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Meta Platforms, Inc.META

Sector
Technology
Industry
Services-Computer Programming, Data Processing, Etc.
Exchange
Nasdaq

Stock Price $META

Latest filings

You are here#2 of 17 in Communication by market cap

Filing record · 2016–202610-K1210-Q338-K105

META filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Jan ’19Jan ’19
  2. Leadership change8-K · Mar ’22Mar ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  16. $200.97B
YoY changeLargest recent move+54.2%in FY16Latest +22.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All META Financial Metrics61 metrics

Income Statement17

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

Meta Platforms, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Meta swallowed a staggering $19.19 billiona operating loss in its Reality Labs segment during FY2025, yet still expanded its total operating income by 20% to $83.28 billion. This underscores the central investment thesis: Meta operates a remarkably resilient advertising engine that fully bankrolls its high-risk, high-reward capital expenditures into artificial intelligence and the metaverse.

The company’s ability to monetize digital attention has proven highly durable, with total revenue climbing from $117.9 billionb in FY2021 to a record $200.97 billion in FY2025. This top-line expansion was fueled by a 22% annual jump in advertising revenue, supported by a 12% increase in ad impressions and a 9% increase in average price per ad. Despite pushing research and development expenses up 31% to $57.37 billion in FY2025, management still aggressively returned capital to shareholders, executing $26.26 billion in stock repurchases and distributing $5.32 billion in dividends. This fundamental momentum carried over into Q1 2026, where total revenue surged 33% to $56.31 billion and operating income jumped 30% to $22.87 billion.

Even after absorbing a massive $15.93 billionc one-time tax charge late in the year, the core business remained highly cash-generative, holding $81.59 billion in liquidity. Reflecting this sustained operational strength, the market valued Meta shares at $660.09 at the close of FY2025, trading at a multiple of 28.1x earnings.

Recent Developments (Q4 2025 and Q1 2026)

Meta's operational momentum accelerated early in the year, driven by a 19% year-over-year surge in Q1 2026 ad impressions and a 12% increase in average ad pricing. Behind the scenes, the company heavily ramped up infrastructure investments. Meta deployed $19.84 billiond in quarterly capital expenditures primarily for artificial intelligence. To further fortify its balance sheet, the company issued $25 billion in senior notes in May 2026.

The boardroom also saw significant changes. Dina Powell McCormick was appointed President and Vice Chairman, while directors Hock E. Tan and Tracey T. Travis announced their upcoming departures. Bulls argue that expanding the user base by 7%e to 3.58 billion daily active people in December 2025 proves the ecosystem's stickiness, leaving the stock reasonably valued at 26.0x earnings as of the Q1 2026 reporting date. Conversely, bears caution that relentless AI capital expenditures could pressure margins if advertising demand cools.

What to watch: returns on surging AI capital expenditures; board nominations following upcoming director departures.

03—Filings

Recent SEC Filings

  1. 8-KMeta Platforms, Inc. 8-K Report, Material Agreement (Oct 21, 2026)Meta Platforms, Inc. (META) has announced a significant restructuring of its capital stock through the creation of a new class of non-voting Class C common stock, effective January 19, 2027. This move, approved by the board and shareholders, aims to provide greater flexibility for future capital raising, employee compensation, and strategic acquisitions, particularly in light of substantial investments in AI. The company also declared a one-time stock dividend of Class C shares for existing Class A and B shareholders, which will effectively act as a two-for-one stock split. Alongside the capital structure change, Meta has entered into a Founder Alignment Agreement with CEO Mark Zuckerberg. This agreement introduces restrictions on Mr. Zuckerberg's ability to sell his newly issued Class C shares without a corresponding reduction in his voting power, aligning his incentives with long-term shareholder value. The agreement also outlines conditions for potential future Class C stock dividends, tied to stock price performance and Zuckerberg's continued leadership and residency. The company also reported its third quarter 2026 financial results, showcasing strong revenue growth of 26% year-over-year to $64.6 billion, driven by a 26% increase in advertising revenue. However, costs and expenses surged by 68% to $51.6 billion, primarily due to a $9.89 billion charge related to an August 2026 agreement with state attorneys general to resolve litigation concerning teen mental health. Despite this charge, net income saw a substantial increase of 264% to $9.86 billion, with diluted EPS rising to $3.83. The outlook for the fourth quarter indicates continued revenue strength but also higher expense guidance due to the legal settlement.
  2. 8-KMeta Platforms, Inc. 8-K Report, Financial Results (Jul 29, 2026)Meta Platforms reported second-quarter 2026 results that combined very strong top-line growth with sharply lower profitability. Revenue rose 28% year-over-year to $60.80 billion (27% on a constant-currency basis), driven by a 14% increase in ad impressions and a 12% increase in average price per ad. Family daily active people reached 3.60 billion, up 3%. However, total costs and expenses surged 55% to $42.03 billion, pushing operating income down 8% to $18.78 billion and operating margin down to 31% from 43%. Diluted EPS fell 13% to $6.18, and net income declined 14%. The quarter included $2.40 billion of legal proceedings charges and $1.18 billion of severance tied to a May 2026 headcount reduction of roughly 8,000 employees, so the one-time items explain a meaningful part of the margin compression, though not all of it. Capital intensity is the central investor concern. Capital expenditures, including finance lease principal payments, reached $31.08 billion in the quarter, and free cash flow fell to $784 million from $8.55 billion a year earlier. Long-term debt rose to $83.66 billion from $58.74 billion at year-end 2025, after a $24.91 billion debt issuance during the quarter. Cash, cash equivalents, and marketable securities totaled $90.26 billion. Management reiterated that 2026 operating income will exceed 2025 levels and narrowed its capex guidance to $130-145 billion. It guided third-quarter revenue to $61-64 billion, raised the low end of full-year total expense guidance to $165-169 billion, and raised its expected tax rate for the remaining 2026 quarters to 15-17%. Management highlighted AI as the driver of core business acceleration and new enterprise opportunities. Investors will need to weigh strong revenue momentum against heavy spending, rising leverage, and the risk of material youth-related litigation losses, which management said may occur in U.S. trials scheduled later this year.
  3. 8-KMeta Platforms, Inc. 8-K Report, Shareholder Vote Results (May 29, 2026)Meta Platforms, Inc. (META) filed an 8-K on May 29, 2026, detailing the outcomes of its annual shareholder meeting held on May 27, 2026. The meeting saw a high turnout, with over 92% of voting power represented, establishing a quorum. Shareholders overwhelmingly re-elected all twelve nominated directors, underscoring confidence in the current board leadership. Additionally, the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026 was ratified by shareholders. However, the meeting also highlighted a divergence between management's recommendations and certain shareholder interests, particularly concerning environmental, social, and governance (ESG) matters. All eleven shareholder proposals, covering a wide range of topics including AI data usage, executive compensation, dual-class structure, human rights, content moderation, climate commitments, child safety, data protection, and H-1B visa risks, failed to gain majority shareholder approval. This outcome suggests that while directors and auditor appointments were supported, a significant portion of shareholders did not align with the specific requests put forth in these shareholder-led initiatives.
  4. 8-KMeta Platforms, Inc. 8-K Report, Corporate Update (May 4, 2026)Meta Platforms, Inc. (META) announced on May 4, 2026, the successful completion of a significant debt offering totaling $25 billion. This issuance comprises various tranches of senior notes with maturities ranging from 2031 to 2066, carrying coupon rates from 4.550% to 6.450%. The company utilized its existing shelf registration statement on Form S-3 to facilitate this offering, underscoring its ability to access capital markets efficiently. This substantial capital raise suggests Meta is either funding significant ongoing projects, potential acquisitions, or strengthening its balance sheet. Investors should note the staggered maturity dates which allow for a more managed debt repayment schedule. The various interest rates reflect the market's current assessment of risk and duration for corporate debt, with longer-dated notes commanding higher yields. Overall, this event signals continued operational investment and financial strategy by Meta.
  5. 8-KMeta Platforms, Inc. 8-K Report, Financial Results (Apr 29, 2026)Meta reported first-quarter 2026 revenue of $56.31 billion, up 33% year-over-year (29% on a constant-currency basis), with income from operations of $22.87 billion (up 30%) and a steady 41% operating margin. Advertising drove the growth, with ad impressions up 19% and average price per ad up 12%. Family daily active people (DAP) averaged 3.56 billion in March, up 4% year-over-year but slightly lower sequentially due to internet disruptions in Iran and a restriction on WhatsApp in Russia. GAAP net income of $26.77 billion (up 61%) and diluted EPS of $10.44 were inflated by an $8.03 billion income tax benefit tied to U.S. Treasury Notice 2026-7. Excluding that benefit, EPS would have been about $3.13 lower, or roughly $7.31, so investors should focus on operating results for the underlying trend. Free cash flow rose to $12.39 billion from $10.34 billion, but capital spending is accelerating, and management raised its 2026 capital expenditure guidance to $125-145 billion from $115-135 billion, citing higher component pricing and data center costs. The company guided second-quarter 2026 revenue to $58-61 billion, with an approximately 2% foreign currency tailwind, and kept full-year 2026 total expenses at $162-169 billion. Management still expects 2026 operating income to exceed 2025 levels. The filing also flags legal and regulatory risk, including EU and U.S. headwinds and additional U.S. youth-related trials scheduled this year that could result in a material loss.
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04—See also

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