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Meta Platforms

META Nasdaq Interactive Media & Services Financials FY2016–FY2025

Meta Platforms' revenue rose 22.2% to $201.0 billion in fiscal 2025. Its operating margin was 41.4%, down from 42.2% a year earlier. Free cash flow was $46.1 billion, down 14.7%. It paid out $31.6 billion in dividends and buybacks, 68% of free cash flow. The diluted share count fell 1.5%.

Last close · Oct 23, 2026

$642.62

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$201.0B
22.2% vs prior year
Operating margin Operating income as a share of revenue.
41.4%
0.7 pts
Net income Profit after all expenses, interest and tax.
$60.5B
3.1%
Free cash flow Cash from operations minus capital spending.
$46.1B
14.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
35.5%
15.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.65T
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.9x
On $29.32 EPS (TTM)

What Meta Platforms does

Meta owns Facebook, Instagram, WhatsApp, Messenger and Threads, apps where people post photos, videos and updates, follow others and send messages. It also offers Meta AI, an assistant built into its apps and available on its own. Meta says an average of 3.58 billion people used at least one of its apps each day in December 2025. It also sells hardware: Meta Quest virtual reality headsets and AI glasses made with Ray-Ban and Oakley.

Meta reports two segments. Family of Apps brings in substantially all of its revenue, by selling ads that businesses place across its apps and on other apps and websites. Most advertisers buy and manage these ads themselves through its online tools. Reality Labs sells headsets, glasses, software and content, and works on virtual and augmented reality and other long-term technology. It loses money: Meta says the segment cut its 2025 operating profit by about $19.19 billion. Meta says it competes with other online services for users' attention and with other ad sellers for marketers' budgets, as well as with other companies building advanced AI models.

Meta had 78,865 employees at the end of 2025, with offices in more than 90 cities. It builds its own data centers and is spending heavily on computing power to develop AI. Its founder and CEO controls a majority of the shareholder votes.

Legal name
Meta Platforms, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Jan 29, 2026
Accession · CIK
0001628280-26-003942
0001326801

Revenue and margins

Meta Platforms had $201.0B of revenue in fiscal 2025, up 22.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 23.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $46.1B in fiscal 2025, 22.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Meta Platforms returned $31.6B to shareholders in fiscal 2025, 68% of free cash flow. The diluted share count fell 1.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Meta Platforms yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $21.7B and divides by 2,574.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.9x · peers 19.5x · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Meta Platforms can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $48.0B$40.7B$65.4B$77.8B$81.6B
Debt incl. finance leases $581M$10.6B$19.1B$29.5B$59.9B
Net debt / EBITDA −0.9x−0.8x−0.8x−0.6x−0.2x
Debt / equity 0.0x0.1x0.1x0.2x0.3x
Interest coverage 2,032.7x156.5x104.8x97.0x71.5x
Current ratio 3.2x2.2x2.7x3.0x2.6x
Quick ratio 3.2x2.2x2.7x3.0x2.6x
Total assets $166.0B$185.7B$229.6B$276.1B$366.0B
Total liabilities $41.1B$60.0B$76.5B$93.4B$148.8B
Shareholders' equity $124.9B$125.7B$153.2B$182.6B$217.2B
Net debt (− = net cash) −$47.4B−$30.1B−$46.3B−$48.3B−$21.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$88.4M

4 insiders

Of sales under plans

100%

$88.4M

DateInsiderTradeSharesPriceValueFiling
Oct 19, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $707.20 $1.1M Form 4
Oct 12, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $728.10 $1.1M Form 4
Oct 5, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $728.08 $1.1M Form 4
Sep 28, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $749.82 $1.2M Form 4
Sep 24, 2026 Mark ZuckerbergCOB and CEO, Director, 10% owner Sold plan 27,474 $777.44 $21.4M Form 4
Sep 21, 2026 Christopher K CoxChief Product Officer Sold plan 40,000 $712.76 $28.5M Form 4
Sep 21, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $680.27 $1.1M Form 4
Sep 15, 2026 Christopher K CoxChief Product Officer Sold plan 20,000 $675.23 $13.5M Form 4
Sep 14, 2026 Javier OlivanChief Operating Officer Sold plan 1,575 $657.73 $1.0M Form 4
Sep 9, 2026 Christopher K CoxChief Product Officer Sold plan 20,000 $650.28 $13.0M Form 4
Sep 8, 2026 Javier OlivanChief Operating Officer Sold plan 5,354 $616.58 $3.3M Form 4
Sep 3, 2026 Aaron AndersonChief Accounting Officer Sold plan 3,240 $618.06 $2.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 8 / 97 / 96 / 9
Accruals ratio −15.4%−11.5%−17.2%
Altman Z'' 6.166.535.34

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Meta Platforms META $1.65T 22.2% 41.4% 22.9% 35.5% 21.9x 6
Alphabet GOOGL $3.94T 15.1% 32.0% 18.2% 36.7% 16.1x 8 Compare →
Microsoft MSFT $3.91T 17.8% 46.8% 20.2% 30.9% 29.2x 6 Compare →
Amazon AMZN $2.70T 12.4% 11.2% 1.1% 20.6% 20.0x 6 Compare →
Netflix NFLX $276.2B 15.9% 29.5% 20.9% 36.7% 19.0x 7 Compare →

Stories about Meta Platforms

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $27.6B $40.7B $55.8B $70.7B $86.0B $117.9B $116.6B $134.9B $164.5B $201.0B
Gross profit $23.8B $35.2B $46.5B $57.9B $69.3B $95.3B $91.4B $108.9B $134.3B $164.8B
Research and development $5.9B $7.8B $10.3B $13.6B $18.4B $24.7B $35.3B $38.5B $43.9B $57.4B
Operating income $12.4B $20.2B $24.9B $24.0B $32.7B $46.8B $28.9B $46.8B $69.4B $83.3B
Interest expense $10.0M $6.0M $9.0M $20.0M — $23.0M $185M $446M $715M $1.2B
Pretax income $12.5B $20.6B $25.4B $24.8B $33.2B $47.3B $28.8B $47.4B $70.7B $85.9B
Income tax $2.3B $4.7B $3.2B $6.3B $4.0B $7.9B $5.6B $8.3B $8.3B $25.5B
Net income $10.2B $15.9B $22.1B $18.5B $29.1B $39.4B $23.2B $39.1B $62.4B $60.5B
Diluted EPS $3.49 $5.39 $7.57 $6.43 $10.09 $13.77 $8.59 $14.87 $23.86 $23.49
Diluted shares 2.93B 2.96B 2.92B 2.88B 2.89B 2.86B 2.70B 2.63B 2.61B 2.57B
Cash flow
Cash from operations $16.1B $24.2B $29.3B $36.3B $38.7B $57.7B $50.5B $71.1B $91.3B $115.8B
Capital expenditure $4.5B $6.7B $13.9B $15.1B $15.2B $18.7B $31.2B $27.0B $37.3B $69.7B
Free cash flow $11.6B $17.5B $15.4B $21.2B $23.6B $39.0B $19.3B $44.1B $54.1B $46.1B
Depreciation and amortization $2.3B $3.0B $4.3B $5.7B $6.9B $8.0B $8.7B $11.2B $15.5B $18.6B
Stock-based compensation $3.2B $3.7B $4.2B $4.8B $6.5B $9.2B $12.0B $14.0B $16.7B $20.4B
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $2.0B $12.9B $4.2B $6.3B $44.5B $28.0B $19.8B $30.1B $26.2B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $5.1B $5.3B
Dividends and buybacks $0.0M $2.0B $12.9B $4.2B $6.3B $44.5B $28.0B $19.8B $35.2B $31.6B
Balance sheet
Cash and short-term investments $29.4B $41.7B $41.1B $54.9B $62.0B $48.0B $40.7B $65.4B $77.8B $81.6B
Total debt — — — — — $0.0M $9.9B $18.4B $28.8B $58.7B
Finance lease liabilities $0.0M $0.0M $0.0M $473M $523M $581M $687M $690M $709M $1.2B
Current assets $34.4B $48.6B $50.5B $66.2B $75.7B $66.7B $59.5B $85.4B $100.0B $108.7B
Current liabilities $2.9B $3.8B $7.0B $15.1B $15.0B $21.1B $27.0B $32.0B $33.6B $41.8B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $8.6B $13.7B $24.7B $35.3B $45.6B $57.8B $79.5B $96.6B $121.3B $176.4B
Total assets $65.0B $84.5B $97.3B $133.4B $159.3B $166.0B $185.7B $229.6B $276.1B $366.0B
Total liabilities $5.8B $10.2B $13.2B $32.3B $31.0B $41.1B $60.0B $76.5B $93.4B $148.8B
Shareholders' equity $59.2B $74.3B $84.1B $101.1B $128.3B $124.9B $125.7B $153.2B $182.6B $217.2B
Margins
Gross margin 86.3% 86.6% 83.3% 81.9% 80.6% 80.8% 78.4% 80.8% 81.7% 82.0%
Operating margin 45.0% 49.7% 44.6% 33.9% 38.0% 39.7% 24.8% 34.7% 42.2% 41.4%
EBITDA margin 53.4% 57.1% 52.3% 42.1% 46.0% 46.4% 32.3% 42.9% 51.6% 50.7%
Net margin 37.0% 39.2% 39.6% 26.2% 33.9% 33.4% 19.9% 29.0% 37.9% 30.1%
FCF margin 42.0% 43.0% 27.5% 30.0% 27.4% 33.1% 16.5% 32.7% 32.9% 22.9%
Returns
Return on capital — — — — — — 26.9% 38.1% 50.8% 35.5%
Return on capital employed 22.7% 28.3% 29.1% 23.0% 24.9% 32.3% 19.1% 26.2% 31.5% 29.4%
Return on equity 19.8% 23.9% 27.9% 20.0% 25.4% 31.1% 18.5% 28.0% 37.1% 30.2%
Return on assets 17.9% 21.3% 24.3% 16.0% 19.9% 24.2% 13.2% 18.8% 24.7% 18.8%
Growth
Revenue growth 54.2% 47.1% 37.4% 26.6% 21.6% 37.2% −1.1% 15.7% 21.9% 22.2%
Net income growth 177.0% 56.0% 38.8% −16.4% 57.7% 35.1% −41.1% 68.5% 59.5% −3.1%
EPS growth 170.5% 54.4% 40.5% −15.1% 56.9% 36.5% −37.6% 73.1% 60.5% −1.6%
FCF growth 49.0% 50.5% −12.2% 38.1% 11.2% 65.3% −50.5% 128.5% 22.7% −14.7%
Share count change 2.5% 1.1% −1.2% −1.5% 0.4% −1.0% −5.5% −2.7% −0.6% −1.5%
Financial health
Net debt / EBITDA — — — — — −0.9x −0.8x −0.8x −0.6x −0.2x
Debt / equity — — — — — 0.0x 0.1x 0.1x 0.2x 0.3x
Interest coverage 1,242.7x 3,367.2x 2,768.1x 1,199.3x — 2,032.7x 156.5x 104.8x 97.0x 71.5x
Current ratio 12.0x 12.9x 7.2x 4.4x 5.1x 3.2x 2.2x 2.7x 3.0x 2.6x
Quick ratio 12.0x 12.9x 7.2x 4.4x 5.1x 3.2x 2.2x 2.7x 3.0x 2.6x
Capital allocation
Capex / revenue 16.3% 16.6% 24.9% 21.4% 17.6% 15.9% 26.7% 20.1% 22.7% 34.7%
Stock comp / revenue 11.6% 9.2% 7.4% 6.8% 7.6% 7.8% 10.3% 10.4% 10.2% 10.2%
Payouts / FCF 0.0% 11.3% 83.9% 19.8% 26.6% 114.2% 144.9% 44.9% 65.1% 68.5%
Quality scores
Piotroski F-score — — — — — — 4.0 8.0 7.0 6.0
Altman Z'' 16.3 14.1 12.7 8.4 9.8 8.3 5.5 6.2 6.5 5.3
Accruals ratio −10.3% −11.1% −7.9% −15.5% −6.6% −11.3% −15.5% −15.4% −11.5% −17.2%

Source: SEC EDGAR XBRL filings (CIK 0001326801). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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