Family of Apps
Facebook, Instagram, Messenger, WhatsApp and Threads; revenue comes almost entirely from advertising.
Stock research
Meta Platforms, Inc. (META) Stock Research
Meta owns Facebook, Instagram, WhatsApp, and Messenger, reaching billions of users through advertising-supported social platforms.
For the fiscal year ended December 31, 2025, Meta Platforms, Inc. reported revenue of $201.0B and net income of $60.5B, with operating cash flow of $115.8B. Source: Form 10-K filed January 29, 2026
Reviewed · SEC data as of
- Revenue
- $201.0B
- FY ending 2025-12-31
- Net income
- $60.5B
- FY ending 2025-12-31
- Diluted EPS
- $23.49
- Net margin
- 30.1%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
Loading delayed market data…
Delayed Cboe One market data via TradingView. It may differ from primary-exchange or consolidated quotes.
How Meta Platforms makes money
It is investing heavily in open-source AI models and long-horizon bets on virtual and augmented reality.
Reality Labs
Augmented- and virtual-reality hardware, software and content, including Quest headsets and AI glasses.
- Exchange
- NASDAQ: META
- Sector
- Communication Services
- SEC industry
- Services-Computer Programming, Data Processing, Etc. (SIC 7370)
- Fiscal year end
- December 31
- Headquarters
- Menlo Park, California
- Founded
- 2004
META key financials
Reported figures from Meta Platforms, Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $201.0B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $60.5B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $115.8B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $23.49 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 30.1% | 2025-01-01 – 2025-12-31 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price.
What investors should watch in META
For Meta Platforms, Inc., the most important recurring operating and market variables are:
- ◆Ad impressions delivered and average price per ad across the Family of Apps
- ◆Daily active people and engagement on Facebook, Instagram, and WhatsApp
- ◆AI infrastructure capital expenditures
- ◆Reality Labs operating losses and wearables adoption
- ◆EU Digital Markets Act enforcement and ad-signal availability
Key questions for the META thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
What is driving advertising growth: volume or price?
The 10-K reports 2025 revenue of $201.0 billion, up 22%, with ad impressions up 12% and average price per ad up 9% year over year. Item 1 explains that Family of Apps generates substantially all revenue from advertising, so track these two metrics by geography in Item 7 to see whether pricing power or reach is doing more work.
How large is the AI and infrastructure bill?
Capital expenditures including finance lease principal payments were $72.2 billion in 2025, and Item 1A warns that AI initiatives require sustained infrastructure and headcount investment. Compare this with operating cash flow and with $26.3 billion of buybacks and $5.3 billion of dividends to judge how much room remains.
What is Reality Labs costing shareholders?
Reality Labs lost $19.2 billion from operations in 2025 on revenue of $2.2 billion, and management expects 2026 losses to remain similar, with roughly 70% of segment spending going to wearables. Weigh this against Family of Apps operating margin when assessing the company's stated net income of $60.5 billion, or $23.49 per diluted share.
How exposed is the model to European regulation?
Item 1A notes the European Commission's April 2025 decision that the subscription-for-no-ads model does not comply with the Digital Markets Act, which Meta has appealed after modifying its less-personalized-ads option. Read the regulatory risk factors for GDPR, DSA, and youth-safety litigation that could further limit targeting and measurement.
Does META's reported profit turn into cash?
Operating cash flow was $115.8B, 1.92 times net income of $60.5B, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of META's revenue is left as profit?
Net income was 30.1% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
Members-only research
Our members-only research on META
META · Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
Sep 9, 2026
Seagate: More Terabytes, Better EconomicsA retrospective case study of Seagate’s capacity-density thesis as of January 28, 2026, separating known qualifications and financials from an uncertain next phase.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchMETA primary sources
- Latest annual report: Form 10-K filed January 29, 2026
- Latest quarterly report: Form 10-Q filed July 30, 2026
- Meta investor relations
- Meta Platforms filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in META
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Gilbert Cisneros | 2026-08-20 | Sale | Self | $1,001 - $15,000 | Filing #20035390 |
| Jared Moskowitz | 2026-06-17 | Purchase | Dependent | $1,001 - $15,000 | Filing #20034963 |
| Jared Moskowitz | 2026-06-17 | Purchase | Self | $1,001 - $15,000 | Filing #20034963 |
| Matt Van Epps | 2026-06-16 | Sale | Self | $1,001 - $15,000 | Filing #20034807 |
| John McGuire | 2026-06-04 | Purchase | Spouse | $1,001 - $15,000 | Filing #20034748 |
| Dan Crenshaw | 2026-06-01 | Sale | Self | $1,001 - $15,000 | Filing #20035024 |
| Michael Rulli | 2026-05-06 | Purchase | Self | $1,001 - $15,000 | Filing #20035147 |
| Dan Crenshaw | 2026-05-05 | Sale | Self | $1,001 - $15,000 | Filing #20035024 |
| Dan Crenshaw | 2026-04-28 | Purchase | Self | $1,001 - $15,000 | Filing #20035024 |
| Alan Armstrong | 2026-03-27 | Purchase | Self | $15,001 - $50,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
All verified META congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare META with similar companies
Industry
Meta Platforms peers
Alphabet Inc. (GOOGL)Services-Computer Programming, Data Processing, Etc.Alphabet Inc. (GOOG)Services-Computer Programming, Data Processing, Etc.Match Group, Inc. (MTCH)Services-Computer Programming, Data Processing, Etc.Netflix, Inc. (NFLX)Services-Video Tape RentalThe Walt Disney Company (DIS)Services-Miscellaneous Amusement & RecreationComcast Corporation (CMCSA)Cable & Other Pay Television Services
Research that covers Meta Platforms
META — frequently asked questions
What does Meta Platforms, Inc. do?
Meta owns Facebook, Instagram, WhatsApp, and Messenger, reaching billions of users through advertising-supported social platforms. Its filings describe these business lines: Family of Apps, Reality Labs.
What were META's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Meta Platforms, Inc. reported revenue of $201.0B and net income of $60.5B, with operating cash flow of $115.8B. The figures come from Meta Platforms, Inc.'s SEC XBRL filings.
When does Meta Platforms, Inc.'s fiscal year end?
The SEC lists Meta Platforms, Inc.'s fiscal year end as December 31.
Do members of Congress trade META?
The current verified House and Senate snapshot contains 93 transaction rows for META, each linked to the original filing.
Where is Meta Platforms, Inc. headquartered?
Meta Platforms, Inc. is headquartered in Menlo Park, California and was founded in 2004.
Is META a good investment?
This page does not rate META as a buy or sell. It sets out what Meta Platforms, Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the META numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
Members-only research
META · Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?Sep 9, 2026
Seagate: More Terabytes, Better EconomicsSep 9, 2026
Sandisk: NAND Pricing Meets a Better Product Mix
$39/mo or $249/yr · cancel future renewals anytime · sources included