Q1 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.
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
no
Units
actual dollars (not millions), except per-share amounts and share counts
Annual
FY2025
FY2024
FY2023
Fiscal year
2025
2024
2023
Period start
2025-01-01
2024-01-01
2023-01-01
Period end
2025-12-31
2024-12-31
2023-12-31
Source accession
0001628280-26-003942
0001628280-26-003942
0001628280-26-003942
Source form
10-K
10-K
10-K
Income statement
Revenue
200,966,000,000
164,501,000,000
134,902,000,000
Cost of revenue
36,175,000,000
30,161,000,000
25,959,000,000
Gross profit
164,791,000,000
134,340,000,000
108,943,000,000
Research and development
57,372,000,000
43,873,000,000
38,483,000,000
Marketing and sales
11,991,000,000
11,347,000,000
12,301,000,000
General and administrative
12,152,000,000
9,740,000,000
11,408,000,000
Total costs and expenses
117,690,000,000
95,121,000,000
88,151,000,000
Operating income
83,276,000,000
69,380,000,000
46,751,000,000
Interest and other income net
2,656,000,000
1,283,000,000
677,000,000
Pretax income
85,932,000,000
70,663,000,000
47,428,000,000
Income tax expense
25,474,000,000
8,303,000,000
8,330,000,000
Net income
60,458,000,000
62,360,000,000
39,098,000,000
Per share
Basic EPS
23.98
24.61
15.19
Diluted EPS
23.49
23.86
14.87
Basic shares
2,521,000,000
2,534,000,000
2,574,000,000
Diluted shares
2,574,000,000
2,614,000,000
2,629,000,000
Dividends declared per share
2.1
2.0
0.0
Revenue detail
Advertising
196,175,000,000
160,633,000,000
131,948,000,000
Family of apps other revenue
2,584,000,000
1,722,000,000
1,058,000,000
Family of apps total
198,759,000,000
162,355,000,000
133,006,000,000
Reality labs
2,207,000,000
2,146,000,000
1,896,000,000
Segments
Family of apps
Revenue
198,759,000,000
162,355,000,000
133,006,000,000
Operating income
102,469,000,000
87,109,000,000
62,871,000,000
Reality labs
Revenue
2,207,000,000
2,146,000,000
1,896,000,000
Operating income
-19,193,000,000
-17,729,000,000
-16,120,000,000
Balance sheet
Cash and cash equivalents
35,873,000,000
43,889,000,000
41,862,000,000
Marketable securities
45,719,000,000
33,926,000,000
Cash and marketable securities
81,592,000,000
77,815,000,000
Accounts receivable net
19,769,000,000
16,994,000,000
Total current assets
108,722,000,000
100,045,000,000
Property and equipment net
176,400,000,000
121,346,000,000
Operating lease right of use assets
20,404,000,000
14,922,000,000
Goodwill
24,534,000,000
20,654,000,000
Total assets
366,021,000,000
276,054,000,000
Total current liabilities
41,836,000,000
33,596,000,000
Long term debt
58,744,000,000
28,826,000,000
Finance lease liabilities
1,184,000,000
n/a
Total debt
59,928,000,000
28,826,000,000
Operating lease liabilities
25,153,000,000
20,234,000,000
Total liabilities
148,778,000,000
93,417,000,000
Total equity
217,243,000,000
182,637,000,000
153,168,000,000
Cash flow
Operating cash flow
115,800,000,000
91,328,000,000
71,113,000,000
Capex
69,691,000,000
37,256,000,000
27,045,000,000
Principal payments on finance leases
2,524,000,000
1,969,000,000
1,058,000,000
Free cash flow
43,585,000,000
52,103,000,000
43,010,000,000
Free cash flow excluding finance leases
46,109,000,000
54,072,000,000
44,068,000,000
Depreciation and amortization
18,616,000,000
15,498,000,000
11,178,000,000
Share based compensation
20,427,000,000
16,690,000,000
14,027,000,000
Share repurchases
26,248,000,000
30,125,000,000
19,774,000,000
Dividends and dividend equivalents paid
5,324,000,000
5,072,000,000
0
Investing cash flow
-102,003,000,000
-47,150,000,000
-24,495,000,000
Financing cash flow
-20,370,000,000
-40,781,000,000
-19,500,000,000
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.
Quarterly
2026-03-31
2025-03-31
Fiscal period
FY2026 Q1
FY2025 Q1 (prior-year comparative)
Period start
2026-01-01
2025-01-01
Period end
2026-03-31
2025-03-31
Source accession
0001628280-26-028526
0001628280-26-028526
Source form
10-Q
10-Q
Income statement
Revenue
56,311,000,000
42,314,000,000
Cost of revenue
10,218,000,000
7,572,000,000
Gross profit
46,093,000,000
34,742,000,000
Research and development
17,699,000,000
12,150,000,000
Marketing and sales
2,908,000,000
2,757,000,000
General and administrative
2,614,000,000
2,280,000,000
Total costs and expenses
33,439,000,000
24,759,000,000
Operating income
22,872,000,000
17,555,000,000
Interest and other income expense net
-1,120,000,000
827,000,000
Pretax income
21,752,000,000
18,382,000,000
Income tax expense
-5,021,000,000
1,738,000,000
Net income
26,773,000,000
16,644,000,000
Per share
Basic EPS
10.57
6.59
Diluted EPS
10.44
6.43
Basic shares
2,534,000,000
2,527,000,000
Diluted shares
2,564,000,000
2,590,000,000
Dividends declared per share
0.525
0.525
Revenue detail
Advertising
55,024,000,000
41,392,000,000
Family of apps other revenue
885,000,000
510,000,000
Family of apps total
55,909,000,000
41,902,000,000
Reality labs
402,000,000
412,000,000
Segments
Family of apps
Revenue
55,909,000,000
41,902,000,000
Operating income
26,900,000,000
21,765,000,000
Reality labs
Revenue
402,000,000
412,000,000
Operating income
-4,028,000,000
-4,210,000,000
Balance sheet
Cash and cash equivalents
23,426,000,000
Marketable securities
57,754,000,000
Cash and marketable securities
81,180,000,000
Accounts receivable net
17,470,000,000
Total current assets
109,765,000,000
Property and equipment net
194,776,000,000
Operating lease right of use assets
23,268,000,000
Goodwill
24,748,000,000
Total assets
395,250,000,000
Total current liabilities
46,753,000,000
Long term debt
58,748,000,000
Total debt
58,748,000,000
Operating lease liabilities
28,021,000,000
Total liabilities
151,569,000,000
Total equity
243,681,000,000
Shares outstanding
As of
2026-04-24
Class a
2,196,045,588
Class b
342,377,716
Total
2,538,423,304
Cash flow
Operating cash flow
32,226,000,000
24,026,000,000
Capex
18,997,000,000
12,941,000,000
Principal payments on finance leases
843,000,000
751,000,000
Free cash flow
12,386,000,000
10,334,000,000
Free cash flow excluding finance leases
13,229,000,000
11,085,000,000
Depreciation and amortization
5,999,000,000
3,900,000,000
Share based compensation
6,032,000,000
4,147,000,000
Share repurchases
0
12,754,000,000
Dividends and dividend equivalents paid
1,346,000,000
1,329,000,000
Investing cash flow
-33,678,000,000
-20,010,000,000
Financing cash flow
-6,553,000,000
-19,495,000,000
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
2026-03-31
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
214,963,000,000
Operating income
88,593,000,000
Net income
70,587,000,000
Operating cash flow
124,000,000,000
Capex
75,747,000,000
Principal payments on finance leases
2,616,000,000
Free cash flow
45,637,000,000
Free cash flow excluding finance leases
48,253,000,000
Family of apps revenue
212,766,000,000
Family of apps operating income
107,604,000,000
Reality labs revenue
2,197,000,000
Reality labs operating income
-19,011,000,000
Margins
Operating margin
0.4121
Net margin
0.3284
Units notes seen
Value
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 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
Value
Splits applied
none
Splits note
Meta has never split its common stock, so no per-share figure required split adjustment.
ADR ratio
n/a
FX
None applied. Meta reports in U.S. dollars, so no currency conversion was required.
Derived metrics
Value
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
21,664,000,000
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
22,432,000,000
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
Value
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
Value
Predicted date
2026-07-30
Predicted type
10-Q
Fiscal period
FY2026
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
Built from Meta Platforms, Inc.'s SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.