Meta Platforms (META) FY2019 results: revenue $70.7 billion, up 26.6% on the year
Meta Platforms, Inc. (META) reported revenue of $70.7 billion for fiscal 2019, the year ended 31 December 2019, up 26.6% on the year before. Net income was $18.5 billion, down 16.4%, and diluted earnings per share $6.43. The figures are the company's own, from the 10-K it filed with the SEC on 30 January 2020.
Revenue
$70.7 billion
+26.6% on the year
FY2012FY2019
Operating margin
33.9%
44.6% a year earlier
FY2012FY2019
Net income
$18.5 billion
-16.4% on the year
FY2012FY2019
Diluted EPS
$6.43
-15.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
70,697
55,838
40,653
+26.6%
Cost of revenue
12,770
9,355
5,454
+36.5%
Gross profit
57,927
46,483
35,199
+24.6%
Gross margin
81.9%
83.2%
86.6%
Research and development
13,600
10,273
7,754
+32.4%
Operating income
23,986
24,913
20,203
-3.7%
Operating margin
33.9%
44.6%
49.7%
Interest expense
20.0
9.0
6.0
+122.2%
Pre-tax income
24,812
25,361
20,594
-2.2%
Income tax
6,327
3,249
4,660
+94.7%
Effective tax rate
25.5%
12.8%
22.6%
Net income
18,485
22,112
15,934
-16.4%
Net margin
26.1%
39.6%
39.2%
Diluted EPS
$6.43
$7.57
$5.39
-15.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
36,314
29,274
24,216
+24.0%
Capital expenditure
15,102
13,915
6,733
+8.5%
Free cash flow
21,212
15,359
17,483
+38.1%
Free cash flow margin
30.0%
27.5%
43.0%
Cash from investing
-19,864
-11,603
-20,118
Cash from financing
-7,299
-15,572
-5,235
Depreciation and amortisation
5,741
4,315
3,025
+33.0%
Share-based compensation
4,836
4,152
3,723
+16.5%
Buybacks
4,202
12,879
1,976
-67.4%
Diluted shares, weighted
2,876m
2,921m
2,956m
-1.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
101,054
84,127
74,347
+20.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
9,524
0.0
n/a
Finance lease liabilities
n/a
418
n/a
Other liabilities
22,798
12,789
10,177
+78.3%
Total liabilities and equity
133,376
97,334
84,524
+37.0%
Fixed assets
35,323
24,683
13,721
+43.1%
Goodwill
18,715
18,301
18,221
+2.3%
Intangible assets
894
1,294
1,884
-30.9%
Investments
35,776
31,095
33,632
+15.1%
Cash and equivalents
19,079
10,019
8,079
+90.4%
Receivables
9,518
7,587
5,832
+25.5%
Other assets
14,071
4,355
3,155
+223.1%
Total assets
133,376
97,334
84,524
+37.0%
10-K for the year ended 31 December 2019, filed 30 January 2020: the filing.