Meta Platforms
META · NasdaqServices-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $118B | $117B | $135B | $165B | $201B |
| Cost of revenue | $22.6B | $25.2B | $26B | $30.2B | $36.2B |
| Gross profit | $95.3B | $91.4B | $109B | $134B | $165B |
| Research & development | $24.7B | $35.3B | $38.5B | $43.9B | $57.4B |
| Operating income | $46.8B | $28.9B | $46.8B | $69.4B | $83.3B |
| Interest expense | $23M | $185M | $446M | $715M | $1.2B |
| Pre-tax income | $47.3B | $28.8B | $47.4B | $70.7B | $85.9B |
| Income tax | $7.9B | $5.6B | $8.3B | $8.3B | $25.5B |
| Net income | $39.4B | $23.2B | $39.1B | $62.4B | $60.5B |
| Diluted EPS | 13.77 | 8.59 | 14.87 | 23.86 | 23.49 |
| Diluted shares | 2,859M | 2,702M | 2,629M | 2,614M | 2,574M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $16.6B | $14.7B | $41.9B | $43.9B | $35.9B |
| Receivables | $14B | $13.5B | $16.2B | $17B | $19.8B |
| Current assets | $66.7B | $59.5B | $85.4B | $100B | $109B |
| Goodwill | $19.2B | $20.3B | $20.7B | $20.7B | $24.5B |
| Total assets | $166B | $186B | $230B | $276B | $366B |
| Payables | – | – | – | – | $8.9B |
| Deferred revenue | $517M | $482M | $626M | $721M | $1.1B |
| Current liabilities | $21.1B | $27B | $32B | $33.6B | $41.8B |
| Long-term debt | $0 | $9.9B | $18.4B | $28.8B | $58.7B |
| Total liabilities | $41.1B | $60B | $76.5B | $93.4B | $149B |
| Shareholders' equity | $125B | $126B | $153B | $183B | $217B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $57.7B | $50.5B | $71.1B | $91.3B | $116B |
| Capital expenditure | $18.7B | $31.2B | $27B | $37.3B | $69.7B |
| Free cash flow | $39B | $19.3B | $44.1B | $54.1B | $46.1B |
| Depreciation & amortisation | $8B | $8.7B | $11.2B | $15.5B | $18.6B |
| Stock-based compensation | $9.2B | $12B | $14B | $16.7B | $20.4B |
| Share buybacks | $44.5B | $28B | $19.8B | $30.1B | $26.2B |
| Dividends paid | – | $0 | $0 | $5.1B | $5.3B |
| Dividend per share | – | – | – | 2.00 | 2.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.1% | 15.7% | 21.9% | 22.2% |
| Operating income growth (YoY) | – | −38.1% | 61.5% | 48.4% | 20.0% |
| EPS growth (YoY) | – | −37.6% | 73.1% | 60.5% | −1.6% |
| Gross margin | 80.8% | 78.3% | 80.8% | 81.7% | 82.0% |
| Operating margin | 39.6% | 24.8% | 34.7% | 42.2% | 41.4% |
| Net margin | 33.4% | 19.9% | 29.0% | 37.9% | 30.1% |
| Return on equity | 31.5% | 18.5% | 25.5% | 34.1% | 27.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 32.3% | 18.2% | 23.7% | 28.6% | 25.7% |
| Free cash flow margin | 33.1% | 16.5% | 32.7% | 32.9% | 22.9% |
| Cash conversion (CFO ÷ net income) | 1.47x | 2.18x | 1.82x | 1.46x | 1.92x |
| Receivable days | 43 | 42 | 44 | 38 | 36 |
| Payable days | – | – | – | – | 90 |
| Interest cover | 2033x | 156x | 105x | 97.0x | 71.5x |
| Debt ÷ equity | 0.00x | 0.08x | 0.12x | 0.16x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$16.6B | −$4.8B | −$23.5B | −$15.1B | $22.9B |
| Current ratio | 3.15x | 2.20x | 2.67x | 2.98x | 2.60x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.