{ "ticker": "META", "cik": "0001326801", "company": "Meta Platforms, Inc.", "business_type": "technology (digital advertising platform)", "schema_template": "Standard operating-company template (revenue, cost of revenue, operating expenses, operating income, net income, diluted EPS; cash, debt, assets, equity; operating cash flow, capital expenditure, free cash flow), extended with Meta's two reportable segments -- Family of Apps and Reality Labs -- because the segment split is where the economics of this business actually live: Family of Apps funds a large, persistent Reality Labs operating loss.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions), except per-share amounts and share counts", "units_notes_seen": { "FY2025 10-K consolidated statements of income": "In millions, except per share amounts", "FY2025 10-K consolidated balance sheets": "In millions, except number of shares and par value", "FY2025 10-K consolidated statements of cash flows": "In millions", "FY2025 10-K consolidated statements of stockholders' equity": "In millions, except per share amounts", "FY2025 10-K segment information table (Note 15)": "in millions", "FY2025 10-K free cash flow reconciliation (Item 7)": "in millions", "FY2025 10-K revenue by source and segment table (Item 7)": "in millions, except percentages", "FY2025 10-K lease maturity schedule (Note 7)": "in millions", "Q1 FY2026 10-Q condensed consolidated balance sheets": "In millions, except number of shares and par value (Unaudited)", "Q1 FY2026 10-Q condensed consolidated statements of income": "In millions, except per share amounts (Unaudited)", "Q1 FY2026 10-Q condensed consolidated statements of cash flows": "In millions (Unaudited)", "Q1 FY2026 10-Q segment information table (Note 11)": "in millions", "Q1 FY2026 10-Q revenue by source and segment table (Item 2)": "in millions, except percentages", "Q1 FY2026 10-Q cover page share counts": "stated as exact share counts, not scaled" }, "adjustments": { "splits_applied": [], "splits_note": "Meta has never split its common stock, so no per-share figure required split adjustment.", "adr_ratio": null, "fx": "None applied. Meta reports in U.S. dollars, so no currency conversion was required." }, "annual": [ { "fiscal_year": 2025, "period_start": "2025-01-01", "period_end": "2025-12-31", "source_accession": "0001628280-26-003942", "source_form": "10-K", "income_statement": { "revenue": 200966000000, "cost_of_revenue": 36175000000, "gross_profit": 164791000000, "research_and_development": 57372000000, "marketing_and_sales": 11991000000, "general_and_administrative": 12152000000, "total_costs_and_expenses": 117690000000, "operating_income": 83276000000, "interest_and_other_income_net": 2656000000, "pretax_income": 85932000000, "income_tax_expense": 25474000000, "net_income": 60458000000 }, "per_share": { "basic_eps": 23.98, "diluted_eps": 23.49, "basic_shares": 2521000000, "diluted_shares": 2574000000, "dividends_declared_per_share": 2.1 }, "revenue_detail": { "advertising": 196175000000, "family_of_apps_other_revenue": 2584000000, "family_of_apps_total": 198759000000, "reality_labs": 2207000000 }, "segments": { "family_of_apps": { "revenue": 198759000000, "operating_income": 102469000000 }, "reality_labs": { "revenue": 2207000000, "operating_income": -19193000000 } }, "balance_sheet": { "cash_and_cash_equivalents": 35873000000, "marketable_securities": 45719000000, "cash_and_marketable_securities": 81592000000, "accounts_receivable_net": 19769000000, "total_current_assets": 108722000000, "property_and_equipment_net": 176400000000, "operating_lease_right_of_use_assets": 20404000000, "goodwill": 24534000000, "total_assets": 366021000000, "total_current_liabilities": 41836000000, "long_term_debt": 58744000000, "finance_lease_liabilities": 1184000000, "total_debt": 59928000000, "operating_lease_liabilities": 25153000000, "total_liabilities": 148778000000, "total_equity": 217243000000 }, "cash_flow": { "operating_cash_flow": 115800000000, "capex": 69691000000, "principal_payments_on_finance_leases": 2524000000, "free_cash_flow": 43585000000, "free_cash_flow_excluding_finance_leases": 46109000000, "depreciation_and_amortization": 18616000000, "share_based_compensation": 20427000000, "share_repurchases": 26248000000, "dividends_and_dividend_equivalents_paid": 5324000000, "investing_cash_flow": -102003000000, "financing_cash_flow": -20370000000 } }, { "fiscal_year": 2024, "period_start": "2024-01-01", "period_end": "2024-12-31", "source_accession": "0001628280-26-003942", "source_form": "10-K", "income_statement": { "revenue": 164501000000, "cost_of_revenue": 30161000000, "gross_profit": 134340000000, "research_and_development": 43873000000, "marketing_and_sales": 11347000000, "general_and_administrative": 9740000000, "total_costs_and_expenses": 95121000000, "operating_income": 69380000000, "interest_and_other_income_net": 1283000000, "pretax_income": 70663000000, "income_tax_expense": 8303000000, "net_income": 62360000000 }, "per_share": { "basic_eps": 24.61, "diluted_eps": 23.86, "basic_shares": 2534000000, "diluted_shares": 2614000000, "dividends_declared_per_share": 2.0 }, "revenue_detail": { "advertising": 160633000000, "family_of_apps_other_revenue": 1722000000, "family_of_apps_total": 162355000000, "reality_labs": 2146000000 }, "segments": { "family_of_apps": { "revenue": 162355000000, "operating_income": 87109000000 }, "reality_labs": { "revenue": 2146000000, "operating_income": -17729000000 } }, "balance_sheet": { "cash_and_cash_equivalents": 43889000000, "marketable_securities": 33926000000, "cash_and_marketable_securities": 77815000000, "accounts_receivable_net": 16994000000, "total_current_assets": 100045000000, "property_and_equipment_net": 121346000000, "operating_lease_right_of_use_assets": 14922000000, "goodwill": 20654000000, "total_assets": 276054000000, "total_current_liabilities": 33596000000, "long_term_debt": 28826000000, "finance_lease_liabilities": null, "total_debt": 28826000000, "operating_lease_liabilities": 20234000000, "total_liabilities": 93417000000, "total_equity": 182637000000 }, "cash_flow": { "operating_cash_flow": 91328000000, "capex": 37256000000, "principal_payments_on_finance_leases": 1969000000, "free_cash_flow": 52103000000, "free_cash_flow_excluding_finance_leases": 54072000000, "depreciation_and_amortization": 15498000000, "share_based_compensation": 16690000000, "share_repurchases": 30125000000, "dividends_and_dividend_equivalents_paid": 5072000000, "investing_cash_flow": -47150000000, "financing_cash_flow": -40781000000 } }, { "fiscal_year": 2023, "period_start": "2023-01-01", "period_end": "2023-12-31", "source_accession": "0001628280-26-003942", "source_form": "10-K", "income_statement": { "revenue": 134902000000, "cost_of_revenue": 25959000000, "gross_profit": 108943000000, "research_and_development": 38483000000, "marketing_and_sales": 12301000000, "general_and_administrative": 11408000000, "total_costs_and_expenses": 88151000000, "operating_income": 46751000000, "interest_and_other_income_net": 677000000, "pretax_income": 47428000000, "income_tax_expense": 8330000000, "net_income": 39098000000 }, "per_share": { "basic_eps": 15.19, "diluted_eps": 14.87, "basic_shares": 2574000000, "diluted_shares": 2629000000, "dividends_declared_per_share": 0.0 }, "revenue_detail": { "advertising": 131948000000, "family_of_apps_other_revenue": 1058000000, "family_of_apps_total": 133006000000, "reality_labs": 1896000000 }, "segments": { "family_of_apps": { "revenue": 133006000000, "operating_income": 62871000000 }, "reality_labs": { "revenue": 1896000000, "operating_income": -16120000000 } }, "balance_sheet": { "cash_and_cash_equivalents": 41862000000, "total_equity": 153168000000 }, "balance_sheet_coverage_note": "The FY2025 10-K's balance sheet presents only December 31, 2025 and December 31, 2024, so a full 2023 balance sheet is not available from that filing. The two 2023 items shown here do appear on its face: cash and cash equivalents in the cash flow statement's restricted-cash reconciliation, and total stockholders' equity in the statements of stockholders' equity.", "cash_flow": { "operating_cash_flow": 71113000000, "capex": 27045000000, "principal_payments_on_finance_leases": 1058000000, "free_cash_flow": 43010000000, "free_cash_flow_excluding_finance_leases": 44068000000, "depreciation_and_amortization": 11178000000, "share_based_compensation": 14027000000, "share_repurchases": 19774000000, "dividends_and_dividend_equivalents_paid": 0, "investing_cash_flow": -24495000000, "financing_cash_flow": -19500000000 } } ], "quarterly": [ { "fiscal_period": "FY2026 Q1", "period_start": "2026-01-01", "period_end": "2026-03-31", "source_accession": "0001628280-26-028526", "source_form": "10-Q", "income_statement": { "revenue": 56311000000, "cost_of_revenue": 10218000000, "gross_profit": 46093000000, "research_and_development": 17699000000, "marketing_and_sales": 2908000000, "general_and_administrative": 2614000000, "total_costs_and_expenses": 33439000000, "operating_income": 22872000000, "interest_and_other_income_expense_net": -1120000000, "pretax_income": 21752000000, "income_tax_expense": -5021000000, "net_income": 26773000000 }, "per_share": { "basic_eps": 10.57, "diluted_eps": 10.44, "basic_shares": 2534000000, "diluted_shares": 2564000000, "dividends_declared_per_share": 0.525 }, "revenue_detail": { "advertising": 55024000000, "family_of_apps_other_revenue": 885000000, "family_of_apps_total": 55909000000, "reality_labs": 402000000 }, "segments": { "family_of_apps": { "revenue": 55909000000, "operating_income": 26900000000 }, "reality_labs": { "revenue": 402000000, "operating_income": -4028000000 } }, "balance_sheet": { "cash_and_cash_equivalents": 23426000000, "marketable_securities": 57754000000, "cash_and_marketable_securities": 81180000000, "accounts_receivable_net": 17470000000, "total_current_assets": 109765000000, "property_and_equipment_net": 194776000000, "operating_lease_right_of_use_assets": 23268000000, "goodwill": 24748000000, "total_assets": 395250000000, "total_current_liabilities": 46753000000, "long_term_debt": 58748000000, "total_debt": 58748000000, "operating_lease_liabilities": 28021000000, "total_liabilities": 151569000000, "total_equity": 243681000000 }, "shares_outstanding": { "as_of": "2026-04-24", "class_a": 2196045588, "class_b": 342377716, "total": 2538423304 }, "cash_flow": { "operating_cash_flow": 32226000000, "capex": 18997000000, "principal_payments_on_finance_leases": 843000000, "free_cash_flow": 12386000000, "free_cash_flow_excluding_finance_leases": 13229000000, "depreciation_and_amortization": 5999000000, "share_based_compensation": 6032000000, "share_repurchases": 0, "dividends_and_dividend_equivalents_paid": 1346000000, "investing_cash_flow": -33678000000, "financing_cash_flow": -6553000000 } }, { "fiscal_period": "FY2025 Q1 (prior-year comparative)", "period_start": "2025-01-01", "period_end": "2025-03-31", "source_accession": "0001628280-26-028526", "source_form": "10-Q", "income_statement": { "revenue": 42314000000, "cost_of_revenue": 7572000000, "gross_profit": 34742000000, "research_and_development": 12150000000, "marketing_and_sales": 2757000000, "general_and_administrative": 2280000000, "total_costs_and_expenses": 24759000000, "operating_income": 17555000000, "interest_and_other_income_expense_net": 827000000, "pretax_income": 18382000000, "income_tax_expense": 1738000000, "net_income": 16644000000 }, "per_share": { "basic_eps": 6.59, "diluted_eps": 6.43, "basic_shares": 2527000000, "diluted_shares": 2590000000, "dividends_declared_per_share": 0.525 }, "revenue_detail": { "advertising": 41392000000, "family_of_apps_other_revenue": 510000000, "family_of_apps_total": 41902000000, "reality_labs": 412000000 }, "segments": { "family_of_apps": { "revenue": 41902000000, "operating_income": 21765000000 }, "reality_labs": { "revenue": 412000000, "operating_income": -4210000000 } }, "cash_flow": { "operating_cash_flow": 24026000000, "capex": 12941000000, "principal_payments_on_finance_leases": 751000000, "free_cash_flow": 10334000000, "free_cash_flow_excluding_finance_leases": 11085000000, "depreciation_and_amortization": 3900000000, "share_based_compensation": 4147000000, "share_repurchases": 12754000000, "dividends_and_dividend_equivalents_paid": 1329000000, "investing_cash_flow": -20010000000, "financing_cash_flow": -19495000000 }, "balance_sheet_note": "The 10-Q's balance sheet presents March 31, 2026 and December 31, 2025 only, so no March 31, 2025 balance sheet is available from this filing." } ], "trailing_twelve_months": { "period_start": "2025-04-01", "period_end": "2026-03-31", "derivation": "Fiscal year 2025 plus the three months ended March 31, 2026, less the three months ended March 31, 2025. Built from the FY2025 10-K (accession 0001628280-26-003942) and the 10-Q for the quarter ended March 31, 2026 (accession 0001628280-26-028526).", "source_accessions": [ "0001628280-26-003942", "0001628280-26-028526" ], "figures": { "revenue": 214963000000, "operating_income": 88593000000, "net_income": 70587000000, "operating_cash_flow": 124000000000, "capex": 75747000000, "principal_payments_on_finance_leases": 2616000000, "free_cash_flow": 45637000000, "free_cash_flow_excluding_finance_leases": 48253000000, "family_of_apps_revenue": 212766000000, "family_of_apps_operating_income": 107604000000, "reality_labs_revenue": 2197000000, "reality_labs_operating_income": -19011000000 }, "margins": { "operating_margin": 0.4121, "net_margin": 0.3284 } }, "derived_metrics": { "note": "Ratios computed from the filed figures above; they are not stated in the filings.", "fy2025": { "gross_margin": 0.82, "operating_margin": 0.4144, "net_margin": 0.3008, "effective_tax_rate": 0.2964, "capex_as_percent_of_revenue": 0.3468, "net_cash_position": 21664000000 }, "fy2024": { "gross_margin": 0.8167, "operating_margin": 0.4218, "net_margin": 0.3791, "effective_tax_rate": 0.1175, "capex_as_percent_of_revenue": 0.2265 }, "fy2023": { "gross_margin": 0.8076, "operating_margin": 0.3466, "net_margin": 0.2898, "effective_tax_rate": 0.1756, "capex_as_percent_of_revenue": 0.2005 }, "fy2026_q1": { "gross_margin": 0.8185, "operating_margin": 0.4062, "net_margin": 0.4754, "effective_tax_rate": -0.2308, "capex_as_percent_of_revenue": 0.3374, "net_cash_position": 22432000000 } }, "notes": [ "All annual figures come from the fiscal 2025 Form 10-K (accession 0001628280-26-003942, period ended December 31, 2025), which presents three years of income statement and cash flow data (2025, 2024, 2023) and two years of balance sheet data (2025, 2024). All quarterly figures come from the Form 10-Q for the quarter ended March 31, 2026 (accession 0001628280-26-028526), which presents the current quarter and the prior-year comparative quarter. Only these two filings were used; no earlier annual reports were pulled to extend the history.", "Meta does not present a gross profit line. The gross profit and gross margin figures shown here are computed as revenue less cost of revenue, using the exact line items on the face of the income statement. Research and development, marketing and sales, and general and administrative are presented as separate operating expense lines and are excluded from cost of revenue.", "Free cash flow follows Meta's own published definition: net cash provided by operating activities less purchases of property and equipment and less principal payments on finance leases. For fiscal 2025, 2024 and 2023 this reproduces the $43.59 billion, $52.10 billion and $43.01 billion the 10-K reconciles in its liquidity discussion. A second figure, free_cash_flow_excluding_finance_leases, is also provided for readers who prefer the simpler operating cash flow less capital expenditure convention.", "Total debt is long-term debt (senior unsecured notes, carried at amortized cost) plus finance lease liabilities. As of December 31, 2025 that is $58.744 billion of long-term debt plus $1.184 billion of finance lease liabilities, or $59.928 billion. The aggregate principal amount of the notes outstanding was $59.0 billion at both December 31, 2025 and March 31, 2026; the carrying value differs from principal because of unamortized discount and issuance costs. Operating lease liabilities ($25.153 billion at December 31, 2025 and $28.021 billion at March 31, 2026) are reported separately and are not included in total debt.", "Finance lease liabilities are not broken out for December 31, 2024 in the fiscal 2025 10-K, and are not broken out at all in the March 31, 2026 10-Q (the 10-Q's balance sheet includes them within accrued expenses and other current liabilities and within other liabilities). For those two dates, total debt therefore equals long-term debt alone and is understated by the finance lease component, which was under $1.2 billion at the nearest date it was disclosed.", "Fiscal 2025 net income of $60.46 billion fell below fiscal 2024's $62.36 billion even though operating income rose 20% to $83.28 billion. The cause is entirely tax: the provision for income taxes jumped from $8.30 billion to $25.47 billion, an effective rate of 29.6% against 11.8% the prior year, driven by a $15.93 billion discrete charge recognized in the third quarter of 2025 upon enactment of the One Big Beautiful Bill Act.", "The first quarter of fiscal 2026 shows the mirror image. Meta recorded a benefit for income taxes of $5.02 billion, an effective rate of negative 23%, because U.S. Treasury Notice 2026-7 (issued February 18, 2026) provided Corporate Alternative Minimum Tax relief and Meta recognized an $8.03 billion discrete tax benefit, partially reversing the 2025 charge. Net income of $26.77 billion for the quarter therefore exceeds pretax income of $21.75 billion. Meta stated it expects an effective tax rate of 13% to 16% for the remaining quarters of 2026.", "The Reality Labs segment continues to lose money at scale: operating losses of $16.12 billion in 2023, $17.73 billion in 2024 and $19.19 billion in 2025 on revenue that has hovered around $2 billion a year. Family of Apps operating income of $102.47 billion in 2025 more than covers it. In the first quarter of fiscal 2026 the Reality Labs loss narrowed 4% year over year to $4.03 billion on lower employee compensation, the first improvement in the series.", "Capital intensity has stepped up sharply. Purchases of property and equipment rose from $27.05 billion in 2023 to $37.26 billion in 2024 to $69.69 billion in 2025, and reached $19.00 billion in the first quarter of fiscal 2026 alone. Meta funded part of this with $29.9 billion of net proceeds from fixed-rate senior unsecured notes issued in November 2025, which roughly doubled long-term debt. Property and equipment, net grew from $121.35 billion to $176.40 billion during 2025 and to $194.78 billion by March 31, 2026, and construction in progress alone stood at $50.52 billion at year end.", "Off-balance-sheet infrastructure commitments are large and growing. At December 31, 2025 Meta disclosed roughly $103.77 billion of operating and finance leases signed but not yet commenced; by March 31, 2026 that figure was approximately $182.88 billion. Separately, non-cancelable contractual commitments were $237.67 billion at March 31, 2026, mostly third-party cloud capacity and infrastructure, with a further roughly $24 billion added in April 2026.", "Meta repurchased no Class A shares during the first quarter of fiscal 2026, against $12.75 billion of repurchases in the prior-year quarter and $26.25 billion for full-year 2025. $25.03 billion remained authorized at March 31, 2026. The quarterly dividend was $0.525 per share in both quarters shown; full-year declared dividends were $2.10 per share in 2025 and $2.00 per share in 2024, with no dividend paid in 2023.", "The trailing twelve month block covers April 1, 2025 through March 31, 2026 and is arithmetic on the filed periods: fiscal 2025 plus the March 2026 quarter less the March 2025 quarter. It is not a figure either filing states directly.", "Meta's fiscal year is the calendar year, and no stock splits or currency conversions apply. The company reports in U.S. dollars and its shares trade directly, not as depositary receipts, so no per-share figure required adjustment.", "Every figure reported here was read from the face of the financial statements in the two filings named above: the FY2025 Form 10-K (accession 0001628280-26-003942) and the Form 10-Q for the quarter ended March 31, 2026 (accession 0001628280-26-028526)." ], "uncertainties": [ "Total debt for December 31, 2024 and March 31, 2026 excludes finance lease liabilities, because those two dates are not broken out in the filings used. The December 31, 2025 finance lease liability was $1.184 billion, so the omission is small relative to $28.8 billion and $58.7 billion of long-term debt respectively, but the two dates are not strictly comparable to the December 31, 2025 total.", "No balance sheet is reported for December 31, 2023 or March 31, 2025. The fiscal 2025 10-K's balance sheet presents only 2025 and 2024, and the 10-Q's presents only March 31, 2026 and December 31, 2025. The two 2023 balance sheet items included (cash and cash equivalents of $41.862 billion and total stockholders' equity of $153.168 billion) were taken from the cash flow statement's restricted-cash reconciliation and the statements of stockholders' equity respectively, both on the face of the fiscal 2025 10-K.", "Gross profit and gross margin are derived, not reported. Meta presents no gross profit line, and companies differ in what they place in cost of revenue, so these figures are not directly comparable across companies.", "The effective tax rates for fiscal 2025 and the first quarter of fiscal 2026 are distorted by one-time legislative items in opposite directions and should not be read as a run rate. The 2025 rate of 29.6% includes a $15.93 billion discrete charge and the first-quarter 2026 rate of negative 23% includes an $8.03 billion discrete benefit.", "Meta's tax position carries unresolved exposure that the filings quantify but do not resolve: a September 2025 IRS Statutory Notice of Deficiency asserting an additional $15.89 billion in tax plus interest and penalties for the 2017 through 2019 tax years, which Meta is challenging in Tax Court, and a pending Tax Court decision on the 2010 tax year following a May 2025 opinion that valued transferred intellectual property $1.48 billion above what Meta reported. Meta states its accrual is adequate; the outcome is not determinable from the filings.", "Reality Labs segment figures are revenue and operating income only. Meta's chief operating decision maker does not evaluate segments using asset or liability information, so no segment balance sheet exists in the filings, and segment operating income reflects indirect cost allocations (mostly by headcount, with data center costs allocated by estimated usage) rather than fully standalone economics.", "No results are available beyond the quarter ended March 31, 2026. The most recent earnings release covered that same quarter, so nothing here comes from a press release rather than a filed periodic report." ], "company_details": { "Name": "Meta Platforms, Inc.", "Ticker": "META", "CIK": "0001326801", "Exchange": "Nasdaq", "State": "California", "Incorporation": "Delaware", "SIC": "7370", "Office": "Technology", "Industry": "Services-Computer Programming, Data Processing, Etc." }, "next_filing": { "predicted_date": "2026-07-30", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q1", "tag": "FY26Q1", "period_end": "2026-03-31", "form": "10-Q", "accession": "0001628280-26-028526", "fiscal_year_end": "1231", "source": "facts" } }