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Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact in a private way. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected anytime and anywhere, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses, featuring Meta AI for advanced conversational and hands free interaction; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $201.0B | $105.7B | $60.5B | $46.1B | 27.8% | 22.2% | -3.1% |
| 2024 | $164.5B | $86.9B | $62.4B | $54.1B | 34.1% | 21.9% | 59.5% |
| 2023 | $134.9B | $59.1B | $39.1B | $44.1B | 25.5% | 15.7% | 68.5% |
| 2022 | $116.6B | $37.7B | $23.2B | $19.3B | 18.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 116,609 | 134,902 | 164,501 | 200,966 |
| Operating Revenue | - | 115,801 | 133,844 | 162,779 | 198,382 |
| Cost Of Revenue | - | 25,249 | 25,959 | 30,161 | 36,175 |
| Gross Profit | - | 91,360 | 108,943 | 134,340 | 164,791 |
| Operating Expense | - | 62,416 | 62,192 | 64,960 | 81,515 |
| Research And Development | - | 35,338 | 38,483 | 43,873 | 57,372 |
| Selling General And Administration | - | 27,078 | 23,709 | 21,087 | 24,143 |
| Total Expenses | - | 87,665 | 88,151 | 95,121 | 117,690 |
| Operating Income | - | 28,944 | 46,751 | 69,380 | 83,276 |
| Total Operating Income As Reported | - | 28,944 | 46,751 | 69,380 | 83,276 |
| EBITDA | - | 37,690 | 59,052 | 86,876 | 105,713 |
| Normalized EBITDA | - | 37,771 | 59,418 | 87,566 | 105,361 |
| EBIT | - | 29,004 | 47,874 | 71,378 | 87,097 |
| Interest Income | - | 461 | 1,639 | 2,517 | 2,123 |
| Interest Expense | - | 185 | 446 | 715 | 1,165 |
| Net Interest Income | - | 276 | 1,193 | 1,802 | 958 |
| Other Non Operating Income Expenses | - | -320 | -150 | 171 | 1,346 |
| Other Income Expense | - | -401 | -516 | -519 | 1,698 |
| Interest Income Non Operating | - | 461 | 1,639 | 2,517 | 2,123 |
| Interest Expense Non Operating | - | 185 | 446 | 715 | 1,165 |
| Net Non Operating Interest Income Expense | - | 276 | 1,193 | 1,802 | 958 |
| Pretax Income | - | 28,819 | 47,428 | 70,663 | 85,932 |
| Tax Provision | - | 5,619 | 8,330 | 8,303 | 25,474 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -15.80 | -64.42 | -81.08 | 104.35 |
| Net Income Continuous Operations | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Net Income From Continuing And Discontinued Operation | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Net Income From Continuing Operation Net Minority Interest | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Net Income | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Net Income Common Stockholders | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Net Income Including Noncontrolling Interests | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Normalized Income | - | 23,265.20 | 39,399.58 | 62,968.92 | 60,210.35 |
| Diluted NI Availto Com Stockholders | - | 23,200 | 39,098 | 62,360 | 60,458 |
| Basic Average Shares | - | 2,687 | 2,574 | 2,534 | 2,521 |
| Diluted Average Shares | - | 2,702 | 2,629 | 2,614 | 2,574 |
| Reconciled Depreciation | - | 8,686 | 11,178 | 15,498 | 18,616 |
| Reconciled Cost Of Revenue | - | 25,249 | 25,959 | 30,161 | 36,175 |
| Total Unusual Items | - | -81 | -366 | -690 | 352 |
| Total Unusual Items Excluding Goodwill | - | -81 | -366 | -690 | 352 |
| Special Income Charges | 0 | - | - | - | - |
| Gain On Sale Of Security | - | -81 | -366 | -690 | 352 |
| General And Administrative Expense | - | 11,816 | 11,408 | 9,740 | 12,152 |
| Other Gand A | - | 11,816 | 11,408 | 9,740 | 12,152 |
| Total Other Finance Cost | - | 320 | 150 | -171 | -1,346 |
| Selling And Marketing Expense | - | 15,262 | 12,301 | 11,347 | 11,991 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Meta Platforms, Inc.this co. | META | $1.6T | 26.35↑ premium | 7.33 | 27.8% | 15.52 |
| Netflix, Inc. | NFLX | $343.4B | 31.27 | 12.90 | 41.3% | 11.53 |
| T-Mobile US, Inc. | TMUS | $191.6B | 17.43 | 3.24 | 18.6% | 9.77 |
| AppLovin Corporation | APP | $187.7B | 56.32 | 87.95 | 156.2% | 43.36 |
| Verizon Communications Inc. | VZ | $187.4B |
| - |
| - |
| - |
| - |
| - |
| - |
| 10.91 |
| 1.79 |
| 16.4% |
| 7.33 |
| The Walt Disney Company | DIS | $172.5B | 13.91 | 1.57 | 11.3% | 11.06 |
| AT&T Inc. | T | $158.2B | 7.21 | 1.43 | 19.9% | 5.39 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Warner Bros. Discovery, Inc. | WBD | $67.7B | 93.11 | 1.88 | 2.0% | 4.50 |
| Peer Median | - | 15.67 | 1.84 | 19.2% | 8.55 | |