Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Akamai Technologies Inc. (AKAM) Halal?

FAIL

Akamai Technologies Inc. · NASDAQ: AKAM · Technology

The short answer

Akamai fails the Shariah screen on leverage: after issuing $3.5 billion of convertible senior notes in May 2026, interest-bearing debt of about $7.56 billion is 48.7% of its ~$15.52 billion market cap, above the 33% ceiling. Its technology business and interest income (1.68% of revenue) pass their gates.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Akamai Technologies Inc., founded in 1998 and headquartered in Cambridge, Massachusetts, provides cloud computing, cybersecurity and content-delivery solutions. Per Item 1 (Business) of its FY2025 Form 10-K, its mission is to 'power and protect life online': as of December 31, 2025 its infrastructure comprised more than 4,300 edge points-of-presence in over 130 countries and roughly 700 cities, integrated with about 1,200 network partners.

Its three core offerings are security (web application firewall, bot management, DDoS protection, DNS security, API security, Zero Trust network security), cloud computing (compute and AI infrastructure services), and delivery of content and applications. The company is not an interest-based lender and discloses no involvement in alcohol, tobacco, gambling, pork or weapons manufacturing. Its platforms serve customers across every vertical, but the company's own activity is technology infrastructure and security software — a permissible business that passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (48.7%, ceiling 33%). Per Akamai's Q2 2026 Form 10-Q (condensed consolidated balance sheet, June 30, 2026, unaudited, in thousands), interest-bearing debt consists solely of convertible senior notes: $1,705,576 thousand classified as current plus $5,857,252 thousand classified as long-term, totaling $7,562,828 thousand (about $7.56 billion).

Note 7 (Debt) explains the jump: in May 2026 the company issued $1,750.0 million of convertible senior notes due 2032 and $1,750.0 million due 2030 (with related note-hedge and warrant transactions), up from $4,105,355 thousand of long-term convertible notes at December 31, 2025. The revolving credit facility had no borrowings outstanding at June 30, 2026. Operating lease liabilities ($1,405,710 thousand long-term plus $370,448 thousand current) are excluded — they are not interest-bearing debt.

About $7.56 billion of interest-bearing debt against a market capitalization of about $15.52 billion (Finnhub, October 2, 2026) is 48.7%, above the 33% ceiling — Akamai fails gate 2.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (1.68%, ceiling 5%). Akamai's FY2025 Form 10-K income statement separately discloses the line 'Interest and marketable securities income, net': $70,808 thousand in FY2025 ($100,280 thousand in FY2024; $45,194 thousand in FY2023). Against FY2025 total revenue of $4,208,175 thousand, that is about 1.68%, under the 5% ceiling.

Note the line also covers marketable-securities income with no finer breakout in the filing, so the full disclosed figure is used here conservatively.

Key figures used

Frequently asked questions

What does Akamai do?

Akamai Technologies Inc. (NASDAQ: AKAM), founded in 1998 and headquartered in Cambridge, Massachusetts, is a cloud and edge-computing company. Per Item 1 (Business) of its FY2025 Form 10-K, its mission is to 'power and protect life online'; as of December 31, 2025 it operated more than 4,300 edge points-of-presence in over 130 countries and roughly 700 cities, integrated with about 1,200 network partners. It sells solutions in three core offerings: security (web application firewall, bot management, DDoS protection, DNS security, API security, Zero Trust network security), cloud computing (compute and AI infrastructure services), and content delivery (media and web delivery), plus professional services. AI infrastructure and AI-powered cybersecurity are its current strategic focus.

Is Akamai's business Shariah compliant?

Akamai sells cloud infrastructure, cybersecurity and content-delivery services to enterprises - not interest-based lending, and its 10-K describes no involvement in alcohol, tobacco, gambling, pork or weapons manufacturing. Its platforms serve businesses across every vertical, including potentially haram ones, as customers, but the company's own business activity is providing technology infrastructure and security software. Assessed as a permissible technology business, it passes this screener's first gate.

How much interest-bearing debt does Akamai have?

Per Akamai's Q2 2026 Form 10-Q (June 30, 2026, unaudited, in thousands), interest-bearing debt consists solely of convertible senior notes: $1,705,576 thousand classified as current and $5,857,252 thousand classified as long-term, for a total of $7,562,828 thousand (about $7.56 billion). Note 7 (Debt) discloses that in May 2026 the company issued $1,750.0 million of convertible senior notes due 2032 and $1,750.0 million due 2030, with related note-hedge and warrant transactions - driving the large jump from $4,105,355 thousand of long-term convertible notes at December 31, 2025. The revolving credit facility had no borrowings outstanding at June 30, 2026. Operating lease liabilities ($1,405,710 thousand long-term plus $370,448 thousand current) are excluded - they are not interest-bearing debt. About $7.56 billion of debt against a market capitalization of about $15.52 billion (Finnhub, October 2, 2026) is 48.7%, which exceeds the 33% ceiling.

How much interest income does Akamai earn?

Akamai's FY2025 Form 10-K income statement separately discloses the line 'Interest and marketable securities income, net': $70,808 thousand in FY2025 ($100,280 thousand in FY2024; $45,194 thousand in FY2023). Against FY2025 total revenue of $4,208,175 thousand, that is about 1.68% - under the 5% non-compliant income ceiling. Note this income line also covers marketable-securities income; there is no finer breakout, so the full disclosed figure is used here conservatively.

What do third-party Shariah screeners say about Akamai?

Zoya publishes an Akamai (AKAM) page (zoya.finance/stocks/akam) and flags the stock as not Shariah-compliant based on its data; it cites FY2025 revenue of $4,208,175,000 and interest income of $70,808,000 (1.68%). Note the page's FAQ text is internally contradictory on the compliance wording, so treat its published reasoning with caution and check the app for the current status. I could not verify a Musaffa rating page for AKAM or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).