The Company maintains five equity incentive plans: the 2019 Equity Incentive Plan (the “2019 Plan”), 2011 Equity Incentive Plan (“2011 Plan”), 2019 Employee Stock Purchase Plan (“ESPP”), the Signal Sciences Corp. 2014 Stock Option and Grant Plan, as amended (the “Signal Plan”), and the 2025 Employment Inducement Incentive Plan (the "2025 Inducement Plan"). The 2019 Plan became effective in May 2019 and replaced the 2011 Plan. The Company’s 2019 Plan provides for the issuance of incentive stock options, non-statutory stock options, restricted stock units, performance-based stock awards, and other forms of equity compensation, which are collectively referred to as stock awards to its employees, directors, and consultants. The Signal Plan includes 251,754 registered shares which can be exercised to purchase shares of Fastly’s common stock. The 2025 Inducement Plan provides for the grant of non-statutory stock options, restricted stock units, performance based stock awards, and other forms of equity compensation.

As of June 30, 2026 and December 31, 2025, there were 7.2 million and 5.8 million shares of common stock available for issuance under the 2019 Plan, respectively. As of June 30, 2026 and December 31, 2025, a total of 0.3 million and 0.5 million shares were available for grant under the 2025 Inducement Plan, respectively. As of June 30, 2026 and December 31, 2025, 159.1 million and 151.5 million shares of common stock were issued and outstanding, respectively.

The Company began granting RSUs under the 2019 Plan during the fiscal year ended December 31, 2019 as well as under the 2025 Inducement Plan during the three months ended September 30, 2025. The fair value of RSUs is based on the grant date fair value and is expensed on a straight-line basis over the applicable vesting period. RSUs granted to new hires typically vest over three or four years, at the rate of 33% or 25%, respectively, on the first anniversary of the vesting start date and ratably on a quarterly basis over the remaining 24-month or 36-month period thereafter, respectively. RSUs granted to existing employees typically vest in equal quarterly installments over a three or four-year service period. All vesting is contingent on continued service. Forfeitures are recognized as they occur.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Unvested RSUs as of December 31, 2025	14,001	$	8.25
Granted	6,377	19.89
Vested	(6,088)	12.92
Cancelled/forfeited	(940)	8.55
Unvested RSUs as of June 30, 2026	13,350	$	11.65

Pursuant to the Company’s 2019 Plan, the Company grants certain employees shares of Executive PSUs, which are to vest based on the level of achievement of certain Company-wide targets related to the Company’s operating plan for the relevant fiscal year. The Company has accounted for these awards as equity-based awards and will recognize stock-based compensation expense over the employees’ requisite service period based on the expected attainment of the Company-wide targets as of the end of each reporting period.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested PSUs as of December 31, 2025	1,445	$	7.08
Granted	1,039	20.04
Vested	(586)	7.16
Cancelled/forfeited	(242)	6.98
Nonvested PSUs as of June 30, 2026	1,656	$	15.20

In February 2025, the Compensation Committee approved a Bonus Program, including performance targets, to most of the Company’s employees on active payroll in fiscal year 2025 (“2025 Bonus Program”). Shares awarded under the program were paid out in February 2026 in fully vested RSUs and based on the final attainment of Company-wide performance targets which were tied to its operating plan for fiscal year 2025. The Company recognized stock-based compensation expense over the employees' requisite service period, based on the final attainment of the Company-wide targets. In February 2026, the Company paid out 2.2 million restricted stock units associated with the 2025 Bonus Program, and correspondingly recorded a charge to additional paid-in-capital of $39.5 million.

In February 2026, the Compensation Committee approved a Bonus Program, including performance targets, for the current fiscal year to most of the Company’s employees on active payroll in fiscal year 2026 (“2026 Bonus Program”). Shares awarded under the program will be in fully vested RSUs and will be based on the final attainment of Company-wide performance targets which are tied to its operating plan for fiscal year 2026. The payout of the 2026 Bonus Program will vary linearly between 50%, 100%, and 150% based on the achievement of these targets. Employees are required to be employed through the payout date to earn the awards. The Company has accounted for these awards as liability-based awards, since the monetary value of the obligation associated with the award is based predominantly on a fixed monetary amount known at inception, and it has an unconditional obligation that it must or may settle by issuing a variable number of its equity shares. The Company is recognizing the stock-based compensation expense over the employees requisite service period, based on the expected attainment of the Company-wide targets as of the end of each reporting period.

During the three months ended June 30, 2026 and 2025, the Company recognized $12.3 million and $8.6 million of stock-based compensation expense associated with the Bonus Programs, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized $20.8 million and $12.3 million of stock-based compensation expense associated with the Bonus Programs, respectively.

The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation. The ESPP provides for six-month offering periods, commencing in May and November of each year. At the end of each offering period employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the date of purchase.

During the three months ended June 30, 2026 and 2025, the Company recognized $1.1 million and $0.4 million in stock-based compensation expense related to the ESPP, respectively. During the six months ended June 30, 2026 and 2025 the Company recognized $2.1 million and $0.5 million in stock-based compensation expense related to the ESPP, respectively.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands)
Cost of revenue	$	2,757	$	2,573	$	5,293	$	4,512
Research and development	11,902		11,755		21,932		20,648
Sales and marketing	10,344		8,176		19,697		14,869
General and administrative	10,169		3,831		23,231		11,888
Total stock-based compensation expense	$	35,172	$	26,335	$	70,153	$	51,917