Meta Platforms, Inc. Q4 FY2023 results: revenue $40.1 billion, up 24.7% on the year

Meta Platforms, Inc. (META) reported revenue of $40.1 billion for Q4 FY2023, the quarter ended 31 December 2023, up 24.7% on the same quarter a year earlier. Net income was $14.0 billion, up 201.3% on the year, and diluted earnings per share $5.30. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2024.

Revenue$40.1 billionup 24.7%

Net income$14.0 billionup 201.3%

Diluted EPS$5.30

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	40,112	34,146	n/a	n/a
Cost of revenue	7,696	6,210	n/a	n/a
Gross profit	32,416	27,936	n/a	n/a
Gross margin	80.8%	81.8%	n/a
Research and development	10,517	9,241	n/a	n/a
Operating income	16,384	13,748	n/a	n/a
Operating margin	40.8%	40.3%	n/a
Interest expense	129	132	n/a	n/a
Pre-tax income	16,808	14,020	n/a	n/a
Income tax	2,790	2,437	n/a	n/a
Effective tax rate	16.6%	17.4%	n/a
Net income	14,018	11,583	n/a	n/a
Net margin	34.9%	33.9%	n/a
Diluted EPS	$5.30	$4.39	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	19,404	20,402	n/a	n/a
Capital expenditure	7,665	6,543	n/a	n/a
Free cash flow	11,739	13,859	n/a	n/a
Free cash flow margin	29.3%	40.6%	n/a
Depreciation and amortisation	3,167	2,862	n/a	n/a
Share-based compensation	3,424	3,492	n/a	n/a
Buybacks	5,942	3,569	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	2,629m	2,641m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	229,623	216,274	n/a	n/a
Cash and equivalents	41,862	36,890	n/a	n/a
Receivables	16,169	12,944	n/a	n/a
Goodwill	20,654	20,668	n/a	n/a
Long-term debt	18,385	18,383	n/a	n/a
Borrowings, as the company tags them	18,500	18,500	n/a	n/a
Operating lease liabilities	17,226	16,374	n/a	n/a
Finance lease liabilities	600	574	n/a	n/a
Shareholders' equity	153,168	142,873	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	34,146	40,112	36,455	39,071	40,589	48,386	42,314	47,516	51,242	59,894	56,311	60,801
Cost of revenue	6,210	7,696	6,640	7,308	7,375	8,838	7,572	8,491	9,206	10,906	10,218	11,330
Gross profit	27,936	32,416	29,815	31,763	33,214	39,548	34,742	39,025	42,036	48,988	46,093	49,471
Gross margin	82%	81%	82%	81%	82%	82%	82%	82%	82%	82%	82%	81%
R&D	9,241	10,517	9,978	10,537	11,177	12,181	12,150	12,942	15,144	17,136	17,699	21,656
Operating income	13,748	16,384	13,818	14,847	17,350	23,365	17,555	20,441	20,535	24,745	22,872	18,775
Operating margin	40%	41%	38%	38%	43%	48%	41%	43%	40%	41%	41%	31%
Interest expense	132	129	n/a	n/a	200	n/a	n/a	232	n/a	n/a	n/a	754
Pre-tax income	14,020	16,808	14,183	15,106	17,822	23,552	18,382	20,534	21,663	25,353	21,752	18,756
Tax rate	17%	17%	13%	11%	12%	12%	9%	11%	87%	10%	-23%	16%
Net income	11,583	14,018	12,369	13,465	15,688	20,838	16,644	18,337	2,709	22,768	26,773	15,848
Net margin	34%	35%	34%	34%	39%	43%	39%	39%	5%	38%	48%	26%
Diluted EPS	$4.39	$5.30	$4.71	$5.16	$6.03	$7.96	$6.43	$7.14	$1.05	$8.87	$10.44	$6.18
Operating cash flow	20,402	19,404	19,246	19,370	24,724	27,988	24,026	25,561	29,999	36,214	32,226	31,862
Capital expenditure	6,543	7,665	6,400	8,173	8,258	14,425	12,941	16,538	18,829	21,383	18,997	30,116
Free cash flow	13,859	11,739	12,846	11,197	16,466	13,563	11,085	9,023	11,170	14,831	13,229	1,746
Buybacks	3,569	5,942	15,008	6,299	8,818	0.0	12,754	10,167	3,327	0.0	0.0	0.0
Dividends paid	0.0	0.0	1,273	1,266	1,262	1,267	1,325	1,322	1,323	1,328	1,346	1,353
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* 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. 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.

Source

10-K for the period ended 31 December 2023, filed 2 February 2024, accession 0001326801-24-000012: the filing on EDGAR. All of Meta Platforms, Inc.'s filings: EDGAR company page.

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