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META

Meta Platforms, Inc.

META

Meta Platforms, Inc. • NASDAQ
$647.95 ▲ 2.26% (+14.34)
Market Cap $1.63 T
52w High $796.25
52w Low $479.80
Dividend Yield 2.08%
P/E 28.66
Volume 7.24M
Outstanding Shares 2.52B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $51.242B ▲ $21.501B ▲ $2.709B ▼ 5.287% ▼ $1.08 ▼ $26.626B ▲
Q2-2025 $47.516B ▲ $18.584B ▲ $18.337B ▲ 38.591% ▼ $7.28 ▲ $24.876B ▲
Q1-2025 $42.314B ▼ $17.187B ▲ $16.644B ▼ 39.334% ▼ $6.59 ▼ $22.522B ▼
Q4-2024 $48.385B ▲ $16.182B ▲ $20.838B ▲ 43.067% ▲ $8.22 ▲ $28.263B ▲
Q3-2024 $40.589B $15.864B $15.688B 38.651% $6.2 $22.057B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $44.448B ▼ $303.844B ▲ $109.778B ▲ $194.066B ▼
Q2-2025 $47.071B ▼ $294.744B ▲ $99.674B ▲ $195.07B ▲
Q1-2025 $70.23B ▼ $280.213B ▲ $95.184B ▲ $185.029B ▲
Q4-2024 $77.815B ▲ $276.054B ▲ $93.417B ▲ $182.637B ▲
Q3-2024 $70.9B $256.408B $91.879B $164.529B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.709B ▼ $29.999B ▲ $-21.848B ▲ $-10.047B ▲ $-1.887B ▲ $11.17B ▲
Q2-2025 $18.337B ▲ $25.561B ▲ $-25.958B ▼ $-15.977B ▲ $-16.243B ▼ $9.023B ▼
Q1-2025 $16.644B ▼ $24.026B ▼ $-20.01B ▲ $-19.495B ▼ $-15.367B ▼ $11.085B ▼
Q4-2024 $20.838B ▲ $27.988B ▲ $-21.498B ▼ $-5.465B ▼ $311M ▼ $13.563B ▼
Q3-2024 $15.688B $24.724B $-8.62B $-4.371B $12.101B $16.466B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Family of Apps
Family of Apps
 $47.30Bn ▲$41.90Bn ▼$47.15Bn ▲$50.77Bn ▲
Reality Labs
Reality Labs
 $1.08Bn ▲$410.00M ▼$370.00M ▼$470.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Meta’s income statement shows a business that went through a soft patch and then came back significantly stronger. Revenue dipped slightly a couple of years ago as privacy changes and macro conditions hit digital ads, but sales have since re-accelerated and are now well above prior peaks. Profitability followed the same pattern: margins compressed during the heavy investment phase, then widened again as management focused on efficiency. Earnings today are substantially higher than before the downturn, indicating that the core advertising engine is not only intact but has become more productive. The main watchpoint is that results remain heavily tied to the health of the global advertising market and user engagement across its apps.

Balance Sheet

Balance Sheet Meta’s balance sheet is robust and getting stronger over time. Total assets and shareholder equity have steadily increased, reflecting consistent reinvestment and retained profits. Cash reserves are sizable, giving the company flexibility to fund large projects, buy back stock, or weather downturns without relying excessively on outside financing. Debt has risen from very low levels but remains modest relative to the company’s size and earnings power. Overall, financial leverage looks conservative, with plenty of cushion to absorb shocks or continued big-ticket investments.

Cash Flow

Cash Flow Cash generation is one of Meta’s key strengths. Operating cash flow has grown meaningfully over the last few years, showing that reported profits are backed by real cash coming in the door. Free cash flow dipped when capital spending surged, as the company poured money into data centers, AI infrastructure, and Reality Labs, but has since recovered as earnings improved. Even with heavy investment, Meta has consistently produced substantial excess cash. This gives it room to keep funding long-term projects while also returning cash to shareholders if management chooses, all without straining the balance sheet.

Competitive Edge

Competitive Edge Meta’s competitive position is anchored in its enormous global user base across Facebook, Instagram, WhatsApp, and Messenger. These platforms benefit from powerful network effects: people stay because everyone else is there, and advertisers follow the users. The company’s ad tools, powered by large-scale data and advanced AI, make it a critical channel for businesses of all sizes, which raises switching costs. At the same time, Meta faces intense competition for attention from players like TikTok, YouTube, and emerging social platforms, and it operates under growing regulatory and political scrutiny worldwide. Despite these pressures, its scale, brand recognition, and integrated ecosystem give it a very strong, though not unassailable, market position.

Innovation and R&D

Innovation and R&D Meta is investing heavily in two big technology pillars: artificial intelligence and virtual/augmented reality. On AI, it is pushing an open-approach with its Llama models and weaving generative AI into feeds, ads, messaging, and assistants, while also building custom chips and massive infrastructure to support these workloads. In VR/AR, Reality Labs and the Quest line show Meta’s ambition to shape the next computing platform, even though this division is currently a drag on profits and its commercial payoff remains uncertain. The company is also experimenting with new formats like Reels, Threads, and tools to better monetize WhatsApp and Messenger. Overall, Meta’s R&D profile is bold and long-term oriented, with the risk that some of these big bets may take much longer than expected to meaningfully contribute to earnings—if they do at all.

Summary

Meta today looks like a highly profitable advertising and social platform business that is using its strong cash flows to finance very large, long-horizon bets on AI and immersive computing. The core franchise—ads across Facebook, Instagram, and the broader family of apps—has regained momentum after a period of disruption and cost pressure, with margins and earnings now comfortably above previous highs. The balance sheet and cash flows provide a solid financial base to support ongoing heavy investment without overreliance on debt. Strategically, Meta enjoys deep network effects and data advantages, but it operates in a rapidly changing environment with fierce competition for user attention, evolving privacy norms, and regulatory risk. The long-term story hinges on whether its major investments in AI, VR/AR, and messaging monetization can evolve from costly experiments into durable, scaled profit drivers while preserving the strength of the core ad business.

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