FirmAtlas
Company handbook · META · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
META · CIK 1326801 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
Meta Platforms, Inc.
$709.33
−27.39 (−3.72%)
Close, Oct 16, 2026 · 52-week $520–780
Meta runs Facebook, Instagram, WhatsApp, Messenger and Threads, and earns almost all its money from ads shown in them. It also builds the Meta AI assistant and models, and makes Quest VR headsets and AI glasses with Ray-Ban and Oakley (Reality Labs).
Business
- SegmentsFamily Of Apps 99% · Reality Labs 1% (FY25)
- CustomersAdvertisers of all sizes, worldwide; people use the apps free. Ads are sold online through self-serve tools and by its sales force
- Cash useFY24–FY25: capex $106.9B · buybacks $56.4B · dividends $10.4B
Reinvested 52% of operating cash flow · returned 67% of free cash flow
Last fiscal year
Meta Platforms, Inc. reported revenue of $201.0B for the year ended Dec 31, 2025 (FY25), up 22.2% from FY24. Net income was $60.5B, operating cash flow $115.8B and free cash flow $46.1B. Source: 10-K filed Jan 29, 2026.
Market cap
$1.83T
P/E
26.8
EV/EBITDA
17.7x
P/B
7.0
Div yield
0.30%
ROIC
36.2%
Revenue 1Y
22.2%/yr
EPS 1Y
−1.6%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMark Zuckerberg
HQMenlo Park, CA
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Family Of Apps99%
Reality Labs1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
18.7%
16.9%
30.2%
−0.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$173.7B deployed
Capex
$106.9B
61.6%
Dividends
$10.4B
6.0%
Buybacks
$56.4B
32.5%
Operating cash flow over the period: $207.1B. Total debt changed by +$30.1B. R&D of $101.2B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
164,501
200,966+22.2%
228,248
YoY
+22.2%
Gross profit
134,340
164,791+22.7%
186,588
Gross margin
81.7%
82.0%+0.3 pp
—
Operating income
69,380
83,276+20.0%
86,927
Operating margin
42.2%
41.4%−0.7 pp
—
EBITDA
84,878
101,892+20.0%
—
EBITDA margin
51.6%
50.7%−0.9 pp
—
Interest expense
683
1,090+59.6%
—
Interest coverage
124.27x
93.48x−30.79x
—
Net income
62,360
60,458−3.1%
68,098
YoY
−3.1%
Net margin
37.9%
30.1%−7.8 pp
—
EPS (diluted, $)
23.86
23.49−1.6%
26.52
YoY
−1.6%
Balance sheet
Total assets
276,054
366,021+32.6%
449,956
Cash & short-term investments
79,364
84,819+6.9%
—
Accounts receivable
16,994
19,769+16.3%
—
Net PP&E
121,346
176,400+45.4%
—
Other assets
58,350
85,033+45.7%
—
Total liabilities
93,417
148,778+59.3%
188,735
Total debt
28,902
59,052+104.3%
83,664
Other liabilities
64,515
89,726+39.1%
—
Shareholders’ equity
182,637
217,243+18.9%
261,221
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
91,328
115,800+26.8%
130,301
Net income
62,360
60,458−3.1%
—
Depreciation & amortization
15,498
18,616+20.1%
—
Stock-based compensation
16,690
20,427+22.4%
—
Working capital & other
(3,220)
16,299n/m
—
Cash from investing
(47,150)
(102,003)n/m
—
Capex
(37,256)
(69,691)n/m
—
Investments bought
(25,542)
(36,929)n/m
—
Investments sold / matured
15,789
26,874+70.2%
—
Other investing
(141)
(22,257)n/m
—
Cash from financing
(40,781)
(20,370)n/m
—
Debt raised
10,432
29,906+186.7%
—
Dividends
(5,072)
(5,324)n/m
—
Buybacks
(30,125)
(26,248)n/m
—
Other financing
(16,016)
(18,704)n/m
—
Net change in cash
2,611
(6,338)−342.7%
—
Free cash flow (OCF − capex)
54,072
46,109−14.7%
40,976
Where the cash went
Operating cash flow
91,328
115,800+26.8%
130,301
Reinvested in the business
37,256
69,691+87.1%
—
% of operating cash flow
40.8%
60.2%
Capex
37,256
69,691+87.1%
89,325
R&D (memo, already in costs)
43,873
57,372+30.8%
—
Free cash flow
54,072
46,109−14.7%
40,976
YoY
−14.7%
Returned to shareholders
35,197
31,572−10.3%
—
% of free cash flow
65.1%
68.5%
Dividends
5,072
5,324+5.0%
—
Buybacks
30,125
26,248−12.9%
—
Change in total debt
—
30,150
—
Cash left over
—
44,687
—
FCF conversion (FCF ÷ net income)
86.7%
76.3%−10.4 pp
—
Owner earnings
—
6,608
—
Owner earnings margin
—
3.3%
—
Buyback yield
2.0%
1.5%−0.4 pp
—
Returns & ratios
ROIC (all capital)
46.3%
36.2%−10.1 pp
—
ROIC (operating)
44.3%
35.0%−9.2 pp
—
Net debt / EBITDA
−0.59x
−0.25x+0.34x
—
Debt / equity
0.16x
0.27x+0.11x
—
ROE
34.1%
27.8%−6.3 pp
—
ROA
22.6%
16.5%−6.1 pp
—
ROCE
28.6%
25.7%−2.9 pp
—
NOPAT
61,228
58,589−4.3%
—
Invested capital (operating)
138,340
196,169+41.8%
—
Invested capital (all)
132,175
191,476+44.9%
—
Reinvestment rate
—
98.7%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
51,242
59,894
56,311
60,801
vs year-ago quarter
Gross profit
42,036
48,988
46,093
49,471
Gross margin
82.0%
81.8%
81.9%
81.4%
Operating income
20,535
24,745
22,872
18,775
Net income
2,709
22,768
26,773
15,848
vs year-ago quarter
Net margin
5.3%
38.0%
47.5%
26.1%
EPS (diluted, $)
1.05
8.85
10.44
6.18
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
303,844
366,021
395,250
449,956
Cash & equivalents
11,941
84,819
31,102
29,271
Total debt
28,834
59,052
58,748
83,664
Shareholders’ equity
194,066
217,243
243,681
261,221
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
29,999
36,214
32,226
31,862
Capex
18,829
21,383
18,997
30,116
Free cash flow
11,170
14,831
13,229
1,746
vs year-ago quarter