Meta sells advertising placements on Facebook, Instagram, Messenger, Threads, WhatsApp and third-party apps. Marketers buy them mostly through a self-service platform and pay per impression or per action, with no long-term commitments, so revenue is recognised when the ad is shown and there is almost no backlog. Two segments are reported: Family of Apps, which is 98.9% of revenue, and Reality Labs, which sells Quest headsets and AI glasses and spends far more than it sells. 78,865 people worked there at year end, 6% more than a year earlier.
The business in one page
Revenue was US$200,966 million, up 22.2% after 21.9%, and advertising grew 22.1% with both halves of its pair rising: ad impressions +12% and average price per ad +9%, which compound to exactly the reported growth. The operating margin held at 41.4% and Family of Apps earned 51.6%, enough to fund a US$19,193 million Reality Labs loss. Daily active people reached 3.58 billion in December against 3.35 billion, and annual revenue per person rose 14.9% to US$57.03 — about two thirds of the segment’s growth came from revenue per person and one third from more people.
Reported net income fell 3.1% to US$60,458 million, but the fall is entirely tax: pre-tax income rose 21.6%, and a US$14,030 million valuation allowance booked on enactment of the One Big Beautiful Bill Act took the effective rate from 11.8% to 29.6%. Without it the company states the rate would have been 13%, and net income would have been US$74,488 million, up 19.4%. The company expects 13–16% in 2026.
What the year cost is on the other side. Capital expenditure rose 87.1% to US$69,691 million, 34.7% of revenue against 20.0% two years earlier, so free cash flow fell 16.3% to US$43,585 million while revenue grew 22.2% — free cash flow per share is up 3.5% over two years against revenue per share up 52.2%. US$50,521 million of the asset base is construction in progress that has produced nothing yet, purchase commitments and leases signed but not commenced total US$234,816 million against equity of US$217,243 million, and long-term debt doubled to US$59,000 million at face value. The capital added in the year earned 31.4% pre-tax against 46.9% on the capital already in place.
Figures for 3 fiscal years, taken from the Key Metrics tables of each annual report. When a later filing restates a figure, we use the figure reported for that year's own filing.
Key metrics
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $134.9B | $164.5B | $201.0B |
| Gross margin | 80.8% | 81.7% | 82.0% |
| Operating margin | 34.7% | 42.2% | 41.4% |
| Net margin (GAAP) | 29.0% | 37.9% | 30.1% |
| Operating cash flow | $71.1B | $91.3B | $115.8B |
| Capex | $27.0B | $37.3B | $69.7B |
| Free cash flow | $43.0B | $52.1B | $43.6B |
| Stock-based compensation | $14.0B | $16.7B | $20.4B |
| Dividends + buybacks | $19.8B | $35.2B | $31.6B |
| Net cash | – | $28.8B | -$3.49B |
| Total debt | – | $49.1B | $85.1B |
| Shareholders’ equity | $153.2B | $182.6B | $217.2B |
| Effective tax rate | 17.6% | 11.8% | 29.6% |
| Our construction: NOPAT on year-end invested capital (34.5% on average capital) | – | 41.4% | 30.5% |
How Meta Platforms makes money
Competitive advantage
The evidence is narrow but consistent: price per ad and impressions both rose in each year shown, so advertisers paid more for each ad while volume increased.
No customer reached 10% of revenue or of receivables in any of the three years, and research spending held at 28.5% of revenue in a year when net income fell.
The filing names its own limits: marketers have no long-term commitments, many spend only a small part of their budget with Meta, and competitive products such as TikTok have reduced some users’ engagement. The daily-active-people figure is the company’s own estimate, with a stated margin of error of about 3%.
Whether the advantage is widening or narrowing cannot be established from the filing.
Pricing power
The 9% rise in price per ad is attributed to higher advertiser demand from better targeting and measurement.
It is held back by impressions growing fastest where they are worth least: in Asia-Pacific, the slowest-growing region on revenue, and in Reels, which the company says monetises below Feed and Stories.
The filing also names what pushes price down: signal loss from Apple’s 2021 iOS changes, European regulation that led to a less-personalised-ads option, and enforcement against policy-violating advertisers.
In 2025 price growth slowed by one point and impression growth rose by one point — the mix the company describes when volume comes from cheaper inventory. No list prices or contract data are published.
Transparency of growth
Growth is organic. The 2025 acquisitions cost US$4,090 million in cash and US$450 million in shares, and no pro forma results were presented because they are not significant.
Online commerce was the largest contributor to the advertising increase.
Currency worked against Meta: at 2024 exchange rates revenue would have been US$201,380 million, a constant-currency growth of 22.4%.
Scalability
The scale effect of 2024 did not repeat. In 2024 the cost base grew 7.9% against revenue at 21.9%; in 2025 it grew 23.7%, faster than revenue.
Research and development rose 30.8% on an 8% increase in technical headcount, higher share-based pay and AI infrastructure; general and administrative rose 24.8% on legal costs.
Cost of revenue grew 19.9%, a figure flattered by the server life extension that cut 2025 depreciation by US$2,920 million. Without it the cost base would have grown at least 26.8%, 4.6 points faster than revenue.
Family of Apps, where 82% of costs sit, shows the same reversal: costs up 28.0%, operating income up 17.6%, margin from 53.7% to 51.6%. Depreciation is the line that will decide whether scale returns.
Catalysts identified in the filing
- Construction entering service
US$50,521 million of data centres, network and servers has been paid for and produces nothing yet. When it enters service its effect on impressions and ad performance becomes measurable — together with its depreciation.
- A lower tax rate
Absent changes to its tax landscape the company expects an effective rate of 13–16% in 2026, against 29.6% in 2025. It also holds US$16,350 million of federal loss carryforwards and US$7,850 million of federal credits.
- Antitrust rulings in Meta’s favour
The district court entered judgment for Meta in the FTC case on Instagram and WhatsApp in November 2025 and in the user class action in September 2025. Both are under appeal.
- Non-advertising revenue inside Family of Apps
Other FoA revenue grew 50.1% to US$2,584 million, driven by paid WhatsApp messaging and Meta Verified subscriptions. It is still 1.3% of the total.
- Wearables
Reality Labs revenue grew because AI glasses offset lower Quest sales, and the company plans to direct about 70% of Reality Labs operating expenses to wearables in 2026.
Financial analysis
Click any line to chart it.
| Income statement · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Revenue | 134,902 | 164,501 | 200,966 | IS, Revenue |
| % change year on year | – | 21.9% | 22.2% | computed |
| Cost of revenue | 25,959 | 30,161 | 36,175 | IS, Cost of revenue |
| Gross profit (computed; not presented by the company) | 108,943 | 134,340 | 164,791 | Revenue − Cost of revenue |
| % gross margin | 80.8% | 81.7% | 82.0% | computed |
| Research and development | 38,483 | 43,873 | 57,372 | IS |
| Marketing and sales | 12,301 | 11,347 | 11,991 | IS |
| General and administrative | 11,408 | 9,740 | 12,152 | IS |
| Total costs and expenses | 88,151 | 95,121 | 117,690 | IS |
| Income from operations | 46,751 | 69,380 | 83,276 | IS |
| % operating margin | 34.7% | 42.2% | 41.4% | computed |
| Interest income | 1,639 | 2,517 | 2,123 | Note 13 |
| Interest expense | (446) | (715) | (1,165) | Note 13 |
| Foreign currency exchange gains (losses), net | (366) | (690) | 352 | Note 13 |
| Other income (expense), net | (150) | 171 | 1,346 | Note 13 |
| Interest and other income, net | 677 | 1,283 | 2,656 | IS; Note 13 |
| Income before provision for income taxes | 47,428 | 70,663 | 85,932 | IS |
| Provision for income taxes | 8,330 | 8,303 | 25,474 | IS |
| Net income (all attributable to Meta) | 39,098 | 62,360 | 60,458 | IS |
| % net margin | 29.0% | 37.9% | 30.1% | computed |
| EPS basic ($) | 15 | 25 | 24 | IS |
| EPS diluted ($) | 15 | 24 | 23 | IS |
| Weighted-average shares, basic (mn) | 2,574 | 2,534 | 2,521 | IS; Note 3 |
| Weighted-average shares, diluted (mn) | 2,629 | 2,614 | 2,574 | IS; Note 3 |
| Shares outstanding at cover date | – | – | 2,529,555,464 (01/23/2026) | 10-K cover |
| Shares outstanding at year-end (mn) | 2,561 | 2,534 | 2,530 | SE; BS (2,187 Class A + 343 Class B at 12/31/2025) |
| Depreciation and amortization | 11,178 | 15,498 | 18,616 | CF |
| Share-based compensation (SBC) | 14,027 | 16,690 | 20,427 | CF; SE; Note 12 |
| Employees at year-end | not available | not available (MD&A: 2025 headcount +6% YoY) | 78,865 | Item 1; MD&A |
| Balance sheet · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Cash and cash equivalents | 41,862 | 43,889 | 35,873 | BS; CF reconciliation (2023) |
| Marketable securities | not available | 33,926 | 45,719 | BS |
| Cash, cash equivalents and marketable securities | not available | 77,815 | 81,592 | BS (MD&A: $81.59 bn) |
| Restricted cash equivalents (in prepaid/other current assets + other assets) | 99 + 866 = 965 | 353 + 1,196 = 1,549 | 837 + 2,390 = 3,227 | CF reconciliation |
| Accounts receivable, net | not available | 16,994 | 19,769 | BS |
| Prepaid expenses and other current assets | not available | 5,236 | 7,361 | BS |
| Total current assets | not available | 100,045 | 108,722 | BS |
| Non-marketable equity investments | not available | 6,070 | 27,524 | BS; Note 5 |
| Property and equipment, net | not available | 121,346 | 176,400 | BS; Note 6 |
| Operating lease right-of-use assets | not available | 14,922 | 20,404 | BS |
| Goodwill | 20,654 | 20,654 | 24,534 | BS; Note 8 |
| Other assets | not available | 13,017 | 8,437 | BS |
| Total assets | not available | 276,054 | 366,021 | BS |
| Accounts payable | not available | 7,687 | 8,894 | BS |
| Operating lease liabilities, current | not available | 1,942 | 2,213 | BS |
| Accrued expenses and other current liabilities | not available | 23,967 | 30,729 | BS; Note 9 |
| Total current liabilities | not available | 33,596 | 41,836 | BS |
| Operating lease liabilities, non-current | not available | 18,292 | 22,940 | BS |
| Long-term debt (carrying value) | not available | 28,826 | 58,744 | BS; Note 10 |
| Long-term income taxes | not available | 9,987 | 21,005 | BS |
| Other liabilities | not available | 2,716 | 4,253 | BS |
| Total liabilities | not available | 93,417 | 148,778 | BS |
| Finance lease liabilities (current 308 + non-current 876; inside accrued and other liabilities) | not available | not available | 1,184 | Note 7 |
| Gross debt = long-term debt + operating lease liabilities + finance lease liabilities | not available | 28,826 + 1,942 + 18,292 + n/a = 49,060 excluding finance leases | 58,744 + 2,213 + 22,940 + 1,184 = 85,081 | BS; Note 7 |
| Short-term debt | – | not applicable | not applicable (no notes mature in 2026) | Note 10 |
| Additional paid-in capital | 73,253 | 83,228 | 95,793 | BS; SE |
| Accumulated other comprehensive income (loss) | (2,155) | (3,097) | 271 | BS; SE |
| Retained earnings | 82,070 | 102,506 | 121,179 | BS; SE |
| Total stockholders' equity | 153,168 | 182,637 | 217,243 | BS; SE |
| Non-controlling interests | not applicable | not applicable | not applicable | BS |
| Cash flow statement · $ millions | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Net cash provided by operating activities (OCF) | 71,113 | 91,328 | 115,800 | CF |
| Purchases of property and equipment (capex) | (27,045) | (37,256) | (69,691) | CF |
| Principal payments on finance leases | (1,058) | (1,969) | (2,524) | CF |
| Free cash flow (company definition: OCF − capex − finance lease principal) | 43,010 | 52,103 | 43,585 | MD&A, FCF reconciliation |
| Cash paid for income taxes, net | 6,607 | 10,554 | 7,578 | CF supplemental; Note 14 |
| Cash paid for interest, net of amounts capitalized | 448 | 486 | 696 | CF supplemental |
| Repurchases of Class A common stock (cash) | (19,774) | (30,125) | (26,248) | CF |
| Share repurchases at cost (equity statement) | 20,033 | 29,754 | 26,264 | SE |
| Taxes paid related to net share settlement of equity awards | (7,012) | (13,770) | (18,400) | CF |
| Dividends and dividend equivalents paid | – | (5,072) | (5,324) | CF |
| Dividends and dividend equivalents declared | – | 5,121 | 5,421 | SE |
| Proceeds from issuance of long-term debt, net | 8,455 | 10,432 | 29,906 | CF |
| Repayment of long-term debt | – | – | – | CF (no line) |
| Other financing activities | (111) | (277) | 2,220 | CF (not explained in the notes) |
| Purchases of non-marketable equity investments | (1) | (11) | (18,330) | CF |
| Acquisitions of businesses and intangible assets | (629) | (270) | (4,231) | CF |
| Payments for held-for-sale assets | – | – | (2,432) | CF |
| Proceeds from Venture distribution | – | – | 2,554 | CF |
| Purchases of marketable securities | (2,982) | (25,542) | (36,929) | CF |
| Sales and maturities of marketable securities | 6,184 | 15,789 | 26,874 | CF |
| Net cash used in investing activities | (24,495) | (47,150) | (102,003) | CF |
| Net cash used in financing activities | (19,500) | (40,781) | (20,370) | CF |
| Net change in cash, cash equivalents and restricted cash | 27,231 | 2,611 | (6,338) | CF |
| Per share · $ per diluted share | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Revenue | 51.31 | 62.93 | 78.08 | computed |
| Net income | 14.87 | 23.86 | 23.49 | computed |
| Free cash flow | 16.36 | 19.93 | 16.93 | computed |
| Shareholders' equity | 58.26 | 69.87 | 84.40 | computed |
Computed on the weighted average diluted share count the filing reports (2,574 million in FY2025, 2,614 in FY2024, 2,629 in FY2023), checked against the diluted earnings per share printed in the filing (US$23.49, US$23.86, US$14.87). Free cash flow is the company’s own definition: operating cash flow less capital expenditure less finance-lease principal.
| Ratios · percent | FY2023 | FY2024 | FY2025 | Where in the filing |
|---|---|---|---|---|
| Returns and margins | ||||
| Revenue growth | – | 21.9% | 22.2% | computed |
| Gross margin | 80.8% | 81.7% | 82.0% | from the statements |
| Operating margin | 34.7% | 42.2% | 41.4% | from the statements |
| Net margin | 29.0% | 37.9% | 30.1% | from the statements |
| Our construction: NOPAT on year-end invested capital (34.5% on average capital) | – | 41.4% | 30.5% | our construction |
| Effective tax rate | 17.6% | 11.8% | 29.6% | from the statements |
| Cash | ||||
| Operating cash flow / revenue | 52.7% | 55.5% | 57.6% | computed |
| Capital expenditure / revenue | 20.0% | 22.6% | 34.7% | computed |
| Free cash flow / revenue | 31.9% | 31.7% | 21.7% | computed |
| Stock-based compensation / revenue | 10.4% | 10.1% | 10.2% | computed |
| Dividends and buybacks / free cash flow | 46.0% | 67.6% | 72.4% | computed |
| Balance sheet | ||||
| Total debt / equity | – | 26.9% | 39.2% | computed |
| Net cash / equity | – | 15.7% | -1.6% | computed |
Every ratio is computed from the figures in the statements on the left; none is a target or a benchmark.
The three statements as the Form 10-K presents them. Gross profit is computed, not presented by the company: cost of revenue mixes data-centre operations, partner fees and Reality Labs inventory, so the gross margin is not a product measure. Free cash flow follows the company’s own definition, which also deducts finance-lease principal. Amounts in US$ million.
Operating measures
| Measure | FY2025 | FY2024 | Change / detail | Where in the filing |
|---|---|---|---|---|
| Daily active people (December average) | 3.58 bn | 3.35 bn | +6.9%; estimate, margin of error about 3% | MD&A, Family metrics |
| Annual revenue per person (ARPP) | $57.03 | $49.63 | +14.9%; FY2024 is the sum of the four quarterly values | MD&A |
| Q4 revenue per person | $16.56 | $14.25 | +16.2% | MD&A |
| Ad impressions delivered | +12% | +11% | change only; no level published | MD&A |
| Average price per ad | +9% | +10% | change only; the pair compounds to +22.1% | MD&A |
| Advertising revenue | $196,175M | $160,633M | +22.1%; matches impressions × price | Note 2 |
| Family of Apps operating margin | 51.6% | 53.7% | costs +28.0% against operating income +17.6% | Note 15 |
| Reality Labs revenue / operating loss | $2,207M / ($19,193M) | $2,146M / ($17,729M) | 18.2% of total costs; 2026 loss expected similar | Note 15 |
| Research and development / revenue | 28.5% | 26.7% | +30.8% in FY2025; all expensed | IS |
| Capital expenditure / revenue | 34.7% | 22.6% | capex 3.74× depreciation in FY2025 | CF |
| Construction in progress | $50,521M | $26,802M | paid for, producing no revenue yet; no in-service dates given | Note 6 |
| Purchase commitments / leases not yet commenced | $131,046M / $103,770M | not comparable | $30,634M of commitments due in 2026 | Note 11 |
| Revenue at constant currency | $201,380M | not applicable | +22.4% at FY2024 rates against +22.2% reported | MD&A, Foreign Exchange Impact |
| Employees at year end | 78,865 | not available | +6% per the MD&A; technical headcount +8% | Item 1; MD&A |
Documents behind these figures: Form 10-K for the fiscal year ended December 31, 2025 — FY2023-FY2025 · DEF 14A filed April 16, 2026 — governance, ownership, related parties, compensation
Key risks
The main weaknesses and risks identified in the latest annual report, in the order the report presents them.
- Free cash flow fell 16.3% while revenue grew 22.2%
Capital expenditure rose 87.1% to US$69,691 million, 34.7% of revenue against 20.0% in FY2023, so free cash flow fell to US$43,585 million. Over two years revenue per share rose 52.2% and free cash flow per share 3.5%.
- The capital added earns less than the capital in place
Invested capital grew US$44,212 million and operating income US$13,896 million: a pre-tax incremental return of 31.4% against 46.9% on the 2024 base. US$23,719 million of the addition is construction in progress with no revenue yet, and the filing gives no in-service dates and no split between maintenance and growth capex.
- Commitments outside the balance sheet exceed equity
Purchase obligations of US$131,046 million and leases signed but not commenced of US$103,770 million total US$234,816 million against equity of US$217,243 million, with a US$45,950 million maximum exposure to the unconsolidated Louisiana venture on top. US$30,634 million of the purchase obligations fall due in 2026, against free cash flow of US$43,585 million.
- Buybacks mostly offset share-based pay
67 million shares were removed in 2025 against 63 million issued, at a cost of US$44,648 million once the US$18,400 million of taxes withheld on vesting is counted with the US$26,248 million of repurchases. Share-based compensation was US$20,427 million, 10.2% of revenue, and free cash flow after it was US$23,158 million.
- Three estimates moved the reported result
The server life extension cut 2025 depreciation by at least US$2,590 million, the OBBBA valuation allowance added US$14,030 million of tax, and unrealised investment gains added US$1,138 million before tax. The Louisiana venture, with about US$28,000 million of guarantees, stays off the balance sheet on a consolidation judgment.
Open questions the filing does not answer
- What return does Meta expect on its capital expenditure and commitments, and how does capex split between maintenance and growth? The filing states neither, and gives no in-service dates for the US$50,521 million of construction in progress.
- What are the absolute levels of ad impressions and price per ad? Only the percentage changes are published, so the pair can be checked in growth rates and never in levels.
- What revenue comes from Reels, WhatsApp, Threads, AI features, or from resellers serving China-based advertisers? None is quantified, and the filing does not say in which region the last is reported.
- What loss range applies to the youth litigation? The filing states that a reasonably possible loss cannot be estimated for most legal matters.
- What sits inside “other current liabilities” of US$10,387 million and “other financing activities” of US$2,220 million? Neither has a note.
- Who funds the other 80% of the Louisiana venture, and which projects were “changed, suspended, and terminated”? The filing names neither.
At US$660.09 the market capitalises Meta at US$1,669.7 billion: 28.10 times reported diluted earnings, 22.81 times earnings without the valuation allowance, 38.31 times free cash flow for a yield of 2.61%, and 16.42 times EBITDA on an enterprise value of US$1,673.2 billion. The two earnings multiples bracket the tax question; the distance between them and the cash multiple is the capital expenditure that now absorbs most of what the business generates.
In 2025 the advertising engine paid for the infrastructure in cash — operating cash flow of US$115,800 million covered capex and finance-lease principal of US$72,215 million — but not yet in returns. The incremental return on capital was 31.4% pre-tax against 46.9% on the capital in place, and the filing cannot settle the question because US$50,521 million of that capital is not in service. Excluding construction in progress the return on capital already working would be 67.8%, which is our construction and not a figure Meta publishes: what the document allows is the range, not the answer.
The reading holds if the incremental return rises once construction enters service and free cash flow per share resumes growing. It fails if depreciation and lease costs grow faster than revenue, or if the tax and youth disputes resolve near the amounts claimed — the IRS asserts US$15,890 million for 2017–2019 alone, and for the youth litigation the filing states that a reasonably possible loss cannot be estimated.
Strengths
- Both halves of the advertising pair rose
Ad impressions grew 12% and average price per ad 9%, which compound to 22.1% — exactly the growth of advertising revenue, US$196,175 million. Daily active people reached 3.58 billion and annual revenue per person US$57.03, up 14.9%. Volume and price are rising together, and the published metrics reconcile with the revenue line.
- Family of Apps earns 51.6% and pays for everything else
FoA operating income was US$102,469 million on US$198,759 million of revenue, enough to absorb a US$19,193 million Reality Labs loss and still leave a consolidated margin of 41.4%. Reality Labs is 18.2% of total costs and the company expects a similar loss in 2026.
- Pre-tax operating cash flow grew in line with revenue
Operating cash flow rose 26.8% to US$115,800 million against revenue at 22.2%, without relying on customer prepayments or supplier credit: deferred revenue is US$1,080 million and contracts run under one year.
- No adjusted earnings, and a conservative free cash flow definition
Meta publishes no non-GAAP earnings measure, so there is no gap between reported and adjusted profit to analyse. Its own free cash flow definition deducts finance-lease principal of US$2,524 million, which most companies leave out.
- Debt without covenants, and coverage of 71.5 times
The US$59,000 million of notes carry no financial covenants and nothing matures in 2026. Interest absorbs 1.4% of operating income, and long-term debt equals 0.97 years of net income.
Last year’s watch-list, checked against this filing
| What we flagged | What happened | Result |
|---|---|---|
| Dividend raised 5% to $0.525 per quarter from Q1 2025 | Carried out: $0.525 paid in each of the four quarters, $5,324 million in cash. | DONE - carried out |
| Repurchase authorisation of $51,280 million at 31 December 2024 | $26,260 million repurchased including excise taxes, $25,030 million remaining. The $10 million difference is within the rounding of the figures the note publishes. | IN PROGRESS - authorisation open |
| Prior-year targets for capex, expenses and tax | The FY2024 10-K was not supplied and this filing does not restate last year’s targets, so the comparison cannot be made. | NOT VERIFIABLE - no prior targets in the document |
| Capital expenditure of $115,000-135,000 million for 2026 | Stated in this filing, after capex of $69,691 million in 2025. Not yet verifiable. | TO BE CHECKED NEXT YEAR |
| Effective tax rate of 13-16% in 2026, Reality Labs loss similar to 2025, about 70% of Reality Labs operating expenses on wearables | All stated in this filing; none yet verifiable. | TO BE CHECKED NEXT YEAR |
What to watch in the next filing
- Depreciation against revenue, with US$50,521 million of construction in progress entering service. It is the line that will show whether scale returns: in 2025 the cost base grew 23.7% against revenue at 22.2%, and at least 4.6 points of that gap were hidden by the server life extension.
- Price per ad, now +9%, read with impressions, now +12%. Neither half alone says anything: together they show whether the new capacity raises what advertisers pay or only the volume of cheaper inventory.
- Free cash flow per share, now US$16.93 after falling 15.1%. It is where the shareholder either captures the growth of the last two years or does not.
- Unrecognised tax benefits, now US$16,450 million, and the Tax Court decision on the 2010 transfer. They size a dispute in which US$15,890 million is asserted for three years alone.
- Legal accruals, now US$6,867 million, and the commitments: US$131,046 million of purchase obligations, US$103,770 million of leases signed but not commenced, and whether the Louisiana venture stays unconsolidated.
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