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Meta Platforms (META) FY2021 results: revenue $117.9 billion, up 37.2% on the year

Meta Platforms, Inc. (META) reported revenue of $117.9 billion for fiscal 2021, the year ended 31 December 2021, up 37.2% on the year before. Net income was $39.4 billion, up 35.1%, and diluted earnings per share $13.77. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2022.

Revenue
$117.9 billion
+37.2% on the year
FY2014FY2021
Operating margin
39.6%
38.0% a year earlier
FY2014FY2021
Net income
$39.4 billion
+35.1% on the year
FY2014FY2021
Diluted EPS
$13.77
+36.5% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue117,92985,96570,697+37.2%
Cost of revenue22,64916,69212,770+35.7%
Gross profit95,28069,27357,927+37.5%
Gross margin80.8%80.6%81.9%
Research and development24,65518,44713,600+33.7%
Operating income46,75332,67123,986+43.1%
Operating margin39.6%38.0%33.9%
Interest expense23.0n/a20.0
Pre-tax income47,28433,18024,812+42.5%
Income tax7,9144,0346,327+96.2%
Effective tax rate16.7%12.2%25.5%
Net income39,37029,14618,485+35.1%
Net margin33.4%33.9%26.1%
Diluted EPS$13.77$10.09$6.43+36.5%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow57,68338,74736,314+48.9%
Capital expenditure18,69015,16315,102+23.3%
Free cash flow38,99323,58421,212+65.3%
Free cash flow margin33.1%27.4%30.0%
Cash from investing-7,570-30,059-19,864
Cash from financing-50,728-10,292-7,299
Depreciation and amortisation7,9676,8625,741+16.1%
Share-based compensation9,1646,5364,836+40.2%
Buybacks44,5376,2724,202+610.1%
Diluted shares, weighted2,859m2,888m2,876m-1.0%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity124,879128,290101,054-2.7%
Debt0.00.00.0
Operating lease liabilities12,7469,6319,524+32.3%
Finance lease liabilities506469n/a+7.9%
Other liabilities27,85620,92622,798+33.1%
Total liabilities and equity165,987159,316133,376+4.2%
Fixed assetsn/an/a35,323
Goodwill19,19719,05018,715+0.8%
Intangible assets634623894+1.8%
Investments31,39744,37835,776-29.3%
Cash and equivalents16,60117,57619,079-5.5%
Receivables14,03911,3359,518+23.9%
Other assets84,11966,35414,071+26.8%
Total assets165,987159,316133,376+4.2%

10-K for the year ended 31 December 2021, filed 3 February 2022: the filing.