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Wednesday 4 November 2026 Export META’s income statement to Excel — free account

Meta Platforms, Inc.

META Communication Services Internet Content & Information

Meta Platforms, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $201.0 billion, up 22.2% from fiscal 2024.

Revenue
+26.1%
EPS
+257.4%
Free cash flow
−110.4%
Total debt
+180.6%

Quarter to September 2026, against a year earlier · Fiscal Q2 2026 earnings digest →

620.86 14.13 +2.33%
Market cap
$1.55T
P/E
20.9×
Fwd P/E
21.1×
Dividend yield
0.34%
F-score
5/9
Altman Z
8.69
Beneish M
−3.03
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Family of Apps
  • Reality Labs

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 241.32
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 10 5 11 5 4 8 3 6 7 9 5 —
Insider Ownership 13.40%

Capital & Financial Ratios $m

Size
Market Cap 1,550,950.00
Revenue ttm 241,607.00
Net income ttm 75,249.00
Free cash flow ttm 28,649.00
Net debt Q (1,527.00)
Valuation
P/E 20.92
Forward P/E 21.10
Price / sales 6.56
Forward P/S Powerpack
Price / FCF 55.31
Price / book 5.82
Financial health
Current ratio Q 1.90 (at or above 1.5: strong)
Debt / equity Q 0.30 (at or below 0.5: strong)
Interest coverage Q 25.75
Growth
Revenue growth Q +26.07% (above 0%: growing)
Operating income growth Q −36.75% (below 0%: shrinking)
EPS, this year +24.24% (at or above 15%: strong)
EPS, next year A +16.96% (at or above 15%: strong)
Revenue, next year A +27.82% (at or above 10%: strong)
EPS, past 5 yrs +18.41% (at or above 15%: strong)
EPS, next 5 yrs A +19.44% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.6×, against a ten-year median of 8.3×; over the ten years it ranged from 1.8× in 2022 to 16.5× in 2016.
P/E against its own 10 years 13.03%
10-year low 10-year high
P/S against its own 10 years 17.25%
10-year low 10-year high
P/B against its own 10 years 25.36%
10-year low 10-year high
EV/Sales against its own 10 years 20.15%
10-year low 10-year high
EV/FCF against its own 10 years 99.27%
10-year low 10-year high

Dividends

Yield
0.34%
Annual rate
2.10
Payout ratio
7.16%
Growth, 2024–25
+5.00%/yr
  1. 2.00 ’24
  2. 2.10 ’25 +5
  3. 2.12 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 65,403 77,815 81,592 82,449
Receivables 16,169 16,994 19,769 22,716
Inventory — — — —
Other — — — —
85,365 100,045 108,722 119,900
2023 2024 2025 Q'26
Payables 4,849 7,687 8,894 19,097
ST’ Debt — — — —
Other — — — —
31,960 33,596 41,836 63,011

Compound Annual Growth %

10y 5y 3y
Sales 27.34% 18.51% 19.89%
Cash Flow 27.35% 24.48% 31.89%
Earnings 32.34% 15.71% 37.61%
Book Value 17.26% 11.11% 20.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 6.52 Actual 7.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 8.21 8.88 Beat by 0.67
Q1 FY26 6.71 7.31 Beat by 0.60
Q2 FY26 7.10 6.18 Miss by 0.92
Q3 FY26 6.52 7.40 Beat by 0.88
Q4 FY26 8.16 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 10.44 6.18 3.83 — —
’25 6.43 7.14 1.05 8.88 23.49
’24 4.71 5.16 6.03 8.02 23.86
’23 2.20 2.98 4.39 5.33 14.87
’22 2.72 2.46 1.64 1.76 8.59
’21 3.30 3.61 3.22 3.67 13.77
’20 1.71 1.80 2.71 3.88 10.09
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 56,311 60,801 64,601 — —
’25 42,314 47,516 51,242 59,894 200,966
’24 36,455 39,071 40,589 48,386 164,501
’23 28,645 31,999 34,146 40,112 134,902
’22 27,908 28,822 27,714 32,165 116,609
’21 26,171 29,077 29,010 33,671 117,929
’20 17,737 18,687 21,470 28,071 85,965
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 32,226 31,862 32,785 — —
’25 24,026 25,561 29,999 36,214 115,800
’24 19,246 19,370 24,724 27,988 91,328
’23 13,998 17,309 20,402 19,404 71,113
’22 14,076 12,196 9,692 14,511 50,475
’21 12,242 13,247 14,090 18,104 57,683
’20 11,001 3,877 9,829 14,040 38,747
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13,229 1,746 (1,157) — —
’25 11,085 9,023 11,170 14,831 46,109
’24 12,846 11,197 16,466 13,563 54,072
’23 7,175 11,175 13,906 11,812 44,068
’22 8,761 4,668 337 5,523 19,289
’21 7,970 8,635 9,776 12,735 39,116
’20 7,443 622 6,140 9,427 23,632
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 27.2% a year for ten years. It grew 18.9% a year over the last ten.

Implied
27.2%
10 years, reported
18.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 27,638 40,653 55,838 70,697 85,965 117,929 116,609 134,902 164,501 200,966 241,607 +24.7% 256,876 312,411 372,606 +22.9%
Gross margin, % 86.29 86.58 83.25 81.94 80.58 80.79 78.35 80.76 81.67 82.00 81.03 (4.3) pt
EBT 12,518 20,594 25,361 24,812 33,180 47,284 28,819 47,428 70,663 85,932 78,862 +23.9%
EBT margin, % 45.29 50.66 45.42 35.10 38.60 40.10 24.71 35.16 42.96 42.76 32.64 (2.5) pt
Net income 10,217 15,934 22,112 18,485 29,146 39,370 23,200 39,098 62,360 60,458 75,249 +21.8%
Per share, $
Per share, $ Revenue 9.65 14.01 19.32 24.77 30.15 41.89 43.40 52.41 64.92 79.72 94.67 +26.4%
Earnings 3.56 5.49 7.65 6.48 10.22 13.99 8.63 15.19 24.61 23.98 29.68 +23.6%
Cash flow 5.63 8.35 10.13 12.72 13.59 20.49 18.78 27.63 36.04 45.93 52.15 +26.3%
Capex (1.57) (2.32) (4.81) (5.29) (5.30) (6.60) (11.61) (10.51) (14.70) (27.64) (40.92) +37.5%
Free cash flow 4.06 6.03 5.31 7.43 8.29 13.90 7.18 17.12 21.34 18.29 11.23 +18.2%
Book value 20.68 25.63 29.11 35.41 45.00 44.36 46.79 59.51 72.07 86.17 106.73 +17.2%
Shares, m 2,863 2,901 2,890 2,854 2,851 2,815 2,687 2,574 2,534 2,521 2,538 (1.4%)
Valuation, ×
Valuation, × P/E 35.20 33.05 17.11 31.67 26.70 24.03 14.49 22.78 23.79 27.54 20.92 25.6
P/S 12.11 12.95 6.78 8.29 9.06 8.03 2.87 6.61 9.02 8.28 6.56 8.4
P/B 5.65 7.08 4.50 5.80 6.07 7.58 2.67 5.82 8.12 7.66 5.82 6.1
EV/Sales 11.04 11.92 6.05 7.65 8.46 7.73 2.61 6.26 8.72 8.17 6.55 7.9
EV/FCF 26.27 27.72 22.00 25.50 30.76 23.32 15.78 19.16 26.53 35.59 55.25 25.3
Cash, $m
Cash, $m Operating cash flow 16,108 24,216 29,274 36,314 38,747 57,683 50,475 71,113 91,328 115,800 133,087 +24.5%
Capex (4,491) (6,733) (13,915) (15,102) (15,115) (18,567) (31,186) (27,045) (37,256) (69,691) (104,438) +35.6%
Free cash flow 11,617 17,483 15,359 21,212 23,632 39,116 19,289 44,068 54,072 46,109 28,649 +16.6%
Balance, $m
Balance, $m Working capital 31,526 44,803 43,463 51,172 60,689 45,531 32,523 53,405 66,449 66,886 56,889 +8.7%
Net debt (29,449) (41,639) (41,114) (44,927) (51,868) (34,761) (30,815) (47,018) (48,989) (22,848) (1,527) (2.8%)
Shareholders’ equity 59,194 74,347 84,127 101,054 128,290 124,879 125,713 153,168 182,637 217,243 272,386 +15.5%
Returns, %
Returns, % ROA 17.82 21.30 24.32 16.02 19.92 24.21 13.19 18.83 24.66 18.83 19.23 +1.0 pt
ROIC 26.11 38.60 36.20 26.71 26.72 32.42 19.06 27.53 32.45 26.77 18.32 +0.7 pt
ROE 19.70 23.84 27.90 19.96 25.42 31.10 18.52 28.04 37.14 30.24 32.26 +10.5 pt
People
People Employees 17,048 25,105 35,587 44,942 58,604 71,970 86,482 67,317 74,067 78,865 — +18.6%
Revenue/emp, $m 1.62 1.62 1.57 1.57 1.47 1.64 1.35 2.00 2.22 2.55 — +5.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Meta Platforms is a technology company founded in 2004 and headquartered in Menlo Park. Mark Zuckerberg is its chief executive. Its purpose is to build products that let people communicate, share content, find communities, discover information and connect with businesses.

Its Family of Apps includes Facebook, Instagram, Messenger, WhatsApp, Meta AI and Threads. Facebook offers Feed, Reels, Stories, Groups and Marketplace. Instagram combines photos, video, messaging and shopping. Messenger and WhatsApp provide text, audio and video communication; WhatsApp also supports business communication and transactions. Threads is a service for text-based updates and public conversations. Meta AI is an assistant available in Meta’s apps, as a stand-alone app, on AI glasses and on the web.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Family of Apps 198,759 98.90%
Reality Labs 2,207 1.10%
Gross margin 82.00%
Operating margin 41.44%
Pre-tax margin 42.76%

Revenue by segment since 2010

Meta Platforms, Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GOOG Alphabet Inc. $3.41T 14.3× — +24.65% (above 0%: growing) −25.27% (below 0%: shrinking) −137.06% (below 0%: shrinking) 59.70% 31.81% Compare
GOOGL Alphabet Inc. $3.40T 14.4× 14.2× +24.65% (above 0%: growing) −25.27% (below 0%: shrinking) −137.06% (below 0%: shrinking) 59.70% 31.81% Compare
META Meta Platforms, Inc. $1.55T 20.9× 21.1× +26.07% (above 0%: growing) +257.41% (above 0%: growing) −110.36% (below 0%: shrinking) 79.31% 20.10%
SPOT Spotify Technology $122.3B 35.9× 45.1× +14.53% (above 0%: growing) −43.14% (below 0%: shrinking) −16.05% (below 0%: shrinking) 32.98% 13.52% Compare
BIDU Baidu, Inc. $21.2B — (loss-making) 15.7× +1.09% (above 0%: growing) −69.18% (below 0%: shrinking) −128.87% (below 0%: shrinking) 39.03% 9.66% Compare
RDDT Reddit Inc. $17.6B 18.6× 16.6× +53.01% (above 0%: growing) +69.06% (above 0%: growing) +98.02% (above 0%: growing) 91.53% 29.23% Compare
PINS Pinterest, Inc. $11.1B 81.9× 49.6× +11.89% (above 0%: growing) −72.93% (below 0%: shrinking) −5.70% (below 0%: shrinking) 77.72% 2.58% Compare
MTCH Match Group Inc. $9.7B 12.5× 14.8× −2.52% (below 0%: shrinking) +13.43% (above 0%: growing) −0.54% (below 0%: shrinking) 76.83% 30.13% Compare
SNAP Snap Inc. $9.2B — (loss-making) — (loss-making) +18.89% (above 0%: growing) n/m +406.61% (above 0%: growing) 58.23% (10.68%) Compare
Median of peers $19.4B 16.5× 16.2× +16.71% −25.27% −10.87% 59.70% 21.38%

All 68 Internet Content & Information stocks →

From the latest earnings call

Updated

  • Mark Zuckerberg said more than 10 million people in the US and Canada had set up Muse personal agents, while computing costs were limiting its global rollout.
  • Susan Li said Meta’s advertising gains reflected engagement and pricing improvements, while infrastructure, legal and third-party AI token costs increased expenses.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wedbush Nov 3, 2026 Target raised Hold 700.00 → 730.00
Rosenblatt Nov 3, 2026 Target raised — 900.00
Bernstein Nov 3, 2026 Target raised — 800.00 → 850.00
Canaccord Genuity Oct 28, 2026 Reiterated Buy 950.00
Piper Sandler Oct 27, 2026 Target raised — 785.00 → 875.00
BNP Paribas Oct 27, 2026 Reiterated Outperform 940.00
TD Cowen Oct 24, 2026 Target cut — 865.00 → 830.00
Jefferies Oct 22, 2026 Reiterated — 875.00
UBS Oct 22, 2026 Target raised — 884.00 → 892.00
Bank of America Oct 22, 2026 Target raised — 810.00 → 845.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 66.63%
Held by the ten largest 34.58%
Holder Shares Stake Change
Vanguard 204.86m 8.04% +2.35m
BlackRock 173.40m 6.81% +4.55m
Capital Group 100.66m 3.95% +9.40m
Fidelity (FMR) 95.90m 3.76% −20.72m
State Street 92.03m 3.61% +3.51m
Geode Capital Management 54.95m 2.16% +784.70k
JPMorgan Chase 45.94m 1.80% −4.24m
Morgan Stanley 39.44m 1.55% +1.36m
Invesco 38.37m 1.51% +345.30k
T. Rowe Price 35.48m 1.39% −4.37m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.13m 25.13m 243.32
2024 27.22m 27.22m 215.16
2023 24.40m 24.40m 129.58
2022 27.11m 27.11m 44.05
2021 26.82m 26.82m 123.13

Ownership

Directors and executive officers, together 60.90% of the votes
Mark Zuckerberg 60.80% of the votes
Entities affiliated with BlackRock 2.80% of the votes
Entities affiliated with FMR LLC 2.40% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Meta Platforms, Inc. (META) Latest News

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31 Oct

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30 Oct

Impact 4 · · Investing.com
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29 Oct

Impact 4 · · TheStreet
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Impact 3 · · PR Newswire
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META metrics, ten years each

stockrow.com/META · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com