Meta Platforms (META) Q2 FY2022 earnings: revenue $28.8 billion, down 0.9% on the year

Meta Platforms, Inc. (META) reported revenue of $28.8 billion for Q2 FY2022, the quarter ended 30 June 2022, down 0.9% on the same quarter a year earlier as this quarter's filing gives it. Net income was $6.7 billion, down 35.7% on the year as this quarter's filing gives it, and diluted earnings per share $2.46. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2022.

Revenue

$28.8 billion

-0.9% on the year · +3.3% on the quarter

Q3 FY2020Q2 FY2022

Operating margin

29.0%

42.5% a year earlier

Q3 FY2020Q2 FY2022

Net income

$6.7 billion

-35.7% on the year · -10.4% on the quarter

Q3 FY2020Q2 FY2022

Diluted EPS

$2.46

-31.9% on the year · -9.6% on the quarter

Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Revenue	28,822	27,908	29,077	+3.3%	-0.9%
Cost of revenue	5,192	6,005	n/a	-13.5%
Gross profit	23,630	21,903	n/a	+7.9%
Gross margin	82.0%	78.5%	n/a
Research and development	8,690	7,707	n/a	+12.8%
Operating income	8,358	8,524	12,367	-1.9%	-32.4%
Operating margin	29.0%	30.5%	42.5%
Pre-tax income	8,186	8,908	n/a	-8.1%
Income tax	1,499	1,443	n/a	+3.9%
Effective tax rate	18.3%	16.2%	n/a
Net income	6,687	7,465	10,394	-10.4%	-35.7%
Net margin	23.2%	26.7%	n/a
Diluted EPS	$2.46	$2.72	$3.61	-9.6%	-31.9%

$ million except per share.

Free 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	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Operating cash flow	12,196	14,076	n/a	-13.4%
Capital expenditure	7,572	5,441	n/a	+39.2%
Free cash flow	4,624	8,635	n/a	-46.5%
Free cash flow margin	16.0%	30.9%	n/a
Cash from investing	-6,959	-4,779	n/a
Cash from financing	-6,563	-10,660	n/a
Depreciation and amortisation	1,983	2,156	1,982	-8.0%	+0.1%
Share-based compensation	3,351	2,498	n/a	+34.1%
Buybacks	5,233	9,506	n/a	-45.0%
Dividends paid	0.0	0.0	n/a
Diluted shares, weighted	2,713m	2,742m	2,877m	-1.1%	-5.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Shareholders' equity	125,767	123,228	138,227	+2.1%	-9.0%
Debt	0.0	0.0	n/a
Operating lease liabilities	14,792	12,894	n/a	+14.7%
Finance lease liabilities	534	524	n/a	+1.9%
Other liabilities	28,686	27,572	n/a	+4.0%
Total liabilities and equity	169,779	164,218	n/a	+3.4%
Goodwill	20,229	19,923	n/a	+1.5%
Intangible assets	965	910	n/a	+6.0%
Investments	27,808	29,004	n/a	-4.1%
Cash and equivalents	12,681	14,886	16,186	-14.8%	-21.7%
Receivables	11,525	11,390	n/a	+1.2%
Other assets	96,571	88,105	n/a	+9.6%
Total assets	169,779	164,218	n/a	+3.4%

Questions

What was Meta Platforms' revenue in Q2 FY2022?

Meta Platforms (META) reported revenue of $28.8 billion for Q2 FY2022, the quarter ended 30 June 2022, down 0.9% on the same quarter a year earlier as the company restated it.

How much did Meta Platforms earn in Q2 FY2022?

Net income for Q2 FY2022 was $6.7 billion, down 35.7% on the year, and diluted earnings per share $2.46.

When did Meta Platforms report Q2 FY2022 results?

Meta Platforms filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 28 July 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	33,671	27,908	28,822	27,714	32,165	28,645	31,999	34,146	40,112	36,455	39,071	40,589	48,386	42,314	47,516	51,242	59,894	56,311	60,801	64,601
Cost of revenue	6,348	6,005	5,192	5,716	8,336	6,108	5,945	6,210	7,696	6,640	7,308	7,375	8,838	7,572	8,491	9,206	10,906	10,218	11,330	13,369
Gross profit	27,323	21,903	23,630	21,998	23,829	22,537	26,054	27,936	32,416	29,815	31,763	33,214	39,548	34,742	39,025	42,036	48,988	46,093	49,471	51,232
Gross margin	81%	78%	82%	79%	74%	79%	81%	82%	81%	82%	81%	82%	82%	82%	82%	82%	82%	82%	81%	79%
R&D	7,046	7,707	8,690	9,170	9,771	9,381	9,344	9,241	10,517	9,978	10,537	11,177	12,181	12,150	12,942	15,144	17,136	17,699	21,656	20,054
Operating income	12,585	8,524	8,358	5,664	6,398	7,227	9,392	13,748	16,384	13,818	14,847	17,350	23,365	17,555	20,441	20,535	24,745	22,872	18,775	12,988
Operating margin	37%	31%	29%	20%	20%	25%	29%	40%	41%	38%	38%	43%	48%	41%	43%	40%	41%	41%	31%	20%
Interest expense	n/a	n/a	n/a	n/a	n/a	49.0	110	132	129	n/a	n/a	200	n/a	n/a	232	205	n/a	n/a	754	882
Pre-tax income	12,703	8,908	8,186	5,576	6,149	7,307	9,293	14,020	16,808	14,183	15,106	17,822	23,552	18,382	20,534	21,663	25,353	21,752	18,756	13,001
Tax rate	19%	16%	18%	21%	24%	22%	16%	17%	17%	13%	11%	12%	12%	9%	11%	87%	10%	-23%	16%	24%
Net income	10,285	7,465	6,687	4,395	4,653	5,709	7,788	11,583	14,018	12,369	13,465	15,688	20,838	16,644	18,337	2,709	22,768	26,773	15,848	9,860
Net margin	31%	27%	23%	16%	14%	20%	24%	34%	35%	34%	34%	39%	43%	39%	39%	5%	38%	48%	26%	15%
Diluted EPS	$3.64	$2.72	$2.46	$1.64	$1.77	$2.20	$2.98	$4.39	$5.30	$4.71	$5.16	$6.03	$8.02	$6.43	$7.14	$1.05	$8.88	$10.44	$6.18	$3.83
Operating cash flow	18,104	14,076	12,196	9,692	14,511	13,998	17,309	20,402	19,404	19,246	19,370	24,724	27,988	24,026	25,561	29,999	36,214	32,226	31,862	32,785
Capital expenditure	5,369	5,441	7,572	9,375	9,043	6,823	6,216	6,543	7,665	6,400	8,173	8,258	14,425	12,941	16,538	18,829	21,383	18,997	30,116	33,942
Free cash flow	12,735	8,635	4,624	317	5,468	7,175	11,093	13,859	11,739	12,846	11,197	16,466	13,563	11,085	9,023	11,170	14,831	13,229	1,746	-1,157
Buybacks	20,061	9,506	5,233	6,354	6,863	9,365	898	3,569	5,942	15,008	6,299	8,818	0.0	12,754	10,167	3,327	0.0	0.0	0.0	0.0
Dividends paid	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,273	1,266	1,262	1,267	1,325	1,322	1,323	1,328	1,346	1,353	1,361
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2,534m	2,514m	2,512m	2,521m	2,530m	2,538m	2,548m	2,556m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2022, filed 28 July 2022: the filing.