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.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 200,966 | 164,501 | 134,902 | 2 |
| · Family of apps | 198,759 | 162,355 | 133,006 | |
| · Reality labs | 2,207 | 2,146 | 1,896 | |
| Cost of revenue | 36,175 | 30,161 | 25,959 | |
| Research and development | 57,372 | 43,873 | 38,483 | |
| Selling, general and administrative | 12,152 | 9,740 | 11,408 | |
| Depreciation, depletion and amortization | 18,616 | 15,498 | 11,178 | |
| Total operating expenses | 117,690 | 95,121 | 88,151 | |
| Operating income | 83,276 | 69,380 | 46,751 | 1 |
| Interest expense | — | — | 446 | |
| Other income (expense), net | 2,656 | 1,283 | 677 | |
| Income before income taxes | 85,932 | 70,663 | 47,428 | 1 |
| Income tax provision | 25,474 | 8,303 | 8,330 | 2 |
| — of which current | 6,719 | 13,040 | 8,199 | 1 |
| Net income attributable to common | 60,458 | 62,360 | 39,098 | 2 |
| Diluted earnings per share | $23.49 | $23.86 | $14.87 | 1 |
| Weighted-average diluted shares | 2,574 | 2,614 | 2,629 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 60,458 | 62,360 | 39,098 | |
| Depreciation, depletion and amortization | 18,616 | 15,498 | 11,178 | |
| Share-based compensation | 20,427 | 16,690 | 14,027 | |
| Deferred income taxes | 18,755 | (4,737) | 131 | |
| Change in receivables | 1,815 | 1,485 | 2,399 | |
| Net cash provided by operating activities | 115,800 | 91,328 | 71,113 | 3 |
| Capital expenditure | 69,691 | 37,256 | 27,045 | 2 |
| Net cash used in investing activities | (102,003) | (47,150) | (24,495) | |
| Dividends paid | 5,324 | 5,072 | 0 | 2 |
| Repurchases of common stock | 26,248 | 30,125 | 19,774 | 2 |
| Debt issued | 29,906 | 10,432 | 8,455 | |
| Net cash used in financing activities | (20,370) | (40,781) | (19,500) | |
| Cash and equivalents at end of period | 39,100 | 45,438 | 42,827 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 35,873 | 43,889 | 1 |
| Short-term investments | 45,719 | 33,926 | 1 |
| Receivables, net | 19,769 | 16,994 | 1 |
| Total current assets | 108,722 | 100,045 | |
| Goodwill | 24,534 | 20,654 | 1 |
| Intangible assets, net | 3,295 | 490 | |
| Total assets | 366,021 | 276,054 | 1 |
| Total current liabilities | 41,836 | 33,596 | |
| Long-term debt | 58,744 | 28,826 | 1 |
| Total liabilities | 148,778 | 93,417 | |
| Stockholders' equity | 217,243 | 182,637 | |
| Total equity | 217,243 | 182,637 |
| Segments · as filed in the segment note · $ millions | Family of apps | Reality labs | Consolidated |
|---|---|---|---|
| Net sales | 198,759 | 2,207 | 200,966 |
| Operating income | 102,469 | (19,193) | 83,276 |
| · operating margin | 51.6% | -869.6% | 41.4% |
Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 366,021 | 276,054 | +89,967 | +32.6% | — |
| Total liabilities · BS | 148,778 | 93,417 | +55,361 | +59.3% | ◐ outsized |
| Net cash used in investing activities · CF | (102,003) | (47,150) | −54,853 | -116.3% | ◐ outsized |
| Total revenues · IS | 200,966 | 164,501 | +36,465 | +22.2% | — |
| · Family of apps · IS | 198,759 | 162,355 | +36,404 | +22.4% | — |
| Stockholders' equity · BS | 217,243 | 182,637 | +34,606 | +18.9% | — |
| Total equity · BS | 217,243 | 182,637 | +34,606 | +18.9% | — |
| Capital expenditure · CF | 69,691 | 37,256 | +32,435 | +87.1% | ◐ outsized |
| Long-term debt · BS | 58,744 | 28,826 | +29,918 | +103.8% | ◐ outsized |
| Net cash provided by operating activities · CF | 115,800 | 91,328 | +24,472 | +26.8% | — |
| Deferred income taxes · CF | 18,755 | (4,737) | +23,492 | +495.9% | ◐ outsized |
| Total operating expenses · IS | 117,690 | 95,121 | +22,569 | +23.7% | — |
| Net cash used in financing activities · CF | (20,370) | (40,781) | +20,411 | +50.1% | ◐ outsized |
| Debt issued · CF | 29,906 | 10,432 | +19,474 | +186.7% | ◐ outsized |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| 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 0.71 | low |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 42.8% sector median 15.9% | volatile |
| Quarterly · as filed in 10-Q/10-K · $ millions | SEP 24 | MAR 25 | JUN 25 | SEP 25 | MAR 26 |
|---|---|---|---|---|---|
| Total revenues | 40,589 | 42,314 | 47,516 | 51,242 | 56,311 |
| Cost of revenue | 7,375 | 7,572 | 8,491 | 9,206 | 10,218 |
| Research and development | 11,177 | 12,150 | 12,942 | 15,144 | 17,699 |
| Selling, general and administrative | 1,865 | 2,280 | 2,663 | 3,512 | 2,614 |
| Depreciation, depletion and amortization | — | 3,900 | — | — | 5,999 |
| Total operating expenses | 23,239 | 24,759 | 27,075 | 30,707 | 33,439 |
| Operating income | 17,350 | 17,555 | 20,441 | 20,535 | 22,872 |
| Other income (expense), net | 472 | 827 | 93 | 1,128 | (1,120) |
| Income before income taxes | 17,822 | 18,382 | 20,534 | 21,663 | 21,752 |
| Income tax provision | 2,134 | 1,738 | 2,197 | 18,954 | (5,021) |
| Net income attributable to common | 15,688 | 16,644 | 18,337 | 2,709 | 26,773 |
| Diluted earnings per share | $6.03 | $6.43 | $7.14 | $1.05 | $10.44 |
| Weighted-average diluted shares | 2,600 | 2,590 | 2,570 | 2,572 | 2,564 |
| Net cash provided by operating activities | — | 24,026 | — | — | 32,226 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net income attributable to common | 2,709 | 26,773 | +24,064 | +888.3% |
| Income tax provision | 18,954 | (5,021) | −23,975 | -126.5% |
| Net cash provided by operating activities | 24,026 | 32,226 | +8,200 | +34.1% |
| Total revenues | 51,242 | 56,311 | +5,069 | +9.9% |
| Total operating expenses | 30,707 | 33,439 | +2,732 | +8.9% |
| Research and development | 15,144 | 17,699 | +2,555 | +16.9% |
| Operating income | 20,535 | 22,872 | +2,337 | +11.4% |
| Other income (expense), net | 1,128 | (1,120) | −2,248 | -199.3% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $1,600,000M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 46 filings · 0 buys / 75 sells | net selling · −$25,661,134 |
| · Mahoney Curtis J. | SELL $1,268,024 | Form 4 filed 2026-05-29 · open market |
| · Olivan Javier | SELL $1,246,437 | Form 4 filed 2026-07-08 · open market |
| · Olivan Javier | SELL $1,013,936 | Form 4 filed 2026-07-15 · open market |
| · Olivan Javier | SELL $540,576 | Form 4 filed 2026-07-22 · open market |
| · Olivan Javier | SELL $526,716 | Form 4 filed 2026-06-03 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Peggy Alford, a member of our board of directors | November 25, 2025 · up to $1 million worth of shares of our Class A common stock shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Susan Li, Chief Financial Officer | November 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 |
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.