What it does
The company states that its mission is to build technology for human connection. Its Family of Apps includes Facebook, Instagram, Messenger, Meta AI, Threads, and WhatsApp, which it says support sharing, messaging, communities, discovery, and business activity. The company also develops Reality Labs products and research, including Meta Quest virtual-reality devices, software and content through the Meta Horizon Store, AI glasses, and longer-term augmented-reality initiatives. It states that AI supports content ranking, recommendations, advertising tools, generative-AI experiences, and product development.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company reports two segments: Family of Apps (FoA) and Reality Labs (RL). It states that substantially all revenue currently comes from selling advertising placements to marketers on its family of apps, with ads appearing across its products as well as third-party applications and websites. Marketers use these placements for objectives such as generating leads or driving awareness. The company states that Reality Labs generates revenue from consumer hardware products, software, and content.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing describes users of its products, marketers buying advertising, businesses using free or paid business and advertising services, and developers building applications that integrate with its products. Most marketers use the company’s self-service advertising platform, while its sales force also works directly with advertisers, advertising agencies, and resellers. For Reality Labs, sales efforts target consumer and enterprise adoption through third-party retail, resale, and distribution channels, Meta.com, and Meta stores. The company states that it operates offices in more than 90 cities globally, most with a sales presence.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing does not name individual competitors. The company states that it competes with providers of online connection, sharing, discovery, and communication products and services; companies selling advertising or advertising-management tools; and companies developing and applying AI, consumer hardware, and augmented- and virtual-reality products and services. It says it competes for users, businesses using its business and advertising services, and developers building applications that integrate with its products.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s summary risk factors include:
- Failure to add or retain users, or to maintain user engagement with its products.
- Loss of, or reduced spending by, marketers.
- Reduced availability of data signals used by its ad-targeting and measurement tools.
- Failure to build, maintain, and scale technical infrastructure, including service disruptions, catastrophic events, and crises.
- Government investigations, enforcement actions, and settlements, including actions by privacy, consumer-protection, and competition authorities.
- Security breaches, improper access to or disclosure of company or user data, cyber incidents, misuse of services, and undesirable platform activity.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
The company states that it had a global workforce of 78,865 employees as of December 31, 2025, and offices in more than 90 cities worldwide. It says the majority of marketers use its self-service advertising platform, supported by a global sales force and direct customer-support tools for users and partners. The company states that it designed and built its own data centers and key portions of its technical infrastructure, while a substantial portion is provided by third parties. It also states that it periodically implements organizational changes, including prior cost-reduction measures, layoffs, and restructurings.
Source: Meta Platforms, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov