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METAMeta Platforms

Communication · Internet & Software Services · Nasdaq

Our mission is to build the future of human connection and the technology that makes it possible. 10-K, Item 1

META quote by TradingView
Employees
78,865
Headquarters
Menlo Park, CA
CEO
Mark Zuckerberg
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)29.31Sales (ttm)241.6BNet income (ttm)75.2BSales growth+22.2%EPS growth-1.6%Sales Q/Q+26.1%
Free cash flow28.6BGross margin81.0%Oper. margin32.9%Net margin31.1%FCF margin11.9%ROE27.6%
ROA15.7%R&D / sales28.5%Dividend2.10Debt/Eq0.31Curr. ratio1.90Cash11.2B
Op. cash flow (ttm)133.1BEBITDA101.9BEBITDA margin50.7%Net debt72.4BQuick ratio1.90Interest cover71.48
ROIC16.5%Payout ratio8.9%Tax rate29.6%Stock pay / sales10.2%Shares out.2.6BShares Y/Y-1.5%
Book / share105.86Cash / share4.36Sales / share93.90Asset turnover0.50Days sales out.36Sales 3Y CAGR+19.9%
Sales 5Y CAGR+18.5%EPS 3Y CAGR+39.8%EPS 5Y CAGR+18.4%Employees78,865Sales / employee3.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 104%$28.8B → $58.7B · Short-term + long-term debt at year end
What management wrote about it → · Every company →

META against Communication peers

Ten years, side by side → · All 19 →
GrowthProfitBalanceCleanInsiders
METAPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth
+22.2%3rd of 19 · median +6.8%
Net margin
31.1%4th of 19 · median 9.2%
Return on equity
27.6%6th of 19 · median 12.7%
Free cash flow margin
11.9%7th of 16 · median 10.0%
Debt / equity (less is better)
0.313rd of 17 · median 0.94
META and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
META Meta Platforms$241.6B +22.2%81.0%31.1%27.6%11.9%0.31
VZ Verizon$139.4B +2.5%-11.8%15.3%-1.55
T AT&T$128.9B +2.7%-10.2%10.7%13.8%1.30
CMCSA Comcast$123.0B 0.0%-9.2%12.2%16.0%0.94
DIS Walt Disney$98.9B +3.4%-8.7%7.8%8.4%0.42
TMUS T-Mobile US$93.8B +8.5%-12.0%20.1%19.9%1.62

From $117.9B of sales to $39.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $95.3BRevenue to Cost of revenue: $22.6BGross profit to Operating profit: $46.8BGross profit to Operating expenses: $48.5BOperating profit to Net profit: $39.4BOperating profit to Tax & other: $7.4BOperating expenses to R&D: $24.7BOperating expenses to Sales, admin & other: $23.9B Revenue: $117.9B Revenue$117.9B +37% Y/Y Gross profit: $95.3B · 81% margin Gross profit$95.3B81% margin Cost of revenue: $22.6B · 19% of revenue Cost of revenue$22.6B19% of revenue Operating profit: $46.8B · 40% margin Operating profit$46.8B40% margin +43% Y/Y Operating expenses: $48.5B · 41% of revenue Operating expenses$48.5B41% of revenue Net profit: $39.4B · 33% margin Net profit$39.4B33% margin +35% Y/Y Tax & other: $7.4B · 6% of revenue Tax & other$7.4B6% of revenue R&D: $24.7B · 21% of revenue R&D$24.7B21% of revenue Sales, admin & other: $23.9B · 20% of revenue Sales, admin & other$23.9B20% of revenue

Swipe sideways for the whole flow →

From $116.6B of sales to $23.2B of profit

FY2022, from the 10-K income statement and revenue by segment
Family of Apps to Revenue: $114.5BReality Labs to Revenue: $2.2BRevenue to Gross profit: $91.4BRevenue to Cost of revenue: $25.2BGross profit to Operating profit: $28.9BGross profit to Operating expenses: $62.4BOperating profit to Net profit: $23.2BOperating profit to Tax & other: $5.7BOperating expenses to R&D: $35.3BOperating expenses to Sales, admin & other: $27.1B Family of Apps: $114.5B · 98% Family of Apps$114.5B98% Reality Labs: $2.2B · 2% Reality Labs$2.2B2% Revenue: $116.6B Revenue$116.6B −1% Y/Y Gross profit: $91.4B · 78% margin Gross profit$91.4B78% margin Cost of revenue: $25.2B · 22% of revenue Cost of revenue$25.2B22% of revenue Operating profit: $28.9B · 25% margin Operating profit$28.9B25% margin −38% Y/Y Operating expenses: $62.4B · 54% of revenue Operating expenses$62.4B54% of revenue Net profit: $23.2B · 20% margin Net profit$23.2B20% margin −41% Y/Y Tax & other: $5.7B · 5% of revenue Tax & other$5.7B5% of revenue R&D: $35.3B · 30% of revenue R&D$35.3B30% of revenue Sales, admin & other: $27.1B · 23% of revenue Sales, admin & other$27.1B23% of revenue

Swipe sideways for the whole flow →

From $134.9B of sales to $39.1B of profit

FY2023, from the 10-K income statement and revenue by segment
Family of Apps to Revenue: $133.0BReality Labs to Revenue: $1.9BRevenue to Gross profit: $108.9BRevenue to Cost of revenue: $26.0BGross profit to Operating profit: $46.8BGross profit to Operating expenses: $62.2BOperating profit to Net profit: $39.1BOperating profit to Tax & other: $7.7BOperating expenses to R&D: $38.5BOperating expenses to Sales, admin & other: $23.7B Family of Apps: $133.0B · 99% Family of Apps$133.0B99% Reality Labs: $1.9B · 1% Reality Labs$1.9B1% Revenue: $134.9B Revenue$134.9B +16% Y/Y Gross profit: $108.9B · 81% margin Gross profit$108.9B81% margin Cost of revenue: $26.0B · 19% of revenue Cost of revenue$26.0B19% of revenue Operating profit: $46.8B · 35% margin Operating profit$46.8B35% margin +62% Y/Y Operating expenses: $62.2B · 46% of revenue Operating expenses$62.2B46% of revenue Net profit: $39.1B · 29% margin Net profit$39.1B29% margin +69% Y/Y Tax & other: $7.7B · 6% of revenue Tax & other$7.7B6% of revenue R&D: $38.5B · 29% of revenue R&D$38.5B29% of revenue Sales, admin & other: $23.7B · 18% of revenue Sales, admin & other$23.7B18% of revenue

Swipe sideways for the whole flow →

From $164.5B of sales to $62.4B of profit

FY2024, from the 10-K income statement and revenue by segment
Family of Apps to Revenue: $162.4BReality Labs to Revenue: $2.1BRevenue to Gross profit: $134.3BRevenue to Cost of revenue: $30.2BGross profit to Operating profit: $69.4BGross profit to Operating expenses: $65.0BOperating profit to Net profit: $62.4BOperating profit to Tax & other: $7.0BOperating expenses to R&D: $43.9BOperating expenses to Sales, admin & other: $21.1B Family of Apps: $162.4B · 99% Family of Apps$162.4B99% Reality Labs: $2.1B · 1% Reality Labs$2.1B1% Revenue: $164.5B Revenue$164.5B +22% Y/Y Gross profit: $134.3B · 82% margin Gross profit$134.3B82% margin Cost of revenue: $30.2B · 18% of revenue Cost of revenue$30.2B18% of revenue Operating profit: $69.4B · 42% margin Operating profit$69.4B42% margin +48% Y/Y Operating expenses: $65.0B · 39% of revenue Operating expenses$65.0B39% of revenue Net profit: $62.4B · 38% margin Net profit$62.4B38% margin +59% Y/Y Tax & other: $7.0B · 4% of revenue Tax & other$7.0B4% of revenue R&D: $43.9B · 27% of revenue R&D$43.9B27% of revenue Sales, admin & other: $21.1B · 13% of revenue Sales, admin & other$21.1B13% of revenue

Swipe sideways for the whole flow →

From $201.0B of sales to $60.5B of profit

FY2025, from the 10-K income statement and revenue by segment
Family of Apps to Revenue: $198.8BReality Labs to Revenue: $2.2BRevenue to Gross profit: $164.8BRevenue to Cost of revenue: $36.2BGross profit to Operating profit: $83.3BGross profit to Operating expenses: $81.5BOperating profit to Net profit: $57.8BOperating profit to Tax: $25.5BOther income to Net profit: $2.7BOperating expenses to R&D: $57.4BOperating expenses to Sales, admin & other: $24.1B Family of Apps: $198.8B · 99% Family of Apps$198.8B99% Reality Labs: $2.2B · 1% Reality Labs$2.2B1% Revenue: $201.0B Revenue$201.0B +22% Y/Y Gross profit: $164.8B · 82% margin Gross profit$164.8B82% margin Cost of revenue: $36.2B · 18% of revenue Cost of revenue$36.2B18% of revenue Operating profit: $83.3B · 41% margin Operating profit$83.3B41% margin +20% Y/Y Other income: $2.7B · 1% of revenue Other income$2.7B1% of revenue Operating expenses: $81.5B · 41% of revenue Operating expenses$81.5B41% of revenue Net profit: $60.5B · 30% margin Net profit$60.5B30% margin −3% Y/Y Tax: $25.5B · 13% of revenue Tax$25.5B13% of revenue R&D: $57.4B · 29% of revenue R&D$57.4B29% of revenue Sales, admin & other: $24.1B · 12% of revenue Sales, admin & other$24.1B12% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 3
  • ✓
    Net margin above the peer median31.1% vs 9.2%
  • ✓
    Return on equity above 15%27.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 37.0% → 30.1%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 71.5× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.31 on the latest balance sheet (peer median 0.94)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.90
  • ✓
    Net debt under 3 years of free cash flow$26.7B net debt, 0.9 years
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.27
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$46.1B last year
  • ✓
    Share count down over 5 years−10.9%
  • ✓
    Cash from operations above net income$115.8B vs $60.5B
Free cash flow, FY2016 to FY2025: 11.6B → 46.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026
Debt: $83.7B Debt$83.7B Long-term debt: $80.9B · 97% Long-term debt$80.9B · 97% Due within a year: $2.7B · 3% Due within a year$2.7B · 3% Next 12 months: $2.8B · 3% Next 12 months$2.8B · 3% Year 2: $1.5B · 2% Year 2$1.5B · 2% Year 3: $1.0B · 1% Year 3$1.0B · 1% Year 4: $5.0B · 6% Year 4$5.0B · 6%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
November 2025 NotesNotes and bonds4.20–5.77%not stated$30.0B
August 2024 NotesNotes and bonds4.30–5.60%not stated$10.5B
August 2022 NotesNotes and bonds3.50–4.71%not stated$10.0B
May 2023 NotesNotes and bonds4.60–5.79%not stated$8.5B

From the debt note in the 10-K's XBRL (0001628280-26-003942), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 201.0B Net income 60.5B
FY2016 revenue 27.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-19-000009 FY2016 net income 10.2B · NetIncomeLoss, 0001326801-19-000009 27.6B FY2016 FY2017 revenue 40.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-20-000013 FY2017 net income 15.9B · NetIncomeLoss, 0001326801-20-000013 40.7B FY2017 FY2018 revenue 55.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-21-000014 FY2018 net income 22.1B · NetIncomeLoss, 0001326801-21-000014 55.8B FY2018 FY2019 revenue 70.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-22-000018 FY2019 net income 18.5B · NetIncomeLoss, 0001326801-22-000018 70.7B FY2019 FY2020 revenue 86.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-23-000013 FY2020 net income 29.1B · NetIncomeLoss, 0001326801-23-000013 86.0B FY2020 FY2021 revenue 117.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-24-000012 FY2021 net income 39.4B · NetIncomeLoss, 0001326801-24-000012 117.9B FY2021 FY2022 revenue 116.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001326801-25-000017 FY2022 net income 23.2B · NetIncomeLoss, 0001326801-25-000017 116.6B FY2022 FY2023 revenue 134.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-003942 FY2023 net income 39.1B · NetIncomeLoss, 0001628280-26-003942 134.9B FY2023 FY2024 revenue 164.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-003942 FY2024 net income 62.4B · NetIncomeLoss, 0001628280-26-003942 164.5B FY2024 FY2025 revenue 201.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-003942 FY2025 net income 60.5B · NetIncomeLoss, 0001628280-26-003942 201.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

META's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue201.0B
FY2016: 27.6BFY2017: 40.7BFY2018: 55.8BFY2019: 70.7BFY2020: 86.0BFY2021: 117.9BFY2022: 116.6BFY2023: 134.9BFY2024: 164.5BFY2025: 201.0B FY2017FY2019FY2021FY2023FY2025
Net income60.5B
FY2016: 10.2BFY2017: 15.9BFY2018: 22.1BFY2019: 18.5BFY2020: 29.1BFY2021: 39.4BFY2022: 23.2BFY2023: 39.1BFY2024: 62.4BFY2025: 60.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow46.1B
FY2016: 11.6BFY2017: 17.5BFY2018: 15.4BFY2019: 21.2BFY2020: 23.6BFY2021: 39.0BFY2022: 19.3BFY2023: 44.1BFY2024: 54.1BFY2025: 46.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)23.49
FY2016: 3.49FY2017: 5.39FY2018: 7.57FY2019: 6.43FY2020: 10.09FY2021: 13.77FY2022: 8.59FY2023: 14.87FY2024: 23.86FY2025: 23.49 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.10
FY2016: -FY2017: -FY2018: -FY2019: -FY2020: -FY2021: -FY2022: -FY2023: -FY2024: 2.00FY2025: 2.10 FY2017FY2019FY2021FY2023FY2025
Diluted shares2.6B
FY2016: 2.9BFY2017: 3.0BFY2018: 2.9BFY2019: 2.9BFY2020: 2.9BFY2021: 2.9BFY2022: 2.7BFY2023: 2.6BFY2024: 2.6BFY2025: 2.6B FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Family of Apps 198.8B98.9% +22.4%
Reality Labs 2.2B1.1% +2.8%

10-K 0001628280-26-003942, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
United States & Canada 78.9B39.2% +24.8%
United States 74.8B37.2% +25.2%
Asia-Pacific 53.8B26.8% +19.6%
Europe 46.6B23.2% +21.4%
Rest of World 21.7B10.8% +21.1%

10-K 0001628280-26-003942, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue27.6B40.7B55.8B70.7B86.0B117.9B116.6B134.9B164.5B201.0B
Cost of revenue3.8B5.5B9.4B12.8B16.7B22.6B25.2B26.0B30.2B36.2B
R&D5.9B7.8B10.3B13.6B18.4B24.7B35.3B38.5B43.9B57.4B
SG&A1.7B2.5B3.5B10.5B6.6B9.8B11.8B11.4B9.7B12.2B
Operating income12.4B20.2B24.9B24.0B32.7B46.8B28.9B46.8B69.4B83.3B
Interest expense10.0M6.0M9.0M20.0M-23.0M185.0M446.0M715.0M1.2B
Pretax income12.5B20.6B25.4B24.8B33.2B47.3B28.8B47.4B70.7B85.9B
Income tax2.3B4.7B3.2B6.3B4.0B7.9B5.6B8.3B8.3B25.5B
Net income10.2B15.9B22.1B18.5B29.1B39.4B23.2B39.1B62.4B60.5B
EPS (diluted)3.495.397.576.4310.0913.778.5914.8723.8623.49
Diluted shares2.9B3.0B2.9B2.9B2.9B2.9B2.7B2.6B2.6B2.6B
Depreciation & amortization2.3B3.0B4.3B5.7B6.9B8.0B8.7B11.2B15.5B18.6B
EBITDA14.8B23.2B29.2B29.7B39.5B54.7B37.6B57.9B84.9B101.9B
Operating margin45.0%49.7%44.6%33.9%38.0%39.6%24.8%34.7%42.2%41.4%
Net margin37.0%39.2%39.6%26.1%33.9%33.4%19.9%29.0%37.9%30.1%
Revenue growth-+47.1%+37.4%+26.6%+21.6%+37.2%-1.1%+15.7%+21.9%+22.2%
EPS growth-+54.4%+40.4%-15.1%+56.9%+36.5%-37.6%+73.1%+60.5%-1.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash8.9B8.1B10.0B19.1B17.6B16.6B14.7B41.9B43.9B35.9B
Short-term investments20.5B33.6B31.1B35.8B44.4B31.4B26.1B23.5B33.9B45.7B
Receivables4.0B5.8B7.6B9.5B11.3B14.0B13.5B16.2B17.0B19.8B
Current assets34.4B48.6B50.5B66.2B75.7B66.7B59.5B85.4B100.0B108.7B
Property & equipment8.6B13.7B24.7B35.3B------
Goodwill18.1B18.2B18.3B18.7B19.1B19.2B20.3B20.7B20.7B24.5B
Total assets65.0B84.5B97.3B133.4B159.3B166.0B185.7B229.6B276.1B366.0B
Accounts payable302.0M380.0M820.0M1.4B1.3B----8.9B
Current liabilities2.9B3.8B7.0B15.1B15.0B21.1B27.0B32.0B33.6B41.8B
Total debt-----09.9B18.4B28.8B58.7B
Total liabilities5.8B10.2B13.2B32.3B31.0B41.1B60.0B76.5B93.4B148.8B
Shareholders' equity59.2B74.3B84.1B101.1B128.3B124.9B125.7B153.2B182.6B217.2B
Retained earnings21.7B34.0B42.0B55.7B77.3B69.8B64.8B82.1B102.5B121.2B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow16.1B24.2B29.3B36.3B38.7B57.7B50.5B71.1B91.3B115.8B
Capital spending4.5B6.7B13.9B15.1B15.2B18.7B31.2B27.0B37.3B69.7B
Free cash flow11.6B17.5B15.4B21.2B23.6B39.0B19.3B44.1B54.1B46.1B
Stock-based pay (added back)3.2B3.7B4.2B4.8B6.5B9.2B12.0B14.0B16.7B20.4B
Dividends paid------005.1B5.3B
Buybacks02.0B12.9B4.2B6.3B44.5B28.0B19.8B30.1B26.2B
Debt raised----009.9B8.5B10.4B29.9B
Investing cash flow-11.8B-20.1B-11.6B-19.9B-30.1B-7.6B-29.0B-24.5B-47.1B-102.0B
Financing cash flow-310.0M-5.2B-15.6B-7.3B-10.3B-50.7B-22.1B-19.5B-40.8B-20.4B
Dividend per share--------2.002.10

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)3.2B3.7B4.2B4.8B6.5B9.2B12.0B14.0B16.7B20.4B
Stock-based pay / revenue11.6%9.2%7.4%6.8%7.6%7.8%10.3%10.4%10.1%10.2%
Operating lease cost---1.1B1.4B1.5B1.9B2.1B2.4B2.8B
Operating lease cash paid---902.0M1.2B1.4B1.7B2.2B2.8B3.2B
Finance lease principal paid-00552.0M604.0M677.0M850.0M1.1B2.0B2.5B
Right-of-use assets--09.5B9.3B12.2B12.7B13.3B14.9B20.4B
Operating lease liabilities--010.3B10.7B13.9B16.7B18.8B20.2B25.2B
Finance lease liabilities---473.0M523.0M581.0M687.0M690.0M709.0M1.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on META in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/META/export.csv") into a cell.