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Meta Platforms, Inc. Annual Report, Year Ended Dec 31, 2024

Filing Date
Filed January 30, 2025
Period End
December 31, 2024
Security
META
One revenue dollarkept$0.38
In the record · 2016–202610-K1210-Q328-K105

META filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Mar ’20Mar ’20
  2. Leadership change8-K · Sep ’22Sep ’22
  3. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 10-K filed January 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Meta Platforms, Inc. (META) reported strong financial performance for the fiscal year ending December 30, 2024, with total revenue reaching $164.50 billiona, a 22% increase year-over-year.

This growth was primarily driven by a 22% increase in advertising revenue, supported by an 11% rise in ad impressions and a 10% increase in the average price per ad. The company's Family of Apps (FoA) segment demonstrated robust profitability, with income from operations increasing by 39% to $87.11 billionb. Conversely, the Reality Labs (RL) segment continued to operate at a significant loss, with a $17.73 billion loss from operations, reflecting substantial ongoing investments in metaverse and virtual/augmented reality technologies.

Despite increased costs and expenses, particularly in infrastructure and employee compensation, Meta managed to improve its overall income from operations by 48% to $69.38 billionc. The company also highlighted significant capital returns, with $29.75 billion in share repurchases and $5.07 billion in dividend payments.

While Meta continues to invest heavily in future technologies like AI and the metaverse, the core advertising business remains the primary driver of its financial success. Investors should note the company's ongoing focus on AI initiatives, its commitment to returning capital to shareholders, and the significant ongoing investment and losses in the Reality Labs segment.

02—Key points

Key Highlights

  1. Total revenue increased 22% year-over-year to $164.50 billion, driven by strong advertising performance.
  2. Family of Apps (FoA) segment income from operations grew 39% year-over-year to $87.11 billion, demonstrating segment profitability.
  3. Reality Labs (RL) segment reported an operating loss of $17.73 billion, reflecting substantial investment in future technologies.
  4. Ad impressions increased 11% and average price per ad increased 10% year-over-year, driving advertising revenue growth.
  5. Net income reached $62.36 billion, with diluted earnings per share (EPS) of $23.86.
  6. The company returned $35.20 billion to shareholders through $29.75 billion in share repurchases and $5.07 billion in dividends.
  7. Cash, cash equivalents, and marketable securities stood at $77.81 billion as of year-end 2024, providing significant liquidity.

03—One dollar

Follow one dollar

Of each $1.00 of revenue in FY2024, Meta Platforms, Inc. kept $0.38.

  1. Revenue$164.50B100.0%
  2. Cost of revenue−$30.16B18.3%
  3. Gross profit$134.34B81.7%
  4. Operating costs−$64.96B39.5%
  5. Operating income$69.38B42.2%
  6. Interest, other & tax−$7.02B4.3%
  7. Net income$62.36B37.9%
Computed from 10-KFY2024filed January 30, 2025Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

Where FY2024 revenue went

$164.50B
  • Net income: $62.36B, 38% of revenue
  • R&D: $43.87B, 27% of revenue
  • Cost of revenue: $30.16B, 18% of revenue
  • Other operating costs: $21.09B, 13% of revenue
  • Interest, other & tax: $7.02B, 4.3% of revenue

Kept 38% as net income

Full revenue history →

04—Financials

Financial Highlights

Figures from 10-KFY2024filed January 30, 2025
Revenue$164.50B81.7% Gross MarginNet Income$62.36B37.9% Net MarginEPS (Diluted)$23.86Total Assets$276.05BCash & Equivalents$43.89BFree Cash Flow$54.07B

Financial Statements

FY2024 against FY2023

Line itemFY2024FY2023Change
Revenue$164.50B$134.90B+21.9%
Cost of Revenue$30.16B$25.96B+16.2%
Gross Profit$134.34B$108.94B+23.3%
R&D Expenses$43.87B$38.48B+14.0%
Operating Expenses$95.12B$88.15B+7.9%
Operating Income$69.38B$46.75B+48.4%
Interest Expense$683.00M$420.00M+62.6%
Net Income$62.36B$39.10B+59.5%
EPS (Basic)$24.61$15.19+62.0%
EPS (Diluted)$23.86$14.87+60.5%
Shares Outstanding (Basic)2.53B2.57B−1.6%
Shares Outstanding (Diluted)2.61B2.63B−0.6%

05—Questions

Frequently Asked Questions

  1. What is Meta's primary revenue driver?

    Meta's primary revenue driver is advertising, which generates substantially all of its revenue, primarily through ads displayed on Facebook and Instagram.

  2. How is the Reality Labs segment performing financially?

    The Reality Labs segment is currently operating at a significant loss. For the year ended December 31, 2024, it reported an operating loss of $17.73 billion. This reflects the company's substantial long-term investments in developing metaverse and virtual/augmented reality technologies.

  3. What are Meta's key areas of investment for 2025?

    Meta intends to focus its investments in 2025 on generative AI, its discovery engine, the metaverse and wearables, Threads, product monetization, platform integrity, community support, and infrastructure capacity.

  4. Has Meta initiated any capital return programs for shareholders?

    Yes, Meta has a significant share repurchase program and has also initiated quarterly cash dividends. In 2024, the company repurchased $29.75 billion of its Class A common stock and paid out $5.07 billion in dividends and dividend equivalents.

06—Continue

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