NASDAQ: META · Interactive Media & Services
Meta Platforms
Meta Platforms, based in Menlo Park, California, runs the Family of Apps — Facebook, Instagram, Messenger and WhatsApp — and Reality Labs, which builds VR headsets, AI glasses and related software. Almost all revenue is advertising: 2025 revenue rose 22% to $200,966 million, of which advertising was $196,175 million; Family of Apps earned $102,469 million of operating income while Reality Labs lost $19,193 million. Net income was $60,458 million. Meta is spending heavily on AI and data centers — capital expenditures reached $69,691 million in 2025 — and it invested $13.8 billion for a minority stake in Scale AI and formed a 20%-owned joint venture to develop a data center campus in Louisiana. In November 2025 a court ruled for Meta in the FTC’s antitrust case over Instagram and WhatsApp (the FTC appealed in January 2026), while youth-safety lawsuits are growing. Meta has 78,865 employees and began paying dividends in 2024.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:31 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-2910-Q (quarter ended 2026-09-30) · filed 2026-10-22Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 18.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 41.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +15.2 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.92x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 21.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.35
Higher than 85% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 92% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 80% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 18% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 69% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$637.31close on 2026-11-04
Market cap$1,612.39B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 21.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 7.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 15.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.3%
At FY2025 year-end: 28.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 7.7x
Book value at FY2025 year-end
At FY2025 year-end: 16.6x
EBITDA for FY2025
At FY2025 year-end: 2.8%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$51.24B → $64.6B (vs. a year earlier)↑ +26.1%$51.24B → $64.6B (vs. a year earlier)
- Operating margin40.1% → 20.1% (vs. a year earlier)↓ −20.0 pts40.1% → 20.1% (vs. a year earlier)
- Net income$2.71B → $9.86B (vs. a year earlier)↑ +264.0%$2.71B → $9.86B (vs. a year earlier)
- Diluted EPS$1.05 → $3.83 (vs. a year earlier)↑ +264.8%$1.05 → $3.83 (vs. a year earlier)
- Cash$15.46B → $11.22B (vs. previous quarter-end)↓ −27.4%$15.46B → $11.22B (vs. previous quarter-end)
- Long-term debt$83.66B → $83.67B (vs. previous quarter-end)→ +0.0%$83.66B → $83.67B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 21, 2026.
Management outlook • Issued
Expects Q4 revenue of $73-76 billion. Source sentence
We expect fourth quarter 2026 total revenue to be in the range of $73-76 billion.
Key changes
Now expects 2026 total expenses of $175-179 billion. Source sentence
We now expect full year 2026 total expenses to be in the range of $175-179 billion.
Q3 costs include a $9.89B legal charge. Source sentence
Third quarter 2026 costs and expenses includes a $9.89 billion charge related to this agreement.
Family daily active people 3.64B, up 3%. Source sentence
Family daily active people (DAP) – DAP was 3.64 billion on average for September 2026, an increase of 3% year-over-year.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Meta Platforms, Inc.
- Headquarters
- MENLO PARK, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: META
- Industry
- Interactive Media & Services
- CIK
- 1326801
- Website
- https://about.meta.com/ ↗
Workforce (as of FY2025 year-end)
Employees
78,865
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 28–29 days after quarter end (Jan 28, 2026; Jan 29, 2025). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–31 days after quarter end over the last 10 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Jan 29, 2026 10-K (+29 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 29, 2025 (+29 days) | Jan 30, 2025 10-K (+30 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 1, 2024 10-Q (+32 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Family of Apps
Facebook, Instagram, Messenger, WhatsApp
Social networking and messaging apps funded by advertising.
Family of Apps
Meta AI
AI assistant and models integrated across apps.
Reality Labs
VR headsets and AI glasses
Quest headsets, AI glasses and related software.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
AI investment
Capex of $69.7B in 2025; aims to deliver “personal superintelligence for everyone.”
Source: Form 10-K (FY2025)
Scale AI and data center JV
$13.8B minority investment in Scale AI; 20% interest in a Louisiana data center venture (contributed $4.3B of assets, received a $2.55B distribution).
Source: Form 10-K (FY2025)
FTC case
Court ruled for Meta on November 18, 2025; the FTC appealed on January 20, 2026.
Source: Form 10-K (FY2025) — Note on Commitments and Contingencies (Legal and Related Matters)
Capex ÷ D&A (FY2025)
3.74x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$69,691M ÷ $18,616M = 3.74x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
28.5%
formularesearch & development expense ÷ revenue × 100
e.g.$57,372M ÷ $200,966M × 100 = 28.5%
Where the money goes, over time
Unit: $M. Capex went from $15.16B in FY2020 to $69.69B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$200.97B
As reported in the 10-K
Revenue CAGR (5 years)
+18.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($200,966M ÷ $85,965M) ^ (1÷5) − 1 = 18.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
41.4%▲favorable
+3.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$83,276M ÷ $200,966M × 100 = 41.4%
ROE (FY2025)
30.2%▲favorable
6-year average: 28.0%
As reported in the 10-K
P/B (FY2025 end)
7.69x
formulafiscal year-end closing price ÷ book value per share
e.g.$660.09 ÷ $85.87 = 7.69x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
16.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($1,670,028M + $58,744M − $35,873M) ÷ ($83,276M + $18,616M) = 16.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +18.5% a year over 5 years (strong growth)
From $85.97B in FY2020 to $200.97B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 38.0% → 41.4%
How much operating profit is left per $100 of revenue. It moved +3.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 59.4% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 28.0% over 6 years (latest: 30.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Scale AI
- Jio Platforms
07 · what it does
Key activities
- Family of Apps: Facebook, Instagram, Messenger, WhatsApp, Threads
- Reality Labs: Quest VR, AI glasses, related software
- AI: Meta AI and frontier models
06 · what it draws on
Key resources
- 78,865 employees
- Massive data center and AI infrastructure
- User data and engagement across its apps
02 · why customers buy
Value propositions
- Free apps (Facebook, Instagram, WhatsApp, Messenger) for billions of people, and targeted advertising for businesses.
04 · how it keeps them
Customer relationships
- Daily engagement with its apps; self-service support tools for users and partners.
03 · how it reaches them
Channels
- Self-serve ads tools; direct work with advertisers, agencies and resellers; Reality Labs through retailers and resellers.
01 · who it serves
Customer segments
- Advertisers worldwide (no customer ≥10% of revenue)
- Consumers buying hardware
09 · where money goes
Cost structure
FY2025, share of revenue ($200.97B)
- Cost of revenue18.0%
- Research & development28.5%
- Selling, general & administrative6.0%
- Other operating costs6.0%
Operating profit left: 41.4% of revenue. Depreciation & amortization (inside the costs above): $18.62B. Capital spending: $69.69B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Advertising $196,175M (2025)
- Other FoA revenue $2,584M
- Reality Labs $2,207M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Offers free social and messaging apps to billions of people and sells targeted advertising to businesses; invests heavily in AI models, data centers and Reality Labs hardware (VR headsets and AI glasses).
01 what it draws on
Inputs & resources
- 78,865 employees
- Massive data center and AI infrastructure
- User data and engagement across its apps
02 what it does
Activities
- Family of Apps: Facebook, Instagram, Messenger, WhatsApp, Threads
- Reality Labs: Quest VR, AI glasses, related software
- AI: Meta AI and frontier models
03 who it serves
Customers
- Advertisers worldwide (no customer ≥10% of revenue)
- Consumers buying hardware
04 how money comes in
How it earns
- Advertising $196,175M (2025)
- Other FoA revenue $2,584M
- Reality Labs $2,207M
How the business makes money
- FoA operating income $102,469M; Reality Labs operating loss $19,193M in 2025.
- Capex rose to $69.7B in 2025 from $27.0B in 2023.
- Dual-class shares give the founder majority voting control.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Meta must comply with export controls, trade restrictions and sanctions.
Trade & export rules
Export controls, sanctions and tariffs
Must comply with import/export controls, trade restrictions and sanctions.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Family of Apps
198,759 (99%)Reality Labs
2,207 (1%)
Source: Form 10-K (FY2025) Segment revenue; total $200,966M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Scale AI
Minority investment of $13.80B in Scale AI, closed in 2025.
Source: Form 10-K (FY2025)
Capital tie / equity stake
Jio Platforms
Investment in Jio Platforms of $5.82B (December 31, 2025 carrying value).
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Advertisers and consumers.
Named by the company
No customer represented 10% or more of revenue in 2023–2025.
Suppliers
Hardware, chip and data center suppliers.
Named by the company
No single material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition with companies offering connection, sharing, advertising, AI, consumer hardware and AR/VR. It cites TikTok as a competitive product that has reduced some users' engagement.
Competitors named in the 10-K
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 85,965 | 117,929 | 116,609 | 134,902 | 164,501 | 200,966 |
| Operating income | 32,671 | 46,753 | 28,944 | 46,751 | 69,380 | 83,276 |
| Pretax income | 33,180 | 47,284 | 28,819 | 47,428 | 70,663 | 85,932 |
| Net income (attributable) | 29,146 | 39,370 | 23,200 | 39,098 | 62,360 | 60,458 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 37.2% | -1.1% | 15.7% | 21.9% | 22.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 38.0% | 39.6% | 24.8% | 34.7% | 42.2% | 41.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 33.9% | 33.4% | 19.9% | 29.0% | 37.9% | 30.1% |
| Balance sheet ($M) | ||||||
| Total assets | 159,316 | 165,987 | 185,727 | 229,623 | 276,054 | 366,021 |
| Total equity | 128,290 | 124,879 | 125,713 | 153,168 | 182,637 | 217,243 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | 0 | 9,923 | 18,385 | 28,826 | 58,744 |
| Equity ratio | 80.5% | 75.2% | 67.7% | 66.7% | 66.2% | 59.4% |
| ROE | 22.7% | 31.1% | 18.5% | 28.0% | 37.1% | 30.2% |
| Cash flow ($M) | ||||||
| Operating CF | 38,747 | 57,683 | 50,475 | 71,113 | 91,328 | 115,800 |
| Investing CF | -30,059 | -7,570 | -28,970 | -24,495 | -47,150 | -102,003 |
| Financing CF | -10,292 | -50,728 | -22,136 | -19,500 | -40,781 | -20,370 |
| Free cash flowcalccash flow from operations − capital expenditures | 23,584 | 38,993 | 19,289 | 44,068 | 54,072 | 46,109 |
| Cash and equivalents | 17,576 | 16,601 | 14,681 | 41,862 | 43,889 | 35,873 |
| Per share & other | ||||||
| EPS ($) | 10.09 | 13.77 | 8.59 | 14.87 | 23.86 | 23.49 |
| BVPS ($) | 45.03 | 45.56 | 48.09 | 59.81 | 72.07 | 85.87 |
| Dividend per share ($) | — | — | — | — | 2.00 | 2.10 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | — | 8.4% | 8.9% |
| P/E (x) | 27.1 | 24.4 | 14.0 | 23.8 | 24.5 | 28.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 19.2 | 16.5 | 8.2 | 15.2 | 17.3 | 16.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 6.07 | 7.38 | 2.50 | 5.92 | 8.12 | 7.69 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $64.6B+26.1% | $12.99B-36.8% | $9.86B+264.0% | $3.83 |
| 2026-06-30 | $60.8B+28.0% | $18.78B-8.2% | $15.85B-13.6% | $6.18 |
| 2026-03-31 | $56.31B+33.1% | $22.87B+30.3% | $26.77B+60.9% | $10.44 |
| 2025-12-31 † | $59.89B+23.8% | $24.75B+5.9% | $22.77B+9.3% | — |
| 2025-09-30 | $51.24B | $20.54B | $2.71B | $1.05 |
| 2025-06-30 | $47.52B | $20.44B | $18.34B | $7.14 |
| 2025-03-31 | $42.31B | $17.56B | $16.64B | $6.43 |
| 2024-12-31 † | $48.39B | $23.37B | $20.84B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
27.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$83,276M × (1 − 20.5%) ÷ $243,725M × 100 = 27.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
12.00%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $1,670.03B ÷ ($1,670.03B + $58.74B) = 96.6%
e.g.Debt weight: $58.74B ÷ ($1,670.03B + $58.74B) = 3.4%
e.g.WACC: 12.4% × 96.6% + 1.9% × (1 − 20.5%) × 3.4% = 12.00%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.8%–14.6% and ROIC − WACC runs +12.6 to +17.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 12.00% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.35 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.38%
- Cost of debt
- 1.86%
- Tax rate
- 20.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 97% : 3%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 12.00%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.35 (price-derived adjusted beta. Raw β 1.52, R² 0.34, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.523 + 0.33 = 1.350
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.35 × 5.5% = 12.4%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 12.0% − 2.9%
Past FCF growth (FY2020–FY2025)
+14.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+18.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $46.11B (operating CF − capex); enterprise value $1,589.55B = market cap $1,612.39B (latest close, 2026-11-04) + debt $58.74B − cash and short-term investments $81.59B; r = WACC of 12.0% using this page’s default assumptions (β 1.35, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$1,589.97B
FCF $46.11B ÷ (12.0% − 9.1%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 10.0% | 11.0% | 12.0% | 13.0% | 14.0% |
|---|---|---|---|---|---|
| 0% | 0.29x | 0.26x | 0.24x | 0.22x | 0.21x |
| 2% | 0.36x | 0.32x | 0.29x | 0.26x | 0.24x |
| 4% | 0.48x | 0.41x | 0.36x | 0.32x | 0.29x |
| 6% | 0.73x | 0.58x | 0.48x | 0.41x | 0.36x |
| 8% | 1.45x | 0.97x | 0.73x | 0.58x | 0.48x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.69x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -17.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 97%
Most profit comes from core operations.
- ✓
Days sales outstanding: 48 → 33 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-29
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$115,800M ÷ $60,458M = 1.92x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$83,276M ÷ $85,932M × 100 = 97%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($16,994M + $19,769M) ÷ 2 ÷ $200,966M × 365 = 33 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 77.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 22.7%
- Directors & officers (voting power)
- 60.9%
- Institutional-ownership rank
- 333 of 416
- Beta (adjusted)
- 1.35
of Class A shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 80% of covered companies have more
above 1 = swings more than the market
- 1,703.6M shares reported by 5,058 13F filers ÷ 2,205.1M Class A shares outstanding on 2026-07-24. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-16 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Enormous ad business
Advertising revenue of $196B in 2025, up 22%.
Evidence: Form 10-K (FY2025)
2. High profitability
Operating income of $83,276M (≈41% margin) in 2025.
Evidence: Form 10-K (FY2025)
3. Cash generation
Operating cash flow of $115.8B in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Reality Labs losses
Reality Labs lost $19.2B in 2025 and $17.7B in 2024.
Evidence: Form 10-K (FY2025)
2. Soaring capex and debt
Capex of $69.7B and interest-bearing debt of about $58.7B in 2025.
Evidence: Form 10-K (FY2025)
3. Ad concentration
Nearly all revenue comes from advertising.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
28.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.32%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
9%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.8%
(Operating CF − capex) ÷ market cap
1. Dominant social platforms
Billions of users and strong ad growth.
- What has to hold
- AI improves ad performance.
- The other side
- Regulatory risk.
Evidence: Form 10-K (FY2025)
2. AI optionality
Large investment in AI models and infrastructure.
- What has to hold
- Investments pay off.
- The other side
- Capex may outrun returns.
Evidence: Form 10-K (FY2025)
Shares are Class A plus Class B outstanding from the equity statements. Dividends began in 2024.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$81.59B vs. —
Interest coverage (operating income ÷ interest expense)
76.4x
$83.28B vs. $1.09B
Free cash flow ÷ dividends paid
8.7x
$46.11B vs. $5.32B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -1.1% in FY2022 ($117.93B → $116.61B) | Yes, by FY2023 |
| Operating income | -38.1% in FY2022 ($46.75B → $28.94B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recovered from 2022
Net income fell to $23.2B in 2022 and rose to $60.5B in 2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Meta faces the FTC’s antitrust case (ruled in Meta’s favor in November 2025, on appeal), EU competition decisions including a November 2024 fine over Facebook Marketplace, and a growing number of youth-safety suits alleging social media addiction and COPPA violations.
3 open matters (2 flagged as major)
FTC v. Meta (Instagram/WhatsApp acquisitions)
On appealAntitrustMajorFederal Trade Commission v. Meta
Trial April–May 2025; on November 18, 2025 the court granted judgment for Meta; the FTC filed a notice of appeal on January 20, 2026.
Source: Form 10-K (FY2025) — Note on Commitments and Contingencies (Legal and Related Matters)
Youth-related litigation
PendingProduct liabilityMajorPlaintiffs, states and school districts v. Meta
Lawsuits alleging “social media addiction” in young users and COPPA violations, with more claims expected.
Source: Form 10-K (FY2025) — Note on Commitments and Contingencies (Legal and Related Matters)
European Commission Facebook Marketplace decision
PendingAntitrustEuropean Commission
In November 2024 the EC fined Meta for tying Facebook Marketplace to Facebook and data use infringing EU competition rules.
Source: Form 10-K (FY2025) — Note on Commitments and Contingencies (Legal and Related Matters)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note on Commitments and Contingencies (Legal and Related Matters), reviewed 2026-10-29. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Regulation and antitrust
- Company disclosure (summarized from the 10-K)
- FTC appeal of the antitrust ruling, EU competition and DMA enforcement, and privacy rules.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Youth safety litigation
- Company disclosure (summarized from the 10-K)
- Growing lawsuits alleging social media addiction and COPPA violations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Competition in social, ads and AI
- Company disclosure (summarized from the 10-K)
- Competes for users, advertisers and AI talent with many large technology companies.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Demand & macro
Advertising cycle
- Company disclosure (summarized from the 10-K)
- Ad spending falls in economic downturns.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & key people
Dual-class control
- Company disclosure (summarized from the 10-K)
- The founder controls a majority of voting power.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
Our ability to support these investments is dependent on generating sufficient profits from other areas of our business. Read more
From time to time we may also seek to raise additional capital through debt, equity, or other financing arrangements to support our business operations, strategic initiatives, or other corporate purposes. Such financings may not be available on favorable terms or at all. The incurrence of additional debt also results in increased fixed obligations and interest expense, while the issuance of additional equity securities results in dilution to our stockholders. If we are unable to obtain adequate financing when needed, our ability to finance our business operations and initiatives could be adversely affected.
No longer in the text (1)
On March 25, 2022, the European Union and United States announced that they had reached an agreement in principle on a new EU-U.S. Read more
Data Privacy Framework (EU-U.S. DPF). On October 7, 2022, President Biden signed the Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities (E.O.), and on June 30, 2023, the European Union and the three additional countries making up the EEA were designated by the United States Attorney General as a “qualifying state” under Section 3(f) of the E.O. On July 10, 2023, the European Commission adopted an adequacy decision in relation to the United States. The adequacy decision concludes that the United States ensures an adequate level of protection for personal data transferred from the European Union to organizations in the United States that are included in the “Data Privacy Framework List,” maintained and made publicly…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 29, 2026 ↗ with the 10-K filed Jan 30, 2025 ↗.
25
What to watch going forwardSite analysis
- Return on AI and data center investment.
- Reality Labs losses.
- FTC appeal and youth-safety cases.
- Ad revenue growth.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 29, 2026 13:31 (SEC EDGAR) · Source 10-K filed: January 29, 2026
Built on10-K FY2025 · filed 2026-01-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Meta Platforms’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.