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Thursday 15 October 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. In the quarter to June 2026, revenue grew 28.0%, EPS fell 14.4%, free cash flow fell 80.7% and total debt rose 190.2%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for three consecutive years, revenue growth for three, operating cash flow growth for three.

737.54 24.96 −3.27%
Market cap
$1.94T
P/E
27.4×
Fwd P/E
18.0×
Dividend yield
0.28%
F-score
5/9
Altman Z
8.69
Beneish M
−3.03
Dividend safety
85/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Meta Platforms, Inc. (META) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Meta Platforms generated revenue of $201.0 billion in FY2025, gross profit of $164.8 billion in FY2025, operating income of $83.3 billion in FY2025, and net income of $60.5 billion in FY2025. Market capitalisation was $1.98 trillion as of September 24, 2026.

In Q2 FY2026, revenue was $60.8 billion, gross profit was $49.5 billion, operating income was $18.8 billion, and net income was $15.8 billion. Diluted EPS was $6.18 in Q2 FY2026, while free cash flow was $1.7 billion in Q2 FY2026. Revenue over the TTM to Q2 FY2026 was $228.2 billion, and net income over the TTM to Q2 FY2026 was $68.1 billion.

Growth

Revenue grew 22.2% in FY2025 against FY2024, reaching $201.0 billion in FY2025 from $164.5 billion in FY2024. Revenue compound annual growth was 19.9% in FY2022–FY2025 and 18.5% in FY2020–FY2025. Diluted EPS declined 1.55% in FY2025 against FY2024 to $23.49 in FY2025, while its compound annual growth was 39.8% in FY2022–FY2025.

Free cash flow declined 14.7% in FY2025 against FY2024 to $46.1 billion in FY2025, while its compound annual growth was 33.7% in FY2022–FY2025. Revenue rose 28.0% in Q2 FY2026 against Q2 FY2025 to $60.8 billion in Q2 FY2026. Diluted EPS declined 13.4% in Q2 FY2026 against Q2 FY2025, and free cash flow declined 80.6% in Q2 FY2026 against Q2 FY2025.

Profitability

Gross margin was 82.0% in FY2025, an increase of 0.3 percentage points in FY2024–FY2025 and 1.4 percentage points in FY2020–FY2025. Operating margin was 41.4% in FY2025, a decrease of −0.7 percentage points in FY2024–FY2025 but an increase of 3.4 percentage points in FY2020–FY2025. Net margin was 30.1% in FY2025, down −7.8 percentage points in FY2024–FY2025 and down −3.8 percentage points in FY2020–FY2025.

Return on equity was 30.2% in FY2025, compared with 37.1% in FY2024. Return on assets was 18.8% in FY2025, compared with 24.7% in FY2024, and return on invested capital was 26.8% in FY2025, compared with 32.5% in FY2024. Industry median profitability figures are not reported.

Balance sheet

Total debt was $58.7 billion in FY2025, while cash and short-term investments were $81.6 billion in FY2025. Net debt was −$22.8 billion in FY2025, compared with −$49.0 billion in FY2024. Shareholders’ equity was $217.2 billion in FY2025, and working capital was $66.9 billion in FY2025.

At Q2 FY2026, net debt was −$6.6 billion, compared with −$22.4 billion in Q1 FY2026. The current ratio was 2.2× in Q2 FY2026, and debt to equity was 0.3× in Q2 FY2026. Book value per share was $86.17 in FY2025, compared with $72.07 in FY2024.

Cash flow & capital return

Operating cash flow was $115.8 billion in FY2025, up 26.8% in FY2025 against FY2024. Capital expenditure was $69.7 billion in FY2025, compared with $37.3 billion in FY2024. Free cash flow was $46.1 billion in FY2025, down 14.7% in FY2025 against FY2024, and represented 76.3% of net income in FY2025.

Meta Platforms paid dividends of $5.3 billion in FY2025 and made net share repurchases of $26.2 billion in FY2025. Capital returned to shareholders was $31.6 billion in FY2025. Weighted average shares were 2.5 billion shares in FY2025, and the share count changed −11.6% in FY2020–FY2025. Operating cash flow over the TTM to Q2 FY2026 was $130.3 billion, while free cash flow over the TTM to Q2 FY2026 was $41.0 billion.

Valuation

Market capitalisation was $1.98 trillion as of September 24, 2026. P/E was 28.9× as of September 24, 2026, above the five-year median of 23.8× as of September 24, 2026, over the five fiscal years to FY2025, and above the ten-year median of 25.4× as of September 24, 2026, over the ten fiscal years to FY2025.

P/S was 8.7× as of September 24, 2026, above the five-year median of 8.0× as of September 24, 2026, over the five fiscal years to FY2025. P/B was 7.6× as of September 24, 2026, equal to the five-year median of 7.6× as of September 24, 2026, over the five fiscal years to FY2025. EV/Cash flow was 48.1× as of September 24, 2026, above the five-year median of 23.3× as of September 24, 2026, over the five fiscal years to FY2025. Industry median valuation figures are not reported.

What changed since last quarter

Revenue increased 7.97% in Q2 FY2026 against Q1 FY2026 to $60.8 billion in Q2 FY2026, and increased 28.0% in Q2 FY2026 against Q2 FY2025. Gross margin declined −0.5 percentage points in Q2 FY2026 against Q1 FY2026 and declined −0.8 percentage points in Q2 FY2026 against Q2 FY2025. Operating margin declined −9.7 percentage points in Q2 FY2026 against Q1 FY2026 and declined −12.1 percentage points in Q2 FY2026 against Q2 FY2025.

Diluted EPS declined −40.8% in Q2 FY2026 against Q1 FY2026 and declined −13.4% in Q2 FY2026 against Q2 FY2025. Free cash flow declined −86.8% in Q2 FY2026 against Q1 FY2026 and declined −80.6% in Q2 FY2026 against Q2 FY2025. Net debt increased by $15.8 billion in Q2 FY2026 against Q1 FY2026 and by $11.6 billion in Q2 FY2026 against Q2 FY2025.

Open questions

  • What factors drove the decline in net income and diluted EPS despite revenue growth in the latest quarter?
  • What drove the decline in free cash flow in the latest quarter and over the trailing twelve months?
  • What explains the increase in net debt during the latest quarter?
  • Which spending categories accounted for the increase in capital expenditure in FY2025?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.