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Meta Platforms (META) FY2025 results: revenue $201.0 billion, up 22.2% on the year

Meta Platforms, Inc. (META) reported revenue of $201.0 billion for fiscal 2025, the year ended 31 December 2025, up 22.2% on the year before. Net income was $60.5 billion, down 3.1%, and diluted earnings per share $23.49. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2026.

Revenue
$201.0 billion
+22.2% on the year
FY2018FY2025
Operating margin
41.4%
42.2% a year earlier
FY2018FY2025
Net income
$60.5 billion
-3.1% on the year
FY2018FY2025
Diluted EPS
$23.49
-1.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Revenue up 24% in quarter: Fourth quarter revenue was $59.89 billion, up 24%; full year revenue was $200.97 billion, up 22%.
  • Ad impressions and pricing both rose: Ad impressions rose 18% in the fourth quarter and 12% for the year; average price per ad rose 6% in the quarter and 9% for the year.
  • Costs up 40%, margin down: Total costs and expenses were $35.15 billion in the fourth quarter, up 40%, led by research and development of $17.14 billion. Operating margin was 41%, against 48%.
  • Full year tax rate rose to 30%: The full year 2025 provision includes One Big Beautiful Bill Act effects. Without the valuation allowance charge at enactment, the rate would have been 13%.
  • Free cash flow of $43.59 billion: Operating cash flow was $36.21 billion in the fourth quarter and $115.80 billion for the year. Free cash flow was $14.08 billion and $43.59 billion.
Read the Q4 FY2025 earnings call summary

From this 10-K

Meta Platforms runs a set of apps that people use to connect, share and message, and it sells advertising space on them. Almost everything it earns comes from selling those placements to marketers. It reports two segments: Family of Apps, which holds the apps and the advertising, and Reality Labs, which builds headsets, glasses and the software and content around them and earns its money from selling that hardware, software and content. Products reach people through mobile devices, personal computers, virtual reality headsets and AI glasses. The company states its mission as building the future of human connection and the technology that makes it possible, and describes its aim as delivering personal superintelligence, which it defines as AI that surpasses human intelligence.

Meta Platforms, Inc., the 10-K for 2025

Meta Platforms runs a set of apps that people use to connect, share and message, and it sells advertising space on them. Almost everything it earns comes from selling those placements to marketers. It reports two segments: Family of Apps, which holds the apps and the advertising, and Reality Labs, which builds headsets, glasses and the software and content around them and earns its money from selling that hardware, software and content. Products reach people through mobile devices, personal computers, virtual reality headsets and AI glasses. The company states its mission as building the future of human connection and the technology that makes it possible, and describes its aim as delivering personal superintelligence, which it defines as AI that surpasses human intelligence.

The apps

Facebook covers Feed, Reels, Stories, Groups and Marketplace, for sharing moments, discussing what is happening and building relationships. Instagram covers Feed, Stories, Reels, Live and messaging, with photos, video and private messaging, and shopping from businesses. Messenger is the messaging application for text, audio and video calls across platforms and devices. WhatsApp is the private messaging application used by people and businesses to communicate and transact, and now carries WhatsApp Channels, a one-to-many broadcast service. Threads is for text-based updates and public conversations. Meta AI is an assistant available across the apps, as a stand-alone app, on the AI glasses and on the web.

Reality Labs

Virtual reality runs on the Meta Quest devices, with software and content sold through the Meta Horizon Store, and passthrough lets a user see the physical world while wearing a headset. The wearables line is the AI glasses: Ray-Ban Meta and Oakley Meta, both carrying Meta AI and hands-free interaction. In 2025 the company introduced Meta Ray-Ban Display, AI glasses with a display built into the lens, sold with the Meta Neural Band, a wrist-worn device that reads neuromuscular signals so the glasses can be controlled by hand movement. Augmented reality is still at prototype stage; Orion, a pair of true AR glasses that overlay content on the physical world, was unveiled in 2024. The filing says much of this research is for products that are not on the market and may only be fully realised in the next decade, and that it expects the segment to keep operating at a loss.

How it is sold

Most marketers use the self-service advertising platform to launch and manage their own campaigns. Behind that sits a global sales force working with advertisers directly and through agencies and resellers, from the decision to buy through to post-campaign analytics. Ads can appear on Facebook, Instagram, Messenger, Threads and WhatsApp, and on third-party applications and websites. Reality Labs products go out through retailers, resellers and distribution partners, and direct through Meta.com and several Meta stores.

What it spends on

In 2025, 82 percent of total costs and expenses sat in Family of Apps and 18 percent in Reality Labs. The company says that for 2026 it expects roughly 70 percent of Reality Labs operating expenses to go to wearables and 30 percent to virtual reality and Horizon, while noting that shared costs across product lines make the split a judgement. Its named investment areas for 2026 are AI, Reels and the discovery engine, wearables, making money from its products, youth, platform integrity and community support, and infrastructure capacity. It has designed and built its own data centres and parts of its technical infrastructure, with a substantial portion also provided by outside parties. Llama foundation models have been released as open source, and the company says it expects to keep training a combination of open and closed models.

Competition and people

Competitors named are companies offering connection, sharing, discovery and communication products, companies selling advertising to businesses or building tools to manage advertising campaigns, developers of frontier AI models, and makers of consumer hardware and augmented and virtual reality products. There were 78,865 employees at 31 December 2025, with offices in more than 90 cities.

From Meta Platforms' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 29 January 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue200,966164,501134,902+22.2%
Cost of revenue36,17530,16125,959+19.9%
Gross profit164,791134,340108,943+22.7%
Gross margin82.0%81.7%80.8%
Research and development57,37243,87338,483+30.8%
Operating income83,27669,38046,751+20.0%
Operating margin41.4%42.2%34.7%
Interest expense1,165715446+62.9%
Pre-tax income85,93270,66347,428+21.6%
Income tax25,4748,3038,330+206.8%
Effective tax rate29.6%11.8%17.6%
Net income60,45862,36039,098-3.1%
Net margin30.1%37.9%29.0%
Diluted EPS$23.49$23.86$14.87-1.6%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow115,80091,32871,113+26.8%
Capital expenditure69,69137,25627,045+87.1%
Free cash flow46,10954,07244,068-14.7%
Free cash flow margin22.9%32.9%32.7%
Cash from investing-102,003-47,150-24,495
Cash from financing-20,370-40,781-19,500
Depreciation and amortisation18,61615,49811,178+20.1%
Share-based compensation20,42716,69014,027+22.4%
Buybacks26,24830,12519,774-12.9%
Dividends paid5,3245,0720.0+5.0%
Dividend per share$2.10$2.00n/a+5.0%
Diluted shares, weighted2,574m2,614m2,629m-1.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity217,243182,637153,168+18.9%
Debt58,74428,82618,385+103.8%
Operating lease liabilities22,94018,29217,226+25.4%
Finance lease liabilities876633600+38.4%
Other liabilities66,21845,66640,244+45.0%
Total liabilities and equity366,021276,054229,623+32.6%
Goodwill24,53420,65420,654+18.8%
Intangible assets3,692915788+303.5%
Investments45,71933,92623,541+34.8%
Cash and equivalents35,87343,88941,862-18.3%
Receivables19,76916,99416,169+16.3%
Other assets236,434159,676126,609+48.1%
Total assets366,021276,054229,623+32.6%

10-K for the year ended 31 December 2025, filed 29 January 2026: the filing.