Meta Platforms (META) FY2020 results: revenue $86.0 billion, up 21.6% on the year
Meta Platforms, Inc. (META) reported revenue of $86.0 billion for fiscal 2020, the year ended 31 December 2020, up 21.6% on the year before. Net income was $29.1 billion, up 57.7%, and diluted earnings per share $10.09. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2021.
Revenue
$86.0 billion
+21.6% on the year
FY2013FY2020
Operating margin
38.0%
33.9% a year earlier
FY2013FY2020
Net income
$29.1 billion
+57.7% on the year
FY2013FY2020
Diluted EPS
$10.09
+56.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
85,965
70,697
55,838
+21.6%
Cost of revenue
16,692
12,770
9,355
+30.7%
Gross profit
69,273
57,927
46,483
+19.6%
Gross margin
80.6%
81.9%
83.2%
Research and development
18,447
13,600
10,273
+35.6%
Operating income
32,671
23,986
24,913
+36.2%
Operating margin
38.0%
33.9%
44.6%
Interest expense
n/a
20.0
9.0
Pre-tax income
33,180
24,812
25,361
+33.7%
Income tax
4,034
6,327
3,249
-36.2%
Effective tax rate
12.2%
25.5%
12.8%
Net income
29,146
18,485
22,112
+57.7%
Net margin
33.9%
26.1%
39.6%
Diluted EPS
$10.09
$6.43
$7.57
+56.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
38,747
36,314
29,274
+6.7%
Capital expenditure
15,163
15,102
13,915
+0.4%
Free cash flow
23,584
21,212
15,359
+11.2%
Free cash flow margin
27.4%
30.0%
27.5%
Cash from investing
-30,059
-19,864
-11,603
Cash from financing
-10,292
-7,299
-15,572
Depreciation and amortisation
6,862
5,741
4,315
+19.5%
Share-based compensation
6,536
4,836
4,152
+35.2%
Buybacks
6,272
4,202
12,879
+49.3%
Diluted shares, weighted
2,888m
2,876m
2,921m
+0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
128,290
101,054
84,127
+27.0%
Debt
0.0
0.0
0.0
Operating lease liabilities
9,631
9,524
0.0
+1.1%
Finance lease liabilities
469
n/a
418
Other liabilities
20,926
22,798
12,789
-8.2%
Total liabilities and equity
159,316
133,376
97,334
+19.4%
Fixed assets
n/a
35,323
24,683
Goodwill
19,050
18,715
18,301
+1.8%
Intangible assets
623
894
1,294
-30.3%
Investments
44,378
35,776
31,095
+24.0%
Cash and equivalents
17,576
19,079
10,019
-7.9%
Receivables
11,335
9,518
7,587
+19.1%
Other assets
66,354
14,071
4,355
+371.6%
Total assets
159,316
133,376
97,334
+19.4%
10-K for the year ended 31 December 2020, filed 28 January 2021: the filing.