | Date Filed |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Akamai Technologies, Inc. (including all amendments thereto)](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000181/exhibit31.htm)</u> | 8-K | 3.1 | May 16, 2025 |
| 3.2 | <u>[Amended and Restated By-Laws of Akamai Technologies, Inc.](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000238/exh31arby-lawsseptember2025.htm)</u> | 8-K | 3.1 | September 12, 2025 |
| 4.1 | <u>[Specimen common stock certificate](https://www.sec.gov/Archives/edgar/data/1086222/000095013599004713/0000950135-99-004713.txt)</u> | S-1/A | 4.1 | October 13, 1999 |
| 4.3 | <u>[Indenture (including form of Notes) with respect to the Registrant's 0.375% Convertible Senior Notes due September 1, 2027, dated as of August 16, 2019, between the Registrant and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1086222/000119312519223514/d794476dex41.htm)</u> | 8-K | 4.1 | August 16, 2019 |
| 4.4 | <u>[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)</u> | 8-K | 4.2 | December 16, 2021 |
| 4.5 | <u>[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)</u> | 8-K | 4.1 | August 18, 2023 |
| 4.6 | <u>[Indenture (including form of Notes) with respect to Akamai's 0.25% Convertible Senior Notes due May 15, 2033, dated as of May 19, 2025, between Akamai and U.S. Bank Trust Company, National Association, as trustee](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex41.htm)</u> | 8-K | 4.1 | May 19, 2025 |
| 4.7\* | <u>[Description of Registrant's Securities Registered Under Section 12 of the Exchange Act](exhibit47_10k2025.htm)</u> |  |  |  |
| 10.1@ | <u>[Amended and Restated 1999 Employee Stock Purchase Plan of the Registrant](https://www.sec.gov/Archives/edgar/data/1086222/000095013506001650/b58056atexv10w5.txt)</u> | 10-K | 10.5 | March 16, 2006 |
| 10.2@ | <u>[Amendment to Amended and Restated 1999 Employee Stock Purchase Plan of the Registrant](https://www.sec.gov/Archives/edgar/data/1086222/000119312508111487/dex1046.htm)</u> | 10-Q | 10.46 | May 12, 2008 |
| 10.3@ | <u>[Akamai Technologies, Inc. Second Amended and Restated 2013 Stock Incentive Plan, as amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622225000181/exhibit101.htm)</u> | 8-K | 10.1 | May 16, 2025 |
| 10.4@\* | <u>[Form of Global Employee Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan (time vesting)](a10-kex104pdf.htm)</u> |  |  |  |
| 10.5@\* | <u>[Form of Global Executive Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan (time vesting)](a10-kex105pdf.htm)</u> |  |  |  |
| 10.6@\* | <u>[Form of Performance-Based Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan](a10-kex106pdf.htm)</u> |  |  |  |
| 10.7@\* | <u>[Form of TSR-Based Restricted Stock Unit Agreement for use under the 2013 Stock Incentive Plan](a10-kex107pdf.htm)</u> |  |  |  |
| 10.8@ | <u>[Form of Non-Qualified Stock Option Agreement for use under the 2013 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/1086222/000154256713000027/akam10q63013ex104.htm)</u> | 10-Q | 10.4 | August 09, 2013 |
| 10.9@ | <u>[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)</u> | 10-Q | 10.5 | August 09, 2013 |
| 10.10@\* | <u>[Form of Non-U.S. Director Deferred Stock Unit Agreement for use under the 2013 Stock Incentive Plan](a10-kex1010pdf.htm)</u> |  |  |  |
| 10.11@ | <u>[Non-Employee Director Compensation Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622224000216/akam10q9302024ex101.htm)</u> | 10-Q | 10.1 | November 08, 2024 |
| 10.12@ | <u>[Form of Executive Bonus Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622226000004/execcomp8-kexh991.htm)</u> | 8-K | 99.1 | February 17, 2026 |
| 10.13@ | <u>[Akamai Technologies, Inc. Executive Severance Pay Plan, as amended](https://www.sec.gov/Archives/edgar/data/1086222/000108622219000226/exhibit101executivesev.htm)</u> | 8-K | 10.1 | October 02, 2019 |
| 10.14@ | <u>[Form of Change in Control and Severance Agreement](https://www.sec.gov/Archives/edgar/data/1086222/000108622222000054/exhibit991february18th.htm)</u> | 8-K | 99.1 | February 25, 2022 |
| 10.15@ | <u>[Akamai Technologies, Inc. Amended and Restated U.S. Non-Qualified Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/1086222/000108622224000216/akam10q9302024ex102.htm)</u> | 10-Q | 10.2 | November 08, 2024 |
| 10.16@ | <u>[Employment Letter Agreement between the Registrant and F. Thomson Leighton dated February 25, 2013](https://www.sec.gov/Archives/edgar/data/1086222/000126643213000021/exhibit1028.htm)</u> | 10-K | 10.28 | March 01, 2013 |
| 10.17@ | <u>[Amendment to Employment Letter Agreement between the Registrant and F. Thomson Leighton dated November 12, 2015](https://www.sec.gov/Archives/edgar/data/1086222/000108622215000184/exhibit993leightonagreemen.htm)</u> | 8-K | 99.3 | November 17, 2015 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | Incorporated by Reference | Incorporated by Reference |
| Exhibit No. | Exhibit Description | Form | Exhibit No. | Date Filed |
| 10.18 | <u>[Indenture of Lease for 145 Broadway, Cambridge, Massachusetts dated November 7, 2016](https://www.sec.gov/Archives/edgar/data/1086222/000108622216000396/exhibit104711kcakamailease.htm)</u> | 8-K | 10.47 | November 10, 2016 |
| 10.19 | <u>[Must-Take Premises and Right of First Offer Agreement among the Registrant, Boston Properties Limited Partnership and the Trustees of Ten Cambridge Center Trust dated November 7, 2016](https://www.sec.gov/Archives/edgar/data/1086222/000108622216000396/exhibit1048musttakeagreeme.htm)</u> | 8-K | 10.48 | November 10, 2016 |
| 10.20 | <u>[150 Broadway Real Property Lease Dated December 20, 2017](https://www.sec.gov/Archives/edgar/data/1086222/000108622218000052/exhibit1019-150broadwaylea.htm)</u> | 10-K | 10.19 | March 01, 2018 |
| 10.21† | <u>[Exclusive Patent and Non-Exclusive Copyright License Agreement, dated as of October 26, 1998, between the Registrant and Massachusetts Institute of Technology](https://www.sec.gov/Archives/edgar/data/1086222/000095013599004906/0000950135-99-004906.txt)</u> | S-1/A | 10.16 | October 28, 1999 |
| 10.22 | <u>[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 November 22, 2022](https://www.sec.gov/Archives/edgar/data/1086222/000119312522292004/d271055dex101.htm)</u> | 8-K | 10.1 | November 23, 2022 |
| 10.23 | <u>[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)</u> | 8-K | 10.1 | April 18, 2025 |
| 10.24 | <u>[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)</u> | 8-K | 10.1 | May 13, 2025 |
| 10.25 | <u>[Form of Call Option Confirmation between the Registrant and each Option 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)</u> | 8-K | 10.1 | August 16, 2019 |
| 10.26 | <u>[Form of Warrant Confirmation between the Registrant and each Option 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)</u> | 8-K | 10.2 | August 16, 2019 |
| 10.27 | <u>[Form of Call Option Transaction Confirmation between the Registrant and each Option 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)</u> | 8-K | 10.1 | August 18, 2023 |
| 10.28 | <u>[Form of Warrant Confirmation between the Registrant and each Option 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)</u> | 8-K | 10.2 | August 18, 2023 |
| 10.29 | <u>[Form of Call Option Confirmation between Akamai and each Option Counterparty (2025 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex101.htm)</u> | 8-K | 10.1 | May 19, 2025 |
| 10.30 | <u>[Form of Warrant Confirmation between Akamai and each Option Counterparty (2025 Notes)](https://www.sec.gov/Archives/edgar/data/1086222/000119312525122451/d948474dex102.htm)</u> | 8-K | 10.2 | May 19, 2025 |
| 19.1 | <u>[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)</u> | 10-K | 19.1 | February 24, 2025 |
| 21.1\* | <u>[Subsidiaries of the Registrant](exhibit211_10k2025.htm)</u> |  |  |  |
| 23.1\* | <u>[Consent of Independent Registered Public Accounting Firm](exhibit231_10k2025.htm)</u> |  |  |  |
| 31.1\* | <u>[Certification of Chief Executive Officer pursuant to Rule 13a- 14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](exhibit311_10k2025.htm)</u> |  |  |  |
| 31.2\* | <u>[Certification of Chief Financial Officer pursuant to Rule 13a- 14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](exhibit312_10k2025.htm)</u> |  |  |  |
| 32.1\* | <u>[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 2002](exhibit321_10k2025.htm)</u> |  |  |  |
| 32.2\* | <u>[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 2002](exhibit322_10k2025.htm)</u> |  |  |  |
| 97.1 | <u>[Akamai Clawback Policy](https://www.sec.gov/Archives/edgar/data/1086222/000108622224000040/exhibit97_10k2023.htm)</u> | 10-K | 97 | February 28, 2024 |
| 101.INS\* | Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document |  |  |  |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |  |  |  |
| 101.CAL\* | Inline XBRL Taxonomy Calculation Linkbase Document |  |  |  |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |  |  |  |
| 101.LAB\* | Inline XBRL Taxonomy Label Linkbase Document |  |  |  |

---

------

<u>[**Table of Contents**](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | Incorporated by Reference | Incorporated by Reference |
| Exhibit No. | Exhibit Description | Form | Exhibit No. | Date Filed |
| 101.PRE\* | Inline XBRL Taxonomy Presentation Linkbase Document |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101.INS) |  |  |  |

---

---

| | |
|:---|:---|
| @ | Management contract or compensatory plan or arrangement filed as an exhibit to this annual report on Form 10-K pursuant to Item 15(b) of this annual report. |
| † | Confidential Treatment has been granted as to certain portions of this exhibit. Such portions have been omitted and filed separately with the Securities and Exchange Commission. |
| \* | Submitted electronically herewith. |

---

(c)Not applicable.

**Item 16. Form 10-K Summary**

None.

------

<u>[**Table of Contents**](#i4b40eb2abb194f7fb0a4e9c0fd1d8f4e_7)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| February 20, 2026 | AKAMAI TECHNOLOGIES, INC. | AKAMAI TECHNOLOGIES, INC. |
|  | By: | /s/&nbsp;&nbsp;&nbsp;&nbsp;EDWARD MCGOWAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  |  | Edward McGowan<br>Executive Vice President, Chief Financial Officer and Treasurer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;F. THOMSON LEIGHTON | Chief Executive Officer, President and Director (Principal Executive Officer) | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Thomson Leighton | Chief Executive Officer, President and Director (Principal Executive Officer) | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;EDWARD MCGOWAN | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edward McGowan | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;LAURA HOWELL | Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laura Howell | Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;JANAKI AKELLA | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janaki Akella | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;SHARON Y. BOWEN | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sharon Y. Bowen | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;MARIANNE C. BROWN | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marianne C. Brown | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;BAS BURGER | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bas Burger | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;DANIEL R. HESSE | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel R. Hesse | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;PETER T. KILLALEA | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peter T. Killalea | Director | February 20, 2026 |
| /s/&nbsp;&nbsp;&nbsp;&nbsp;JONATHAN F. MILLER | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jonathan F. Miller | Director | February 20, 2026 |
| /s/ MADHU RANGANATHAN | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madhu Ranganathan | Director | February 20, 2026 |
| /s/ BERNARDUS VERWAAYEN | Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bernardus Verwaayen | Director | February 20, 2026 |

---

## Exhibit 4.7

**Exhibit 4.7**

**DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT**

The following description of the securities of Akamai Technologies, Inc. ("us," "our," "we" or the "Company") registered under Section 12 of the Exchange Act is intended as a summary only and is not a complete description. This description is based upon, and is qualified by reference to, our certificate of incorporation, our bylaws and applicable provisions of the Delaware General Corporation Law (the "DGCL"). You should read our certificate of incorporation and bylaws, which are incorporated by reference as Exhibit 3.1 and Exhibit 3.2, respectively, to the Annual Report on Form 10-K of which this Exhibit 4.7 is a part, for the provisions that are important to you.

**Authorized Capital Stock**

Our authorized capital stock consists of 700,000,000 shares of common stock, $0.01 par value per share, and 5,000,000 shares of preferred stock, $0.01 par value per share, of which 700,000 shares have been designated as shares of Series A Junior Participating Preferred Stock, par value $0.01 per share. Our common stock is registered under Section 12(b) of the Exchange Act.

**Common Stock**

*Voting Rights*. Holders of our common stock are entitled to one vote for each share held on matters submitted to a vote of stockholders. Holders of our common stock do not have cumulative voting rights. When a quorum is present at a meeting, any matters, including the election of directors, to be voted upon by the stockholders at a meeting are decided by the vote of the holders of a majority in voting power of the stock present or represented and voting on such matter, except when a different vote is required by law, our certificate of incorporation or our bylaws. In any contested election of directors, a plurality standard will apply.

*Dividends*. Holders of common stock are entitled to receive their proportionate share of any dividends declared by the board of directors, subject to any preferential dividend rights of outstanding preferred stock.

*Liquidation, Dissolution and Winding Up*. Upon our liquidation, dissolution or winding up, the holders of common stock are entitled to receive ratably our net assets available after the payment of all debts and other liabilities and subject to the preferential rights of any outstanding preferred stock.

*Other Rights*. The common stock has no preemptive, subscription, redemption or conversion rights. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of the common stock are subject to the rights of the holders of shares of any series of our preferred stock.

**Preferred Stock**

Our board of directors is authorized to issue shares of additional shares of preferred stock in one or more series without stockholder approval. The board of directors has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock. The purpose of authorizing the board of directors to issue preferred stock and determine its rights and preferences is to

------

eliminate delays associated with a stockholder vote on specific issuances. The board's ability to issue preferred stock will provide desirable flexibility in connection with possible acquisitions and other corporate purposes and could make it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our outstanding voting stock. The issuance of preferred stock with voting and conversion rights may adversely affect the voting power of the holders of common stock.

**Anti-Takeover Provisions** 

Some provisions of Delaware law, our certificate of incorporation and our bylaws may have the effect of delaying, deferring or discouraging another party from acquiring control of us.

*Delaware Law*

We are subject to Section 203 of the DGCL, which regulates, subject to certain exceptions, a Delaware corporation from engaging in certain business combinations with interested stockholders. In general, Section 203 prohibits us from engaging in a "business combination" with an "interested stockholder" for a period of three years following the date the person becomes an interested stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our board of directors approved either the business combination or the transaction in which resulted in the stockholder becoming interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the person becoming an interested stockholder, the person owned at least 85 percent of our voting stock outstanding at the time the transaction commenced (excluding shares owned by persons who are directors and also officers and issued under employee stock plans under which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on or subsequent to the date the person became an interested stockholder, our board of directors approved the business combination and the stockholders other than the interested stockholder authorized the transaction at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3 percent of the outstanding stock not owned by the interested stockholder.

Section 203 defines a "business combination" to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger or consolidation involving us and the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sale, transfer, pledge or other disposition involving the interested stockholder of 10 percent or more of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to certain exceptions, any transaction that results in the issuance or transfer by us of any of our stock to the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction involving us that has the effect of increasing the proportionate share of our stock owned by the interested stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through us.

In general, Section 203 defines an "interested stockholder" as any person who, together with the person's affiliates and associates, owns, or within three years prior to the time of determination of interested stockholder status did own, 15 percent or more of a corporation's voting stock.

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*Certificate of Incorporation and Bylaw Provisions*

Our certificate of incorporation and bylaws provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no action can be taken by stockholders except at an annual or special meeting of the stockholders called in accordance with our bylaws, and stockholders may not act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors is expressly authorized to make, alter or repeal our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders, and special meetings of our stockholders may be called only by our board of directors, the chair of our board of directors, or our president;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stockholders may not fill vacancies on the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our board of directors is authorized to issue preferred stock without stockholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stockholders must satisfy advance notice procedures to submit proposals or nominate directors for consideration at a stockholders' meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stockholders may not cumulate votes in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will indemnify officers and directors against losses that they may incur as a result of investigations and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.

## Exhibit 10.4

![](a10-kex104pdf001.jpg)

Exhibit 10.4 - 1 - AKAMAI TECHNOLOGIES, INC. Global Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan 1. Grant of Award. This Agreement evidences the grant by Akamai Technologies, Inc., a Delaware corporation (the "Company"), on (the "Grant Date") to you (the "Participant") of restricted stock units of the Company (individually, an "RSU" and collectively, the "RSUs"), subject to the terms and conditions set forth in this Global Restricted Stock Unit Agreement, including any additional terms for the Participant's country set forth in the appendix attached hereto (the "Appendix") (together, the "Agreement") and the 2013 Stock Incentive Plan and any sub-plan to the 2013 Stock Incentive Plan for the Participant's country (together, as amended or amended and restated, the "Plan"). Each RSU represents the right to receive one share of the common stock, par value $.01 per share, of the Company ("Common Stock") as provided in this Agreement. The shares of Common Stock that are issuable upon vesting of the RSUs are referred to in this Agreement as "Shares". Capitalized terms used but not defined in this Agreement shall have the meanings specified in the Plan. 2. Vesting; Forfeiture. Subject to the terms and conditions of this Agreement and provided that the Participant continues to provide services until the Vesting Date (as defined below): (a) Each date on which RSUs vest may be referred to herein as the "Vesting Date." (b) Except as otherwise provided in this Section 2, RSUs shall not continue to vest unless the Participant is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company. (c) Except as reflected in Section 6 below, in the event that the Participant's employment with the Company ceases or is terminated for any reason other than "Cause" (as defined below), other than by reason of death or disability and other than due to the Participant's Retirement (as defined in the Akamai Technologies, Inc. Retirement Policy (the "Retirement Policy")), then the number of RSUs which shall be vested shall be the number that are vested as of the date of actual termination as determined in accordance with Section 8(l) below. For the avoidance of doubt, employment during only a portion of the vesting period, and where the Participant's employment has terminated prior to a Vesting Date, will not entitle the Participant to vest in a pro-rata portion of the RSUs, unless otherwise provided in this Agreement. For purposes of this Agreement, "Cause" shall mean (i) any act or omission by the Participant that has a significant adverse effect on the Company's business or on the Participant's ability to perform services for the Company, including, without limitation, the commission of any crime (other than ordinary traffic violations), or (ii) refusal or failure to perform assigned duties, serious misconduct, or excessive absenteeism, or (iii) refusal or failure to comply with the Company's Code of Business Ethics. In the event that the Participant's employment with the Company is terminated for Cause, all unvested RSUs shall be forfeited effective as of the date of termination as determined in accordance with Section 8(l) below. In the event that the Participant's employment with the Company ceases due to the Participant's death or disability (as defined under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the "Code")), then all unvested RSUs shall vest as of the date of death or disability. In the event that the Participant's employment with the Company ceases due to the Participant's Retirement, the RSUs and any

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![](a10-kex104pdf002.jpg)

- 2 - other Awards held by the Participant shall be treated as set forth in the Retirement Policy, subject to the terms and conditions thereof. (d) For purposes of the Agreement, employment with the Company shall include employment with a parent, subsidiary, affiliate or division of the Company, subject to Section 8(g) of the Agreement. 3. Distribution of Shares. (a) The Company will distribute to the Participant (or to the Participant's estate in the event that his or her death occurs after a Vesting Date but before distribution of the corresponding Shares), the shares of Common Stock represented by RSUs that vested on such Vesting Date as soon as administratively practicable after each Vesting Date (each such date of distribution is hereinafter referred to as a "Settlement Date") but in any event no later than the date that is two and one-half months following the applicable Vesting Date. (b) The Company shall not be obligated to issue to the Participant the Shares upon the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements including, without limitation, any applicable federal, state or local securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. (c) Neither the Company nor the Participant shall have the right to accelerate or defer the delivery of any shares under this Agreement except to the extent specifically permitted under Section 409A of the Code. 4. Restrictions on Transfer. The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer") any RSUs, or any interest therein, except by will or the laws of descent and distribution. 5. Dividend and Other Shareholder Rights. Except as set forth in the Plan or the Akamai Technologies, Inc. U.S. Non-Qualified Deferred Compensation Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the RSUs granted hereunder until the Shares have been delivered to the Participant. 6. Provisions of the Plan; Change in Control Event. (a) This Agreement is subject to the provisions of the Plan, a copy of which is made available to the Participant with this Agreement. (b) [Reserved]. (c) Except as otherwise provided in the Retirement Policy, upon the occurrence of a Change in Control Event, each RSU shall continue to be subject to the vesting schedule set forth in Section 2(a); provided, however, in the event that upon the occurrence of Change in Control Event, the RSUs represented by this Agreement are not exchanged for a Replacement Award (as defined below), then each RSU shall immediately become fully vested as of immediately prior to the closing of the Change in Control Event.

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![](a10-kex104pdf003.jpg)

- 3 - (d) For purposes of this Agreement, an award issuing by the acquiring company in a Change in Control Event shall qualify as a "Replacement Award" if (i) it has a value at least equal to the value of the RSUs represented by this Agreement (the "Replaced Award") as determined by the Committee in its sole discretion; (ii) it relates to publicly traded equity securities of the Company or its successor in the Change in Control Event or another entity that is affiliated with the Company or its successor following the Change in Control Event; and (iii) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this clause (d) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control Event, in its sole discretion. (e) Except as otherwise provided in the Retirement Policy, in the event that the Participant's employment is terminated by the Company for a reason other than Cause (as defined above), including the Participant's voluntary resignation for Good Reason (as defined below), within twelve months after a Change in Control Event, all then-unvested Replacement Awards held by the Participant shall vest as of the date of termination of employment as determined in accordance with Section 8(l) below. For purposes of this Agreement, "Good Reason" shall mean (i) a material reduction in the Participant's compensation and benefits not agreed to in writing by the Participant; or (ii) a requirement, not agreed to in writing by the Participant, that the Participant relocate to, or perform his or her principal job functions at, an office that is more than twenty-five (25) miles from the office at which the Participant was previously performing his or her principal job functions. 7. Withholding Taxes. (a) The Participant acknowledges that, regardless of any action the Company or, if different, the parent, subsidiary, affiliate or division of the Company by which the Participant is employed (the "Employer") takes with respect to any or all income tax, social insurance contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or the Employer ("Tax-Related Items"), the ultimate liability for all Tax-Related Items legally due by him or her is and remains the Participant's responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares delivered pursuant thereto and the receipt of cash or any dividends or dividend equivalents; and (2) do not commit to structure the terms of the award or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. (b) The Company and/or the Employer, or their respective agents, retain the discretion, and the Participant authorizes the Company and/or the Employer, or their respective agents, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) withholding from proceeds of the sale of Shares acquired upon vesting of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iii) requiring the Participant to make a payment in a form acceptable to the Company; (iv) withholding in Shares to be issued upon settlement of the RSUs; or (v) any other method of withholding determined by the Company and to the extent required by applicable law or the Plan, approved by the Committee.

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- 4 - (c) The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in the Participant's jurisdiction(s), to the extent permitted by the Plan. In the event of over- withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, the Participant may seek a refund from the local tax authorities. In the event of under-withholding, the Participant may be required to pay any additional Tax- Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items. (d) Finally, the Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant's obligations with respect to Tax-Related Items. (e) The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock. 8. Nature of Grant. In accepting the grant, the Participant acknowledges that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (b) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past; (c) all decisions with respect to future restricted stock units, if any, will be at the sole discretion of the Company; (d) the grant of the RSUs and the Participant's participation in the Plan will not create a right to further employment with the Company or the Employer, as applicable, and shall not interfere with the ability of the Company, the Employer or any parent, subsidiary or affiliate of the Company, as applicable, to terminate Participant's employment relationship at any time; (e) the Participant is voluntarily participating in the Plan; (f) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (g) the RSUs and the Participant's participation in the Plan will not be interpreted to form an employment agreement or relationship with the Company; (h) the future value of the Shares subject to the RSUs is unknown, indeterminable and cannot be predicted with certainty; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, any service the Participant may provide as a director of any parent, subsidiary or affiliate of the Company;

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- 5 - (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer; (k) no claim or entitlement to compensation or damages shall arise from (i) forfeiture of the RSUs resulting from termination of the Participant's employment relationship or from any diminution in value of the RSUs or Shares acquired upon settlement of the RSUs for any reason and/or (ii) forfeiture of the RSUs or recoupment of any Shares, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of the Company, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards; and (l) for purposes of the RSUs, the Participant's employment relationship will be considered terminated as of the date he or she is no longer actively providing services to the Company, the Employer or any other parent, subsidiary or affiliate of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any) and, except in the case of the Participant's termination due to death or disability or Retirement (as defined in the Retirement Policy) as provided for in Section 2(c), the Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the period of the Participant's employment service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of his or her RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence). 9. Data Privacy Information and Consent. (a) Data Collection and Usage. The Company and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, his or her name, home address, telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor ("Data"), for purposes of administering his or her participation in the Plan. The legal basis, where required, for the processing of Data is the Participant's consent. (b) Stock Plan Administration Service Providers. The Company transfers Data to Charles Schwab & Co., Inc. and certain of its affiliates ("Charles Schwab"), which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different service provider or additional service providers and share Data with such other provider serving in a similar manner. The Participant may be asked to agree on separate terms and data processing practices with Charles Schwab, with such agreement being a condition to the ability to participate in the Plan. (c) International Data Transfers. The Company, Charles Schwab and, as the case may be, other service providers of the Company are or might be based in the United States, which means that the Participant's Data will have to be transferred to or otherwise processed in the United States. The Participant understands and acknowledges that the United States might apply laws not providing a

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- 6 - level of protection of his or her Data equivalent to the level of protection in his or her country or jurisdiction. In the absence of appropriate safeguards, the processing of the Participant's Data in the United States might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, the Participant might not have enforceable rights regarding the processing of his or her Data. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the Company receiving and transferring his or her Data onward to Charles Schwab and, as the case may be, other service providers without implementing appropriate safeguards. Where required, such processing of the Participant's Data will be exclusively based on his or her consent. (d) Data Retention. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. This period may extend beyond the Participant's period of employment with the Employer. When the Company or the Employer no longer need Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the consent, his or her salary from or employment with the Employer will not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant awards under the Plan or administer or maintain such awards. (f) Data Subject Rights. The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based, such rights may include the right to (i) request access to or copies of Data processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in his or her jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Participant can contact his or her local human resources representative. (g) Other Legal Basis and Additional Consent. The Participant understands that the Company may rely on a different legal basis for the collection, processing or transfer of Data in the future and/or request the Participant to provide another data privacy consent. If applicable, upon request of the Participant or the Employer, he or she will provide a separate executed data privacy agreement (or any other agreements or consents) that the Company and/or the Employer may deem necessary to obtain from the Participant for the purpose of administering his or her participation in the Plan in compliance with the data privacy laws in his or her country, either now or in the future. The Participant understands and agrees that he or she will not be able to participate in the Plan, if he or she fails to provide any such agreement requested by the Company and/or the Employer. 10. Miscellaneous. (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or receiving shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all.

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- 7 - (b) No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or his or her acquisition or sale of the Shares subject to the RSUs. The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. (c) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. (d) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. (f) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10(f). (g) Recoupment. As an additional condition of receiving this award of RSUs, the Participant agrees that the RSUs, whether vested or unvested, and/or the Shares, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under the Company's clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement, any similar policy applicable to circumstances where the Participant engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the "Recoupment Policy"). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to the Participant's right to resign for "good reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Company or any parent, subsidiary or affiliate and/or the Employer. (h) Language. The Participant acknowledges that he or she is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement, including the Appendix. Furthermore, if the Participant has received this Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law. (i) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

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- 8 - (j) Entire Agreement; Conflicts and Interpretation. This Agreement, including any special terms and conditions set forth in the Appendix hereto for the Participant's country, and the Plan, including any applicable sub-plan, constitute the entire agreement between the parties, and supersedes all prior agreements and understandings, relating to the subject matter of this Agreement. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Board of Directors (or a committee thereof) has the power, among other things, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. (k) Appendix. The RSUs shall be subject to any additional provisions set forth in the Appendix for the Participant's country. If the Participant relocates to one of the countries included in the Appendix during the vesting period for the RSUs, the additional provisions for such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. The Company reserves the right to impose other requirements on the RSUs and the Shares acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Amendment. The Company may modify, amend or waive the terms of this Agreement prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Participant without his or her consent, except as required by applicable law, Nasdaq or stock exchange rules, tax rules or accounting rules. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors (or a committee thereof) of the Company. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party or any other participant of a provision of this Agreement. (n) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the U.S. State of Delaware, without regard to any applicable conflicts of laws. For purposes of litigating any dispute that arises under the grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the U.S. State of Delaware, agree that such litigation shall be conducted in the courts of Delaware, or the federal courts for the United States for the Third District, where this Agreement is made and/or to be performed. (o) Unfunded Rights. The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company. (p) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs awarded under and participation in the Plan or future restricted stock units or other Awards that may be awarded under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. (q) Insider Trading/Market Abuse Laws. The Participant acknowledges that, depending on his or her or his or her broker's country of residence or where the Shares are listed, the

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- 9 - Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., RSUs), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by or determined under the laws in the applicable jurisdiction or the laws in his or her country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) "tipping" third parties or causing them to otherwise to buy or sell securities. Keep in mind third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, including those imposed under any applicable Company insider trading policy, and the Participant should consult with his or her own personal legal and financial advisors on this matter before taking any action related to the Plan. (r) Foreign Asset/Account Reporting, Exchange Control and Tax Requirements. The Participant acknowledges that there may be certain foreign asset and/or account reporting requirements and exchange controls which may affect his or her ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Participant understands that he or she may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Participant may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Participant acknowledges that it is his or her responsibility to comply with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance. (s) Section 409A of the Code. This Agreement is intended to be exempt from, or comply with, Section 409A of the Code and shall be interpreted, operated and administered in accordance with that intent. The Board may modify the terms of this Agreement, the Plan or both, without the Participant's consent, in the manner that the Board determines to be necessary or advisable in order to comply with Section 409A of the Code. The Company shall have no liability to the Participant, or any other party, if this Agreement is not so exempt or compliant.

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- 10 - IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. Electronic acceptance of this Agreement pursuant to the Company's instructions to Participant (including through an online acceptance process managed by the Company's agent) is acceptable. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the data processing operations described in Section 9 of this Agreement. This includes, without limitation, the transfer of his or her Data to, and the processing of such data by, the Company, Charles Schwab or, as the case may be, the Company's other third-party service providers in the United States. The Participant may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 9(e) above. AKAMAI TECHNOLOGIES, INC. By: Name: Frank T. Leighton Title: CEO _____________________________ Address: ,

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- 11 - APPENDIX AKAMAI TECHNOLOGIES, INC. Global Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan COUNTRY-SPECIFIC TERMS AND CONDITIONS Terms and Conditions The Participant understands that this Appendix includes additional terms and conditions that govern the RSUs granted to him or her under the Plan if he or she works and/or resides in one of the countries listed below. If the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after the RSUs have been granted, the Participant acknowledges and agrees that the Company, in its discretion, will determine the extent to which the terms and conditions herein will be applicable to the Participant. Notifications This Appendix also includes information regarding securities laws, exchange controls and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2026. Such laws are often complex and change frequently. As a result, the Company recommends that the Participant does not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information included herein may be out of date at the time that the Participant acquire Shares upon vesting of the RSUs or subsequently sell such Shares. In addition, the information contained herein is general in nature and may not apply to the Participant's particular situation and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her individual situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after RSUs have been granted, the information contained herein may not be applicable to the Participant in the same manner. ARGENTINA Terms and Conditions Labor Law Acknowledgment. This provision supplements Section 8 of the Agreement: In accepting the grant of the RSUs, the Participant acknowledges and agrees that the grant of the RSUs is made by the Company, not the Employer, in its sole discretion and the value of any RSUs and Shares acquired under the Plan shall not constitute salary or wages for any purpose under Argentine labor law, including, but not limited to, the calculation of (i) any labor benefits including, without limitation, vacation pay, thirteenth salary, compensation in lieu of notice, annual bonus, disability, and leave of absence

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- 12 - payments, or (ii) any termination or severance indemnities. If, notwithstanding the foregoing, any benefits under the Plan are considered as salary or wages for any purpose under Argentine labor law, the Participant acknowledges and agrees that such benefits shall not accrue more frequently than on an annual basis. Notifications Securities Law Information. The RSUs and the underlying Shares have not been and will not be publicly issued, placed, distributed, offered or listed in the Argentine capital markets, and, as a result, have not been and will not be registered with the Argentina Securities Commission (Comisión Nacional de Valores). Neither this Appendix nor any other offering material related to the RSUs nor the underlying Shares may be utilized in connection with any general offering to the public in Argentina. Any Argentine resident who acquires Shares under the Plan does so under their own responsibility under the terms of a private offering to the Argentine resident from outside Argentina. Any Argentine resident who acquires Shares shall not transfer such Shares to any other person within six (6) months of acquiring the Shares, unless the transaction is conducted outside Argentina. Exchange Control Information. Because the Participant is not required to purchase foreign currency and remit funds out of Argentina to acquire Shares under the Plan, local exchange control restrictions should not apply. Notwithstanding the foregoing, the Participant should be aware that the Participant is personally are responsible for complying with all Argentine currency exchange regulations, approvals and reporting requirements. Exchange control requirements in Argentina are subject to change; the Participant should consult with his or her personal advisor regarding any obligations that may apply in connection with participation in the Plan. AUSTRALIA Terms and Conditions Securities Law Information. This offer is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth). Notifications Exchange Control Information. Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. If an Australian bank is assisting with the transaction, the bank will file the report on the Participant's behalf. Tax Information. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) applies (subject to conditions in the Act). BELGIUM There are no country-specific provisions. BRAZIL Terms and Conditions Compliance with the Law. In accepting the RSUs, the Participant acknowledges his or her agreement to comply with applicable Brazilian laws and to pay any and all applicable Tax-Related Items due in connection with the vesting of the RSUs and the sale of Shares acquired under the Plan.

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- 13 - Labor Law Acknowledgement. In accepting the RSUs, the Participant acknowledges that (i) he or she is making an investment decision, and (ii) the value of the underlying Shares is not fixed and may increase or decrease over the vesting period without compensation to the Participant. Notifications Exchange Control Information. Brazilian residents are required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights exceeds a certain threshold (currently US$1,000,000). Assets and rights that must be reported include Shares acquired under the Plan. CANADA Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Nature of Grant. Sections 8(c), (1) and (m) of the Agreement apply, except as explicitly and minimally required under applicable legislation. Termination of Employment. This provision replaces Section 8(l) of the Agreement: For purposes of the RSUs and except as explicitly and minimally required under applicable legislation or expressly provided in Sections 2(c) and 6 of the Restricted Stock Unit Agreement, (i) the Participant's employment relationship will be considered terminated and (ii) the Participant's right, if any, to earn, seek damages in lieu of, vest in or otherwise benefit from or participate in any portion of the RSUs or in the Plan will be measured by and immediately terminate, as of the date Participant is no longer actually providing services to the Company, the Employer and/or any other subsidiary or affiliate of the Company, regardless of the reason for such termination and whether or not later found to be invalid or in breach of applicable laws in the jurisdiction where the Participant is employed or providing services or the terms of the Participant's employment or service agreement, if any (the "Termination Date"). Except as explicitly and minimally required by applicable legislation, the Termination Date will exclude and will not be extended by any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under statute, contract, common/civil law or otherwise. For greater certainty, the Participant will not earn or be entitled to any pro-rated vesting or other participation in the RSUs or the Plan for that portion of time before the Termination Date, nor will the Participant be entitled to any compensation for lost vesting or other participation. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, the Participant's right to vest in the RSUs or otherwise benefit from or participate in the RSUs or the Plan, if any, will terminate effective as of the last day of the Participant's minimum statutory notice period. The Participant will not earn or be entitled to pro-rated vesting or other participation if any Vesting Date falls after the end of the Participant's minimum statutory notice period, nor will the Participant be entitled to any compensation for lost vesting or other participation, unless otherwise provided in the Agreement. For further clarity, any reference to the termination or cessation of the Participant's employment or continued service under this Agreement or the Plan will be interpreted to mean the Termination Date as defined herein. Subject to applicable legislation, if the date the Participant is no longer actually providing services cannot be reasonably determined under the terms of this Agreement or the Plan, the Committee shall have the exclusive discretion to determine when the Participant is no longer providing services for purposes of the

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- 14 - RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence). The following provisions shall apply if the Participant is a resident of Quebec: Data Privacy. This provision supplements the Section 9 of the Agreement: The Participant hereby authorizes the Company and the Company's representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. The Participant further authorizes the Company, its subsidiaries and affiliates and any stock plan service provider that may be selected by the Company to assist with the Plan to disclose and discuss the Plan with their respective advisors. The Participant further authorizes the Company and its subsidiaries and affiliates to record such information and to keep such information in the Participant's employee file. The Participant acknowledges and agrees that the Participant's personal information, including sensitive personal information, may be transferred or disclosed outside of the province of Quebec, including to the United States. Finally, the Participant acknowledges and authorizes the Company and other parties involved in the administration of the Plan to use technology for profiling purposes and to make automated decisions that may have an impact on the Participant or the administration of the Plan. French Language Documents. A French translation of this document and certain other documents related to the RSUs will be made available to the Participant concurrently with this document. Notwithstanding anything to the contrary in the Agreement, and unless the Participant indicates otherwise, the French translation of this document and the Plan will govern the Participant's participation in the Plan. Documents en Langue Française. Une traduction française du présent document et de certains autres documents relatifs aux droits sur des actions assujettis à des restrictions (« RSUs ») sera mise à la disposition du Participant en même temps que le présent document. Nonobstant toute disposition contraire dans le Contrat, et à moins que le Participant n'indique le contraire, la traduction française du présent document et le Plan régira la participation du Participant au Plan. Notifications Securities Law Information. The Participant is permitted to sell Shares acquired through the broker (or any successor broker or other stock plan service provider that may be selected by the Company to assist with the implementation, administration and management of the Plan), if any, provided the resale of Shares acquired under the Plan takes place outside Canada through the facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the Nasdaq. CHILE Notifications Securities Law Information. The offer of the RSUs constitutes a private offering in Chile effective as of the Grant Date. The offer of the RSUs is made subject to General Ruling N° 336 of the Chilean Commission for the Financial Market ("CMF"). The offer refers to securities not registered at the Securities Registry or at the Foreign Securities Registry of the CMF, and, therefore, such securities are not subject to oversight of the CMF. Given that the RSUs are not registered in Chile, the Company is not required to provide information about the RSUs or Shares in Chile. Unless the RSUs and/or the Shares are registered at the corresponding registries of the CMF, a public offering of such securities cannot be made in Chile. Exchange Control Information. The Participant may receive foreign currency abroad as a result of the acquisition of Shares and freely decide whether to repatriate such currency to Chile or keep it abroad. However, if the Participant repatriates currency, and such amounts exceed US$10,000, the proceeds must

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- 15 - be remitted using the formal exchange market. It is not necessary to convert the repatriated funds into Chilean currency. CHINA The following provisions apply if the Participant is subject to the exchange control regulations in the People's Republic of China ("PRC" or "China"), as determined by the Company in its sole discretion. Terms and Conditions Distribution of Shares. This provision supplements the Section 3 of the Agreement: Notwithstanding anything to the contrary in this Agreement, in the event that all necessary exchange control or other approvals with respect to the RSUs have not been obtained from the State Administration of Foreign Exchange ("SAFE") or its local counterpart ("SAFE Approval") prior to any date(s) on which the RSUs are scheduled to vest, the Shares represented by such RSUs will be distributed as soon as administratively practicable after SAFE Approval has been obtained. If or to the extent the Company is unable to obtain SAFE Approval, no Shares subject to the RSUs for which SAFE Approval has not been obtained shall be issued. In this case, the Company retains the discretion to settle any RSUs in cash paid through local payroll in an amount equal to the market value of the Shares subject to the RSUs less any Tax-Related Items. To facilitate compliance with exchange control laws in China, the Participant will be required to immediately sell all Shares acquired upon vesting of the RSUs. The Participant expressly authorizes the Company, or the Company's designated brokerage firm, to effectuate the sale of the Shares. The Participant acknowledges that neither the Company nor the designated brokerage firm is under any obligation to arrange for such sale of the Shares at any particular price (it being understood that the sale will occur at the then-current market price) and that broker's fees or commissions may be incurred in any such sale. When the Shares acquired under the Plan are sold, the proceeds of the sale of the Shares, less any Tax-Related Items and broker's fees or commissions, will be remitted to the Participant in accordance with applicable exchange control laws and regulations. The Company reserves the right to allow employees to hold Shares issued upon vesting of the RSUs in the future. Without limitation to the foregoing, if the Participant's employment terminates and the Participant holds or acquires any Shares at that time, the Participant acknowledges and agrees that all Shares will be sold on his or her behalf, pursuant to this authorization, as soon as administratively practicable following the termination of employment, but no later than six-months following termination of employment. Exchange Control Requirements. The Participant understands and agrees that to facilitate exchange control requirements, the Participant will be required to immediately repatriate to China any funds resulting from the RSUs (e.g., sale proceeds). The Participant further understands that, under local law, such repatriation of the funds may need to be effectuated through a special exchange control account established by the Company, or its subsidiaries or affiliates and the Participant hereby consents and agrees that any funds realized under the Plan may be transferred to such special account prior to being delivered to him or her. The Company may deliver the funds to the Participant in U.S. dollars or local currency at the Company's discretion. If the funds are paid in U.S. dollars, the Participant understands that he or she will be required to set up a U.S. dollar bank account in China so that the funds may be deposited into this account. If the funds are converted to local currency, there may be delays in delivering the funds to the Participant. Due to fluctuations in the trading price of Common Stock and/or the U.S. dollar/PRC yuan renminbi exchange rate between the vesting/sale date and (if later) the date the funds can be converted into local currency, the funds that the Participant receives may be more or less than the market value of the Shares on the vesting/sale date, if any. The Participant agrees to bear any currency fluctuation risk between the vesting/sale date and the time the funds are distributed through such special exchange account. The

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- 16 - Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with exchange control requirements in China. COLOMBIA Terms and Conditions Nature of Grant. The following provision supplements Section 8 of the Agreement: Pursuant to Article 128 of the Colombian Labor Code, the RSU Award and related benefits do not constitute a component of the Participant's "salary" for any legal purpose. Therefore, the RSU and related benefits will not be included and/or considered for purposes of calculating any and all labor benefits, such as legal/fringe benefits, vacations, indemnities, payroll taxes, social insurance contributions and/or any other labor-related amount which may be payable. Mandate Letter. By accepting the RSUs, the Participant agrees that – if requested by the Company or the Employer – the Participant will execute a Mandate Letter or such other document (whether electronically or by such other method as requested by the Company or the Employer) that the Company determines is necessary or advisable in order that (i) a sufficient number of Shares to be allocated to the Participant upon vesting can be sold on the Participant's behalf to cover Tax-Related Items required to be withheld by the Employer and (ii) the proceeds from such sale can be wired directly from the Company to the Employer in Colombia for remittance to the tax authorities. Notifications Securities Law Information. The Shares are not and will not be registered with the Colombian registry of publicly traded securities (Registro Nacional de Valores y Emisores) and therefore the Shares may not be offered to the public in Colombia. Nothing in the Agreement should be construed as the making of a public offer of securities in Colombia. Exchange Control Information. Investments in assets located outside Colombia (including Shares) are subject to registration with the Central Bank (Banco de la República), as foreign investments held abroad, regardless of value. In addition, all payments related to the liquidation of such investments must be transferred through the Colombian foreign exchange market (e.g. local banks), which includes the obligation of correctly completing and filing the appropriate foreign exchange form (declaración de cambio). Alternatively, such payments may be channeled through a compensation account, provided that the account is duly registered and that the Participant submits the required monthly report to the Central Bank (Banco de la República) in accordance with applicable regulations. The Participant should consult with the Participant's personal advisor(s) regarding any personal legal, regulatory or foreign exchange obligations the Participant may have in connection with Participant's participation in the Plan. COSTA RICA There are no country-specific provisions.

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- 17 - CZECH REPUBLIC Notifications Exchange Control Information. The Czech National Bank may require the Participant to fulfill certain notification duties in relation to the acquisition of Shares and the opening and maintenance of a foreign account, including reporting foreign financial assets that equal or exceed a certain threshold. However, because exchange control regulations change frequently and without notice, the Participant should consult his or her personal legal advisor prior to the vesting of the RSUs and the subsequent sale of Shares to ensure compliance with current regulations. The Participant is responsible for complying with any applicable Czech exchange control laws. DENMARK Terms and Conditions Danish Stock Option Act. By accepting the RSUs, the Participant acknowledges that he or she received an Employer Statement, translated into Danish attached hereto, which is being provided to comply with the Danish Stock Option Act as amended effective January 1, 2019, to the extent that the Danish Stock Option Act applies to the RSUs.

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- 18 - SÆRLIG MEDDELELSE TIL MEDARBEJDERE I DANMARK ARBEJDSGIVERERKLÆRING I henhold til § 3, stk. 1, i lov om brug af køberet eller tegningsret til aktier m.v. i ansættelsesforhold ("Aktieoptionsloven") er du berettiget til i en særskilt skriftlig erklæring at modtage følgende oplysninger vedrørende deltagelse i Akamai Technologies, Inc.'s incitamentsordning 2013 Stock Incentive Plan ("Ordningen"). Denne erklæring indeholder kun de oplysninger, der er nævnt i Aktieoptionsloven. De øvrige vilkår og betingelser for din tildeling af RSUer vedrørende ordinære aktier i Akamai Technologies, Inc. ("Selskabet") er nærmere beskrevet i Ordningen og i RSU-aftalen ("Aftalen"), som du har fået adgang til. 1. Tidspunkt for tildeling af usikret ret til at modtage aktier ved opfyldelse af visse betingelser Tidspunktet for din tildeling af RSUer er den dato, hvor Selskabet godkendte din tildeling som anført i Aftalen. 2. Kriterier eller betingelser for tildeling af retten til senere at få tildelt aktier Alle medarbejdere, direktører, bestyrelsesmedlemmer, konsulenter og rådgivere i Selskabet, inklusive alle Selskabets moder- og datterselskaber samt andre forretningsforetagender, hvori Selskabet har bestemmende indflydelse (sammen med Selskabet benævnt "Koncernen"), er berettiget til at deltage i Ordningen. Tildelingen af RSUer i henhold til Ordningen sker efter Selskabets eget frie skøn og har til formål at tiltrække, fastholde og motivere personer, som forventes at kunne yde vigtige bidrag til Koncernen. Dette sker ved at give de pågældende personer mulighed for at eje kapitalandele i Selskabet samt give dem resultatafhængige incitamenter med det formål at bringe deres interesser på linje med de interesser, som Selskabets aktionærer har. Selskabet kan frit vælge ikke at tildele dig yderligere RSUer i fremtiden. I henhold til Ordningen og Aftalen har du ikke hverken ret til eller krav på fremover at få tildelt RSUer eller at modtage andre tildelinger i stedet for RSUer. 3. Modningstidspunkt eller -periode Dine RSUer modnes over en periode ("modningsperioden"), forudsat at du vedbliver med at være ansat i eller arbejde for Koncernen, og at alle de i Aftalen anførte performance- og modningsbetingelser er opfyldt, medmindre RSUerne modnes eller bortfalder på et tidligere tidspunkt af de i Ordningen anførte årsager og med forbehold for pkt. 5 i denne erklæring. 4. Udnyttelseskurs Der skal ikke betales nogen udnyttelseskurs i forbindelse med modningen af RSUerne og udstedelsen af ordinære aktier til dig. 5. Din retsstilling i forbindelse med fratræden Såfremt dit ansættelsesforhold i Koncernen ophører eller opsiges af andre grunde end de "Berettigede Grunde" (som defineret nedenfor) bortset fra som følge af invaliditet, vil antallet af modnede RSUer være det antal, der er modnet på datoen for din faktiske fratrædelse. I overensstemmelse med Aftalen betyder "Berettiget Grund" (i) enhver handling eller undladelse fra din side, som har en betydelig negativ indvirkning på Koncernens virksomhed eller på din mulighed

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- 19 - for at udføre arbejde for Koncernen, herunder men ikke begrænset til kriminelle handlinger (bortset fra almindelige trafikforseelser) eller (ii) afvisning eller undladelse af at udføre tildelte opgaver, væsentlig misligholdelse eller usædvanlig stort fravær eller (iii) afvisning eller undladelse af at overholde Koncernens etiske retningslinjer. Såfremt dit ansættelsesforhold i Koncernen opsiges af en Berettiget Grund, vil alle ikke-modnede RSUer bortfalde med virkning fra fratrædelsestidspunktet. Såfremt dit ansættelsesforhold i Koncernen ophører som følge af invaliditet (som defineret i § 409A i U.S. Internal Revenue Code of 1986 med efterfølgende ændringer), vil alle ikke-modnede RSUer modnes på tidspunktet for invaliditetens indtræden. Såfremt du fratræder fra Koncernen (uden at dette skyldes en Berettiget Grund) inden for 12 måneder efter et Kontrolskifte (som defineret i Ordningen), vil alle RSUer, der på det tidspunkt ikke er modnet, modnes på fratrædelsestidspunktet i overensstemmelse med vilkårene i Aftalen. 6. Økonomiske aspekter af deltagelse i Ordningen Tildelingen af RSUer har ingen umiddelbare økonomiske konsekvenser for dig. Værdien af RSUerne indgår ikke i beregningen af feriepenge, pensionsbidrag eller andre lovpligtige, vederlagsafhængige ydelser. Aktier er finansielle instrumenter. Den fremtidige værdi af Selskabets aktier kendes ikke og kan ikke forudsiges med sikkerhed. AKAMAI TECHNOLOGIES, INC. 145 Broadway Cambridge, Massachusetts 02142 USA

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- 20 - FRANCE Terms and Conditions Consent to Receive Information in English. By accepting the RSUs, the Participant confirms having read and understood the Plan and this Agreement, including all terms and conditions included therein, which were provided in the English language. The Participant accepts the terms of those documents accordingly. En acceptant ces RSUs, le Participant confirme avoir lu et compris le Plan et cet Accord, incluant tous leurs termes et conditions, qui ont été transmis en langue anglaise. Le Participant accepte les dispositions de ces documents en connaissance de cause. GERMANY Notifications Exchange Control Information. Cross-border payments in excess of €50,000 must be reported to the German Federal Bank (Bundesbank) on a monthly basis. The Employer will report certain information related to the RSUs, as required to comply with this obligation. If the Participant otherwise receives a payment in excess of this amount (e.g., if the Participant sells Shares via a foreign broker, bank or service provider and receive proceeds in excess of this amount and/or if the Company withholds Shares with a value in excess this amount to recover Tax-Related Items due by the Participant in connection with the Plan), the Participant must report the payment and/or the value of the Shares withheld or sold to the Bundesbank, either electronically using the "General Statistics Reporting Portal" ("Allgemeines Meldeportal Statistik") available on the Bundesbank website (www.bundesbank.de) or via such other method (e.g., by email or telephone) as is permitted or required by Bundesbank. The report must be submitted monthly or within other such timing as is permitted or required by Bundesbank. HONG KONG Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Restriction on Sale. Shares received at vesting are accepted as a personal investment. In the event Participant's RSUs vest and Shares are issued to the Participant (or the recipient's legal representatives) within six months of the Grant Date of the RSUs, the Participant (or the recipient's legal representatives) agrees that he or she will not dispose of any Shares acquired prior to the six-month anniversary of the Grant Date. Notifications Securities Law Information. Warning: Neither the grant of the RSUs nor the issuance of Shares upon vesting of the RSUs constitutes a public offering of securities under Hong Kong law and is available only to employees of the Company and its parent, subsidiary and affiliated corporations. The Agreement, including this Appendix, the Plan and other incidental communication materials distributed in connection with the RSUs (i) have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong, (ii) have not been reviewed by any regulatory authority in Hong Kong, and (iii) are intended only for the personal use of each eligible employee of the Company or its parent, subsidiary or affiliated corporations and may not be distributed to any other person. If the Participant has any questions regarding the contents of the Agreement, including this Appendix or the Plan, the Participant should obtain independent professional advice.

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- 21 - INDIA Notifications Exchange Control Information. The Participant must repatriate the proceeds from the sale of Shares and any dividends received in relation to the Shares to India within such time as may be required under applicable regulations, unless an exemption applies. The Participant must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation. The Participant agrees to provide any information that may be required by the Company or the Employer to make any applicable filings under exchange control laws in India. It is the Participant's responsibility to comply with applicable exchange control laws in India and neither the Company nor the Employer will be liable for any fines or penalties resulting from the Participant's failure to comply with applicable laws. INDONESIA Terms and Conditions Language Consent and Notification. By accepting the RSUs, the Participant (i) confirms having read and understood the documents relating to this grant (i.e., the Plan and the Agreement) which were provided in the English language, (ii) accepts the terms of those documents accordingly, and (iii) agrees not to challenge the validity of this document based on Law No. 24 of 2009 on National Flag, Language, Coat of Arms and National Anthem or the implementing Presidential Regulation (when issued). Persetujuan dan Pemberitahuan Bahasa. Dengan menerima pemberian Unit Saham Terbatas (RSUs) ini, Peserta (i) memberikan konfirmasi bahwa dirinya telah membaca dan memahami dokumen-dokumen berkaitan dengan pemberian ini (yaitu, Perjanjian Penghargaan dan Program) yang disediakan dalam Bahasa Inggris, (ii) menerima persyaratan di dalam dokumen-dokumen tersebut, dan (iii) setuju untuk tidak mengajukan keberatan atas keberlakuan dari dokumen ini berdasarkan Undang-Undang No. 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara serta Lagu Kebangsaan ataupun Peraturan Presiden sebagai pelaksanaannya (ketika diterbitkan) Notifications Exchange Control Information. If the Participant remits funds (including proceeds from the sale of Shares) into Indonesia, the Indonesian bank through which the transaction is made will submit a report of the transaction to Bank Indonesia for statistical reporting purposes. For transactions in excess of a certain threshold, a more detailed description of the transaction must be included in the report and Participant may be required to provide information about the transaction (e.g., the Participant's relationship with the transferor of the funds, the source of the funds, etc.) to the bank in order for the bank to complete the report. In addition, the Participant may be required to provide the Bank Indonesia with information on foreign exchange activities, which may include Shares held outside Indonesia, on a monthly basis. The reporting should be completed online through Bank Indonesia's website, by no later than the 15th day of the following month.

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- 22 - IRELAND There are no country-specific provisions. ISRAEL Terms and Conditions Confirmation of Section 102 Capital Gains Award Terms. The RSUs are intended to qualify for the favorable tax treatment in Israel available for grants under the capital gains track under Section 102(b)(2) and 102(b)(3) of the Income Tax Ordinance [New Version], 1961, including the provisions of the Income Tax Rules (Tax Benefits in Shares Issuance to Employees), 2003 (the "Ordinance") ("Capital Gains Award"). Notwithstanding the foregoing, by accepting the RSUs, the Participant acknowledges that the Company cannot guarantee that the Capital Gains Award tax treatment will apply to the RSUs granted to the Participant. By accepting the RSUs, the Participant: (a) acknowledges receipt of and represents that the Participant has read and understands the Plan, the Israeli sub-plan adopted by the Company, the Beneficiary 102 Undertaking ("Undertaking"), which is incorporated by reference and forms part of the Agreement, and the Agreement; (b) accepts the RSUs subject to all of the terms and conditions of the Plan, the Israeli sub-plan, the Undertaking and the Agreement; and (c) agrees that the Shares issued upon vesting of the RSUs will be issued to and deposited with the Trustee (defined below) and shall be held in trust for the Participant's benefit as required by the Ordinance, the Israeli sub-plan and any approval by the Israeli Tax Authority pursuant to the terms of the Ordinance, the Israeli sub-plan and the Trust Agreement between the Company and the trustee appointed by the Company, currently IBI Capital Compensation and Trusts (2004) Ltd. (the "Trustee"). Furthermore, by accepting the RSUs, the Participant confirms that he or she understands the terms and provisions of Section 102 of the Ordinance, particularly the capital gains track described in subsection (b)(2) and (b)(3) thereof, and agrees that he or she will not require the Trustee to release the Shares acquired upon vesting of the RSUs to him or her or sell the Shares to a third party, during the requisite "Holding Period" as determined under the Ordinance and set forth in the Israeli sub-plan, unless permitted to do so by the Ordinance or the Israeli sub-plan. Requirement to Return Signed Beneficiary 102 Undertaking. If the Participant has not already executed the Undertaking in connection with grants made under the Israeli sub-plan to the Plan, and is requested to do so by the Employer or the Trustee, the Participant must print, sign and deliver a signed copy of the Undertaking to the Trustee within thirty (30) days of the Grant Date, or by such other date as may be determined by the Employer or the Trustee not to exceed ninety (90) days from the Grant Date. The Undertaking will be provided separately to the Participant by the Trustee. If the Undertaking is not returned within the timeframe specified, the RSUs may not qualify for favorable tax treatment. Notifications Securities Law Information. The grant of the RSUs under the Plan is being made pursuant to an exemption from the requirement to file and publish a prospectus in Israel regarding the Plan obtained from the Israeli Securities Authority. Copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission will be sent to the Participant, at no charge, on written request being mailed to Investor Relations at Akamai Technologies, Inc. 145 Broadway, Cambridge, MA 02142, U.S.A. The telephone number at the executive offices is 1-617-444-3000. Alternatively, copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission are available by searching the Company's filings on the following web site: http://www.sec.gov/edgar/searchedgar/companysearch.html. ITALY

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- 23 - Terms and Conditions Grant Terms Acknowledgment. By accepting the RSUs, the Participant acknowledges that the Participant has received a copy of the Plan and the Agreement, including this Appendix, in their entirety and fully understands and accepts all the provisions of the Plan and the Agreement. The Participant further acknowledges having read and specifically approves the following sections of the Agreement: Vesting; Forfeiture, Distribution of Shares, Withholding Taxes, Nature of Grant, Miscellaneous, and Data Privacy Information and Consent. JAPAN There are no country-specific provisions. KOREA Notifications Exchange Control Information. Korean residents who sell Shares acquired under the Plan and/or receive cash dividends on the Shares must file a report with a Korean foreign exchange bank if the proceeds exceed a certain threshold (currently US$5,000 per transaction) and are deposited into a non- Korean bank account. The report is not required if proceeds are deposited into a non-Korean brokerage account. It is the Participant's responsibility to ensure compliance with any applicable exchange control reporting obligations. MALAYSIA Notifications Director Notification Obligation. If the Participant is a director of a Malaysian subsidiary or affiliate, the Participant is subject to certain notification requirements under the Malaysian Companies Act. Among these requirements is an obligation to notify the Malaysian subsidiary or affiliate in writing when the Participant receives or disposes of an interest (e.g., RSUs or Shares) in the Company or any subsidiary or affiliate. Such notifications must be made within 14 days of receiving or disposing of any interest in the Company or any subsidiary or affiliate. MEXICO Terms and Conditions Acknowledgement of the Agreement. By accepting the RSUs, the Participant acknowledges that he or she has received a copy of the Plan and the Agreement, including this Appendix, which he or she has reviewed. The Participant further acknowledges that he or she accepts all the provisions of the Plan and the Agreement, including this Appendix. The Participant also acknowledges that he or she has read and specifically and expressly approves the terms and conditions set forth in the "Nature of Grant" section of the Agreement, which clearly provide as follows: (1) The Participant's participation in the Plan does not constitute an acquired right; (2) The Plan and the Participant's participation in it are offered by the Company on a wholly discretionary basis; (3) The Participant's participation in the Plan is voluntary; and (4) The Company and its affiliates are not responsible for any decrease in the value of any Shares acquired pursuant to the RSUs.

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- 24 - Labor Law Acknowledgement and Policy Statement. By accepting the RSUs, the Participant acknowledges that the Company, with registered offices at 145 Broadway, Cambridge, Massachusetts 02142, U.S.A., is solely responsible for the administration of the Plan. The Participant further acknowledges that his or her participation in the Plan, the grant of RSUs and any acquisition of Shares under the Plan do not constitute an employment relationship between the Participant and the Company because the Participant is participating in the Plan on a wholly commercial basis and his or her sole employer is Akam Mexico Technologies S. de R.L. de C.V. ("Akamai-Mexico"). Based on the foregoing, the Participant expressly acknowledges that the Plan and the benefits that he or she may derive from participation in the Plan do not establish any rights between the Participant and his or her Employer, Akamai-Mexico, and do not form part of the employment conditions and/or benefits provided by Akamai-Mexico, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant's employment. The Participant further understands that his or her participation in the Plan is the result of a unilateral and discretionary decision of the Company and, therefore, the Company reserves the absolute right to amend and/or discontinue the Participant's participation in the Plan at any time, without any liability to the Participant. Finally, the Participant hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and that he or she therefore grants a full and broad release to the Company, its subsidiaries, affiliates, branches, representation offices, shareholders, officers, agents or legal representatives, with respect to any claim that may arise. Spanish Translation Reconocimiento del Convenio de Concesión. Al aceptar las Unidades de Acciones Restringidas ("RSUs," por sus siglas en Inglés), el Participante reconoce que ha recibido y revisado una copia del Plan y del Convenio, incluyendo este Apéndice. El Participante reconoce que acepta todas las disposiciones del Plan y del Convenio, incluyendo este Apéndice. El Participante también reconoce que ha leído y aprobado de forma expresa los términos y condiciones establecidos en la sección: "Naturaleza de la Concesión" del Convenio, que claramente establece lo siguiente: (1) La participación del Participante en el Plan no constituye un derecho adquirido; (2) El Plan y la participación del Participante en lo mismo es ofrecido por la Compañía de manera completamente discrecional; (3) La participación del Participante en el Plan es voluntaria; y (4) La Compañía y sus afiliadas no son responsables por ninguna disminución en el valor de las Acciones adquiridas de conformidad con las RSUs. Reconocimiento de la Ley Laboral y Declaración de la Política. Al aceptar las RSUs, el Participante reconoce que la Compañía, con domicilio social en 145 Broadway, Cambridge, Massachusetts 02142, EE.UU., es la única responsable por la administración del Plan. Además, el Participante reconoce que su participación en el Plan, la concesión de las RSUs y cualquier adquisición de Acciones bajo el Plan no constituyen una relación laboral entre el Participante y la Compañía, en virtud de que el Participante está participando en el Plan en su totalidad sobre una base comercial y su único empleador es Akam Mexico Technologies S. de R.L. de C.V. ("Akamai-México"). Por lo anterior, el Participante expresamente reconoce que el Plan y los beneficios que puedan derivarse de su participación no establecen ningún derecho entre el Participante y su Empleador, Akamai-México, y que no forman parte de las condiciones de trabajo y/o beneficios otorgados por Akamai-México, y cualquier modificación del Plan o la terminación

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- 25 - del mismo no constituirá un cambio o modificación de los términos y condiciones en el empleo del Participante. Además, el Participante comprende que su participación en el Plan es el resultado de una decisión discrecional y unilateral de Company, por lo que Company se reserva el derecho absoluto de modificar y/o suspender la participación del Beneficiario en el Plan en cualquier momento, sin responsabilidad frente al Beneficiario. Finalmente, el Beneficiario manifiesta que no se reserva acción o derecho alguno que origine una demanda en contra de la Compañía, por cualquier compensación o daño relacionada con las disposiciones del Plan o de los beneficios otorgados en el mismo, y en consecuencia el Participante libera de la manera más amplia y total de responsabilidad a la Compañía, sus subsidiarias, afiliadas, sucursales, oficinas de representación, sus accionistas, directores, agentes y representantes legales de cualquier demanda que pudiera surgir. NETHERLANDS There are no country-specific provisions. POLAND Notifications Exchange Control Information. If the Participant holds foreign securities (including Shares) and maintains accounts abroad, the Participant may be required to file certain reports with the National Bank of Poland. Specifically, if the value of securities and cash held in such foreign accounts exceeds PLN 7 million, the Participant must file reports on the transactions and balances of the accounts on a quarterly basis. If required, such reports must be filed on special forms that are specified in the Regulation of the Minister of Development and Finance of 9 August 2017 on the provision of data to the National Bank of Poland necessary for compiling the balance of payments and the international investment position (these forms are also available on the website of the National Bank of Poland). Further, if the Participant transfers funds exceeding €15,000 in a single transaction, the Participant is required to do so through a bank account in Poland. The Participant is required to retain all documents connected with foreign exchange transactions for a period of five (5) years, calculated from the end of the year when the foreign exchange transactions were made. The Participant should consult with the Participant's personal legal advisor to determine his or her remittance responsibilities. SINGAPORE Terms and Conditions Sale of Shares. To the extent the RSUs vest within six months of the Grant Date, the recipient may not dispose of the Shares acquired pursuant to the RSUs, or otherwise offer the shares to the public, prior to the six-month anniversary of the Grant Date, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chap. 289, 2006 Ed.). Notifications Securities Law Information. The grant of the RSUs is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) and is not made to the recipient with a view to the RSUs or the underlying Shares being subsequently offered for sale

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- 26 - to any other party. The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. Director Notification Requirement. Directors, associate directors and shadow directors of a Singapore subsidiary or affiliate are subject to certain notification requirements under the Singapore Companies Act. Among these requirements is an obligation to notify the Singapore subsidiary or affiliate in writing within two business days of (i) acquiring an interest (e.g., RSUs, Shares, etc.) in the Company or any of its subsidiaries or affiliates, (ii) any change in a previously disclosed interest (e.g., when the Shares are sold), or (iii) becoming a director, associate director or shadow director. A director shall be deemed to have an interest in securities or securities-based derivatives contracts referred to above if a family member of the director (not being themselves a director), holds or has an interest in those securities or securities-based derivatives contracts; and any contract entered into by, any assignment or right of subscription made or exercised by, or any grant made to, a family member of a director of a corporation (not being himself a director) shall be deemed to have been entered into by, made or exercised by or made to the director. A "family member" means a spouse, or a son, adopted son, step-son, daughter, adopted daughter or step- daughter below the age of 21 years. SPAIN Terms and Conditions Labor Law Acknowledgment. The following provisions supplement Section 8 of the Agreement: In accepting the RSUs, the Participant acknowledges that he or she consents to participation in the Plan and has received a copy of the Plan. The Participant understands that the Company has unilaterally, gratuitously, and in its sole discretion decided to grant RSUs under the Plan to individuals who may be employees or service providers throughout the world. The decision is a limited decision that is entered into upon the express assumption and condition that (i) any grant will not economically or otherwise bind the Company or any subsidiary or affiliate on an ongoing basis; (ii) the RSUs or the Shares acquired upon vesting shall not become a part of any employment contract (either with the Company or any subsidiary or affiliate) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation), or any other right whatsoever; and (iii) any unvested RSUs will be forfeited immediately upon termination of the Participant's status as an employee or service provider for any reason except as provided otherwise under Section 2(c) and 6 of the Agreement, as detailed below. In addition, the Participant understands that the RSUs would not be granted to the Participant but for the assumptions and conditions referred to above. Thus, the Participant acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of RSUs shall be null and void. Further, the vesting of the RSUs is expressly conditioned on the Participant's continued and active rendering of service, such that if the Participant's status as an employee or service provider terminates for any reason whatsoever, the RSUs cease vesting immediately effective on the date of the Participant's termination of service relationship, except as provided otherwise under Sections 2(c) and 6. This will be the case, for example, even if (1) the Participant is considered to be unfairly dismissed without good cause; (2) the Participant is dismissed for disciplinary or objective reasons or due to a collective dismissal; (3) the Participant terminates service due to a change of work location, duties or any other employment or contractual condition; (4) the Participant terminates service due to a unilateral breach of contract by the Company or any affiliate or subsidiary; or (5) the Participant's service relationship terminates for any other reason whatsoever. Notifications

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- 27 - Securities Law Information. The RSUs described in the Plan and the Agreement, including this Appendix, do not qualify under Spanish regulations as a security. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory. The Plan and the Agreement, including this Appendix, have not been nor will they be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission), and they do not constitute a public offering prospectus. Exchange Control Information. If the Participant holds 10% or more of the Share capital of the Company or such other amount that would entitle the Participant to join the Company's board of directors, the acquisition of such Shares must be declared for statistical purposes to the Spanish Dirección General de Comercio e Inversiones (the Bureau for Commerce and Investments), which is a department of the Ministry of Industry, Trade and Tourism. Generally, the declaration must be filed within one month of the acquisition. Further, the Participant is required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the Shares held in such accounts, if the value of the transactions during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceed a certain threshold (currently €1,000,000). Different thresholds and deadlines to file this declaration apply. However, if neither such transactions during the immediately preceding year nor the balances / positions as of December 31 exceed the applicable threshold, no such declaration must be filed unless expressly required by the Bank of Spain. If any of such thresholds were exceeded during the current year, the Participant may be required to file the relevant declaration corresponding to the prior year, however, a summarized form of declaration may be available. SWEDEN Terms and Conditions Withholding Taxes. The following provisions supplement Section 7 of the Agreement: Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 7 of the Agreement, in accepting the RSUs, the Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to the Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items.

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- 28 - SWITZERLAND Notifications Securities Law Information. The grant of the RSUs is considered a private offering in Switzerland and is, therefore, not subject to registration in Switzerland. Neither this document nor any other materials relating to the RSUs (i) constitute a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("FinSA"), (ii) may be publicly distributed nor otherwise made publicly available in Switzerland to any person other than an employee of the Company or Employer or (iii) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority ("FINMA"). TAIWAN Notifications Securities Law Information. The RSUs and the Shares to be issued pursuant to the Plan are available only for employees and certain service providers. It is not a public offer of securities by a Taiwanese company. Therefore, it is exempt from registration in Taiwan. Exchange Control Information. The Participant may acquire and remit foreign currency (including proceeds from the sale of Shares or the receipt of dividends) up to US$10,000,000 per year without justification. However, if the transaction amount is TWD500,000 or more in a single transaction, the Participant must submit a Foreign Exchange Transaction Form and other supporting documentation, such as the Agreement, to the satisfaction of the remitting bank. UNITED ARAB EMIRATES Terms and Conditions Nature of Grant. The following provision supplements Section 8 of the Agreement: The Participant acknowledges that the RSUs and related benefits do not constitute a component of the Participant's "wages" for any legal purpose. Therefore, the RSUs and related benefits will not be included and/or considered for purposes of calculating any and all labor benefits, such as social insurance contributions and/or any other labor-related amounts which may be payable. Notifications Securities Law Information. The Agreement, including this Appendix, the Plan, and other incidental communication materials related to the RSUs are intended for distribution only to qualified employees of the Company and its subsidiaries and affiliates for the purposes of providing an equity incentive scheme. Any documents related to the Plan are intended for distribution only to such employees and must not be delivered to, or relied on by, any other person. The Emirates Securities and Commodities Authority and the Central Bank have no responsibility for reviewing or verifying any documents in connection with this statement. Neither the Ministry of Economy nor the Dubai Department of Economic Development have approved this statement nor taken steps to verify the information set out in it, and have no responsibility for it. The securities to which this statement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If the Participant does not understand the contents of the Agreement, including this Appendix, or the Plan, he or she should consult an authorized financial advisor.

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- 29 - UNITED KINGDOM Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Withholding Taxes. The following provisions supplement Section 7 of the Agreement: Without limitation to Section 7 of the Agreement, the Participant agrees that he or she is liable for all Tax- Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or the Employer or by HM Revenue and Customs ("HMRC") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax–Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant's behalf. Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of immediately foregoing provision will not apply. In this case, the amount of the income tax not collected within 90 days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute a benefit to the Participant on which additional income tax and National Insurance contributions ("NICs") (including Employer NICs, as defined below) may be payable. The Participant understands that he or she will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any employee NICs due on this additional benefit, which may be recovered from the Participant by the Company or the Employer at any time thereafter by any of the means referred to in Section 7 of the Agreement. Joint Election. As a condition of participation in the Plan and the vesting of the RSUs, the Participant agrees to accept any liability for secondary Class 1 NICs which may be payable by the Company and/or the Employer in connection with the RSUs and any event giving rise to Tax-Related Items (the "Employer NICs"). Without limitation to the foregoing, the Participant agrees to enter into an election between himself or herself and the Company or the Employer in the form approved by HMRC (the "Joint Election") and any other consent or election required to accomplish the transfer of Employer NICs to the Participant. The Participant understands that the Joint Election applies to any RSUs granted to him or her under the Plan after the Participant enters into the Joint Election. The Participant further agrees to enter into any such other joint elections as may be required between him or her and any successor to the Company and/or the Employer. The Participant further agrees that the Company and/or the Employer may collect the Employer NICs from him or her by any of the means set forth in Section 7 of the Agreement. If the Participant does not enter into a Joint Election prior to vesting of the RSUs, he/she will not be entitled to vest in the RSUs unless and until he/she enters into a Joint Election and no Shares will be issued to the Participant under the Plan, without any liability to the Company and/or the Employer.

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- 30 - Cover Page to Election to Transfer Employer NICs (UK Participants Only) If you are liable for National Insurance contributions in the United Kingdom in connection with the grant of your awards, you are required to enter into an Election to transfer to you any liability for employer National Insurance contributions ("Employer NICs") that may arise in connection with your awards. Clicking on the "ACCEPT" box indicates your acceptance of the Election. You should read the "Important Note on the Election to Transfer Employer NICs" before accepting the Election. Important Note on the Election to Transfer Employer NICs (UK Participants Only) As a condition of the vesting of restricted stock units ("RSUs") granted to you under the Akamai Technologies, Inc. 2013 Stock Incentive Plan, you are required to enter into a joint election to transfer to you any liability for Employer NICs that may arise in connection with your RSUs ("Election"). By entering into the Election:  you agree that any Employer NICs liability that may arise in connection with your RSUs will be transferred to you;  you authorize your employer to recover an amount sufficient to cover this liability by such methods including, but not limited to, withholding in shares to be issued to you upon settlement of your RSUs or deductions from your salary or other payments due; and  you acknowledge that even if you have clicked on the "ACCEPT" box where indicated, the Company or your employer may still require you to sign a paper copy of this Election (or a substantially similar form) if the Company determines this is necessary to give effect to the Election. Please read the Election carefully before accepting the Election. Please print and keep a copy of the Election for your records.

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- 31 - AKAMAI TECHNOLOGIES, INC. 2013 STOCK INCENTIVE PLAN (UK Participants) Election To Transfer the Employer's National Insurance Liability to the Employee This Election is between: A. The individual who has obtained authorised access to this Election (the "Employee"), who is employed by an employing company listed in the attached schedule (the "Employer") and who is eligible to receive restricted stock units ("RSUs") pursuant to the Akamai Technologies, Inc. 2013 Stock Incentive Plan (the "Plan"), and B. Akamai Technologies, Inc., 145 Broadway, Cambridge, Massachusetts 02142 U.S.A. (the "Company"), which may grant RSUs under the Plan and is entering into this Election on behalf of the Employer. 1. Introduction 1.1 This Election relates to all RSUs granted to the Employee under the Plan on or after the date the Plan was adopted up to the termination date of the Plan. 1.1 In this Joint Election the following words and phrases have the following meanings: (a) "Chargeable Event" means any event giving rise to Relevant Employment Income. (b) "ITEPA" means the Income Tax (Earnings and Pensions) Act 2003. (c) "Relevant Employment Income" from RSUs on which Employer's National Insurance Contributions becomes due is defined as: (i) an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities: charge on certain post-acquisition events); (ii) an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities: charge on certain post-acquisition events); or (iii) any gain that is treated as remuneration derived from the earner's employment by virtue of section 4(4)(a) SSCBA, including without limitation: (a) the acquisition of securities pursuant to the RSUs (within the meaning of section 477(3)(a) of ITEPA); (b) the assignment (if applicable) or release of the RSUs in return for consideration (within the meaning of section 477(3)(b) of ITEPA); (c) the receipt of a benefit in connection with the RSUs, other than a benefit within (i) or (ii) above (within the meaning of section 477(3)(c) of ITEPA).

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- 32 - (d) "SSCBA" means the Social Security Contributions and Benefits Act 1992. 1.2 This Joint Election relates to employer's secondary Class 1 National Insurance contributions (the "Employer's Liability") which may arise in respect of Relevant Employment Income in respect of the RSUs pursuant to section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the SSCBA. 1.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 1.4 This Election does not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part VII of ITEPA (employment income: securities with artificially depressed market value). 1.5 Any references to the Company and/or the Employer shall include that entity's successors in title and assigns as permitted in accordance with the terms of the Plan and the RSU Agreement pursuant to which the RSUs were granted. This Election will have effect in respect of the RSUs and any awards which replace or replaced the RSUs following their grant in circumstances where section 483 of ITEPA applies. 2. The Election The Employee and the Company jointly elect that the entire liability of the Employer to pay the Employer's Liability that arises on any Relevant Employment Income is hereby transferred to the Employee. The Employee understands that by signing the Joint Election (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, he or she will become personally liable for the Employer's Liability covered by this Joint Election. This Joint Election is made in accordance with paragraph 3B(1) of Schedule 1 to SSCBA. 3. Payment of the Employer's Liability 3.1 The Employee hereby authorises the Company and/or the Employer to collect the Employer's Liability from the Employee at any time after the Chargeable Event: (i) by deduction from salary or any other payment payable to the Employee at any time on or after the date of the Chargeable Event; and/or (ii) directly from the Employee by payment in cash or cleared funds; and/or (iii) by arranging, on behalf of the Employee, for the sale of some of the securities which the Employee is entitled to receive pursuant to the RSUs; and/or (iv) through any other method as set forth in the applicable RSU Agreement entered into between the Employee and the Company. 3.2 The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities to the Employee in respect of the RSUs until full payment of the Employer's Liability is received. 3.3 The Company agrees to procure the remittance by the Employer of the Employer's Liability to Her Majesty's Revenue & Customs ("HMRC") on behalf of the Employee within 14 days after the end

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- 33 - of the UK tax month during which the Chargeable Event occurs (or within 17 days if payments are made electronically). 4. Duration of Election 4.1 The Employee and the Company agree to be bound by the terms of this Joint Election regardless of whether the Employee is transferred abroad or is not employed by the Employer on the date on which the Employer's Liability becomes due. 4.2 This Election will continue in effect until the earliest of the following: (i) the Employee and the Company agree in writing that it should cease to have effect; (ii) on the date the Company serves written notice on the Employee terminating its effect; (iii) on the date HMRC withdraws approval of this Joint Election; or (iv) after due payment of the Employer's Liability in respect of the Plan to which this Joint Election relates or could relate, such that the Election ceases to have effect in accordance with its terms. Acceptance by the Employee The Employee acknowledges that by signing the Joint Election below (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, the Employee agrees to be bound by the terms of this Joint Election. _____________________________ Signature _____________________________ Employee Name _____________________________ Date Acceptance by the Company The Company acknowledges that, by arranging for the scanned signature of an authorised representative to appear on this Joint Election, the Company agrees to be bound by the terms of this Joint Election. _____________________________ Signature for and on behalf of the Company _____________________________ Position _____________________________ Date

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- 34 - SCHEDULE OF EMPLOYER COMPANIES The following are employer companies to which this Joint Election may apply: (1) Akamai Technologies Limited Registered Office: Company Registration Number: Corporation Tax Reference: PAYE Reference:

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## Exhibit 10.5

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Exhibit 10.5 - 1 - Executive (January 2026) AKAMAI TECHNOLOGIES, INC. Global Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan for Executives 1. Grant of Award. This Agreement evidences the grant by Akamai Technologies, Inc., a Delaware corporation (the "Company"), on (the "Grant Date") to you (the "Participant") of restricted stock units of the Company (individually, an "RSU" and collectively, the "RSUs"), subject to the terms and conditions set forth in this Global Restricted Stock Unit Agreement, including any additional terms for the Participant's country set forth in the appendix attached hereto (the "Appendix") (together, the "Agreement") and the 2013 Stock Incentive Plan and any sub-plan to the 2013 Stock Incentive Plan for the Participant's country (together, as amended or amended and restated, the "Plan"). Each RSU represents the right to receive one share of the common stock, par value $.01 per share, of the Company ("Common Stock") as provided in this Agreement. The shares of Common Stock that are issuable upon vesting of the RSUs are referred to in this Agreement as "Shares". Capitalized terms used but not defined in this Agreement shall have the meanings specified in the Plan. 2. Vesting; Forfeiture. Subject to the terms and conditions of this Agreement and provided that the Participant continues to provide services until the Vesting Date (as defined below): (a) Each date on which RSUs vest may be referred to herein as the "Vesting Date." (b) Except as otherwise provided in this Section 2, RSUs shall not continue to vest unless the Participant is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company. (c) Except as reflected in Section 6 below, in the event that the Participant's employment with the Company ceases or is terminated for any reason other than "Cause" (as defined below), other than by reason of death or disability and other than due to the Participant's Retirement (as defined in the Akamai Technologies, Inc. Retirement Policy (the "Retirement Policy")), then the number of RSUs which shall be vested shall be the number that are vested as of the date of actual termination as determined in accordance with Section 8(l) below. For the avoidance of doubt, employment during only a portion of the vesting period, and where the Participant's employment has terminated prior to a Vesting Date, will not entitle the Participant to vest in a pro-rata portion of the RSUs, unless otherwise provided in this Agreement. For purposes of this Agreement, "Cause" shall mean (i) any act or omission by the Participant that has a significant adverse effect on the Company's business or on the Participant's ability to perform services for the Company, including, without limitation, the commission of any crime (other than ordinary traffic violations), or (ii) refusal or failure to perform assigned duties, serious misconduct, or excessive absenteeism, or (iii) refusal or failure to comply with the Company's Code of Business Ethics. In the event that the Participant's employment with the Company is terminated for Cause, all unvested RSUs shall be forfeited effective as of the date of termination as determined in accordance with Section 8(l) below. In the event that the Participant's employment with the Company ceases due to the Participant's death or disability (as defined under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the "Code")), then all unvested RSUs shall vest as of the date of death or disability. In the event that the Participant's employment with the Company ceases due to the Participant's Retirement, the RSUs and any

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&nbsp;&nbsp;&nbsp;&nbsp;- 2 - Executive (January 2026) other Awards held by the Participant shall be treated as set forth in the Retirement Policy, subject to the terms and conditions thereof. (d) For purposes of the Agreement, employment with the Company shall include employment with a parent, subsidiary, affiliate or division of the Company, subject to Section 8(g) of the Agreement. 3. Distribution of Shares. (a) The Company will distribute to the Participant (or to the Participant's estate in the event that his or her death occurs after a Vesting Date but before distribution of the corresponding Shares), the shares of Common Stock represented by RSUs that vested on such Vesting Date as soon as administratively practicable after each Vesting Date (each such date of distribution is hereinafter referred to as a "Settlement Date") but in any event no later than the date that is two and one-half months following the applicable Vesting Date. (b) The Company shall not be obligated to issue to the Participant the Shares upon the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements including, without limitation, any applicable federal, state or local securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. (c) Neither the Company nor the Participant shall have the right to accelerate or defer the delivery of any shares under this Agreement except to the extent specifically permitted under Section 409A of the Code. 4. Restrictions on Transfer. The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer") any RSUs, or any interest therein, except by will or the laws of descent and distribution. 5. Dividend and Other Shareholder Rights. Except as set forth in the Plan or the Akamai Technologies, Inc. U.S. Non-Qualified Deferred Compensation Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the RSUs granted hereunder until the Shares have been delivered to the Participant. 6. Provisions of the Plan; Change in Control Event. (a) This Agreement is subject to the provisions of the Plan, a copy of which is made available to the Participant with this Agreement. (b) [Reserved]. (c) Except as otherwise provided in the Retirement Policy, upon the occurrence of a Change in Control Event, each RSU shall continue to be subject to the vesting schedule set forth in Section 2(a); provided, however, in the event that upon the occurrence of Change in Control Event, the RSUs represented by this Agreement are not exchanged for a Replacement Award (as defined below), then each RSU shall immediately become fully vested as of immediately prior to the closing of the Change in Control Event.

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&nbsp;&nbsp;&nbsp;&nbsp;- 3 - Executive (January 2026) (d) For purposes of this Agreement, an award issuing by the acquiring company in a Change in Control Event shall qualify as a "Replacement Award" if (i) it has a value at least equal to the value of the RSUs represented by this Agreement (the "Replaced Award") as determined by the Committee in its sole discretion; (ii) it relates to publicly traded equity securities of the Company or its successor in the Change in Control Event or another entity that is affiliated with the Company or its successor following the Change in Control Event; and (iii) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this clause (d) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control Event, in its sole discretion. (e) Except as otherwise provided in the Retirement Policy, in the event that the Participant's employment is terminated by the Company for a reason other than Cause (as defined above), including the Participant's voluntary resignation for Good Reason (as defined below), within twelve months after a Change in Control Event, all then-unvested Replacement Awards held by the Participant shall vest as of the date of termination of employment as determined in accordance with Section 8(l) below. For purposes of this Agreement, "Good Reason" shall mean (i) a material reduction in the Participant's compensation and benefits (including, without limitation, any bonus plan or indemnity agreement not agreed to in writing by the Participant), (ii) the assignment to the Participant of duties and/or responsibilities that are materially inconsistent with those associated with the Participant's position, or (iii) a requirement, not agreed to in writing by the Participant, that the Participant relocate to, or perform his or her principal job functions at, an office that is more than twenty-five (25) miles from the office at which the Participant was previously performing his or her principal job functions. 7. Withholding Taxes. (a) The Participant acknowledges that, regardless of any action the Company or, if different, the parent, subsidiary, affiliate or division of the Company by which the Participant is employed (the "Employer") takes with respect to any or all income tax, social insurance contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or the Employer ("Tax-Related Items"), the ultimate liability for all Tax-Related Items legally due by him or her is and remains the Participant's responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares delivered pursuant thereto and the receipt of cash or any dividends or dividend equivalents; and (2) do not commit to structure the terms of the award or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction (b) The Company and/or the Employer, or their respective agents, retain the discretion, and the Participant authorizes the Company and/or the Employer, or their respective agents, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) withholding from proceeds of the sale of Shares acquired upon vesting of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iii) requiring the Participant to make a payment in a form acceptable to the Company; (iv) withholding in Shares to be issued

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&nbsp;&nbsp;&nbsp;&nbsp;- 4 - Executive (January 2026) upon settlement of the RSUs; or (v) any other method of withholding determined by the Company and to the extent required by applicable law or the Plan, approved by the Committee. (c) The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in the Participant's jurisdiction(s), to the extent permitted by the Plan. In the event of over- withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, the Participant may seek a refund from the local tax authorities. In the event of under-withholding, the Participant may be required to pay any additional Tax- Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items. (d) Finally, the Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant's obligations with respect to Tax-Related Items. (e) The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock. 8. Nature of Grant. In accepting the grant, the Participant acknowledges that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (b) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past; (c) all decisions with respect to future restricted stock units, if any, will be at the sole discretion of the Company; (d) the grant of the RSUs and the Participant's participation in the Plan will not create a right to further employment with the Company or the Employer, as applicable, and shall not interfere with the ability of the Company, the Employer or any parent, subsidiary or affiliate of the Company, as applicable, to terminate Participant's employment relationship at any time; (e) the Participant is voluntarily participating in the Plan; (f) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (g) the RSUs and the Participant's participation in the Plan will not be interpreted to form an employment agreement or relationship with the Company; (h) the future value of the Shares subject to the RSUs is unknown, indeterminable and cannot be predicted with certainty;

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&nbsp;&nbsp;&nbsp;&nbsp;- 5 - Executive (January 2026) (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, any service the Participant may provide as a director of any parent, subsidiary or affiliate of the Company; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer; (k) no claim or entitlement to compensation or damages shall arise from (i) any forfeiture of the RSUs resulting from termination of the Participant's employment relationship or from any diminution in value of the RSUs or Shares acquired upon settlement of the RSUs for any reason and/or (ii) forfeiture of the RSUs or recoupment of any Shares, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of the Company, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards; and (l) for purposes of the RSUs, the Participant's employment relationship will be considered terminated as of the date he or she is no longer actively providing services to the Company, the Employer or any other parent, subsidiary or affiliate of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any) and, except in the case of the Participant's termination due to death or disability or Retirement (as defined in the Retirement Policy) as provided for in Section 2(c), the Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the period of the Participant's employment service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of his or her RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence).

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&nbsp;&nbsp;&nbsp;&nbsp;- 6 - Executive (January 2026) 9. Data Privacy Information and Consent. (a) Data Collection and Usage. The Company and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, his or her name, home address, telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor ("Data"), for purposes of administering his or her participation in the Plan. The legal basis, where required, for the processing of Data is the Participant's consent. (b) Stock Plan Administration Service Providers. The Company transfers Data to Charles Schwab & Co., Inc. and certain of its affiliates ("Charles Schwab"), which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different service provider or additional service providers and share Data with such other provider serving in a similar manner. The Participant may be asked to agree on separate terms and data processing practices with Charles Schwab, with such agreement being a condition to the ability to participate in the Plan. (c) International Data Transfers. The Company, Charles Schwab and, as the case may be, other service providers of the Company are or might be based in the United States, which means that the Participant's Data will have to be transferred to or otherwise processed in the United States. The Participant understands and acknowledges that the United States might apply laws not providing a level of protection of his or her Data equivalent to the level of protection in his or her country or jurisdiction. In the absence of appropriate safeguards, the processing of the Participant's Data in the United States might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, the Participant might not have enforceable rights regarding the processing of his or her Data. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the Company receiving and transferring his or her Data onward to Charles Schwab and, as the case may be, other service providers without implementing appropriate safeguards. Where required, such processing of the Participant's Data will be exclusively based on his or her consent. (d) Data Retention. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. This period may extend beyond the Participant's period of employment with the Employer. When the Company or the Employer no longer need Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the consent, his or her salary from or employment with the Employer will not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant awards under the Plan or administer or maintain such awards. (f) Data Subject Rights. The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based, such rights may include the right to (i) request access to or copies of Data processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in his or her jurisdiction, and/or (vii) receive a list with the names and addresses

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&nbsp;&nbsp;&nbsp;&nbsp;- 7 - Executive (January 2026) of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Participant can contact his or her local human resources representative. (g) Other Legal Basis and Additional Consent. The Participant understands that the Company may rely on a different legal basis for the collection, processing or transfer of Data in the future and/or request the Participant to provide another data privacy consent. If applicable, upon request of the Participant or the Employer, he or she will provide a separate executed data privacy agreement (or any other agreements or consents) that the Company and/or the Employer may deem necessary to obtain from the Participant for the purpose of administering his or her participation in the Plan in compliance with the data privacy laws in his or her country, either now or in the future. The Participant understands and agrees that he or she will not be able to participate in the Plan, if he or she fails to provide any such agreement requested by the Company and/or the Employer. 10. Miscellaneous. (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or receiving shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all. (b) No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or his or her acquisition or sale of the Shares subject to the RSUs. The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. (c) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. (d) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. (f) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10(f). (g) Recoupment. As an additional condition of receiving this award of RSUs, the Participant agrees that the RSUs, whether vested or unvested, and/or the Shares, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under the Company's clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement, any similar policy applicable to circumstances where the Participant engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange

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&nbsp;&nbsp;&nbsp;&nbsp;- 8 - Executive (January 2026) listing standards (collectively, the "Recoupment Policy"). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to the Participant's right to resign for "good reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Company or any parent, subsidiary or affiliate and/or the Employer. (h) Language. The Participant acknowledges that he or she is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement, including the Appendix. Furthermore, if the Participant has received this Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law. (i) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. (j) Entire Agreement; Conflicts and Interpretation. This Agreement, including any special terms and conditions set forth in the Appendix hereto for the Participant's country, and the Plan, including any applicable sub-plan, constitute the entire agreement between the parties, and supersedes all prior agreements and understandings, relating to the subject matter of this Agreement. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Board of Directors (or a committee thereof) has the power, among other things, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. (k) Appendix. The RSUs shall be subject to any additional provisions set forth in the Appendix for the Participant's country. If the Participant relocates to one of the countries included in the Appendix during the vesting period for the RSUs, the additional provisions for such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. The Company reserves the right to impose other requirements on the RSUs and the Shares acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Amendment. The Company may modify, amend or waive the terms of this Agreement prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Participant without his or her consent, except as required by applicable law, Nasdaq or stock exchange rules, tax rules or accounting rules. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors (or a committee thereof) of the Company. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party or any other participant of a provision of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;- 9 - Executive (January 2026) (n) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the U.S. State of Delaware, without regard to any applicable conflicts of laws. For purposes of litigating any dispute that arises under the grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the U.S. State of Delaware, agree that such litigation shall be conducted in the courts of Delaware, or the federal courts for the United States for the Third District, where this Agreement is made and/or to be performed. (o) Unfunded Rights. The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company. (p) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs awarded under and participation in the Plan or future restricted stock units or other Awards that may be awarded under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. (q) Insider Trading/Market Abuse Laws. The Participant acknowledges that, depending on his or her or his or her broker's country of residence or where the Shares are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., RSUs), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by or determined under the laws in the applicable jurisdiction or the laws in his or her country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) "tipping" third parties or causing them to otherwise to buy or sell securities. Keep in mind third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, including those imposed under any applicable Company insider trading policy, and the Participant should consult with his or her own personal legal and financial advisors on this matter before taking any action related to the Plan. (r) Foreign Asset/Account Reporting, Exchange Control and Tax Requirements. The Participant acknowledges that there may be certain foreign asset and/or account reporting requirements and exchange controls which may affect his or her ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Participant understands that he or she may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Participant may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Participant acknowledges that it is his or her responsibility to comply with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance. (s) Section 409A of the Code. This Agreement is intended to be exempt from, or comply with, Section 409A of the Code and shall be interpreted, operated and administered in accordance with that intent. The Board may modify the terms of this Agreement, the Plan or both, without the

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&nbsp;&nbsp;&nbsp;&nbsp;- 10 - Executive (January 2026) Participant's consent, in the manner that the Board determines to be necessary or advisable in order to comply with Section 409A of the Code. The Company shall have no liability to the Participant, or any other Party, if this Agreement is not so exempt or compliant.

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- 11 - Executive (January 2026) IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. Electronic acceptance of this Agreement pursuant to the Company's instructions to Participant (including through an online acceptance process managed by the Company's agent) is acceptable. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the data processing operations described in Section 9 of this Agreement. This includes, without limitation, the transfer of his or her Data to, and the processing of such data by, the Company, Charles Schwab or, as the case may be, the Company's other third-party service providers in the United States. The Participant may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 9(e) above. AKAMAI TECHNOLOGIES, INC. By: Name: Frank T. Leighton Title: CEO _____________________________ Address: ,

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&nbsp;&nbsp;&nbsp;&nbsp;- 12 - Executive (January 2026) APPENDIX AKAMAI TECHNOLOGIES, INC. Global Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan for Executives COUNTRY-SPECIFIC TERMS AND CONDITIONS Terms and Conditions The Participant understands that this Appendix includes additional terms and conditions that govern the RSUs granted to him or her under the Plan if he or she works and/or resides in one of the countries listed below. If the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after the RSUs have been granted, the Participant acknowledges and agrees that the Company, in its discretion, will determine the extent to which the terms and conditions herein will be applicable to the Participant. Notifications This Appendix also includes information regarding securities laws, exchange controls and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2026. Such laws are often complex and change frequently. As a result, the Company recommends that the Participant does not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information included herein may be out of date at the time that the Participant acquire Shares upon vesting of the RSUs or subsequently sell such Shares. In addition, the information contained herein is general in nature and may not apply to the Participant's particular situation and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her individual situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after RSUs have been granted, the information contained herein may not be applicable to the Participant in the same manner. INDIA Notifications Exchange Control Information. The Participant must repatriate the proceeds from the sale of Shares and any dividends received in relation to the Shares to India within such time as may be required under applicable regulations, unless an exemption applies. The Participant must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation. The Participant agrees to provide any information that may be required by the Company or the Employer to make any applicable filings under exchange control laws in India. It is the Participant's responsibility to comply with applicable exchange

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&nbsp;&nbsp;&nbsp;&nbsp;- 13 - Executive (January 2026) control laws in India and neither the Company nor the Employer will be liable for any fines or penalties resulting from the Participant's failure to comply with applicable laws. ISRAEL Terms and Conditions Confirmation of Section 102 Capital Gains Award Terms. The RSUs are intended to qualify for the favorable tax treatment in Israel available for grants under the capital gains track under Section 102(b)(2) and 102(b)(3) of the Income Tax Ordinance [New Version], 1961, including the provisions of the Income Tax Rules (Tax Benefits in Shares Issuance to Employees), 2003 (the "Ordinance") ("Capital Gains Award"). Notwithstanding the foregoing, by accepting the RSUs, the Participant acknowledges that the Company cannot guarantee that the Capital Gains Award tax treatment will apply to the RSUs granted to the Participant. By accepting the RSUs, the Participant: (a) acknowledges receipt of and represents that the Participant has read and understands the Plan, the Israeli sub-plan adopted by the Company, the Beneficiary 102 Undertaking ("Undertaking"), if any, which is incorporated by reference and forms part of the Agreement and the Agreement; (b) accepts the RSUs subject to all of the terms and conditions of the Plan, the Israeli sub-plan, the Undertaking and the Agreement; and (c) agrees that the Shares issued upon vesting of the RSUs will be issued to and deposited with the Trustee (defined below) and shall be held in trust for the Participant's benefit as required by the Ordinance, the Israeli sub-plan and any approval by the Israeli Tax Authority pursuant to the terms of the Ordinance, the Israeli sub-plan and the Trust Agreement between the Company and the trustee appointed by the Company, currently IBI Capital Compensation and Trusts (2004) Ltd. (the "Trustee"). Furthermore, by accepting the RSUs, the Participant confirms that he or she understands the terms and provisions of Section 102 of the Ordinance, particularly the capital gains track described in subsection (b)(2) and (b)(3) thereof, and agrees that he or she will not require the Trustee to release the Shares acquired upon vesting of the RSUs to him or her or sell the Shares to a third party, during the requisite "Holding Period" as determined under the Ordinance and set forth in the Israeli sub-plan, unless permitted to do so by the Ordinance or the Israeli sub-plan. Requirement to Return Signed Beneficiary 102 Undertaking. If the Participant has not already executed the Undertaking in connection with grants made under the Israeli sub-plan to the Plan and is requested to do so by the Employer or the Trustee, the Participant must print, sign and deliver a signed copy of the Undertaking to the Trustee within thirty (30) days of the Grant Date, or by such other date as may be determined by the Employer or the Trustee not to exceed ninety (90) days from the Grant Date. The Undertaking will be provided separately to the Participant by the Trustee. If the Undertaking is not returned within the timeframe specified, the RSUs may not qualify for favorable tax treatment. Notifications Securities Law Information. The grant of the RSUs under the Plan is being made pursuant to an exemption from the requirement to file and publish a prospectus in Israel regarding the Plan obtained from the Israeli Securities Authority. Copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission will be sent to the Participant, at no charge, on written request being mailed to Investor Relations at Akamai Technologies, Inc. 145 Broadway, Cambridge, MA 02142, U.S.A. The telephone number at the executive offices is 1-617-444-3000. Alternatively, copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission are available by searching the Company's filings on the following web site: http://www.sec.gov/edgar/searchedgar/companysearch.html.

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&nbsp;&nbsp;&nbsp;&nbsp;- 14 - Executive (January 2026) UNITED KINGDOM Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Withholding Taxes. The following provisions supplement Section 7 of the Agreement: Without limitation to Section 7 of the Agreement, the Participant agrees that he or she is liable for all Tax- Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or the Employer or by HM Revenue and Customs ("HMRC") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax–Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant's behalf. Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of immediately foregoing provision will not apply. In this case, the amount of the income tax not collected within 90 days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute a benefit to the Participant on which additional income tax and National Insurance contributions ("NICs") (including Employer NICs, as defined below) may be payable. The Participant understands that he or she will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any employee NICs due on this additional benefit, which may be recovered from the Participant by the Company or the Employer at any time thereafter by any of the means referred to in Section 7 of the Agreement. Joint Election. As a condition of participation in the Plan and the vesting of the RSUs, the Participant agrees to accept any liability for secondary Class 1 NICs which may be payable by the Company and/or the Employer in connection with the RSUs and any event giving rise to Tax-Related Items (the "Employer NICs"). Without limitation to the foregoing, the Participant agrees to enter into an election between himself or herself and the Company or the Employer in the form approved by HMRC (the "Joint Election") and any other consent or election required to accomplish the transfer of Employer NICs to the Participant. The Participant understands that the Joint Election applies to any RSUs granted to him or her under the Plan after the Participant enters into the Joint Election. The Participant further agrees to enter into any such other joint elections as may be required between him or her and any successor to the Company and/or the Employer. The Participant further agrees that the Company and/or the Employer may collect the Employer NICs from him or her by any of the means set forth in Section 7 of the Agreement. If the Participant does not enter into a Joint Election prior to vesting and of the RSUs, he/she will not be entitled to vest in the RSUs unless and until he/she enters into a Joint Election and no Shares will be issued to the Participant under the Plan, without any liability to the Company and/or the Employer.

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- 15 - Executive (January 2026) Cover Page to Election to Transfer Employer NICs (UK Participants Only) If you are liable for National Insurance contributions in the United Kingdom in connection with the grant of your awards, you are required to enter into an Election to transfer to you any liability for employer National Insurance contributions ("Employer NICs") that may arise in connection with your awards. Clicking on the "ACCEPT" box indicates your acceptance of the Election. You should read the "Important Note on the Election to Transfer Employer NICs" before accepting the Election. Important Note on the Election to Transfer Employer NICs (UK Participants Only) As a condition of the vesting of restricted stock units ("RSUs") granted to you under the Akamai Technologies, Inc. 2013 Stock Incentive Plan, you are required to enter into a joint election to transfer to you any liability for Employer NICs that may arise in connection with your RSUs ("Election"). By entering into the Election:  you agree that any Employer NICs liability that may arise in connection with your RSUs will be transferred to you;  you authorize your employer to recover an amount sufficient to cover this liability by such methods including, but not limited to, withholding in shares to be issued to you upon settlement of your RSUs or deductions from your salary or other payments due; and  you acknowledge that even if you have clicked on the "ACCEPT" box where indicated, the Company or your employer may still require you to sign a paper copy of this Election (or a substantially similar form) if the Company determines this is necessary to give effect to the Election. Please read the Election carefully before accepting the Election. Please print and keep a copy of the Election for your records.

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&nbsp;&nbsp;&nbsp;&nbsp;- 16 - Executive (January 2026) AKAMAI TECHNOLOGIES, INC. 2013 STOCK INCENTIVE PLAN (UK Participants) Election To Transfer the Employer's National Insurance Liability to the Employee This Election is between: A. The individual who has obtained authorised access to this Election (the "Employee"), who is employed by an employing company listed in the attached schedule (the "Employer") and who is eligible to receive restricted stock units ("RSUs") pursuant to the Akamai Technologies, Inc. 2013 Stock Incentive Plan (the "Plan"), and B. Akamai Technologies, Inc., 145 Broadway, Cambridge, Massachusetts 02142 U.S.A. (the "Company"), which may grant RSUs under the Plan and is entering into this Election on behalf of the Employer. 1. Introduction 1.1 This Election relates to all RSUs granted to the Employee under the Plan on or after the date the Plan was adopted up to the termination date of the Plan. 1.1 In this Joint Election the following words and phrases have the following meanings: (a) "Chargeable Event" means any event giving rise to Relevant Employment Income. (b) "ITEPA" means the Income Tax (Earnings and Pensions) Act 2003. (c) "Relevant Employment Income" from RSUs on which Employer's National Insurance Contributions becomes due is defined as: (i) an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities: charge on certain post-acquisition events); (ii) an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities: charge on certain post-acquisition events); or (iii) any gain that is treated as remuneration derived from the earner's employment by virtue of section 4(4)(a) SSCBA, including without limitation: (a) the acquisition of securities pursuant to the RSUs (within the meaning of section 477(3)(a) of ITEPA); (b) the assignment (if applicable) or release of the RSUs in return for consideration (within the meaning of section 477(3)(b) of ITEPA); (c) the receipt of a benefit in connection with the RSUs, other than a benefit within (i) or (ii) above (within the meaning of section 477(3)(c) of ITEPA).

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- 17 - Executive (January 2026) (d) "SSCBA" means the Social Security Contributions and Benefits Act 1992. 1.2 This Joint Election relates to employer's secondary Class 1 National Insurance contributions (the "Employer's Liability") which may arise in respect of Relevant Employment Income in respect of the RSUs pursuant to section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the SSCBA. 1.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 1.4 This Election does not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part VII of ITEPA (employment income: securities with artificially depressed market value). 1.5 Any references to the Company and/or the Employer shall include that entity's successors in title and assigns as permitted in accordance with the terms of the Plan and the RSU Agreement pursuant to which the RSUs were granted. This Election will have effect in respect of the RSUs and any awards which replace or replaced the RSUs following their grant in circumstances where section 483 of ITEPA applies. 2. The Election The Employee and the Company jointly elect that the entire liability of the Employer to pay the Employer's Liability that arises on any Relevant Employment Income is hereby transferred to the Employee. The Employee understands that by signing the Joint Election (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, he or she will become personally liable for the Employer's Liability covered by this Joint Election. This Joint Election is made in accordance with paragraph 3B(1) of Schedule 1 to SSCBA. 3. Payment of the Employer's Liability 3.1 The Employee hereby authorises the Company and/or the Employer to collect the Employer's Liability from the Employee at any time after the Chargeable Event: (i) by deduction from salary or any other payment payable to the Employee at any time on or after the date of the Chargeable Event; and/or (ii) directly from the Employee by payment in cash or cleared funds; and/or (iii) by arranging, on behalf of the Employee, for the sale of some of the securities which the Employee is entitled to receive pursuant to the RSUs; and/or (iv) through any other method as set forth in the applicable RSU Agreement entered into between the Employee and the Company. 3.2 The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities to the Employee in respect of the RSUs until full payment of the Employer's Liability is received. 3.3 The Company agrees to procure the remittance by the Employer of the Employer's Liability to Her Majesty's Revenue & Customs ("HMRC") on behalf of the Employee within 14 days after the end

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&nbsp;&nbsp;&nbsp;&nbsp;- 18 - Executive (January 2026) of the UK tax month during which the Chargeable Event occurs (or within 17 days if payments are made electronically). 4. Duration of Election 4.1 The Employee and the Company agree to be bound by the terms of this Joint Election regardless of whether the Employee is transferred abroad or is not employed by the Employer on the date on which the Employer's Liability becomes due. 4.2 This Election will continue in effect until the earliest of the following: (i) the Employee and the Company agree in writing that it should cease to have effect; (ii) on the date the Company serves written notice on the Employee terminating its effect; (iii) on the date HMRC withdraws approval of this Joint Election; or (iv) after due payment of the Employer's Liability in respect of the Plan to which this Joint Election relates or could relate, such that the Election ceases to have effect in accordance with its terms. Acceptance by the Employee The Employee acknowledges that by signing the Joint Election below (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, the Employee agrees to be bound by the terms of this Joint Election. _____________________________ Signature _____________________________ Employee Name _____________________________ Date Acceptance by the Company The Company acknowledges that, by arranging for the scanned signature of an authorised representative to appear on this Joint Election, the Company agrees to be bound by the terms of this Joint Election. _____________________________ Signature for and on behalf of the Company _____________________________ Position _____________________________ Date

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&nbsp;&nbsp;&nbsp;&nbsp;- 19 - Executive (January 2026) SCHEDULE OF EMPLOYER COMPANIES The following are employer companies to which this Joint Election may apply: (1) Akamai Technologies Limited Registered Office: Company Registration Number: Corporation Tax Reference: PAYE Reference:

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## Exhibit 10.6

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Exhibit 10.6 - 1 - AKAMAI TECHNOLOGIES, INC. Performance-Based Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan 1. Grant of Award. This Agreement evidences the grant by Akamai Technologies, Inc., a Delaware corporation (the "Company"), on (the "Grant Date") to you (the "Participant") of restricted stock units of the Company (individually, an "RSU" and collectively, the "RSUs"), subject to the terms and conditions set forth in this Restricted Stock Unit Agreement, including any additional terms for the Participant's country set forth in the appendix attached hereto (the "Appendix") (together, the "Agreement") and the 2013 Stock Incentive Plan and any sub-plan to the 2013 Stock Incentive Plan for the Participant's country (together, as amended or amended and restated, the "Plan"). Each RSU represents the right to receive one share of the common stock, par value $.01 per share, of the Company ("Common Stock") as provided in this Agreement. The target number of shares issuable is (the "Target Number of Shares"). The maximum number of shares issuable is 200% of the Target Number of Shares. The number of shares of Common Stock issuable upon vesting of the RSUs shall be calculated pursuant to the provisions of Schedule 1 and are referred to in this Agreement as "Shares." Capitalized terms used but not defined in this Agreement shall have the meanings specified in the Plan. 2. Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement including, without limitation, Section 2(b) below and Section 6 below, the number of Shares issuable pursuant to the calculation set forth in Schedule 1 to this Agreement, if any, shall vest on the date on which the Board of Directors of the Company, or a committee thereof (as applicable, the "Talent, Leadership & Compensation Committee"), certifies the Company's financial performance for fiscal year 20__. Such date or any other date on which RSUs vest under this Agreement may be referred to herein as a "Vesting Date." (b) Except as otherwise provided in Schedule 1, RSUs shall not continue to vest unless the Participant is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company. For purposes of the Agreement, employment with the Company shall include employment with a parent, subsidiary, affiliate or division of the Company, subject to Section 8(g) of the Agreement. For the avoidance of doubt, employment during only a portion of the vesting period, and where the Participant's employment has terminated prior to a Vesting Date, will not entitle the Participant to vest in a pro-rata portion of the RSUs, unless otherwise provided in this Agreement. 3. Distribution of Shares. (a) The Company will distribute to the Participant (or to the Participant's estate in the event that his or her death occurs after a Vesting Date but before distribution of the corresponding Shares), the shares of Common Stock represented by RSUs that vested on such Vesting Date as soon as administratively practicable after each Vesting Date (each such date of distribution is hereinafter referred to as a "Settlement Date") but in any event no later than the date that is two and one-half months following the applicable Vesting Date. (b) The Company shall not be obligated to issue to the Participant the Shares upon the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements including, without limitation, any applicable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 2 - Executive (January 2026) federal, state or local securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. (c) Neither the Company nor the Participant shall have the right to accelerate or defer the delivery of any shares under this Agreement except to the extent specifically permitted under Section 409A of the Code. 4. Restrictions on Transfer. The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer") any RSUs, or any interest therein, except by will or the laws of descent and distribution. 5. Dividend and Other Shareholder Rights. Except as set forth in the Plan or the Akamai Technologies, Inc. U.S. Non-Qualified Deferred Compensation Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the RSUs granted hereunder until the Shares have been delivered to the Participant. 6. Provisions of the Plan; Change in Control Event. (a) This Agreement is subject to the provisions of the Plan, a copy of which is made available to the Participant with this Agreement. (b) [Reserved]. (c) Upon the occurrence of a Change in Control Event, provided that the Participant is employed by the Company as of the date of the Change in Control Event, then effective immediately prior to the occurrence of the Change in Control Event, the Participant shall be deemed to have earned any then-unvested RSUs as follows: the number of RSUs that shall be deemed earned shall be equal to the then-outstanding number of unvested RSUs issuable upon achievement of (i) actual performance of the applicable metrics set forth on Schedule 1 for any RSUs for which the Performance Year has been fully completed as of the date of the Change in Control Event and (ii) target level performance of the applicable metrics set forth on Schedule 1 for any RSUs for which the Performance Year has not been completed or has been partially completed as of the date of the Change in Control Event (any RSUs that are deemed earned pursuant to this Section 6(c), are referred to as "Earned RSUs"). Any RSUs that are not deemed Earned RSUs pursuant to this Section 6(c) shall immediately terminate and be forfeited upon the Change in Control Event. (d) Except as otherwise provided in the Akamai Technologies, Inc. Retirement Policy (the "Retirement Policy"), in the event that the parties to such Change in Control Event do not provide for the assumption, continuation or substitution of the Earned RSUs in connection with a Change in Control Event, 100% of the Earned RSUs shall become vested immediately prior to the Change in Control Event. For purposes of this Section 6(d), the Earned RSUs shall be considered assumed, continued or substituted if, following consummation of the Change in Control Event, the Earned RSUs confer the right to purchase or receive, for each Earned RSU, the consideration (whether cash, securities or other property) received as a result of the Change in Control Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Change in Control Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Change in Control Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 3 - Executive (January 2026) acquiring or succeeding corporation, provide for the consideration to be received upon the settlement of the Earned RSUs to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Change in Control Event. (e) Except as otherwise provided in the Retirement Policy, in the event that the parties to such Change in Control Event provide for the assumption, continuation or substitution of the Earned RSUs in connection with a Change in Control Event, such Earned RSUs shall remain subject to time-based vesting and shall vest in full on December 31, 20__, subject to the Participant's continued employment through such date; provided, however, in the event that the Participant's employment is terminated by the acquiring or succeeding entity (or an affiliate thereof) for a reason other than Cause (as defined below) or by the Participant for Good Reason (as defined below), in either case within twelve (12) months after the Change in Control Event, 100% of the Earned RSUs shall become vested as of the date of the Participant's termination of employment as determined in accordance with Section 8(l) below. "Cause" shall mean (i) any act or omission by the Participant that has a significant adverse effect on the Company's (or the acquiring or succeeding company's) business or on the Participant's ability to perform services for the Company or the acquiring or succeeding company, including, without limitation, the commission of any crime (other than ordinary traffic violations), (ii) refusal or failure to perform assigned duties, serious misconduct, or excessive absenteeism, or (iii) refusal or failure to comply with the Company's or the acquiring or succeeding entity's Code of Business Ethics. "Good Reason" shall mean (i) a material reduction in the Participant's compensation and benefits (including, without limitation, any bonus plan or indemnity agreement not agreed to in writing by the Participant), (ii) the assignment to the Participant of duties and/or responsibilities that are materially inconsistent with those associated with the Participant's position, or (iii) a requirement, not agreed to in writing by the Participant, that the Participant relocate to, or perform his or her principal job functions at, an office that is more than twenty- five (25) miles from the office at which the Participant was previously performing his or her principal job functions. 7. Withholding Taxes. (a) The Participant acknowledges that, regardless of any action the Company or, if different, the parent, subsidiary, affiliate or division of the Company by which the Participant is employed (the "Employer") takes with respect to any or all income tax, social insurance contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or the Employer ("Tax-Related Items"), the ultimate liability for all Tax-Related Items legally due by him or her is and remains the Participant's responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares delivered pursuant thereto and the receipt of cash or any dividends or dividend equivalents; and (2) do not commit to structure the terms of the award or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. (b) The Company and/or the Employer, or their respective agents, retain the discretion, and the Participant authorizes the Company and/or the Employer, or their respective agents, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) withholding from proceeds of the sale of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 4 - Executive (January 2026) Shares acquired upon vesting of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iii) requiring the Participant to make a payment in a form acceptable to the Company; (iv) withholding in Shares to be issued upon settlement of the RSUs; or (v) any other method of withholding determined by the Company and to the extent required by applicable law or the Plan, approved by the Committee. (c) The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in the Participant's jurisdiction(s), to the extent permitted by the Plan. In the event of over-withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, the Participant may seek a refund from the local tax authorities. In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items. (d) Finally, the Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant's obligations with respect to Tax-Related Items. (e) The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock. 8. Nature of Grant. In accepting the grant, the Participant acknowledges that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (b) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past; (c) all decisions with respect to future restricted stock units, if any, will be at the sole discretion of the Company; (d) the grant of the RSUs and the Participant's participation in the Plan will not create a right to further employment with the Company or the Employer, as applicable. and shall not interfere with the ability of the Company, the Employer or any parent, subsidiary or affiliate of the Company, as applicable, to terminate Participant's employment relationship at any time; (e) the Participant is voluntarily participating in the Plan; (f) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (g) the RSUs and the Participant's participation in the Plan will not be interpreted to form an employment agreement or relationship with the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 5 - Executive (January 2026) (h) the future value of the Shares subject to the RSUs is unknown, indeterminable and cannot be predicted with certainty; (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, any service the Participant may provide as a director of any parent, subsidiary or affiliate of the Company; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer; (k) no claim or entitlement to compensation or damages shall arise from (i) any forfeiture of the RSUs resulting from termination of the Participant's employment relationship or from any diminution in value of the RSUs or Shares acquired upon settlement of the RSUs for any reason and/or (ii) forfeiture of the RSUs or recoupment of any Shares, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of the Company, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards; and (l) for purposes of the RSUs, the Participant's employment relationship will be considered terminated as of the date he or she is no longer actively providing services to the Company, the Employer or any other parent, subsidiary or affiliate of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any) and, except in the case of the Participant's termination due to death or disability or Retirement (as defined in the Retirement Policy) as provided for in Schedule 1, the Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the period of the Participant's employment service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of his or her RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence). 9. Data Privacy Information and Consent. (a) Data Collection and Usage. The Company and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, his or her name, home address, telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor ("Data"), for purposes of administering his or her participation in the Plan. The legal basis, where required, for the processing of Data is the Participant's consent. (b) Stock Plan Administration Service Providers. The Company transfers Data to Charles Schwab & Co., Inc. and certain of its affiliates ("Charles Schwab"), which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different service provider or additional service providers and share Data with such other

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 6 - Executive (January 2026) provider serving in a similar manner. The Participant may be asked to agree on separate terms and data processing practices with Charles Schwab, with such agreement being a condition to the ability to participate in the Plan. (c) International Data Transfers. The Company, Charles Schwab and, as the case may be, other service providers of the Company are or might be based in the United States, which means that the Participant's Data will have to be transferred to or otherwise processed in the United States. The Participant understands and acknowledges that the United States might apply laws not providing a level of protection of his or her Data equivalent to the level of protection in his or her country or jurisdiction. In the absence of appropriate safeguards, the processing of the Participant's Data in the United States might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, the Participant might not have enforceable rights regarding the processing of his or her Data. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the Company receiving and transferring his or her Data onward to Charles Schwab and, as the case may be, other service providers without implementing appropriate safeguards. Where required, such processing of the Participant's Data will be exclusively based on his or her consent. (d) Data Retention. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. This period may extend beyond the Participant's period of employment with the Employer. When the Company or the Employer no longer need Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the consent, his or her salary from or employment with the Employer will not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant awards under the Plan or administer or maintain such awards. (f) Data Subject Rights. The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based, such rights may include the right to (i) request access to or copies of Data processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in his or her jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Participant can contact his or her local human resources representative. (g) Other Legal Basis and Additional Consent. The Participant understands that the Company may rely on a different legal basis for the collection, processing or transfer of Data in the future and/or request the Participant to provide another data privacy consent. If applicable, upon request of the Participant or the Employer, he or she will provide a separate executed data privacy agreement (or any other agreements or consents) that the Company and/or the Employer may deem necessary to obtain from the Participant for the purpose of administering his or her participation in the Plan in compliance with the data privacy laws in his or her country, either now or in the future. The Participant understands and agrees that he or she will not be able to participate in the Plan, if he or she fails to provide any such agreement requested by the Company and/or the Employer. 10. Miscellaneous.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 7 - Executive (January 2026) (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or receiving shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all. (b) No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or his or her acquisition or sale of the Shares subject to the RSUs. The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. (c) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. (d) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. (f) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10(f). (g) Recoupment. As an additional condition of receiving this award of RSUs, the Participant agrees that the RSUs, whether vested or unvested, and/or the Shares, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under the Company's clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement, any similar policy applicable to circumstances where the Participant engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the "Recoupment Policy"). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to the Participant's right to resign for "good reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Company or any parent, subsidiary or affiliate and/or the Employer. (h) Language. The Participant acknowledges that he or she is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement, including the Appendix. Furthermore, if the Participant has received this Agreement, or any other document related to the RSUs

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 8 - Executive (January 2026) and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law. (i) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. (j) Entire Agreement; Conflicts and Interpretation. This Agreement, including any special terms and conditions set forth in the Appendix hereto for the Participant's country, and the Plan, including any applicable sub-plan, constitute the entire agreement between the parties, and supersedes all prior agreements and understandings, relating to the subject matter of this Agreement. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Board of Directors (or a committee thereof) has the power, among other things, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. (k) Appendix. The RSUs shall be subject to any additional provisions set forth in the Appendix for the Participant's country. If the Participant relocates to one of the countries included in the Appendix during the vesting period for the RSUs, the additional provisions for such country shall apply to the Participant to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. The Company reserves the right to impose other requirements on the RSUs and the Shares acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Amendment. The Company may modify, amend or waive the terms of this Agreement prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Participant without his or her consent, except as required by applicable law, Nasdaq or stock exchange rules, tax rules or accounting rules. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors (or a committee thereof) of the Company. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party or any other participant of a provision of this Agreement. (n) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the U.S. State of Delaware, without regard to any applicable conflicts of laws. For purposes of litigating any dispute that arises under the grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the U.S. State of Delaware, agree that such litigation shall be conducted in the courts of Delaware, or the federal courts for the United States for the Third District, where this Agreement is made and/or to be performed. (o) Unfunded Rights. The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 9 - Executive (January 2026) (p) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs awarded under and participation in the Plan or future restricted stock units or other Awards that may be awarded under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. (q) Insider Trading/Market Abuse Laws. The Participant acknowledges that, depending on his or her or his or her broker's country of residence or where the Shares are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., RSUs), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by or determined under the laws in the applicable jurisdiction or the laws in his or her country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) "tipping" third parties or causing them to otherwise to buy or sell securities. Keep in mind third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, including those imposed under any applicable Company insider trading policy, and the Participant should consult with his or her own personal legal and financial advisors on this matter before taking any action related to the Plan. (r) Foreign Asset/Account Reporting, Exchange Control and Tax Requirements. The Participant acknowledges that there may be certain foreign asset and/or account reporting requirements and exchange controls which may affect his or her ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Participant understands that he or she may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Participant may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Participant acknowledges that it is his or her responsibility to comply with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance. (s) Section 409A of the Code. This Agreement is intended to be exempt from, or comply with, Section 409A of the Code and shall be interpreted, operated and administered in accordance with that intent. The Board may modify the terms of this Agreement, the Plan or both, without the Participant's consent, in the manner that the Board determines to be necessary or advisable in order to comply with Section 409A of the Code. The Company shall have no liability to the Participant, or any other party, if this Agreement is not so exempt or compliant.

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- 10 - Executive (January 2026) IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. Electronic acceptance of this Agreement pursuant to the Company's instructions to Participant (including through an online acceptance process managed by the Company's agent) is acceptable. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the data processing operations described in Section 9 of this Agreement. This includes, without limitation, the transfer of his or her Data to, and the processing of such data by, the Company, Charles Schwab or, as the case may be, the Company's other third-party service providers in the United States. The Participant may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 9(e) above. AKAMAI TECHNOLOGIES, INC. By: Name: Frank T. Leighton Title: CEO _____________________________ Address: ,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 11 - Executive (January 2026) AKAMAI CONFIDENTIAL SCHEDULE 1 VESTING CRITERIA FOR RSUs A. Calculation of Number of Shares Issuable B. Effect of an Acquisition or Disposition by Akamai In the event that Akamai closes an Acquisition Transaction or Disposition Transaction during the Performance Year, the Talent, Leadership & Compensation Committee shall make adjustments to affected performance targets for such Performance Year to give effect to the expected impact on such targets of the applicable Acquisition Transaction or Disposition Transaction (including whether it is accretive or not) based on management's good faith estimate of the projected impact as presented to the Talent, Leadership & Compensation Committee. An "Acquisition Transaction" means (i) the purchase of more than 50% of the voting power of an entity, (ii) any merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution or share exchange involving Akamai and an entity not previously owned by Akamai, or (iii) the purchase or other acquisition (including, without limitation, via license outside of the ordinary course of business or joint venture) of assets that constitute more than 50% of another entity's total assets or assets that account for more than 50% of the consolidated net revenues or net income of such entity. A "Disposition Transaction" means the sale of a division, business unit or set of business operations and/or related assets to a third party. All determinations of the Talent, Leadership & Compensation Committee regarding the estimated impact of an Acquisition Transaction or a Disposition Transaction shall be final, binding and non- appealable. The cumulative impact of all Acquisition Transactions and Disposition Transactions shall be set forth in a statement delivered upon payment, if any, of the bonus contemplated by this Schedule 1. This Schedule 1 shall be deemed to be automatically amended, without further action by the Company or the executive, to give effect to any adjustments required by this Section B. C. Effect of Death or Disability of the Participant (1) If the Participant's employment with the Company ceases or is terminated due to the Participant's death or disability (within the meaning of Section 409A of the Code) prior to the end of the first Performance Year, then a pro-rated number of Shares, based on an assumed performance that would lead to vesting of the Target Number of RSUs shall vest based on the number of days into the three-year vesting Performance Period the date of such termination occurred and such RSUs shall be delivered to the Participant or the Participant's estate within 30 days following such terminationy. (2) If the Participant's employment with the Company ceases or is terminated due to the Participant's death or disability (within the meaning of Section 409A of the Code) after the end of one or more completed Performance Years, then a pro-rated number of Shares, based on an the actual number of RSUs that are eligible for vesting based on the Company's actual performance for any completed Performance Year(s) plus the Target Number of RSUs for the Performance Year in which the termination due to death or disability occurs, shall vest based on the number of days into the three-year vesting period the date of termination of employment occurred and such RSUs shall be delivered to the Participant or the Participant's estate within 30 days following such termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 12 - Executive (January 2026) (3) If the provisions of Sections 6(c)-(e) of the Agreement are triggered, such provisions shall take precedence over those set forth in this Paragraph C. D. Effect of Retirement of the Participant Notwithstanding anything to the contrary in any other Agreement between the Participant and the Company, in the event that the Participant's employment with the Company ceases due to the Participant's Retirement (as defined in the Retirement Policy), the RSUs and any other Awards held by the Participant shall be treated as set forth in the Retirement Policy, subject to the terms and conditions thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 13 - Executive (January 2026) APPENDIX AKAMAI TECHNOLOGIES, INC. Performance-Based Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan COUNTRY-SPECIFIC TERMS AND CONDITIONS Terms and Conditions The Participant understands that this Appendix includes additional terms and conditions that govern the RSUs granted to him or her under the Plan if he or she works and/or resides in one of the countries listed below. If the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after the RSUs have been granted, the Participant acknowledges and agrees that the Company, in its discretion, will determine the extent to which the terms and conditions herein will be applicable to the Participant. Notifications This Appendix also includes information regarding securities laws, exchange controls and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2026. Such laws are often complex and change frequently. As a result, the Company recommends that the Participant does not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information included herein may be out of date at the time that the Participant acquire Shares upon vesting of the RSUs or subsequently sell such Shares. In addition, the information contained herein is general in nature and may not apply to the Participant's particular situation and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her individual situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after RSUs have been granted, the information contained herein may not be applicable to the Participant in the same manner. INDIA Notifications Exchange Control Information. The Participant must repatriate the proceeds from the sale of Shares and any dividends received in relation to the Shares to India within such time as may be required under applicable regulations, unless an exemption applies. The Participant must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation. The Participant agrees to provide any information that may be required by the Company or the Employer to make any applicable filings under exchange control laws in India. It is the Participant's responsibility to comply with applicable exchange control laws in India and neither the Company nor the Employer will be liable for any fines or penalties resulting from the Participant's failure to comply with applicable laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 14 - Executive (January 2026) ISRAEL Terms and Conditions Grant of Award & Schedule 1. The following provision supplements Section 1 of the Agreement and Schedule 1: The Target Number of Shares issuable pursuant to vested RSUs is stated in Section of the Agreement subject to adjustment as described in Schedule 1. The maximum number of shares issuable is 200% of the Target Number of Shares or divided equally by Performance Years and subject to adjustment down in accordance with Schedule 1. Confirmation of Section 102 Capital Gains Award Terms. The RSUs are intended to qualify for the favorable tax treatment in Israel available for grants under the capital gains track under Section 102(b)(2) and 102(b)(3) of the Income Tax Ordinance [New Version], 1961, including the provisions of the Income Tax Rules (Tax Benefits in Shares Issuance to Employees), 2003 (the "Ordinance") ("Capital Gains Award"). Notwithstanding the foregoing, by accepting the RSUs, the Participant acknowledges that the Company cannot guarantee that the Capital Gains Award tax treatment will apply to the RSUs granted to the Participant. By accepting the RSUs, the Participant: (a) acknowledges receipt of and represents that the Participant has read and understands the Plan, the Israeli sub-plan adopted by the Company, the Beneficiary 102 Undertaking ("Undertaking"), if any, which is incorporated by reference and forms part of the Agreement and the Agreement; (b) accepts the RSUs subject to all of the terms and conditions of the Plan, the Israeli sub-plan, the Undertaking and the Agreement; and (c) agrees that the Shares issued upon vesting of the RSUs will be issued to and deposited with the Trustee (defined below) and shall be held in trust for the Participant's benefit as required by the Ordinance, the Israeli sub-plan and any approval by the Israeli Tax Authority pursuant to the terms of the Ordinance, the Israeli sub-plan and the Trust Agreement between the Company and the trustee appointed by the Company, currently IBI Capital Compensation and Trusts (2004) Ltd. (the "Trustee"). Furthermore, by accepting the RSUs, the Participant confirms that he or she understands the terms and provisions of Section 102 of the Ordinance, particularly the capital gains track described in subsection (b)(2) and (b)(3) thereof, and agrees that he or she will not require the Trustee to release the Shares acquired upon vesting of the RSUs to him or her or sell the Shares to a third party, during the requisite "Holding Period" as determined under the Ordinance and set forth in the Israeli sub- plan, unless permitted to do so by the Ordinance or the Israeli sub-plan. Requirement to Return Signed Beneficiary 102 Undertaking. If the Participant has not already executed the Undertaking in connection with grants made under the Israeli sub-plan to the Plan and is requested to do so by the Employer or the Trustee, the Participant must print, sign and deliver a signed copy of the Undertaking to the Trustee within thirty (30) days of the Grant Date, or by such other date as may be determined by the Employer or the Trustee not to exceed ninety (90) days from the Grant Date. The Undertaking will be provided separately to the Participant by the Trustee. If the Undertaking is not returned within the timeframe specified, the RSUs may not qualify for favorable tax treatment. Notifications Securities Law Information. The grant of the RSUs under the Plan is being made pursuant to an exemption from the requirement to file and publish a prospectus in Israel regarding the Plan obtained from the Israeli Securities Authority. Copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission will be sent to the Participant, at no charge, on written request being mailed to Investor Relations at Akamai Technologies, Inc. 145 Broadway, Cambridge, MA 02142, U.S.A. The telephone number at the executive offices is 1-617-444-3000. Alternatively, copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 15 - Executive (January 2026) Securities and Exchange Commission are available by searching the Company's filings on the following web site: http://www.sec.gov/edgar/searchedgar/companysearch.html. UNITED KINGDOM Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Withholding Taxes. The following provisions supplement Section 7 of the Agreement: Without limitation to Section 7 of the Agreement, the Participant agrees that he or she is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or the Employer or by HM Revenue and Customs ("HMRC") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax–Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant's behalf. For the purposes of this Agreement, Tax-Related Items includes (without limitation) employment income tax and employee National Insurance contributions. Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of immediately foregoing provision will not apply. In this case, the amount of the income tax not collected within 90 days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute a benefit to the Participant on which additional income tax and National Insurance contributions ("NICs") (including Employer NICs, as defined below) may be payable. The Participant understands that he or she will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self- assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any employee NICs due on this additional benefit, which may be recovered from the Participant by the Company or the Employer at any time thereafter by any of the means referred to in Section 7 of the Agreement. Joint Election. As a condition of participation in the Plan and the vesting of the RSUs, the Participant agrees to accept any liability for secondary Class 1 NICs which may be payable by the Company and/or the Employer in connection with the RSUs and any event giving rise to Tax-Related Items (the "Employer NICs"). Without limitation to the foregoing, the Participant agrees to enter into an election between himself or herself and the Company or the Employer in the form approved by HMRC (the "Joint Election") and any other consent or election required to accomplish the transfer of Employer NICs to the Participant. The Participant understands that the Joint Election applies to any RSUs granted to him or her under the Plan after the Participant enters into the Joint Election. The Participant further agrees to enter into any such other joint elections as may be required between him or her and any successor to the Company and/or the Employer. The Participant further agrees that the Company and/or the Employer may collect the Employer NICs from him or her by any of the means set forth in Section 7 of the Agreement. If the Participant does not enter into a Joint Election prior to vesting of the RSUs, he/she will not be entitled to vest in the RSUs unless and until he/she enters into a Joint Election and no Shares will be issued to the Participant under the Plan, without any liability to the Company and/or the Employer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 16 - Executive (January 2026) Cover Page to Election to Transfer Employer NICs (UK Participants Only) If you are liable for National Insurance contributions in the United Kingdom in connection with the grant of your awards, you are required to enter into an Election to transfer to you any liability for employer National Insurance contributions ("Employer NICs") that may arise in connection with your awards. Clicking on the "ACCEPT" box indicates your acceptance of the Election. You should read the "Important Note on the Election to Transfer Employer NICs" before accepting the Election. Important Note on the Election to Transfer Employer NICs (UK Participants Only) As a condition of the vesting of restricted stock units ("RSUs") granted to you under the Akamai Technologies, Inc. 2013 Stock Incentive Plan, you are required to enter into a joint election to transfer to you any liability for Employer NICs that may arise in connection with your RSUs ("Election"). By entering into the Election:  you agree that any Employer NICs liability that may arise in connection with your RSUs will be transferred to you;  you authorize your employer to recover an amount sufficient to cover this liability by such methods including, but not limited to, withholding in shares to be issued to you upon settlement of your RSUs or deductions from your salary or other payments due; and  you acknowledge that even if you have clicked on the "ACCEPT" box where indicated, the Company or your employer may still require you to sign a paper copy of this Election (or a substantially similar form) if the Company determines this is necessary to give effect to the Election. Please read the Election carefully before accepting the Election. Please print and keep a copy of the Election for your records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 17 - Executive (January 2026) AKAMAI TECHNOLOGIES, INC. 2013 STOCK INCENTIVE PLAN (UK Participants) Election To Transfer the Employer's National Insurance Liability to the Employee This Election is between: A. The individual who has obtained authorised access to this Election (the "Employee"), who is employed by an employing company listed in the attached schedule (the "Employer") and who is eligible to receive restricted stock units ("RSUs") pursuant to the Akamai Technologies, Inc. 2013 Stock Incentive Plan (the "Plan"), and B. Akamai Technologies, Inc., 145 Broadway, Cambridge, Massachusetts 02142 U.S.A. (the "Company"), which may grant RSUs under the Plan and is entering into this Election on behalf of the Employer. 1. Introduction 1.1 This Election relates to all RSUs granted to the Employee under the Plan on or after the date the Plan was adopted up to the termination date of the Plan. 1.1 In this Joint Election the following words and phrases have the following meanings: (a) "Chargeable Event" means any event giving rise to Relevant Employment Income. (b) "ITEPA" means the Income Tax (Earnings and Pensions) Act 2003. (c) "Relevant Employment Income" from RSUs on which Employer's National Insurance Contributions becomes due is defined as: (i) an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities: charge on certain post-acquisition events); (ii) an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities: charge on certain post-acquisition events); or (iii) any gain that is treated as remuneration derived from the earner's employment by virtue of section 4(4)(a) SSCBA, including without limitation: (a) the acquisition of securities pursuant to the RSUs (within the meaning of section 477(3)(a) of ITEPA); (b) the assignment (if applicable) or release of the RSUs in return for consideration (within the meaning of section 477(3)(b) of ITEPA); (c) the receipt of a benefit in connection with the RSUs, other than a benefit within (i) or (ii) above (within the meaning of section 477(3)(c) of ITEPA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 18 - Executive (January 2026) (d) "SSCBA" means the Social Security Contributions and Benefits Act 1992. 1.2 This Joint Election relates to employer's secondary Class 1 National Insurance contributions (the "Employer's Liability") which may arise in respect of Relevant Employment Income in respect of the RSUs pursuant to section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the SSCBA. 1.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 1.4 This Election does not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part VII of ITEPA (employment income: securities with artificially depressed market value). 1.5 Any references to the Company and/or the Employer shall include that entity's successors in title and assigns as permitted in accordance with the terms of the Plan and the RSU Agreement pursuant to which the RSUs were granted. This Election will have effect in respect of the RSUs and any awards which replace or replaced the RSUs following their grant in circumstances where section 483 of ITEPA applies. 2. The Election The Employee and the Company jointly elect that the entire liability of the Employer to pay the Employer's Liability that arises on any Relevant Employment Income is hereby transferred to the Employee. The Employee understands that by signing the Joint Election (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, he or she will become personally liable for the Employer's Liability covered by this Joint Election. This Joint Election is made in accordance with paragraph 3B(1) of Schedule 1 to SSCBA. 3. Payment of the Employer's Liability 3.1 The Employee hereby authorises the Company and/or the Employer to collect the Employer's Liability from the Employee at any time after the Chargeable Event: (i) by deduction from salary or any other payment payable to the Employee at any time on or after the date of the Chargeable Event; and/or (ii) directly from the Employee by payment in cash or cleared funds; and/or (iii) by arranging, on behalf of the Employee, for the sale of some of the securities which the Employee is entitled to receive pursuant to the RSUs; and/or (iv) through any other method as set forth in the applicable RSU Agreement entered into between the Employee and the Company. 3.2 The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities to the Employee in respect of the RSUs until full payment of the Employer's Liability is received. 3.3 The Company agrees to procure the remittance by the Employer of the Employer's Liability to Her Majesty's Revenue & Customs ("HMRC") on behalf of the Employee within 14 days after

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 19 - Executive (January 2026) the end of the UK tax month during which the Chargeable Event occurs (or within 17 days if payments are made electronically). 4. Duration of Election 4.1 The Employee and the Company agree to be bound by the terms of this Joint Election regardless of whether the Employee is transferred abroad or is not employed by the Employer on the date on which the Employer's Liability becomes due. 4.2 This Election will continue in effect until the earliest of the following: (i) the Employee and the Company agree in writing that it should cease to have effect; (ii) on the date the Company serves written notice on the Employee terminating its effect; (iii) on the date HMRC withdraws approval of this Joint Election; or (iv) after due payment of the Employer's Liability in respect of the Plan to which this Joint Election relates or could relate, such that the Election ceases to have effect in accordance with its terms. Acceptance by the Employee The Employee acknowledges that by signing the Joint Election below (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, the Employee agrees to be bound by the terms of this Joint Election. _____________________________ Signature _____________________________ Employee Name _____________________________ Date Acceptance by the Company The Company acknowledges that, by arranging for the scanned signature of an authorised representative to appear on this Joint Election, the Company agrees to be bound by the terms of this Joint Election. _____________________________ Signature for and on behalf of the Company _____________________________ Position _____________________________ Date

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 20 - Executive (January 2026) SCHEDULE OF EMPLOYER COMPANIES The following are employer companies to which this Joint Election may apply: (1) Akamai Technologies Limited Registered Office: Company Registration Number: Corporation Tax Reference: PAYE Reference:

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## Exhibit 10.7

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Exhibit 10.7 - 1 - Updated January 2026 AKAMAI TECHNOLOGIES, INC. TSR-Based Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan 1. Grant of Award. This Agreement evidences the grant by Akamai Technologies, Inc., a Delaware corporation (the "Company"), on (the "Grant Date") to you (the "Participant") of restricted stock units of the Company (individually, an "RSU" and collectively, the "RSUs"), subject to the terms and conditions set forth in this Restricted Stock Unit Agreement, including any additional terms for the Participant's country set forth in the appendix attached hereto (the "Appendix") (together, the "Agreement") and the 2013 Stock Incentive Plan and any sub-plan to the 2013 Stock Incentive Plan for the Participant's country (together, as amended or amended and restated, the "Plan"). Each RSU represents the right to receive one share of the common stock, par value $.01 per share, of the Company ("Common Stock") as provided in this Agreement. The target number of shares issuable is (the "Target Number of Shares"). The maximum number of shares issuable is 200% of the Target Number of Shares. The number of shares of Common Stock issuable upon vesting of the RSUs shall be calculated pursuant to the provisions of Schedule 1 and are referred to in this Agreement as "Shares." Capitalized terms used but not defined in this Agreement shall have the meanings specified in the Plan. 2. Vesting; Forfeiture. (a) Subject to the terms and conditions of this Agreement including, without limitation, Section 2(b) below and Section 6 below, the number of Shares issuable pursuant to the calculation set forth in Schedule 1 to this Agreement, if any, shall vest on the date on which the Board of Directors of the Company, or a committee thereof (as applicable, the "Talent, Leadership & Compensation Committee"), certifies the Company's financial performance for fiscal year 20__. Such date or any other date on which RSUs vest under this Agreement may be referred to herein as a "Vesting Date." (b) Except as otherwise provided in Schedule 1, RSUs shall not continue to vest unless the Participant is and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company. For purposes of the Agreement, employment with the Company shall include employment with a parent, subsidiary, affiliate or division of the Company, subject to Section 8(g) of the Agreement. For the avoidance of doubt, employment during only a portion of the vesting period, and where the Participant's employment has terminated prior to a Vesting Date, will not entitle the Participant to vest in a pro-rata portion of the RSUs, unless otherwise provided in this Agreement. 3. Distribution of Shares. (a) The Company will distribute to the Participant (or to the Participant's estate in the event that his or her death occurs after a Vesting Date but before distribution of the corresponding Shares), the shares of Common Stock represented by RSUs that vested on such Vesting Date as soon as administratively practicable after each Vesting Date (each such date of distribution is hereinafter referred to as a "Settlement Date") but in any event no later than the date that is two and one-half months following the applicable Vesting Date. (b) The Company shall not be obligated to issue to the Participant the Shares upon the vesting of any RSU (or otherwise) unless the issuance and delivery of such Shares shall comply with all relevant provisions of law and other legal requirements including, without limitation, any applicable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 2 - Executive (January 2026) federal, state or local securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. (c) Neither the Company nor the Participant shall have the right to accelerate or defer the delivery of any shares under this Agreement except to the extent specifically permitted under Section 409A of the Code. 4. Restrictions on Transfer. The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively "transfer") any RSUs, or any interest therein, except by will or the laws of descent and distribution. 5. Dividend and Other Shareholder Rights. Except as set forth in the Plan or the Akamai Technologies, Inc. U.S. Non-Qualified Deferred Compensation Plan, neither the Participant nor any person claiming under or through the Participant shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the RSUs granted hereunder until the Shares have been delivered to the Participant. 6. Provisions of the Plan; Change in Control Event. (a) This Agreement is subject to the provisions of the Plan, a copy of which is made available to the Participant with this Agreement. (b) [Reserved]. (c) Upon the occurrence of a Change in Control Event, provided that the Participant is employed by the Company as of the date of the Change in Control Event, then effective immediately prior to the occurrence of the Change in Control Event, the Participant shall be deemed to have earned the Target Number of Shares (the "Earned RSUs"). (d) Except as otherwise provided in the Akamai Technologies, Inc. Retirement Policy (the "Retirement Policy"), in the event that the parties to such Change in Control Event do not provide for the assumption, continuation or substitution of the Earned RSUs in connection with a Change in Control Event, 100% of the Earned RSUs shall become vested immediately prior to the Change in Control Event. For purposes of this Section 6(d), the Earned RSUs shall be considered assumed, continued or substituted if, following consummation of the Change in Control Event, the Earned RSUs confer the right to purchase or receive, for each Earned RSU, the consideration (whether cash, securities or other property) received as a result of the Change in Control Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Change in Control Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Change in Control Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the settlement of the Earned RSUs to consist solely of such number of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share consideration received by holders of outstanding shares of Common Stock as a result of the Change in Control Event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 3 - Executive (January 2026) (e) Except as otherwise provided in the Retirement Policy, in the event that the parties to such Change in Control Event provide for the assumption, continuation or substitution of the Earned RSUs in connection with a Change in Control Event, such Earned RSUs shall remain subject to time-based vesting and shall vest in full on December 31, 20__ subject to the Participant's continued employment through such date; provided, however, in the event that the Participant's employment is terminated by the acquiring or succeeding entity (or an affiliate thereof) for a reason other than Cause (as defined below) or by the Participant for Good Reason (as defined below), in either case within twelve (12) months after the Change in Control Event, 100% of the Earned RSUs shall become vested as of the date of the Participant's termination of employment as determined in accordance with Section 8(l) below. "Cause" shall mean (i) any act or omission by the Participant that has a significant adverse effect on the Company's (or the acquiring or succeeding company's) business or on the Participant's ability to perform services for the Company or the acquiring or succeeding company, including, without limitation, the commission of any crime (other than ordinary traffic violations), (ii) refusal or failure to perform assigned duties, serious misconduct, or excessive absenteeism, or (iii) refusal or failure to comply with the Company's or the acquiring or succeeding entity's Code of Business Ethics. "Good Reason" shall mean (i) a material reduction in the Participant's compensation and benefits (including, without limitation, any bonus plan or indemnity agreement not agreed to in writing by the Participant), (ii) the assignment to the Participant of duties and/or responsibilities that are materially inconsistent with those associated with the Participant's position, or (iii) a requirement, not agreed to in writing by the Participant, that the Participant relocate to, or perform his or her principal job functions at, an office that is more than twenty-five (25) miles from the office at which the Participant was previously performing his or her principal job functions. 7. Withholding Taxes. (a) The Participant acknowledges that, regardless of any action the Company or, if different, the parent, subsidiary, affiliate or division of the Company by which the Participant is employed (the "Employer") takes with respect to any or all income tax, social insurance contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant's participation in the Plan and legally applicable to the Participant or deemed by the Company or the Employer, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or the Employer ("Tax-Related Items"), the ultimate liability for all Tax-Related Items legally due by him or her is and remains the Participant's responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares delivered pursuant thereto and the receipt of cash or any dividends or dividend equivalents; and (2) do not commit to structure the terms of the award or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. (b) The Company and/or the Employer, or their respective agents, retain the discretion, and the Participant authorizes the Company and/or the Employer, or their respective agents, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the Participant's wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) withholding from proceeds of the sale of Shares acquired upon vesting of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); (iii) requiring the Participant to make a payment in a form acceptable to the Company; (iv) withholding in Shares to be issued upon settlement of the RSUs; or (v) any other method of withholding determined by the Company and to the extent required by applicable law or the Plan, approved by the Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 4 - Executive (January 2026) (c) The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates in the Participant's jurisdiction(s), to the extent permitted by the Plan. In the event of over- withholding, the Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, the Participant may seek a refund from the local tax authorities. In the event of under-withholding, the Participant may be required to pay any additional Tax- Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items. (d) Finally, the Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant's obligations with respect to Tax-Related Items. (e) The Participant represents to the Company that, as of the date hereof, he or she is not aware of any material nonpublic information about the Company or the Common Stock. 8. Nature of Grant. In accepting the grant, the Participant acknowledges that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (b) the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past; (c) all decisions with respect to future restricted stock units, if any, will be at the sole discretion of the Company; (d) the grant of the RSUs and the Participant's participation in the Plan will not create a right to further employment with the Company or the Employer, as applicable, and shall not interfere with the ability of the Company, the Employer or any parent, subsidiary or affiliate of the Company, as applicable, to terminate Participant's employment relationship at any time; (e) the Participant is voluntarily participating in the Plan; (f) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or compensation; (g) the RSUs and the Participant's participation in the Plan will not be interpreted to form an employment agreement or relationship with the Company; (h) the future value of the Shares subject to the RSUs is unknown, indeterminable and cannot be predicted with certainty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 5 - Executive (January 2026) (i) unless otherwise agreed with the Company, the RSUs and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, any service the Participant may provide as a director of any parent, subsidiary or affiliate of the Company; (j) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension, retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer; (k) no claim or entitlement to compensation or damages shall arise from (i) any forfeiture of the RSUs resulting from termination of the Participant's employment relationship or from any diminution in value of the RSUs or Shares acquired upon settlement of the RSUs for any reason and/or (ii) forfeiture of the RSUs or recoupment of any Shares, cash or other benefits acquired pursuant to the RSUs resulting from the application of any recoupment or clawback policy of the Company, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards; and (l) for purposes of the RSUs, the Participant's employment relationship will be considered terminated as of the date he or she is no longer actively providing services to the Company, the Employer or any other parent, subsidiary or affiliate of the Company (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any) and, except in the case of the Participant's termination due to death or disability or Retirement (as provided in the Retirement Policy) as provided for in Schedule 1, the Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the period of the Participant's employment service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where the Participant is employed or providing services or the terms of his or her employment agreement, if any); the Committee shall have the exclusive discretion to determine when the Participant is no longer actively providing services for purposes of his or her RSUs (including whether the Participant may still be considered to be providing services while on a leave of absence). 9. Data Privacy Information and Consent. (a) Data Collection and Usage. The Company and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, his or her name, home address, telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant's favor ("Data"), for purposes of administering his or her participation in the Plan. The legal basis, where required, for the processing of Data is the Participant's consent. (b) Stock Plan Administration Service Providers. The Company transfers Data to Charles Schwab & Co., Inc. and certain of its affiliates ("Charles Schwab"), which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different service provider or additional service providers and share Data with such other provider serving in a similar manner. The Participant may be asked to agree on separate terms and data

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 6 - Executive (January 2026) processing practices with Charles Schwab, with such agreement being a condition to the ability to participate in the Plan. (c) International Data Transfers. The Company, Charles Schwab and, as the case may be, other service providers of the Company are or might be based in the United States, which means that the Participant's Data will have to be transferred to or otherwise processed in the United States. The Participant understands and acknowledges that the United States might apply laws not providing a level of protection of his or her Data equivalent to the level of protection in his or her country or jurisdiction. In the absence of appropriate safeguards, the processing of the Participant's Data in the United States might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, the Participant might not have enforceable rights regarding the processing of his or her Data. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the Company receiving and transferring his or her Data onward to Charles Schwab and, as the case may be, other service providers without implementing appropriate safeguards. Where required, such processing of the Participant's Data will be exclusively based on his or her consent. (d) Data Retention. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Participant's participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. This period may extend beyond the Participant's period of employment with the Employer. When the Company or the Employer no longer need Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the consent, his or her salary from or employment with the Employer will not be affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant awards under the Plan or administer or maintain such awards. (f) Data Subject Rights. The Participant may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Participant is based, such rights may include the right to (i) request access to or copies of Data processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in his or her jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Participant can contact his or her local human resources representative. (g) Other Legal Basis and Additional Consent. The Participant understands that the Company may rely on a different legal basis for the collection, processing or transfer of Data in the future and/or request the Participant to provide another data privacy consent. If applicable, upon request of the Participant or the Employer, he or she will provide a separate executed data privacy agreement (or any other agreements or consents) that the Company and/or the Employer may deem necessary to obtain from the Participant for the purpose of administering his or her participation in the Plan in compliance with the data privacy laws in his or her country, either now or in the future. The Participant understands and agrees that he or she will not be able to participate in the Plan, if he or she fails to provide any such agreement requested by the Company and/or the Employer. 10. Miscellaneous.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 7 - Executive (January 2026) (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or receiving shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all. (b) No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or his or her acquisition or sale of the Shares subject to the RSUs. The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. (c) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. (d) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. (e) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. (f) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10(f). (g) Recoupment. As an additional condition of receiving this award of RSUs, the Participant agrees that the RSUs, whether vested or unvested, and/or the Shares, cash or other benefits acquired pursuant to the RSUs (and any proceeds therefrom) may be subject to recoupment to the extent required (i) under the Company's clawback policies in effect as of the date of this Agreement, or to the extent adopted following the date of this Agreement, any similar policy applicable to circumstances where the Participant engages in misconduct, fraud, a violation of law or other similar circumstances, and, in each case, as they may be amended from time to time, or (ii) under applicable laws, regulations or stock exchange listing standards (collectively, the "Recoupment Policy"). In order to satisfy any recoupment obligation arising under the Recoupment Policy, among other things, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold any Shares or other amounts acquired pursuant to the RSUs to re-convey, transfer or otherwise return such Shares and/or other amounts to the Company upon the Company's enforcement of the Recoupment Policy. No recovery of compensation as described in this section will be an event giving rise to the Participant's right to resign for "good reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Company or any parent, subsidiary, or affiliate and/or the Employer. (h) Language. The Participant acknowledges that he or she is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Participant to understand the terms and conditions of this Agreement, including the Appendix.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 8 - Executive (January 2026) Furthermore, if the Participant has received this Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control , unless otherwise required by applicable law. (i) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. (j) Entire Agreement; Conflicts and Interpretation. This Agreement, including any special terms and conditions set forth in the Appendix hereto for the Participant's country, and the Plan, including any applicable sub-plan, constitute the entire agreement between the parties, and supersedes all prior agreements and understandings, relating to the subject matter of this Agreement. In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Board of Directors (or a committee thereof) has the power, among other things, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. (k) Appendix. The RSUs shall be subject to any additional provisions set forth in the Appendix for the Participant's country. If the Participant relocates to one of the countries included in the Appendix during the vesting period for the RSUs, the additional provisions for such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. (l) Imposition of Other Requirements. The Company reserves the right to impose other requirements on the RSUs and the Shares acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. (m) Amendment. The Company may modify, amend or waive the terms of this Agreement prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Participant without his or her consent, except as required by applicable law, Nasdaq or stock exchange rules, tax rules or accounting rules. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors (or a committee thereof) of the Company. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party or any other participant of a provision of this Agreement. (n) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the U.S. State of Delaware, without regard to any applicable conflicts of laws. For purposes of litigating any dispute that arises under the grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the U.S. State of Delaware, agree that such litigation shall be conducted in the courts of Delaware, or the federal courts for the United States for the Third District, where this Agreement is made and/or to be performed. (o) Unfunded Rights. The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 9 - Executive (January 2026) (p) Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the RSUs awarded under and participation in the Plan or future restricted stock units or other Awards that may be awarded under the Plan by electronic means or to request the Participant's consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. (q) Insider Trading/Market Abuse Laws. The Participant acknowledges that, depending on his or her or his or her broker's country of residence or where the Shares are listed, the Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., RSUs), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by or determined under the laws in the applicable jurisdiction or the laws in his or her country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party and (ii) "tipping" third parties or causing them to otherwise to buy or sell securities. Keep in mind third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, including those imposed under any applicable Company insider trading policy, and the Participant should consult with his or her own personal legal and financial advisors on this matter before taking any action related to the Plan. (r) Foreign Asset/Account Reporting, Exchange Control and Tax Requirements. The Participant acknowledges that there may be certain foreign asset and/or account reporting requirements and exchange controls which may affect his or her ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Participant understands that he or she may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Participant may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Participant acknowledges that it is his or her responsibility to comply with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance. (s) Section 409A of the Code. This Agreement is intended to be exempt from, or comply with, Section 409A of the Code and shall be interpreted, operated and administered in accordance with that intent. The Board may modify the terms of this Agreement, the Plan or both, without the Participant's consent, in the manner that the Board determines to be necessary or advisable in order to comply with Section 409A of the Code. The Company shall have no liability to the Participant, or any other party, if this Agreement is not so exempt or compliant.

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- 10 - Executive (January 2026) IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. Electronic acceptance of this Agreement pursuant to the Company's instructions to Participant (including through an online acceptance process managed by the Company's agent) is acceptable. By signing or electronically agreeing to this Agreement, the Participant explicitly declares his or her consent to the data processing operations described in Section 9 of this Agreement. This includes, without limitation, the transfer of his or her Data to, and the processing of such data by, the Company, Charles Schwab or, as the case may be, the Company's other third-party service providers in the United States. The Participant may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 9(e) above. AKAMAI TECHNOLOGIES, INC. By: Name: Frank T. Leighton Title: CEO _____________________________ Address: ,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 11 - Executive (January 2026) AKAMAI CONFIDENTIAL SCHEDULE 1 VESTING CRITERIA FOR RSUs A. Calculation of Number of Shares Issuable B. Effect of Death or Disability of the Participant (1) If the Participant's employment with the Company ceases or is terminated due to the Participant's death or disability (within the meaning of Section 409A of the Code) prior to the end of the Performance Period, then a pro-rated portion of the Target Number of Shares shall vest based on the number of days into the Performance Period the date of such termination occurred and such RSUs shall be delivered to the Participant or the Participant's estate within 30 days following such termination. (2) If the Participant's employment with the Company ceases or is terminated due to the Participant's death or disability (within the meaning of Section 409A of the Code) after the end of the Performance Period, then the actual number of RSUs that are eligible for vesting based on the Company's actual performance shall vest and such RSUs shall be delivered to the Participant or the Participant's estate within 30 days following such termination. (3) If the provisions of Sections 6(c)-(e) of the Agreement are triggered, such provisions shall take precedence over those set forth in this Paragraph B. C. Effect of Retirement of the Participant Notwithstanding anything to the contrary in any other Agreement between the Participant and the Company, in the event that the Participant's employment with the Company ceases due to the Participant's Retirement (as defined in the Retirement Policy), the RSUs and any other Awards held by the Participant shall be treated as set forth in the Retirement Policy, subject to the terms and conditions thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 12 - Executive (January 2026) APPENDIX AKAMAI TECHNOLOGIES, INC. TSR-Based Restricted Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan COUNTRY-SPECIFIC TERMS AND CONDITIONS Terms and Conditions The Participant understands that this Appendix includes additional terms and conditions that govern the RSUs granted to him or her under the Plan if he or she works and/or resides in one of the countries listed below. If the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after the RSUs have been granted, the Participant acknowledges and agrees that the Company, in its discretion, will determine the extent to which the terms and conditions herein will be applicable to the Participant. Notifications This Appendix also includes information regarding securities laws, exchange controls and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2026. Such laws are often complex and change frequently. As a result, the Company recommends that the Participant does not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information included herein may be out of date at the time that the Participant acquire Shares upon vesting of the RSUs or subsequently sell such Shares. In addition, the information contained herein is general in nature and may not apply to the Participant's particular situation and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her individual situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Participant transfers employment and/or residence to another country after RSUs have been granted, the information contained herein may not be applicable to the Participant in the same manner. INDIA Notifications Exchange Control Information. The Participant must repatriate the proceeds from the sale of Shares and any dividends received in relation to the Shares to India within such time as may be required under applicable regulations, unless an exemption applies. The Participant must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation. The Participant agrees to provide any information that may be required by the Company or the Employer to make any applicable filings under exchange control laws in India. It is the Participant's responsibility to comply with applicable exchange

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 13 - Executive (January 2026) control laws in India and neither the Company nor the Employer will be liable for any fines or penalties resulting from the Participant's failure to comply with applicable laws. ISRAEL Terms and Conditions Grant of Award & Schedule 1. The following provision supplements Section 1 of the Agreement and Schedule 1: The Target Number of Shares issuable pursuant to vested RSUs is stated in Section of the Agreement subject to adjustment as described in Schedule 1. The maximum number of shares issuable is 200% of the Target Number of Shares or . Confirmation of Section 102 Capital Gains Award Terms. The RSUs are intended to qualify for the favorable tax treatment in Israel available for grants under the capital gains track under Section 102(b)(2) and 102(b)(3) of the Income Tax Ordinance [New Version], 1961, including the provisions of the Income Tax Rules (Tax Benefits in Shares Issuance to Employees), 2003 (the "Ordinance") ("Capital Gains Award"). Notwithstanding the foregoing, by accepting the RSUs, the Participant acknowledges that the Company cannot guarantee that the Capital Gains Award tax treatment will apply to the RSUs granted to the Participant. By accepting the RSUs, the Participant: (a) acknowledges receipt of and represents that the Participant has read and understands the Plan, the Israeli sub-plan adopted by the Company, the Beneficiary 102 Undertaking ("Undertaking"), if any, which is incorporated by reference and forms part of the Agreement and the Agreement; (b) accepts the RSUs subject to all of the terms and conditions of the Plan, the Israeli sub-plan, the Undertaking and the Agreement; and (c) agrees that the Shares issued upon vesting of the RSUs will be issued to and deposited with the Trustee (defined below) and shall be held in trust for the Participant's benefit as required by the Ordinance, the Israeli sub-plan and any approval by the Israeli Tax Authority pursuant to the terms of the Ordinance, the Israeli sub-plan and the Trust Agreement between the Company and the trustee appointed by the Company, currently IBI Capital Compensation and Trusts (2004) Ltd. (the "Trustee"). Furthermore, by accepting the RSUs, the Participant confirms that he or she understands the terms and provisions of Section 102 of the Ordinance, particularly the capital gains track described in subsection (b)(2) and (b)(3) thereof, and agrees that he or she will not require the Trustee to release the Shares acquired upon vesting of the RSUs to him or her or sell the Shares to a third party, during the requisite "Holding Period" as determined under the Ordinance and set forth in the Israeli sub-plan, unless permitted to do so by the Ordinance or the Israeli sub-plan. Requirement to Return Signed Beneficiary 102 Undertaking. If the Participant has not already executed the Undertaking in connection with grants made under the Israeli sub-plan to the Plan and is requested to do so by the Employer or the Trustee, the Participant must print, sign and deliver a signed copy of the Undertaking to the Trustee within thirty (30) days of the Grant Date, or by such other date as may be determined by the Employer or the Trustee not to exceed ninety (90) days from the Grant Date. The Undertaking will be provided separately to the Participant by the Trustee. If the Undertaking is not returned within the timeframe specified, the RSUs may not qualify for favorable tax treatment. Notifications Securities Law Information. The grant of the RSUs under the Plan is being made pursuant to an exemption from the requirement to file and publish a prospectus in Israel regarding the Plan obtained from the Israeli

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 14 - Executive (January 2026) Securities Authority. Copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission will be sent to the Participant, at no charge, on written request being mailed to Investor Relations at Akamai Technologies, Inc. 145 Broadway, Cambridge, MA 02142, U.S.A. The telephone number at the executive offices is 1-617-444-3000. Alternatively, copies of the Plan and the Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange Commission are available by searching the Company's filings on the following web site: http://www.sec.gov/edgar/searchedgar/companysearch.html. UNITED KINGDOM Terms and Conditions RSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of RSUs does not provide any right for the Participant to receive a cash payment and shall be paid in Shares only. Withholding Taxes. The following provisions supplement Section 7 of the Agreement: Without limitation to Section 7 of the Agreement, the Participant agrees that he or she is liable for all Tax- Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or the Employer or by HM Revenue and Customs ("HMRC") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any Tax–Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant's behalf. For the purposes of this Agreement, Tax-Related Items includes (without limitation) employment income tax and employee National Insurance contributions. Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of immediately foregoing provision will not apply. In this case, the amount of the income tax not collected within 90 days of the end of the U.K. tax year in which an event giving rise to the Tax-Related Items occurs may constitute a benefit to the Participant on which additional income tax and National Insurance contributions ("NICs") (including Employer NICs, as defined below) may be payable. The Participant understands that he or she will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any employee NICs due on this additional benefit, which may be recovered from the Participant by the Company or the Employer at any time thereafter by any of the means referred to in Section 7 of the Agreement. Joint Election. As a condition of participation in the Plan and the vesting of the RSUs, the Participant agrees to accept any liability for secondary Class 1 NICs which may be payable by the Company and/or the Employer in connection with the RSUs and any event giving rise to Tax-Related Items (the "Employer NICs"). Without limitation to the foregoing, the Participant agrees to enter into an election between himself or herself and the Company or the Employer in the form approved by HMRC (the "Joint Election") and any other consent or election required to accomplish the transfer of Employer NICs to the Participant. The Participant understands that the Joint Election applies to any RSUs granted to him or her under the Plan after the Participant enters into the Joint Election. The Participant further agrees to enter into any such other joint elections as may be required between him or her and any successor to the Company and/or the Employer. The Participant further agrees that the Company and/or the Employer may collect the Employer NICs from him or her by any of the means set forth in Section 7 of the Agreement. If the Participant does not enter into a Joint Election prior to vesting of the RSUs, he/she will not be entitled to vest in the RSUs unless and until he/she enters into a Joint Election and no Shares will be issued to the Participant under the Plan, without any liability to the Company and/or the Employer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 15 - Executive (January 2026) Cover Page to Election to Transfer Employer NICs (UK Participants Only) If you are liable for National Insurance contributions in the United Kingdom in connection with the grant of your awards, you are required to enter into an Election to transfer to you any liability for employer National Insurance contributions ("Employer NICs") that may arise in connection with your awards. Clicking on the "ACCEPT" box indicates your acceptance of the Election. You should read the "Important Note on the Election to Transfer Employer NICs" before accepting the Election. Important Note on the Election to Transfer Employer NICs (UK Participants Only) As a condition of the vesting of restricted stock units ("RSUs") granted to you under the Akamai Technologies, Inc. 2013 Stock Incentive Plan, you are required to enter into a joint election to transfer to you any liability for Employer NICs that may arise in connection with your RSUs ("Election"). By entering into the Election:  you agree that any Employer NICs liability that may arise in connection with your RSUs will be transferred to you;  you authorize your employer to recover an amount sufficient to cover this liability by such methods including, but not limited to, withholding in shares to be issued to you upon settlement of your RSUs or deductions from your salary or other payments due; and  you acknowledge that even if you have clicked on the "ACCEPT" box where indicated, the Company or your employer may still require you to sign a paper copy of this Election (or a substantially similar form) if the Company determines this is necessary to give effect to the Election. Please read the Election carefully before accepting the Election. Please print and keep a copy of the Election for your records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 16 - Executive (January 2026) AKAMAI TECHNOLOGIES, INC. 2013 STOCK INCENTIVE PLAN (UK Participants) Election To Transfer the Employer's National Insurance Liability to the Employee This Election is between: A. The individual who has obtained authorised access to this Election (the "Employee"), who is employed by an employing company listed in the attached schedule (the "Employer") and who is eligible to receive restricted stock units ("RSUs") pursuant to the Akamai Technologies, Inc. 2013 Stock Incentive Plan (the "Plan"), and B. Akamai Technologies, Inc., 145 Broadway, Cambridge, Massachusetts 02142 U.S.A. (the "Company"), which may grant RSUs under the Plan and is entering into this Election on behalf of the Employer. 1. Introduction 1.1 This Election relates to all RSUs granted to the Employee under the Plan on or after the date the Plan was adopted up to the termination date of the Plan. 1.1 In this Joint Election the following words and phrases have the following meanings: (a) "Chargeable Event" means any event giving rise to Relevant Employment Income. (b) "ITEPA" means the Income Tax (Earnings and Pensions) Act 2003. (c) "Relevant Employment Income" from RSUs on which Employer's National Insurance Contributions becomes due is defined as: (i) an amount that counts as employment income of the earner under section 426 ITEPA (restricted securities: charge on certain post-acquisition events); (ii) an amount that counts as employment income of the earner under section 438 of ITEPA (convertible securities: charge on certain post-acquisition events); or (iii) any gain that is treated as remuneration derived from the earner's employment by virtue of section 4(4)(a) SSCBA, including without limitation: (a) the acquisition of securities pursuant to the RSUs (within the meaning of section 477(3)(a) of ITEPA); (b) the assignment (if applicable) or release of the RSUs in return for consideration (within the meaning of section 477(3)(b) of ITEPA); (c) the receipt of a benefit in connection with the RSUs, other than a benefit within (i) or (ii) above (within the meaning of section 477(3)(c) of ITEPA).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 17 - Executive (January 2026) (d) "SSCBA" means the Social Security Contributions and Benefits Act 1992. 1.2 This Joint Election relates to employer's secondary Class 1 National Insurance contributions (the "Employer's Liability") which may arise in respect of Relevant Employment Income in respect of the RSUs pursuant to section 4(4)(a) and/or paragraph 3B(1A) of Schedule 1 of the SSCBA. 1.3 This Election does not apply in relation to any liability, or any part of any liability, arising as a result of regulations being given retrospective effect by virtue of section 4B(2) of either the SSCBA, or the Social Security Contributions and Benefits (Northern Ireland) Act 1992. 1.4 This Election does not apply to the extent that it relates to relevant employment income which is employment income of the earner by virtue of Chapter 3A of Part VII of ITEPA (employment income: securities with artificially depressed market value). 1.5 Any references to the Company and/or the Employer shall include that entity's successors in title and assigns as permitted in accordance with the terms of the Plan and the RSU Agreement pursuant to which the RSUs were granted. This Election will have effect in respect of the RSUs and any awards which replace or replaced the RSUs following their grant in circumstances where section 483 of ITEPA applies. 2. The Election The Employee and the Company jointly elect that the entire liability of the Employer to pay the Employer's Liability that arises on any Relevant Employment Income is hereby transferred to the Employee. The Employee understands that by signing the Joint Election (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, he or she will become personally liable for the Employer's Liability covered by this Joint Election. This Joint Election is made in accordance with paragraph 3B(1) of Schedule 1 to SSCBA. 3. Payment of the Employer's Liability 3.1 The Employee hereby authorises the Company and/or the Employer to collect the Employer's Liability from the Employee at any time after the Chargeable Event: (i) by deduction from salary or any other payment payable to the Employee at any time on or after the date of the Chargeable Event; and/or (ii) directly from the Employee by payment in cash or cleared funds; and/or (iii) by arranging, on behalf of the Employee, for the sale of some of the securities which the Employee is entitled to receive pursuant to the RSUs; and/or (iv) through any other method as set forth in the applicable RSU Agreement entered into between the Employee and the Company. 3.2 The Company hereby reserves for itself and the Employer the right to withhold the transfer of any securities to the Employee in respect of the RSUs until full payment of the Employer's Liability is received.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 18 - Executive (January 2026) 3.3 The Company agrees to procure the remittance by the Employer of the Employer's Liability to Her Majesty's Revenue & Customs ("HMRC") on behalf of the Employee within 14 days after the end of the UK tax month during which the Chargeable Event occurs (or within 17 days if payments are made electronically). 4. Duration of Election 4.1 The Employee and the Company agree to be bound by the terms of this Joint Election regardless of whether the Employee is transferred abroad or is not employed by the Employer on the date on which the Employer's Liability becomes due. 4.2 This Election will continue in effect until the earliest of the following: (i) the Employee and the Company agree in writing that it should cease to have effect; (ii) on the date the Company serves written notice on the Employee terminating its effect; (iii) on the date HMRC withdraws approval of this Joint Election; or (iv) after due payment of the Employer's Liability in respect of the Plan to which this Joint Election relates or could relate, such that the Election ceases to have effect in accordance with its terms. Acceptance by the Employee The Employee acknowledges that by signing the Joint Election below (either in hard copy or electronically) or by accepting the RSU Agreement through the Company's online acceptance procedures with the Company's designated broker/third party administrator for the Plan, the Employee agrees to be bound by the terms of this Joint Election. _____________________________ Signature _____________________________ Employee Name _____________________________ Date Acceptance by the Company The Company acknowledges that, by arranging for the scanned signature of an authorised representative to appear on this Joint Election, the Company agrees to be bound by the terms of this Joint Election. _____________________________ Signature for and on behalf of the Company _____________________________ Position

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 19 - Executive (January 2026) _____________________________ Date

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- 20 - Executive (January 2026) SCHEDULE OF EMPLOYER COMPANIES The following are employer companies to which this Joint Election may apply: (1) Akamai Technologies Limited Registered Office: Company Registration Number: Corporation Tax Reference: PAYE Reference:

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## Exhibit 10.10

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Exhibit 10.10 ACTIVE/203881496.1 AKAMAI TECHNOLOGIES, INC. Deferred Stock Unit Agreement Under 2013 Stock Incentive Plan For Non-U.S. Directors This DEFERRED STOCK UNIT AGREEMENT (the "Agreement") is entered into as of (the "Grant Date"), between Akamai Technologies, Inc., a Delaware corporation (the "Company"), and (the "Grantee"). For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 1. Grant of Award. The Company hereby grants to the Grantee, and the Grantee hereby accepts from the Company, subject to the terms and conditions set forth in this Agreement and in the Company's 2013 Stock Incentive Plan (as amended, the "Plan"), deferred stock units of the Company (the "DSUs"). Each DSU represents the right to receive one share of the Company's Common Stock, par value $.01 per share ("Common Stock"), subject to the terms and conditions set forth in this Agreement and the Plan. The shares of Common Stock that are issuable upon vesting of the DSUs are referred to in this Agreement as "Shares." Subject to the provisions of Section 2(b) hereof, this award of DSUs is irrevocable and is intended to conform in all respects with the Plan. 2. Vesting. (a) Regular Vesting. Except as otherwise provided in the Plan or this Section 2, the DSUs will vest as follows: . (b) Forfeiture. Except as provided below and in Section 2(c), vesting in any of the DSUs pursuant to subsection (a) above is contingent upon the continuation of the Grantee's service as a Director of the Company. Except as provided below and in Section 2(c), in the event that the Grantee ceases to be a Director of the Company for any reason or no reason, including but not limited to the Grantee's voluntary resignation or failure to be nominated for election, or to be elected, as a Director, all vesting shall cease as of the date of the Grantee's cessation of service as a Director. Unvested DSUs will be immediately forfeited as of such date and neither the Grantee nor its estate will have any further rights to such unvested DSUs or the Shares represented by those forfeited DSUs. Notwithstanding the foregoing, in the event that the Grantee's service as a Director of the Company ceases due to the Grantee's death or disability (as defined under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code")) or for any reason after the Grantee has completed one year of continuous service as a Director of the Company, then all unvested DSUs shall vest as of the date of such termination. In addition, the Company may adopt, by policy, provisions that allow for the acceleration of vesting upon the cessation of an individual's service as a Director. (c) Change of Control. Upon a Change in Control Event (as defined in the Plan), DSUs shall continue to be subject to the vesting provisions set forth in Section 2(a); provided, however, in the event that upon the occurrence of Change in Control Event, the DSUs represented by this Agreement are not exchanged for a Replacement Award (as defined below), then each DSU shall immediately become fully vested as of immediately prior to the closing of the Change in Control Event. If the Grantee ceases to be a Director at any time within twelve months after a Change in Control Event for any reason other than removal due to the perpetration of a fraud or the commission of a crime, all then-unvested DSUs shall vest as of the date of termination of service as a Director. For purposes of this Agreement, an award issuing by the acquiring company in a Change in Control Event shall qualify as a "Replacement Award" if (i) it has a value at least equal to the value of the DSUs represented by this Agreement (the "Replaced Award") as determined by the Committee in its sole discretion; (ii) it relates to publicly traded equity

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&nbsp;&nbsp;&nbsp;&nbsp;2 securities of the Company or its successor in the Change in Control Event or another entity that is affiliated with the Company or its successor following the Change in Control Event; and (iii) its other terms and conditions are not less favorable to the Grantee than the terms and conditions of the Replaced Award. Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this clause (d) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control Event, in its sole discretion. 3. Distribution of Shares. (a) Distribution Upon Vesting. Unless the Grantee has made a proper deferral election pursuant to Section 3(b) below, the Company will distribute to the Grantee (or to the Grantee's estate in the event that his or her death occurs after a vesting date but before distribution of the corresponding Shares), within thirty (30) days after each vesting date, the Shares of Common Stock represented by DSUs that vested on such vesting date. If the Grantee has elected to defer receipt of only a portion of the Shares distributable on a vesting date pursuant to Section 3(b) below, within thirty (30) days after such vesting date, the Company will distribute to the Grantee the Shares of Common Stock represented by DSUs that vested on such vesting date and as to which distribution was not deferred. No fractional Shares will be issued. (b) Deferral of Distributions. Notwithstanding the distribution dates specified in Section 3(a) above, if the Grantee has previously elected, by providing written notice to the Vice President of Human Resources of the Company on or before December 31 of the year preceding the date of this Agreement to defer receipt of all or a portion of the DSUs until a date (the "Deferred Distribution Date") that is at least one year following the scheduled vesting date but not more than ten (10) years following the Grant Date. If the Grantee elects to defer receipt of all or a portion of the DSUs, the Grantee must also specify how the Grantee wishes the Shares to be distributed in the event of a Change in Control of the Company (i.e., whether Shares are to be distributed upon the effectiveness of the Change in Control or whether the Shares or rights attendant thereto are to be received in accordance with the deferral election). Each election made pursuant to their Section 3(b) shall be irrevocable and not subject to further deferral. (c) Compliance with Law. The Company shall not be obligated to issue to the Grantee the Shares upon the vesting of any DSU or on any Deferred Distribution Date (or otherwise) unless the issuance and delivery of such Shares complies with all relevant provisions of law and other legal requirements including, without limitation, any applicable federal, state or local securities laws and the requirements of any stock exchange upon which shares of Common Stock may then be listed. (d) General Rule of Deferrals and Accelerations. Neither the Company nor the Grantee shall have the right to accelerate or defer the delivery of any Shares under this Agreement except to the extent specifically permitted under Section 409A of the Code. 4. Restrictions on Transfer. This Agreement may not be transferred, assigned, pledged or otherwise encumbered by the Grantee in any manner whatsoever, except that it may be transferred by will or the laws of descent and distribution. References to the Grantee, to the extent relevant in the context, shall include references to authorized transferees. Without the prior written consent of the Company, the Grantee shall not sell, transfer, assign, pledge or otherwise encumber or dispose of, by operation of law or otherwise, any DSUs (each, a "transfer"). Any such transfer by the Grantee in violation of this Section 4 shall be void and of no force or effect, and shall result in the immediate forfeiture of all DSUs.

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&nbsp;&nbsp;&nbsp;&nbsp;3 5. Dividend and Other Shareholder Rights. (a) Dividends. If at any time during the period between the date that any deferred DSU vests and the Deferred Distribution Date for Shares represented by that deferred DSU (a "Deferral Period"), the Company pays a dividend on its Common Stock, then on each such dividend payment date (each, a "Dividend Payment Date"), the Grantee will automatically receive an additional number of DSUs that have a value equal to the dollar value of the dividend payment based on the Fair Market Value (as defined in the Plan) of the Shares distributable in respect of such deferred DSUs on the Dividend Payment Date. Any such additional DSUs issued under this Section 5(a) shall be considered DSUs under this Agreement and shall also be credited with additional DSUs as dividends, if any, are declared. Shares represented by DSUs issued as dividends will be distributed on the same date as Shares distributable in respect of the underlying DSUs. (b) Other Shareholder Rights. Except as set forth in Section 5(a) above and in the Plan, neither the Grantee nor any person claiming under or through the Grantee shall be, or have any rights or privileges of, a stockholder of the Company in respect of the Shares issuable pursuant to the DSUs granted hereunder until the Shares have been delivered to the Grantee. 6. Withholding of Taxes. (a) The Grantee acknowledges that, regardless of any action the Company, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Grantee's participation in the Plan and legally applicable to the Grantee ("Tax-Related Items"), is and remains the Grantee's responsibility and may exceed the amount actually withheld, if any, by the Company. The Grantee further acknowledges that the Company (1) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the DSUs, including, but not limited to, the grant, vesting or settlement of the DSUs, the subsequent sale of Shares delivered pursuant thereto and the receipt of cash or any dividends or dividend equivalents; and (2) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the DSUs to reduce or eliminate the Grantee's liability for Tax-Related Items or achieve any particular tax result. Further, if the Grantee is subject to Tax-Related Items in more than one jurisdiction, the Grantee acknowledges that the Company may be required to withhold or account for Tax- Related Items in more than one jurisdiction. (b) In connection with the relevant taxable or tax withholding event, as applicable, the Grantee agrees to make adequate arrangements satisfactory to the Company to satisfy all Tax-Related Items. In this regard, the Grantee authorizes the Company and its respective agents to satisfy the withholding obligations, if any, with regard to all Tax-Related Items by (i) withholding from any cash compensation payable to the Grantee, (ii) withholding from proceeds of the sale of Shares acquired upon settlement of the DSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee's behalf pursuant to this authorization without further consent), (iii) requiring the Grantee to make a payment in a form acceptable to the Company; (iv) withholding in Shares to be issued upon settlement of the DSUs; or and/or (v) by any other method deemed by the Company to comply with applicable law or the Plan, approved by the Committee. (c) The Company may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including maximum rates applicable in the Grantee's jurisdiction(s). In the event of over-withholding, the Grantee may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. If not refunded, the Grantee may be able to seek a refund from the local tax authorities. In the event of under-withholding, the Grantee may be required to

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&nbsp;&nbsp;&nbsp;&nbsp;4 pay any additional Tax-Related Items directly to the applicable tax authority or to the Company. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Grantee is deemed to have been issued the full number of Shares subject to the vested DSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items. (d) The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if the Grantee fails to comply with the Grantee's obligations in connection with the Tax- Related Items. 7. Nature of Grant. In accepting the grant, the Grantee acknowledges that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan; (b) the grant of the DSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of deferred stock units, or benefits in lieu of deferred stock units, even if deferred stock units have been granted in the past; (c) all decisions with respect to future deferred stock units, if any, will be at the sole discretion of the Company; (d) the Grantee is voluntarily participating in the Plan; (e) the future value of the Shares subject to the DSUs is unknown, indeterminable and cannot be predicted with certainty; (f) no claim or entitlement to compensation or damages shall arise from (i) forfeiture of the DSUs resulting from termination of the Grantee's service relationship as a Director to the Company or from any diminution in value of the DSUs or Shares acquired upon settlement of the DSUs for any reason and/or (ii) forfeiture of the DSUs or recoupment of any Shares, cash or other benefits acquired pursuant to the DSUs resulting from the application of any recoupment or clawback policy of the Company, as it may be amended from time to time (whether such policy is adopted on or after the date of this Agreement) or any recoupment otherwise required by applicable laws, regulations or stock exchange listing standards; (g) unless otherwise provided in the Plan or by the Company in its discretion, the DSUs and the benefits evidenced by this Agreement do not create any entitlement to have the DSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and (h) the Company shall not be liable for any foreign exchange rate fluctuation between the Grantee's local currency and the United States Dollar that may affect the value of the DSUs or of any amounts due to the Grantee pursuant to settlement of the DSUs or the subsequent sale of any Shares acquired upon settlement. 8. Data Privacy Information and Consent. (a) Data Collection and Usage. The Company collects, processes and uses certain personal information about the Grantee, including, but not limited to, his or her name, home address, telephone number, email address, date of birth, social insurance number, passport or other

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&nbsp;&nbsp;&nbsp;&nbsp;5 identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in the Grantee's favor ("Data"), for purposes of administering his or her participation in the Plan. The legal basis, where required, for the processing of Data is the Grantee's consent. (b) Stock Plan Administration Service Providers. The Company transfers Data to Charles Schwab & Co., Inc. and certain of its affiliates ("Charles Schwab"), which is assisting the Company with the implementation, administration and management of the Plan. The Company may select a different service provider or additional service providers and share Data with such other provider serving in a similar manner. The Grantee may be asked to agree on separate terms and data processing practices with Charles Schwab, with such agreement being a condition to the ability to participate in the Plan. (c) International Data Transfers. The Company, Charles Schwab and, as the case may be, other service providers of the Company are or might be based in the United States, which means that the Grantee's Data will have to be transferred to or otherwise processed in the United States. The Grantee understands and acknowledges that the United States might apply laws not providing a level of protection of his or her Data equivalent to the level of protection in his or her country or jurisdiction. In the absence of appropriate safeguards, the processing of the Grantee's Data in the United States might not be subject to substantive data processing principles or supervision by data protection authorities. In addition, the Grantee might not have enforceable rights regarding the processing of his or her Data. By signing or electronically agreeing to this Agreement, the Grantee explicitly declares his or her consent to the Company receiving and transferring his or her Data onward to Charles Schwab and, as the case may be, other service providers without implementing appropriate safeguards. Where required, such processing of the Grantee's Data will be exclusively based on his or her consent. (d) Data Retention. The Company will hold and use Data only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. When the Company no longer needs Data for any of the above purposes, they will cease processing it in this context and remove it from all of their systems used for such purposes to the fullest extent practicable. (e) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and the Grantee is providing the consents herein on a purely voluntary basis. The only consequence of refusing or withdrawing consent is that the Company would not be able to grant awards under the Plan or administer or maintain such awards. (f) Data Subject Rights. The Grantee may have a number of rights under data privacy laws in his or her jurisdiction. Depending on where the Grantee is based, such rights may include the right to (i) request access to or copies of Data processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in his or her jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, the Grantee can contact his or her local human resources representative. (g) Other Legal Basis and Additional Consent. The Grantee understands that the Company may rely on a different legal basis for the collection, processing or transfer of Data in the future and/or request the Grantee to provide another data privacy consent. If applicable, upon request

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![](a10-kex1010pdf006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6 of the Grantee, he or she will provide a separate executed data privacy agreement (or any other agreements or consents) that the Company may deem necessary to obtain from the Grantee for the purpose of administering his or her participation in the Plan in compliance with the data privacy laws in his or her country, either now or in the future. The Grantee understands and agrees that he or she will not be able to participate in the Plan, if he or she fails to provide any such agreement requested by the Company. 9. Notices. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery, deposit with a nationally recognized courier service, or five days after deposit in the United States Post Office, postage prepaid, addressed to the other party hereto at the address shown beneath his, her or its respective signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 9. 10. Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the U.S. State of Delaware, without regard to any applicable conflicts of laws. For purposes of litigating any dispute that arises under the grant or the Agreement, the parties hereby submit to and consent to the jurisdiction of the U.S. State of Delaware, agree that such litigation shall be conducted in the courts of Delaware, or the federal courts for the United States for the Third District, where this Agreement is made and/or to be performed. 11. Provisions of the Plan. This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Grantee with this Agreement. 12. No Right to Status as a Director. This Agreement shall not be construed as giving the Grantee the right to continued employment, service as a Director, or any other relationship with the Company. 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Grantee and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. 14. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 15. Amendment; Waiver; Miscellaneous. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Grantee. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board. A waiver on one occasion shall not be deemed to be a waiver of the same or any other breach on a future occasion. If there is any inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan shall govern. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Plan. 16. Entire Agreement. This Agreement and the Plan embody the entire agreement of the parties hereto with respect to the DSUs, the Shares and all other matters contained herein. This Agreement and the Plan supersede and replace any and all prior oral or written agreements with respect to the subject matter hereof. 17. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee's participation in the Plan, or his or her acquisition or sale of the Shares subject to the DSUs. The Grantee understands and

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![](a10-kex1010pdf007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7 agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan. 18. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the DSUs and the Shares acquired upon vesting of the DSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 19. Appendix. The DSUs shall be subject to any additional provisions set forth in the Appendix for the Grantee's country. If the Grantee relocates to one of the countries included in the Appendix during the vesting period for the DSUs, the additional provisions for such country shall apply to the Grantee, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. 20. Language. The Grantee acknowledges that he or she is sufficiently proficient in English, or has consulted with an advisor who is sufficiently proficient in English, so as to allow the Grantee to understand the terms and conditions of this Agreement, including the Appendix. Furthermore, if the Grantee has received this Agreement, or any other document related to the DSUs and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law. 21. Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 22. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the DSUs awarded under and participation in the Plan or future deferred stock units by electronic means or to request the Grantee's consent to participate in the Plan by electronic means. The Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 23. Insider Trading/Market Abuse Laws. The Grantee acknowledges that, depending on his or her or his or her broker's country of residence or where the Shares are listed, the Grantee may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., DSUs), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as the Grantee is considered to have "inside information" regarding the Company (as defined by or determined under the laws in the applicable jurisdiction or the laws in his or her country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Grantee placed before he or she possessed inside information. Furthermore, the Grantee could be prohibited from (i) disclosing the inside information to any third party and (ii) "tipping" third parties or causing them to otherwise to buy or sell securities. Keep in mind third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Grantee acknowledges that it is his or her responsibility to comply with any applicable restrictions, including those imposed under any applicable Company insider trading policy, and the Grantee should consult with his or her own personal legal and financial advisors on this matter before taking any action related to the Plan. 24. Foreign Asset/Account Reporting, Exchange Control and Tax Requirements. The Grantee acknowledges that there may be certain foreign asset and/or account reporting requirements and

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![](a10-kex1010pdf008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;8 exchange controls which may affect his or her ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Grantee understands that he or she may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Grantee also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Grantee may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Grantee acknowledges that it is his or her responsibility to comply with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance. 25. Section 409A of the Code. This Agreement is intended to be exempt from, or comply with, Section 409A of the Code and shall be interpreted, operated and administered in accordance with that intent. The Board may modify the terms of this Agreement, the Plan or both, without the Grantee's consent, in the manner that the Board determines to be necessary or advisable in order to comply with Section 409A of the Code. The Company shall have no liability to the Grantee, or any other party, if this Agreement is not so exempt or compliant.

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![](a10-kex1010pdf009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9 IN WITNESS WHEREOF, the Company and Grantee have caused this Agreement to be duly executed as of the date first above written. Electronic acceptance of this Agreement pursuant to the Company's instructions to the Grantee (including through an online acceptance process managed by the Company's agent) is acceptable. By signing or electronically agreeing to this Agreement, the Grantee explicitly declares his or her consent to the data processing operations described in Section 8 of this Agreement. This includes, without limitation, the transfer of his or her Data to, and the processing of such data by, the Company, Charles Schwab or, as the case may be, the Company's other third-party service providers in the United States. The Grantee may withdraw his or her consent at any time, with future effect and for any or no reason as described in Section 8(e) above. AKAMAI TECHNOLOGIES, INC. By: Name: Frank T. Leighton Title: CEO _____________________________ _____________________________ Address: ,

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![](a10-kex1010pdf010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;10 APPENDIX AKAMAI TECHNOLOGIES, INC. Deferred Stock Unit Agreement Granted Under the 2013 Stock Incentive Plan For Non-U.S. Directors COUNTRY-SPECIFIC TERMS AND CONDITIONS Certain capitalized terms used but not defined in this Appendix shall have the same meanings assigned to them in the Plan and the Agreement. Terms and Conditions The Grantee understands that this Appendix includes additional terms and conditions that govern the DSUs granted to him or her under the Plan if he or she works and/or resides in one of the countries listed below. If the Grantee is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Grantee transfers employment and/or residence to another country after the DSUs have been granted, the Grantee acknowledges and agrees that the Company, in its discretion, will determine the extent to which the terms and conditions herein will be applicable to the Grantee. Notifications This Appendix also includes information regarding securities laws, exchange controls and certain other issues of which the Grantee should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of January 2026. Such laws are often complex and change frequently. As a result, the Company recommends that the Grantee does not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information included herein may be out of date at the time that the Grantee acquire Shares upon vesting of the DSUs or subsequently sell such Shares. In addition, the information contained herein is general in nature and may not apply to the Grantee's particular situation and the Company is not in a position to assure the Grantee of any particular result. Accordingly, the Grantee should seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her individual situation. Finally, if the Grantee is a citizen or resident of a country other than the one in which he or she currently works and/or resides (or if he or she is considered as such for local law purposes), or if the Grantee transfers employment and/or residence to another country after DSUs have been granted, the information contained herein may not be applicable to the Grantee in the same manner.

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![](a10-kex1010pdf011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;11 UNITED KINGDOM Terms and Conditions DSUs Payable Only in Shares. Notwithstanding Section 7(d)(1) of the Plan, the award of DSUs does not provide any right for the Grantee to receive a cash payment and shall be paid in Shares only.

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## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF THE REGISTRANT AS OF DECEMBER 31, 2025**

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| | |
|:---|:---|
| AKAMAI TECHNOLOGIES LIMITED | Incorporated in the United Kingdom |
| AKAMAI TECHNOLOGIES GMBH | Incorporated in Germany |
| AKAMAI TECHNOLOGIES SARL | Incorporated in France |
| AKAMAI TECHNOLOGIES NETHERLANDS B.V. | Incorporated in the Netherlands |
| AKAMAI INTERNATIONAL B.V. | Incorporated in the Netherlands |
| AKAMAI TECHNOLOGIES GK | Incorporated in Japan |
| AKAMAI TECHNOLOGIES INDIA PRIVATE LTD. | Incorporated in India |
| AKAMAI TECHNOLOGIES SPAIN S.L.U | Incorporated in Spain |
| AKAMAI TECHNOLOGIES SINGAPORE PTE. LTD. | Incorporated in Singapore |
| AJ TECHNOLOGIES LTD | Incorporated in the Cayman Islands |
| AKAMAI (BEIJING) TECHNOLOGIES, CO. LTD. | Incorporated in the People's Republic of China |
| AKAMAI TECHNOLOGIES AB | Incorporated in Sweden |
| AKAMAI TECHNOLOGIES SOLUTIONS (INDIA) PRIVATE LTD. | Incorporated in India |
| AKAMAI INDIA NETWORKS PRIVATE LTD. | Incorporated in India |
| AKAMAI TECHNOLOGIES YUHAN HOESA | Incorporated in South Korea |
| AKAMAI TECHNOLOGIES S.R.L. | Incorporated in Italy |
| AKAMAI TECHNOLOGIES INTERNATIONAL AG | Incorporated in Switzerland |
| AKAMAI TECHNOLOGIES HONG KONG LIMITED | Incorporated in Hong Kong |
| AKAMAI TECHNOLOGIES POLAND SP. Z.O.O. | Incorporated in Poland |
| AKAMAI TECHNOLOGIES S.R.O. | Incorporated in the Czech Republic |
| AKAMAI TECNOLOGIAS E SERVICOS DO BRASIL LTDA. | Incorporated in Brazil |
| AKAMAI TECHNOLOGIES APJ PTE LTD. | Incorporated in Singapore |
| AKAMAI TECHNOLOGIES ISRAEL LIMITED | Incorporated in Israel |
| AKAMAI TECHNOLOGIES CANADA INC. | Incorporated in Canada |
| AKAMAI TECHNOLOGIES COLOMBIA S.A.S. | Incorporated in Colombia |
| AKAMAI TECHNOLOGIES COSTA RICA S.R.L. | Incorporated in Costa Rica |
| AKAMAI TEKNOLOGI HIZMETLERI LIMIITED SIRKETI | Incorporated in Turkey |
| AKAMAI TECHNOLOGIES IRELAND LIMITED | Incorporated in Ireland |
| AKAMAI TECHNOLOGIES LIMITED | Incorporated in Taiwan |
| AKAMAI TECHNOLOGIES MALAYSIA SDN BHD | Incorporated in Malaysia |
| AKAMAI TECHNOLOGIES NEW ZEALAND LIMITED | Incorporated in New Zealand |
| AKAMAI TECHNOLOGIES BELGIUM SRL | Incorporated in Belgium |
| AKAMAI TECHNOLOGIES DENMARK APS | Incorporated in Denmark |
| AKAMAI TECHNOLOGIES LUXEMBOURG S.A.R.L. | Incorporated in Luxembourg |
| AKAM MEXICO TECHNOLOGIES, S. DE R.L. DE C.V. | Incorporated in Mexico |
| AKAMAI TECHNOLOGIES ARGENTINA S.R.L. | Incorporated in Argentina |
| PT. AKAMAI TEKNOLOGI INDONESIA | Incorporated in Indonesia |
| AKAMAI IRELAND UNLIMITED COMPANY | Incorporated in Ireland |
| FERMYON TECHNOLOGIES INC. | Incorporated in Delaware |
| GUARDICORE LTD. | Incorporated in Israel |
| LINDIA LLC | Incorporated in Pennsylvania |
| LINODE HOSTING INDIA PRIVATE LIMITED | Incorporated in India |
| LINODE LIMITED LIABILITY COMPANY | Incorporated in New Jersey |
| AKAM INSURANCE LLC | Incorporated in Vermont |
| NONAME GATE LTD | Incorporated in Israel |
| NONAME GATE UK LIMITED | Incorporated in the United Kingdom |

---

## Exhibit 23.1

**Exhibit 23.1**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-91558, 333-188989, 333-204208, 333-218537, 333-231704, 333-258583, 333-266689, 333-273809, 333-281386 and 333-289426) of Akamai Technologies, Inc. of our report dated February 20, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 20, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

I, F. Thomson Leighton, certify that:

1. I have reviewed this Annual Report on Form 10-K of Akamai Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 20, 2026 | /s/ F. Thomson Leighton |
| | | F. Thomson Leighton, Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

I, Edward McGowan, certify that:

1. I have reviewed this Annual Report on Form 10-K of Akamai Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | February 20, 2026 | /s/ Edward McGowan |
| | | Edward McGowan, Executive Vice President, Chief Financial Officer and Treasurer |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Akamai Technologies, Inc. (the "Company") for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, F. Thomson Leighton, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date | February 20, 2026 | /s/ F. Thomson Leighton |
| | | F. Thomson Leighton, Chief Executive Officer |

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report on Form 10-K of Akamai Technologies, Inc. (the "Company") for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Edward McGowan, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | February 20, 2026 | /s/ Edward McGowan |
| | | Edward McGowan, Executive Vice President, Chief Financial Officer and Treasurer |

---

A signed original of this written statement required by Section 906 has been provided to Akamai Technologies, Inc. and will be retained by Akamai Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

<br>