META
SP100NasdaqGSMeta Platforms, Inc.
Communication Services · Internet Content & Information · United States
Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally. It operates through two segments, Family of Apps (FoA) and Reality Labs (RL). The FoA segment offers Facebook, which enables people to build community through feed, reels, stories, groups, marketplace, and other; Instagram that brings people closer through Instagram feed, stories, reels, live, and messaging; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; Meta AI, an assistant that's available across apps, as a stand-alone app, on AI glasses, and on the web; Threads, an application for text-based updates and public conversations; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact. The RL segment provides virtual and augmented reality products, including consumer hardware, software, and content that help people feel connected, as well as Meta Quest devices that enable social experiences across gaming, fitness, entertainment, and more. The segment also includes wearables such as AI glasses like Ray Ban Meta and Oakley Meta glasses; and the Meta Ray Ban Display, which combines AI glasses with an integrated lens display and the Meta Neural Band, a wrist worn device using electromyography that lets people control their AI glasses through neuromuscular signals. Meta Platforms, Inc. has a collaboration with Microsoft Corporation, NVIDIA Corporation, Advanced Micro Devices, Inc., Broadcom Inc., and OpenAI, L.L.C. The company was formerly known as Facebook, Inc. and changed its name to Meta Platforms, Inc. in October 2021. The company was incorporated in 2004 and is headquartered in Menlo Park, California.
www.meta.com ↗Shares trade at a moderate 21.2× trailing earnings, easing to 15.8× on forward estimates. Profitability shows a net margin of 32.8% and return on equity of 32.9%. Leverage is modest at 0.1× net debt/EBITDA. Revenue grew 33.1% year-on-year. It yields 0.4% in dividends. The mean analyst target of USD828.17 sits 42.1% above the current price (Strong Buy, 58 analysts).
business model
Meta Platforms operates social media and messaging services including Facebook, Instagram, WhatsApp, and Messenger, monetizing its large user base primarily through digital advertising. It also invests heavily in metaverse and augmented/virtual reality hardware and platforms through its Reality Labs division.
revenue segments
The overwhelming majority of revenue comes from the Family of Apps segment via advertising, driven by ad impressions and pricing across its apps. Reality Labs (VR/AR hardware, software, and content) generates a small and currently unprofitable share of revenue.
key dependencies
Depends on user engagement and time spent, advertiser demand, ad targeting effectiveness (affected by platform privacy changes such as Apple's ATT), AI-driven content recommendation and ad optimization, and continued growth in Reels and messaging monetization.
competitors
Competes for advertising and attention with Google/Alphabet, TikTok (ByteDance), Amazon, Snap, Pinterest, and other digital platforms, and in VR/AR with Apple, Sony, and others.
moat
Enormous network effects across billions of users, vast proprietary data for ad targeting, scale in AI infrastructure and advertising technology, and a portfolio of dominant social and messaging apps create strong competitive advantages.
risks
Faces regulatory and antitrust scrutiny globally, privacy-related restrictions on ad targeting, competition from TikTok for engagement, heavy and uncertain spending on Reality Labs and AI infrastructure, and reliance on advertising as a cyclical, concentrated revenue source.
Financials & metrics
as of 27 Aug 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $200.97B | $164.50B | $134.90B | $116.61B | — |
| Cost of revenue | $36.17B | $30.16B | $25.96B | $25.25B | — |
| Gross profit | $164.79B | $134.34B | $108.94B | $91.36B | — |
| Operating expense | $81.52B | $64.96B | $62.19B | $62.42B | — |
| R&D | $57.37B | $43.87B | $38.48B | $35.34B | — |
| Operating income | $83.28B | $69.38B | $46.75B | $28.94B | — |
| Interest expense | $1.17B | $715.00M | $446.00M | $185.00M | — |
| Pretax income | $85.93B | $70.66B | $47.43B | $28.82B | — |
| Tax provision | $25.47B | $8.30B | $8.33B | $5.62B | — |
| Net income | $60.46B | $62.36B | $39.10B | $23.20B | — |
| EBITDA | $105.71B | $86.88B | $59.05B | $37.69B | — |
| Diluted EPS | $23.49 | $23.86 | $14.87 | $8.59 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $366.02B | $276.05B | $229.62B | $185.73B | — |
| Current assets | $108.72B | $100.05B | $85.36B | $59.55B | — |
| Cash & equivalents | $35.87B | $43.89B | $41.86B | $14.68B | — |
| Total liabilities | $148.78B | $93.42B | $76.45B | $60.01B | — |
| Current liabilities | $41.84B | $33.60B | $31.96B | $27.03B | — |
| Total debt | $83.90B | $49.06B | $37.23B | $26.59B | — |
| Long-term debt | $58.74B | $28.83B | $18.39B | $9.92B | — |
| Shareholders' equity | $217.24B | $182.64B | $153.17B | $125.71B | — |
| Retained earnings | $121.18B | $102.51B | $82.07B | $64.80B | — |
| Working capital | $66.89B | $66.45B | $53.41B | $32.52B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $115.80B | $91.33B | $71.11B | $50.48B | — |
| Investing cash flow | -$102.00B | -$47.15B | -$24.50B | -$28.97B | — |
| Financing cash flow | -$20.37B | -$40.78B | -$19.50B | -$22.14B | — |
| Capital expenditure | -$69.69B | -$37.26B | -$27.05B | -$31.19B | — |
| Free cash flow | $46.11B | $54.07B | $44.07B | $19.29B | — |
| Dividends paid | -$5.32B | -$5.07B | $0.00 | $0.00 | — |
| Share buybacks | -$26.25B | -$30.13B | -$19.77B | -$27.96B | — |
| End cash position | $39.10B | $45.44B | $42.83B | $15.60B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
Sector peers
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