# Meta Platforms Inc. (META) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-27  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/META/thesis · /stocks/META/memo

## Financial Snapshot

---
ticker: META
step: 04
generated: 2026-05-11
source: quick-research
---

### Meta Platforms Inc. (META) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|--------|--------|--------|--------|-------------|
| Revenue | $134.9B | $164.5B | $201.0B | +22.2% |
| Gross Margin | ~81% | ~82% | ~81% | flat |
| Operating Margin | 35% | 42% | ~41% | ~-100 bps |
| Operating Income | $47.0B | $69.4B | $82.4B | +18.7% |
| Net Income | $39.1B | $62.4B | $60.5B | -3.0% |
| EPS (diluted) | $15.00 | $24.61 | $23.86 | -3.0% |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $115.8B |
| Capex | $72.2B |
| Free Cash Flow | $43.6B |
| Cash & Marketable Securities | ~$77B |
| Total Debt | ~$50B |
| Net Cash Position | ~+$27B |

#### Key Ratios (approximate, May 2026)
- P/E: ~25x | EV/EBITDA: ~15x | FCF Yield: ~2.9%
- Revenue Growth (TTM): ~22% | FCF Margin: ~22% | Operating Margin: ~41%
- Capex / Revenue: ~36% (and stepping up materially in 2026)

#### Reality Labs Segment
- 2025 Revenue: $2.2B (mostly Quest hardware + Ray-Ban Meta smart glasses)
- 2025 Operating Loss: ~$19.2B (vs. ~$16B in 2024)
- 2026 guidance: similar magnitude of losses; AR glasses (Orion) commercial launch targeted later in decade

#### Growth Profile
Meta has compounded revenue at >20% for two consecutive years on a base that already exceeded $130B — an extraordinary pace at this scale, driven by Reels monetization closing the gap with Feed, WhatsApp Business API, Threads ramp, and AI-driven ad-targeting improvements. Net income declined modestly in 2025 due to RL losses widening and elevated capex amortization. The dominant near-term debate is whether 2026's $115–135B capex (up from $72B) is sized correctly — bulls see it as a long-cycle AI investment that will compound over the decade; bears see margin compression to low-30s with no clear AI ROI.

#### Forward Estimates
Consensus FY2026 revenue: ~$235B (+17% YoY); FY2026 EPS: ~$22 (-8% YoY due to capex amortization and elevated AI-related opex). Operating margin guidance implies a step-down toward 32–35% from 2025's ~41%. Threads ad launch expected to add $4–6B in run-rate revenue by year-end 2026.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/META/fundamental

## Navigation

- Overview: /stocks/META
- Financials (this page): /stocks/META/financials
- Thesis: /stocks/META/thesis
- Investment Memo: /stocks/META/memo
- Coverage universe: /stocks