Meta Platforms (META) FY2018 results: revenue $55.8 billion, up 37.4% on the year
Meta Platforms, Inc. (META) reported revenue of $55.8 billion for fiscal 2018, the year ended 31 December 2018, up 37.4% on the year before. Net income was $22.1 billion, up 38.8%, and diluted earnings per share $7.57. The figures are the company's own, from the 10-K it filed with the SEC on 31 January 2019.
Revenue
$55.8 billion
+37.4% on the year
FY2011FY2018
Operating margin
44.6%
49.7% a year earlier
FY2011FY2018
Net income
$22.1 billion
+38.8% on the year
FY2011FY2018
Diluted EPS
$7.57
+40.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
55,838
40,653
27,638
+37.4%
Cost of revenue
9,355
5,454
3,789
+71.5%
Gross profit
46,483
35,199
23,849
+32.1%
Gross margin
83.2%
86.6%
86.3%
Research and development
10,273
7,754
5,919
+32.5%
Operating income
24,913
20,203
12,427
+23.3%
Operating margin
44.6%
49.7%
45.0%
Interest expense
9.0
6.0
10.0
+50.0%
Pre-tax income
25,361
20,594
12,518
+23.1%
Income tax
3,249
4,660
2,301
-30.3%
Effective tax rate
12.8%
22.6%
18.4%
Net income
22,112
15,934
10,217
+38.8%
Net margin
39.6%
39.2%
37.0%
Diluted EPS
$7.57
$5.39
$3.49
+40.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
29,274
24,216
16,108
+20.9%
Capital expenditure
13,915
6,733
4,491
+106.7%
Free cash flow
15,359
17,483
11,617
-12.1%
Free cash flow margin
27.5%
43.0%
42.0%
Cash from investing
-11,603
-20,118
-11,792
Cash from financing
-15,572
-5,235
-310
Depreciation and amortisation
4,315
3,025
2,342
+42.6%
Share-based compensation
4,152
3,723
3,218
+11.5%
Buybacks
12,879
1,976
0.0
+551.8%
Diluted shares, weighted
2,921m
2,956m
2,925m
-1.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
84,127
74,347
59,194
+13.2%
Debt
0.0
0.0
n/a
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
418
n/a
n/a
Other liabilities
12,789
10,177
5,767
+25.7%
Total liabilities and equity
97,334
84,524
64,961
+15.2%
Fixed assets
24,683
13,721
8,591
+79.9%
Goodwill
18,301
18,221
18,122
+0.4%
Intangible assets
1,294
1,884
2,535
-31.3%
Investments
31,095
33,632
20,546
-7.5%
Cash and equivalents
10,019
8,079
8,903
+24.0%
Receivables
7,587
5,832
3,993
+30.1%
Other assets
4,355
3,155
2,271
+38.0%
Total assets
97,334
84,524
64,961
+15.2%
10-K for the year ended 31 December 2018, filed 31 January 2019: the filing.