Financials

Income statement, balance sheet and cash flow, built from SEC EDGAR filings.

Meta Platforms, Inc.

META · CIK 0001326801

Figures in millions of USD unless the line is a per-share amount or a share count.

Line item TTM 2026-09-30 FY 2025 2025-12-31 FY 2024 2024-12-31 FY 2023 2023-12-31 FY 2022 2022-12-31 FY 2021 2021-12-31 FY 2020 2020-12-31 FY 2019 2019-12-31 FY 2018 2018-12-31
Income Statement
Revenue 241,607 200,966 164,501 134,902 116,609 117,929 85,965 70,697 55,838
Operating Income 79,380 83,276 69,380 46,751 28,944 46,753 32,671 23,986 24,913
Pre-Tax Income 78,862 85,932 70,663 47,428 28,819 47,284 33,180 24,812 25,361
Net Income 75,249 60,458 62,360 39,098 23,200 39,370 29,146 18,485 22,112
EPS (Diluted) 29.33 23.49 23.86 14.87 8.59 13.77 10.09 6.43 7.57
Balance Sheet
Total Assets 478,836 366,021 276,054 229,623 185,727 165,987 159,316 133,376 97,334
Total Liabilities 206,450 148,778 93,417 76,455 60,014 41,108 31,026 32,322 13,207
Shareholders' Equity 272,386 217,243 182,637 153,168 125,713 124,879 128,290 101,054 84,127
Cash & Equivalents 11,222 35,873 43,889 41,862 14,681 16,601 17,576 19,079 10,019
Cash Flow
Operating Cash Flow 133,087 115,800 91,328 71,113 50,475 57,683 38,747 36,314 29,274
Capital Expenditures -104,438 -69,691 -37,256 -27,045 -31,186 -18,690 -15,163 -15,102 -13,915
Free Cash Flow 28,649 46,109 54,072 44,068 19,289 38,993 23,584 21,212 15,359
Ratios
Operating Margin 32.86% 41.44% 42.18% 34.66% 24.82% 39.65% 38.01% 33.93% 44.62%
Profit Margin 31.15% 30.08% 37.91% 28.98% 19.90% 33.38% 33.90% 26.15% 39.60%
Free Cash Flow Margin 11.86% 22.94% 32.87% 32.67% 16.54% 33.06% 27.43% 30.00% 27.51%
Line item TTM 2026-09-30 FY 2025 2025-12-31 FY 2024 2024-12-31 FY 2023 2023-12-31 FY 2022 2022-12-31 FY 2021 2021-12-31 FY 2020 2020-12-31 FY 2019 2019-12-31 FY 2018 2018-12-31
Revenue
Total Revenue 241,607 200,966 164,501 134,902 116,609 117,929 85,965 70,697 55,838
Cost of Revenue
Cost of Revenue 45,823 36,175 30,161 25,959 25,249 22,649 16,692 12,770 9,355
Operating Expenses
R&D Expense 76,545 57,372 43,873 38,483 35,338 24,655 18,447 13,600 10,273
Selling & Marketing 13,082 11,991 11,347 12,301 15,262 14,043 11,591 9,876 7,846
General & Administrative 26,777 12,152 9,740 11,408 11,816 9,829 6,564 10,465 3,451
Total Costs & Expenses 162,227 117,690 95,121 88,151 87,665 71,176 53,294 46,711 30,925
Operating Income
Operating Income 79,380 83,276 69,380 46,751 28,944 46,753 32,671 23,986 24,913
Non-Operating Items
Non-Operating Income/Expense -518 2,656 1,283 677 -125 531 509 826 448
Pre-Tax Income
Income Before Tax 78,862 85,932 70,663 47,428 28,819 47,284 33,180 24,812 25,361
Tax
Income Tax Expense 3,613 25,474 8,303 8,330 5,619 7,914 4,034 6,327 3,249
Net Income
Net Income Available to Common 75,249 60,458 62,360 39,098 23,200 39,370 29,146 18,485 22,112
Net Income — — — — — — 29,146 18,485 22,111
EPS
EPS (Basic) 29.69 23.98 24.61 15.19 8.63 13.99 10.22 6.48 7.65
EPS (Diluted) 29.33 23.49 23.86 14.87 8.59 13.77 10.09 6.43 7.57
Shares
Shares Outstanding (Basic) 10,151 2,521 2,534 2,574 2,687 2,815 2,851 2,854 2,890
Shares Outstanding (Diluted) 10,267 2,574 2,614 2,629 2,702 2,859 2,888 2,876 2,921
Other Items
Undistributed income (loss) available to common stockholders — — — — — — 0 0 -1
Stock-based compensation expense — — — — 11,992 9,164 6,536 4,836 4,152
Line item TTM 2026-09-30 FY 2025 2025-12-31 FY 2024 2024-12-31 FY 2023 2023-12-31 FY 2022 2022-12-31 FY 2021 2021-12-31 FY 2020 2020-12-31 FY 2019 2019-12-31 FY 2018 2018-12-31
Assets
Total Assets 478,836 366,021 276,054 229,623 185,727 165,987 159,316 133,376 97,334
Current Assets 119,900 108,722 100,045 85,365 59,549 66,666 75,670 66,225 50,480
Current Assets
Cash & Cash Equivalents 11,222 35,873 43,889 41,862 14,681 16,601 17,576 19,079 10,019
Accounts Receivable, Net 22,716 19,769 16,994 16,169 13,466 14,039 11,335 9,518 7,587
Prepaid & Other Current Assets 14,735 7,361 5,236 3,793 5,345 4,629 2,381 1,852 1,779
Non-Current Assets
Property, Plant & Equipment, Net — — — — — — — 35,323 24,683
Goodwill 23,421 24,534 20,654 20,654 20,306 19,197 19,050 18,715 18,301
Intangible Assets, Net (excl. Goodwill) — — — 788 897 634 623 894 1,294
Other Non-Current Assets 23,093 8,437 13,017 7,582 6,583 2,751 2,758 2,673 2,576
Operating Lease Right-of-Use Assets 26,576 20,404 14,922 13,294 12,673 12,155 9,348 9,460 0
Liabilities & Equity
Total Liabilities & Equity 478,836 366,021 276,054 229,623 185,727 165,987 159,316 133,376 97,334
Liabilities
Total Liabilities 206,450 148,778 93,417 76,455 60,014 41,108 31,026 32,322 13,207
Current Liabilities
Current Liabilities 63,011 41,836 33,596 31,960 27,026 21,135 14,981 15,053 7,017
Accounts Payable 19,097 8,894 — — — — 1,331 1,363 820
Accrued Liabilities 41,392 30,729 23,967 25,488 19,552 14,873 11,152 11,735 5,509
Deferred Revenue, Current — — — — — — 382 269 147
Operating Lease Liability, Current 2,522 2,213 1,942 1,623 1,367 1,127 1,023 800 0
Non-Current Liabilities
Long-Term Debt 80,922 58,744 28,826 18,385 9,923 0 — — —
Operating Lease Liability, Non-Current 28,651 22,940 18,292 17,226 15,301 12,746 9,631 9,524 0
Other Non-Current Liabilities 13,345 4,253 2,716 1,370 7,764 7,227 6,414 7,745 6,190
Equity
Total Stockholders' Equity 272,386 217,243 182,637 153,168 125,713 124,879 128,290 101,054 84,127
Common Stock 0 0 0 0 0 0 0 0 0
Common Stock & Additional Paid-In Capital 108,244 95,793 — — — — — — —
Additional Paid-In Capital 95,793 95,793 83,228 73,253 64,444 55,811 50,018 45,851 42,906
Retained Earnings (Deficit) 165,342 121,179 102,506 82,070 64,799 69,761 77,345 55,692 41,981
Accumulated OCI -1,200 271 -3,097 -2,155 -3,530 -693 927 -489 -760
Other Items
Debt Securities, Available-for-Sale, Current — 45,719 33,926 23,541 26,057 31,397 44,378 35,776 31,095
Common stock, par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-marketable equity investments 32,624 27,524 6,070 6,141 6,201 6,775 6,234 — —
Equity Securities without Readily Determinable Fair Value, Amount — — — — — — 6,234 86 —
Accounts Receivable, Allowance for Credit Loss, Current — — — — — — -114 -92 -229
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization 253,222 176,400 121,346 96,587 79,518 57,809 45,633 35,323 —
Accounts Payable, Trade, Current 13,326 8,894 7,687 4,849 4,990 4,083 1,331 886 541
Accounts Payable, Other, Current — — — 863 1,117 1,052 1,093 — 541
Accounts Payable and Other Accrued Liabilities, Current — — — — — — — 886 —
Deferred revenue and deposits — — — — — 561 382 — —
Accrued Income Taxes, Noncurrent 20,521 21,005 9,987 7,514 — — — — —
Line item TTM 2026-09-30 FY 2025 2025-12-31 FY 2024 2024-12-31 FY 2023 2023-12-31 FY 2022 2022-12-31 FY 2021 2021-12-31 FY 2020 2020-12-31 FY 2019 2019-12-31 FY 2018 2018-12-31
Operating Activities
Net Income 75,249 60,458 62,360 39,098 23,200 39,370 29,146 18,485 22,112
Operating Cash Flow 133,087 115,800 91,328 71,113 50,475 57,683 38,747 36,314 29,274
Depreciation & Amortization (CF) 24,920 18,616 15,498 11,178 8,686 7,967 6,862 5,741 4,315
Share-Based Compensation 26,943 20,427 16,690 14,027 11,992 9,164 6,536 4,836 4,152
Deferred Income Tax 3,685 — — 131 -3,286 609 -1,192 -37 286
Change in Accounts Receivable -5,747 -1,815 -1,485 -2,399 231 -3,110 -1,512 -1,961 -1,892
Change in Accounts Payable — — — — — — — — 221
Change in Accrued Liabilities 11,562 1,077 323 5,081 4,300 3,544 -946 7,300 1,417
Change in Other Operating Assets -5,245 -481 -270 -80 -106 -349 -34 41 -159
Change in Prepaid & Other Assets -3,907 -89 -698 559 162 -1,750 135 47 -690
Change in Deferred Revenue — — — — — 187 108 123 53
Other Non-Cash Items -459 -416 140 309 641 -127 85 39 -64
Investing Activities
Investing Cash Flow -148,496 -102,003 -47,150 -24,495 -28,970 -7,570 -30,059 -19,864 -11,603
Capital Expenditures -104,438 -69,691 -37,256 -27,045 -31,186 -18,690 -15,163 -15,102 -13,915
Maturities of Investments — — — — 2,075 10,915 13,984 10,152 4,772
Proceeds from Asset Sales — — — 221 245 123 48 — —
Other Investing Activities 1,309 182 140 -22 -4 -331 -36 0 0
Capex Incurred But Not Yet Paid 21,304 9,331 7,127 4,105 3,319 3,404 2,201 1,887 1,955
Financing Activities
Financing Cash Flow 27,831 -20,370 -40,781 -19,500 -22,136 -50,728 -10,292 -7,299 -15,572
Issuance of Long-Term Debt 29,906 29,906 10,432 8,455 9,921 0 0 — —
Share Repurchases 0 -26,248 -30,125 -19,774 -27,956 -44,537 -6,272 -4,202 -12,879
Dividends Paid -5,398 -5,324 -5,072 0 0 — — — —
Taxes Paid for Share Settlement -17,040 -18,400 -13,770 -7,012 -3,595 -5,515 -3,564 -2,337 -3,208
Other Financing Activities -1,024 2,220 -277 -111 344 1 148 15 15
Reconciliation
Effect of Exchange Rate Changes -9 235 -786 113 -638 -474 279 4 -179
Net Change in Cash 12,413 -6,338 2,611 27,231 -1,269 -1,089 -1,325 9,155 1,920
Supplemental
Interest Paid 1,461 696 486 448 0 0 — — 1
Income Taxes Paid 4,211 7,578 10,554 6,607 6,407 8,525 4,229 5,182 3,762
Other Items
Deferred income taxes {1} — 18,738 -4,738 131 -3,286 — — — —
Unrealized (gain) loss on equity investments 708 -1,138 -53 102 — — — — —
Long-Lived Asset, Held and Used, Impairment Loss — 0 383 2,432 2,218 0 — — —
Increase (Decrease) in Accounts Payable, Trade 1,865 -14 373 51 210 1,436 -17 113 221
Increase (Decrease) in Other Noncurrent Liabilities 2,479 437 2,805 624 886 941 -527 1,239 -634
Equity Securities, FV-NI, Gain (Loss) — — — — 463 -232 33 — —
Increase in accounts payable — — — -271 90 -12 178 348 157
Payments to Acquire Marketable Securities — -36,929 -25,542 -2,982 -9,626 — -33,930 -23,910 -14,656
Proceeds from Sale and Maturity of Marketable Securities — 26,874 15,789 6,184 13,158 — — — —
Payments for held-for-sale assets -2,247 -2,432 0 0 — — — — —
Proceeds from Venture distribution — 2,554 0 0 — — — — —
Purchases of non-marketable equity investments -2,614 -18,330 -11 -1 -5 -47 -6,361 -61 -25
Acquisitions of businesses and intangible assets -4,000 -4,231 -270 -629 -1,312 -851 -388 -508 -137
Payments to Acquire Debt Securities, Available-for-Sale -117,467 — — -2,982 -9,626 -30,407 -33,930 -23,910 —
Proceeds from Sale of Debt Securities, Available-for-Sale — — — — 11,083 31,671 11,787 9,565 12,358
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale 88,837 — — 6,184 13,158 42,586 — — —
Operating cash flows from finance leases -3,523 -2,524 -1,969 -1,058 -850 -677 -604 -552 0
Principal payments on capital lease and other financing obligations — — — — — — — — 0
Proceeds from (Repayments of) Bank Overdrafts — — — — — 14 24 -223 500
Acquisition of businesses and intangible assets in accounts payable, accrued expenses and other current liabilities, and other liabilities 2,321 2,659 172 119 291 — — — —
Net change in prepaids and liabilities related to property and equipment — — — — — — — -153 918
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities — — — 119 291 73 118 0 0
Repurchases of Class A common stock in accrued expenses and other current liabilities 0 — 0 474 310 340 68 43 —
Other current assets through financing arrangement in accrued expenses and other current liabilities — — — 15 16 508 0 0 —
Settlement of acquisition-related contingent consideration liability — — — — — — — — 0
Change in unsettled repurchases of Class A common stock — — — — — — — — 51

Ratios derived from the statements above and the EOD price feed; prices are taken at each period's end date.

Line item FY 2025 2025-12-31 FY 2024 2024-12-31 FY 2023 2023-12-31 FY 2022 2022-12-31 FY 2021 2021-12-31 FY 2020 2020-12-31 FY 2019 2019-12-31 FY 2018 2018-12-31
Financial Efficiency
Asset Turnover 0.55 0.60 0.59 0.63 0.71 0.54 0.53 0.57
Current Ratio 2.60 2.98 2.67 2.20 3.15 5.05 4.40 7.19
Debt / EBITDA Ratio 0.82 0.58 0.64 0.71 0.25 0.27 0.35 0.00
Debt / Equity Ratio 0.39 0.27 0.24 0.21 0.11 0.08 0.10 0.00
Debt / FCF Ratio 1.82 0.91 0.84 1.38 0.36 0.45 0.49 0.00
Net Debt / EBITDA Ratio 0.47 0.06 -0.08 0.32 -0.05 -0.18 -0.29 -0.34
Net Debt / Equity Ratio 0.22 0.03 -0.03 0.09 -0.02 -0.05 -0.09 -0.12
Net Debt / FCF Ratio 1.04 0.10 -0.10 0.62 -0.07 -0.29 -0.41 -0.65
Quick Ratio 1.33 1.81 1.82 1.04 1.45 1.93 1.90 2.51
Return on Assets (ROA) 18.83% 24.66% 18.83% 13.19% 24.21% 19.92% 16.02% 24.32%
Return on Capital Employed (ROCE) 25.69% 28.62% 23.65% 18.24% 32.28% 22.64% 20.27% 27.58%
Return on Equity (ROE) 30.24% 37.14% 28.04% 18.52% 31.10% 25.42% 19.96% 27.91%
Return on Invested Capital (ROIC) 22.79% 33.20% 26.32% 16.86% 32.23% 24.01% 20.03% 29.84%
Yields
Dividend Yield 0.32% 0.34% 0.00% 0.00% — — — —
Earnings Yield 3.63% 4.20% 4.29% 7.17% 4.16% 3.74% 3.16% 5.84%
FCF Yield 2.77% 3.64% 4.84% 5.97% 4.12% 3.03% 3.62% 4.05%
Payout Ratio 8.81% 8.13% 0.00% 0.00% — — — —
Total Valuation
Enterprise Value 1,616,063 1,478,511 915,721 311,444 949,553 785,701 594,539 388,869
Last Close Price 660.09 585.51 353.96 120.34 336.35 273.16 205.25 131.09
Market Capitalization 1,664,087 1,483,682 911,093 323,354 946,825 778,779 585,784 378,850
EV Ratios
EV/EBIT Ratio 19.41 21.31 19.59 10.76 20.31 24.05 24.79 15.61
EV/EBITDA Ratio 15.86 17.42 15.81 8.28 17.35 19.87 20.00 13.30
EV/FCF Ratio 35.05 27.34 20.78 16.15 24.35 33.32 28.03 25.32
EV/Sales Ratio 8.04 8.99 6.79 2.67 8.05 9.14 8.41 6.96
Price Ratios
P/FCF Ratio 36.09 27.44 20.67 16.76 24.28 33.02 27.62 24.67
P/OCF Ratio 14.37 16.25 12.81 6.41 16.41 20.10 16.13 12.94
P/TBV Ratio 8.64 9.16 6.92 3.09 9.01 7.17 7.19 5.87
PB Ratio 7.66 8.12 5.95 2.57 7.58 6.07 5.80 4.50
PE Ratio 27.53 23.79 23.30 13.94 24.04 26.73 31.67 17.14
PEG Ratio — 0.38 0.31 — 0.65 0.46 — 0.44
PS Ratio 8.28 9.02 6.75 2.77 8.03 9.06 8.29 6.78