Meta Platforms (META) financial statements
Meta Platforms reported revenue of $201.0B in fiscal 2025, up 24.7% a year over 9 years.
Net income was $60.5B and the operating margin 41.4%, against 45.0% in 2016.
Free cash flow was $46.1B, and the company returned $5.3B in dividends and $26.2B in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Meta Platforms's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.6B | $40.7B | $55.8B | $70.7B | $86.0B | $117.9B | $116.6B | $134.9B | $164.5B | $201.0B |
| Cost of revenue | $3.8B | $5.5B | $9.4B | $12.8B | $16.7B | $22.6B | $25.2B | $26.0B | $30.2B | $36.2B |
| 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 |
| Selling, general and admin | $5.5B | $7.2B | $11.3B | $20.3B | $18.2B | $23.9B | $27.1B | $23.7B | $21.1B | $24.1B |
| Operating income | $12.4B | $20.2B | $24.9B | $24.0B | $32.7B | $46.8B | $28.9B | $46.8B | $69.4B | $83.3B |
| Interest expense | $10M | $6M | $9M | $20M | — | $23M | $185M | $446M | $715M | $1.2B |
| Pre-tax 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 |
| EPS (diluted) | $3.49 | $5.39 | $7.57 | $6.43 | $10.09 | $13.77 | $8.59 | $14.87 | $23.86 | $23.49 |
| Diluted shares | 2.92B | 2.96B | 2.92B | 2.88B | 2.89B | 2.86B | 2.70B | 2.63B | 2.61B | 2.57B |
| Gross margin | 86.3% | 86.6% | 83.2% | 81.9% | 80.6% | 80.8% | 78.3% | 80.8% | 81.7% | 82.0% |
| Operating margin | 45.0% | 49.7% | 44.6% | 33.9% | 38.0% | 39.6% | 24.8% | 34.7% | 42.2% | 41.4% |
| Net margin | 37.0% | 39.2% | 39.6% | 26.1% | 33.9% | 33.4% | 19.9% | 29.0% | 37.9% | 30.1% |
Balance sheet
Fiscal years, from Meta Platforms's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $4.0B | $5.8B | $7.6B | $9.5B | $11.3B | $14.0B | $13.5B | $16.2B | $17.0B | $19.8B |
| Total current assets | $34.4B | $48.6B | $50.5B | $66.2B | $75.7B | $66.7B | $59.5B | $85.4B | $100.0B | $108.7B |
| Property, plant and equipment | $8.6B | $13.7B | $24.7B | $35.3B | $45.6B | $57.8B | $79.5B | $96.6B | $121.3B | $176.4B |
| Goodwill | $18.1B | $18.2B | $18.3B | $18.7B | $19.1B | $19.2B | $20.3B | $20.7B | $20.7B | $24.5B |
| Total assets | $65.0B | $84.5B | $97.3B | $133.4B | $159.3B | $166.0B | $185.7B | $229.6B | $276.1B | $366.0B |
| Total current liabilities | $2.9B | $3.8B | $7.0B | $15.1B | $15.0B | $21.1B | $27.0B | $32.0B | $33.6B | $41.8B |
| Long-term debt | — | — | — | — | — | $0 | $9.9B | $18.4B | $28.8B | $58.7B |
| 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 |
| Net debt | -$8.9B | -$8.1B | -$10.0B | -$19.1B | -$17.6B | -$16.6B | -$4.8B | -$23.5B | -$15.1B | $22.9B |
Cash flow
Fiscal years, from Meta Platforms's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.1B | $24.2B | $29.3B | $36.3B | $38.7B | $57.7B | $50.5B | $71.1B | $91.3B | $115.8B |
| Capital spending | $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 |
| Stock-based compensation | $3.2B | $3.7B | $4.2B | $4.8B | $6.5B | $9.2B | $12.0B | $14.0B | $16.7B | $20.4B |
| Dividends paid | — | — | — | — | — | — | $0 | $0 | $5.1B | $5.3B |
| Share buybacks (net) | $0 | -$2.0B | -$12.9B | -$4.2B | -$6.3B | -$44.5B | -$28.0B | -$19.8B | -$30.1B | -$26.2B |
| Net borrowing | — | — | — | — | $0 | $0 | $9.9B | $8.5B | $10.4B | $29.9B |
| Free cash flow margin | 42.0% | 43.0% | 27.5% | 30.0% | 27.4% | 33.1% | 16.5% | 32.7% | 32.9% | 22.9% |
| Dividends per share | — | — | — | — | — | — | — | — | $1.94 | $2.07 |
Questions
What was Meta Platforms's revenue in 2025?
$201.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Meta Platforms generate?
$46.1B in fiscal 2025 (operating cash flow minus capital spending).
From Meta Platforms's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.