Meta Platforms, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Meta Platforms, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27,638	40,653	55,838	70,697	85,965	117,929	116,609	134,902	164,501	200,966
Cost of revenue	3,789	5,454	9,355	12,770	16,692	22,649	25,249	25,959	30,161	36,175
Gross profit	23,849	35,199	46,483	57,927	69,273	95,280	91,360	108,943	134,340	164,791
Research and development	5,919	7,754	10,273	13,600	18,447	24,655	35,338	38,483	43,873	57,372
Selling and marketing	3,772	4,725	7,846	9,876	11,591	14,043	15,262	12,301	11,347	11,991
General and administrative	1,731	2,517	3,451	10,465	6,564	9,829	11,816	11,408	9,740	12,152
Operating income	12,427	20,203	24,913	23,986	32,671	46,753	28,944	46,751	69,380	83,276
Interest expense	10	6	9	20		23	185	446	715	1,165
Interest income	176	398	661	924		484	461	1,639	2,517	2,123
Other non-operating income	91	391	448	826	509	531	-125	677	1,283	2,656
Pre-tax income	12,518	20,594	25,361	24,812	33,180	47,284	28,819	47,428	70,663	85,932
Income tax	2,301	4,660	3,249	6,327	4,034	7,914	5,619	8,330	8,303	25,474
Net income	10,217	15,934	22,112	18,485	29,146	39,370	23,200	39,098	62,360	60,458
EBITDA	14,769	23,228	29,228	29,727	39,533	54,720	37,630	57,929	84,878	101,892
EPS, basic	3.56	5.49	7.65	6.48	10.22	13.99	8.63	15.19	24.61	23.98
EPS, diluted	3.49	5.39	7.57	6.43	10.09	13.77	8.59	14.87	23.86	23.49
Shares, basic (weighted)	2,863	2,901	2,890	2,854	2,851	2,815	2,687	2,574	2,534	2,521
Shares, diluted (weighted)	2,925	2,956	2,921	2,876	2,888	2,859	2,702	2,629	2,614	2,574
Dividend per share									2.00	2.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8,903	8,079	10,019	19,079	17,576	16,601	14,681	41,862	43,889	35,873
Short-term investments	20,546	33,632	31,095	35,776	44,378	31,397	26,057	23,541	33,926	45,719
Receivables	3,993	5,832	7,587	9,518	11,335	14,039	13,466	16,169	16,994	19,769
Other current assets	959	1,020	1,779	1,852	2,381	4,629	5,345	3,793	5,236	7,361
Total current assets	34,401	48,563	50,480	66,225	75,670	66,666	59,549	85,365	100,045	108,722
Property, plant and equipment	8,591	13,721	24,683	35,323	45,633	57,809	79,518	96,587	121,346	176,400
Lease right-of-use assets			0	9,460	9,348	12,155	12,673	13,294	14,922	20,404
Goodwill	18,122	18,221	18,301	18,715	19,050	19,197	20,306	20,654	20,654	24,534
Intangible assets	2,535	1,884	1,294	894	623	634	897	788	915	3,692
Other non-current assets	1,312	2,135	2,576	2,673	2,758	2,751	6,583	7,582	13,017	8,437
Total assets	64,961	84,524	97,334	133,376	159,316	165,987	185,727	229,623	276,054	366,021
Accounts payable	302	380	820	1,363	1,331	4,083	4,990	4,849	7,687	8,894
Accrued liabilities	2,203	2,892	5,509	11,735	11,152	14,873	19,552	25,488	23,967	30,729
Deferred revenue	62	98	147	269	382	517	482	626	721
Total current liabilities	2,875	3,760	7,017	15,053	14,981	21,135	27,026	31,960	33,596	41,836
Long-term debt						0	9,923	18,385	28,826	58,744
Lease liabilities			0	9,524	9,631	12,746	15,301	17,226	18,292	22,940
Other non-current liabilities	2,892	6,417	6,190	7,745	6,414	7,227	7,764	1,370	2,716	4,253
Total liabilities	5,767	10,177	13,207	32,322	31,026	41,108	60,014	76,455	93,417	148,778
Total debt						0	9,923	18,385	28,826	58,744
Paid-in capital	38,227	40,584	42,906	45,851	50,018	55,811	64,444	73,253	83,228	95,793
Retained earnings	21,670	33,990	41,981	55,692	77,345	69,761	64,799	82,070	102,506	121,179
Other comprehensive income	-703	-227	-760	-489	927	-693	-3,530	-2,155	-3,097	271
Shareholders' equity	59,194	74,347	84,127	101,054	128,290	124,879	125,713	153,168	182,637	217,243
Total equity	59,194	74,347	84,127	101,054	128,290	124,879	125,713	153,168	182,637	217,243
Total liabilities and equity	64,961	84,524	97,334	133,376	159,316	165,987	185,727	229,623	276,054	366,021

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10,217	15,934	22,112	18,485	29,146	39,370	23,200	39,098	62,360	60,458
Depreciation and amortization	2,342	3,025	4,315	5,741	6,862	7,967	8,686	11,178	15,498	18,616
Stock-based compensation	3,218	3,723	4,152	4,836	6,536	9,164	11,992	14,027	16,690	20,427
Deferred income tax	-457	-377	286	-37	-1,192	609	-3,277	131	-4,737	18,755
Change in receivables	-1,489	-1,609	-1,892	-1,961	-1,512	-3,110	231	-2,399	-1,485	-1,815
Change in payables	14	43	221
Cash from operations	16,108	24,216	29,274	36,314	38,747	57,683	50,475	71,113	91,328	115,800
Capital expenditures	-4,491	-6,733	-13,915	-15,102	-15,163	-18,690	-31,186	-27,045	-37,256	-69,691
Purchases of investments	-22,341	-25,682	-14,656	-23,910	-33,930	-30,407	-9,626	-2,982	-25,542	-36,929
Sales and maturities of investments	1,261	2,988	4,772	10,152	13,984	10,915	2,075	6,184	15,789	26,874
Cash from investing	-11,792	-20,118	-11,603	-19,864	-30,059	-7,570	-28,970	-24,495	-47,150	-102,003
Debt issued					0	0	9,921	8,455	10,432	29,906
Share buybacks	0	-1,976	-12,879	-4,202	-6,272	-44,537	-27,956	-19,774	-30,125	-26,248
Dividends paid							0	0	-5,072	-5,324
Cash from financing	-310	-5,235	-15,572	-7,299	-10,292	-50,728	-22,136	-19,500	-40,781	-20,370
Exchange rate effect	-63	232	-179	4	279	-474	-638	113	-786	235
Net change in cash	3,943	-905	1,920	9,155	-1,325	-1,089	-1,269	27,231	2,611	-6,338
Free cash flow	11,617	17,483	15,359	21,212	23,584	38,993	19,289	44,068	54,072	46,109
Interest paid	11	0	1			0	0	448	486	696
Income taxes paid	1,210	2,117	3,762	5,182	4,229	8,525	6,407	6,607	10,554	7,578

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $751.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	81.7%	Gross profit / revenue.
Operating margin	38.1%	Operating income / revenue.
EBITDA margin	47.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	38.3%	Pre-tax income / revenue.
Net margin	29.8%	Net income / revenue.
FCF margin	18.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	57.1%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.1%	Net income / average total assets.
Return on invested capital (ROIC)	20.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	31.4%	Research and development expense / revenue.
Stock-based pay / revenue	11.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	39.1%	Capital expenditures / revenue.
D&A / revenue	9.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	21.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	20.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	42.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	39.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	39.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	31.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	33.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	18.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.23x	Current assets / current liabilities.
Quick ratio	1.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.6%	Total debt / total assets.
Liabilities / assets	41.9%	Total liabilities / total assets.
Net debt	-$6.60B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.06x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$69.10B	Current assets - current liabilities.
Goodwill and intangibles / assets	5.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$237.82B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	1.01x	Revenue / average property, plant and equipment.
Receivables turnover	10.5x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	139 days	365 x average accounts payable / cost of revenue.
FCF conversion	60.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	68.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$26.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$88.95	Revenue / diluted weighted shares.
FCF per share	$15.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$50.78	Cash from operations / diluted weighted shares.
Book value per share	$101.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$92.68	Tangible book value / shares outstanding.
Cash per share	$35.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	13.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	8.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.91T	Share price x shares outstanding.
Enterprise value	$1.91T	Market cap + total debt - cash - short-term investments.
P/E	28.1x	Market cap / net income. Only when net income is positive.
P/S	8.39x	Market cap / revenue.
P/B	7.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.05x	Market cap / tangible book value, when positive.
P/FCF	46.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	8.36x	Enterprise value / revenue.
EV/EBIT	22.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	0.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Meta Platforms, Inc.'s revenue in fiscal 2025?

Meta Platforms, Inc. reported revenue of $200.97B for fiscal 2025, 22.2% higher than the year before.

Was Meta Platforms, Inc. profitable in fiscal 2025?

Yes. Net income was $60.46B, a net margin of 30.1%.

How much free cash flow did Meta Platforms, Inc. generate in fiscal 2025?

Cash from operations of $115.80B minus capital expenditures of $69.69B left free cash flow of $46.11B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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