META Meta Platforms FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-01-29 · 2,574M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company operates applications that enable people to connect, share, and communicate, including Facebook, Instagram, Messenger, Threads, and WhatsApp, along with a virtual and augmented reality hardware and software business. It generates revenue primarily from selling advertising placements to marketers across its family of apps, with additional revenue from sales of consumer hardware, software, and content through its virtual reality and wearables product lines. Customers include individual users of its social and messaging applications, advertisers and marketers seeking to reach consumers, and purchasers of its virtual reality headsets and AI glasses.

S&P 500 · COMMUNICATION SERVICES · CIK 1326801

S&P 500

REVENUE$201.0B+22.2% YoY
NET INCOME$60.5B-3.1% YoY
OPERATING CASH FLOW$115.8B+26.8% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$46.1B-14.7% YoY
79
FILING SCORE / 100
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How the score is computed: 8 management claims are checked against the filed statements and 6 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 12/16 on claims and 10/12 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG14 CHECKS · 0 red · 2 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues200,966164,501134,9022
· Advertising196,175160,633131,948
· Other revenue2,5841,7221,058
· Other (filed total less lines shown)2,2072,1461,896
Cost of revenue36,17530,16125,959
Research and development57,37243,87338,483
Selling, general and administrative12,1529,74011,408
Depreciation, depletion and amortization18,61615,49811,178
Total operating expenses117,69095,12188,151
Operating income83,27669,38046,7511
Interest expense——446
Other income (expense), net2,6561,283677
Income before income taxes85,93270,66347,4281
Income tax provision25,4748,3038,3302
— of which current6,71913,0408,1991
Net income attributable to common60,45862,36039,0982
Diluted earnings per share$23.49$23.86$14.871
Weighted-average diluted shares2,5742,6142,629
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests60,45862,36039,098
Depreciation, depletion and amortization18,61615,49811,178
Share-based compensation20,42716,69014,027
Deferred income taxes18,755(4,737)131
Change in receivables1,8151,4852,399
Net cash provided by operating activities115,80091,32871,1133
Capital expenditure69,69137,25627,0452
Net cash used in investing activities(102,003)(47,150)(24,495)
Dividends paid5,3245,07202
Repurchases of common stock26,24830,12519,7742
Debt issued29,90610,4328,455
Net cash used in financing activities(20,370)(40,781)(19,500)
Cash and equivalents at end of period39,10045,43842,827
Balance sheet · $ millions20252024
Cash and cash equivalents35,87343,8891
Short-term investments45,71933,9261
Receivables, net19,76916,9941
Total current assets108,722100,045
Goodwill24,53420,6541
Intangible assets, net3,295490
Total assets366,021276,0541
Accounts payable8,894—
Total current liabilities41,83633,596
Long-term debt58,74428,8261
Total liabilities148,77893,417
Stockholders' equity217,243182,637
Total equity217,243182,637
Segments · as filed in the segment note · $ millionsFamily of AppsReality LabsConsolidated
Net sales198,7592,207200,966
Operating income102,469(19,193)83,276
· operating margin51.6%-869.6%41.4%
Revenue by product or service · as filed · $ millionsFY2025Share
Advertising196,17597.6%
Other revenue2,5841.3%
Other (filed total less lines shown)2,2071.1%
Total revenues, as filed200,966100.0%

Product lines cover 99% of filed revenue; the rest is shown as one computed line. Lines not filed as one figure are the sum of their filed pieces across segments.

Revenue by geography · as filed · $ millionsFY2025Share
US & Canada78,86639.2%
Asia Pacific53,81726.8%
Europe46,56923.2%
Rest Of World21,71410.8%
Total revenues, as filed200,966100.0%

Geographic lines sum to the filed total. 1 filed line(s) not shown: United States.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS366,021276,054+89,967+32.6%—
Total liabilities · BS148,77893,417+55,361+59.3%◐ outsized
Net cash used in investing activities · CF(102,003)(47,150)−54,853-116.3%◐ outsized
Total revenues · IS200,966164,501+36,465+22.2%—
· Advertising · IS196,175160,633+35,542+22.1%—
Stockholders' equity · BS217,243182,637+34,606+18.9%—
Total equity · BS217,243182,637+34,606+18.9%—
Capital expenditure · CF69,69137,256+32,435+87.1%◐ outsized
Long-term debt · BS58,74428,826+29,918+103.8%◐ outsized
Net cash provided by operating activities · CF115,80091,328+24,472+26.8%—
Deferred income taxes · CF18,755(4,737)+23,492+495.9%◐ outsized
Total operating expenses · IS117,69095,121+22,569+23.7%—
Net cash used in financing activities · CF(20,370)(40,781)+20,411+50.1%◐ outsized
Debt issued · CF29,90610,432+19,474+186.7%◐ outsized
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
30.2%
sector median 16.6%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
n/a
sector median +0.0%
insufficient data
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.27
sector median 0.76
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 42.8%
sector median 16.2%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues42,31447,51651,24256,31160,801
Cost of revenue7,5728,4919,20610,21811,330
Research and development12,15012,94215,14417,69921,656
Selling, general and administrative2,2802,6633,5122,6145,609
Depreciation, depletion and amortization3,900——5,999—
Total operating expenses24,75927,07530,70733,43942,026
Operating income17,55520,44120,53522,87218,775
Other income (expense), net827931,128(1,120)(19)
Income before income taxes18,38220,53421,66321,75218,756
Income tax provision1,7382,19718,954(5,021)2,908
Net income attributable to common16,64418,3372,70926,77315,848
Diluted earnings per share$6.43$7.14$1.05$10.44$6.18
Weighted-average diluted shares2,5902,5702,5722,5642,566
Net cash provided by operating activities24,026——32,226—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net income attributable to common26,77315,848−10,925-40.8%
Total operating expenses33,43942,026+8,587+25.7%
Net cash provided by operating activities24,02632,226+8,200+34.1%
Income tax provision(5,021)2,908+7,929+157.9%
Total revenues56,31160,801+4,490+8.0%
Operating income22,87218,775−4,097-17.9%
Research and development17,69921,656+3,957+22.4%
Income before income taxes21,75218,756−2,996-13.8%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$1,600,000M10-K cover · as of 2025-06-30
Insider Form 4s, 90d32 filings · 0 buys / 94 sellsnet selling · −$82,728,510
· Cox Christopher KSELL $14,500,328Form 4 filed 2026-09-23 · open market
· Cox Christopher KSELL $14,009,932Form 4 filed 2026-09-23 · open market
· Cox Christopher KSELL $13,504,556Form 4 filed 2026-09-17 · open market
· Cox Christopher KSELL $12,079,640Form 4 filed 2026-09-11 · open market
· Anderson AaronSELL $2,002,508Form 4 filed 2026-09-08 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedPeggy Alford, a member of our board of directorsNovember 25, 2025 · up to $1 million worth of shares of our Class A common stock shares · 10-K insider trading arrangements
· 10b5-1 adoptedSusan Li, Chief Financial OfficerNovember 25, 2025 · 112,273 shares of our Class A common stock and up to all of the net shares received during 2026 pursuant to Ms. Li and her spouse's outstanding equity awards and any future equity award grants shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Communication Services →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Meta Platforms's Form 10-K for FY2025 (accession 0001628280-26-003942), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. META is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.