Form 10-K for the fiscal year ended December 31, 2025 (filed January 29, 2026) | FY2025, closed 12/31/2025
All figures in US$ millions unless stated otherwise. Sources: "10-K" = Form 10-K FY2025 (primary source); "Proxy" = DEF 14A filed April 16, 2026 (used only where stated). IS = Consolidated Statements of Income; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Stockholders' Equity. not available = the document does not provide it; not applicable = the item does not exist for this company.
Market data supplied with the request (not taken from the document): closing price on 12/31/2025 = $660.09; shares outstanding = 2,529,555,464 at 01/23/2026. The cover page of the 10-K reports 2,187,177,748 Class A + 342,377,716 Class B = 2,529,555,464 shares at January 23, 2026, which matches.
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Revenue | 200,966 | 164,501 | 134,902 | IS, Revenue |
| Cost of revenue | 36,175 | 30,161 | 25,959 | IS, Cost of revenue |
| Gross profit (computed; not presented by the company) | 164,791 | 134,340 | 108,943 | Revenue − Cost of revenue |
| Research and development | 57,372 | 43,873 | 38,483 | IS |
| Marketing and sales | 11,991 | 11,347 | 12,301 | IS |
| General and administrative | 12,152 | 9,740 | 11,408 | IS |
| Total costs and expenses | 117,690 | 95,121 | 88,151 | IS |
| Income from operations | 83,276 | 69,380 | 46,751 | IS |
| Interest income | 2,123 | 2,517 | 1,639 | Note 13 |
| Interest expense | (1,165) | (715) | (446) | Note 13 |
| Foreign currency exchange gains (losses), net | 352 | (690) | (366) | Note 13 |
| Other income (expense), net | 1,346 | 171 | (150) | Note 13 |
| Interest and other income, net | 2,656 | 1,283 | 677 | IS; Note 13 |
| Income before provision for income taxes | 85,932 | 70,663 | 47,428 | IS |
| Provision for income taxes | 25,474 | 8,303 | 8,330 | IS |
| Net income (all attributable to Meta) | 60,458 | 62,360 | 39,098 | IS |
| EPS basic ($) | 23.98 | 24.61 | 15.19 | IS |
| EPS diluted ($) | 23.49 | 23.86 | 14.87 | IS |
| Weighted-average shares, basic (mn) | 2,521 | 2,534 | 2,574 | IS; Note 3 |
| Weighted-average shares, diluted (mn) | 2,574 | 2,614 | 2,629 | IS; Note 3 |
| Shares outstanding at cover date | 2,529,555,464 (01/23/2026) | — | — | 10-K cover |
| Shares outstanding at year-end (mn) | 2,530 | 2,534 | 2,561 | SE; BS (2,187 Class A + 343 Class B at 12/31/2025) |
| Depreciation and amortization | 18,616 | 15,498 | 11,178 | CF |
| Share-based compensation (SBC) | 20,427 | 16,690 | 14,027 | CF; SE; Note 12 |
| Employees at year-end | 78,865 | not available (MD&A: 2025 headcount +6% YoY) | not available | Item 1; MD&A |
| Item | 12/31/2025 | 12/31/2024 | 12/31/2023 | Source |
|---|---|---|---|---|
| Cash and cash equivalents | 35,873 | 43,889 | 41,862 | BS; CF reconciliation (2023) |
| Marketable securities | 45,719 | 33,926 | not available | BS |
| Cash, cash equivalents and marketable securities | 81,592 | 77,815 | not available | BS (MD&A: $81.59 bn) |
| Restricted cash equivalents (in prepaid/other current assets + other assets) | 837 + 2,390 = 3,227 | 353 + 1,196 = 1,549 | 99 + 866 = 965 | CF reconciliation |
| Accounts receivable, net | 19,769 | 16,994 | not available | BS |
| Prepaid expenses and other current assets | 7,361 | 5,236 | not available | BS |
| Total current assets | 108,722 | 100,045 | not available | BS |
| Non-marketable equity investments | 27,524 | 6,070 | not available | BS; Note 5 |
| Property and equipment, net | 176,400 | 121,346 | not available | BS; Note 6 |
| Operating lease right-of-use assets | 20,404 | 14,922 | not available | BS |
| Goodwill | 24,534 | 20,654 | 20,654 | BS; Note 8 |
| Other assets | 8,437 | 13,017 | not available | BS |
| Total assets | 366,021 | 276,054 | not available | BS |
| Accounts payable | 8,894 | 7,687 | not available | BS |
| Operating lease liabilities, current | 2,213 | 1,942 | not available | BS |
| Accrued expenses and other current liabilities | 30,729 | 23,967 | not available | BS; Note 9 |
| Total current liabilities | 41,836 | 33,596 | not available | BS |
| Operating lease liabilities, non-current | 22,940 | 18,292 | not available | BS |
| Long-term debt (carrying value) | 58,744 | 28,826 | not available | BS; Note 10 |
| Long-term income taxes | 21,005 | 9,987 | not available | BS |
| Other liabilities | 4,253 | 2,716 | not available | BS |
| Total liabilities | 148,778 | 93,417 | not available | BS |
| Finance lease liabilities (current 308 + non-current 876; inside accrued and other liabilities) | 1,184 | not available | not available | Note 7 |
| Gross debt = long-term debt + operating lease liabilities + finance lease liabilities | 58,744 + 2,213 + 22,940 + 1,184 = 85,081 | 28,826 + 1,942 + 18,292 + n/a = 49,060 excluding finance leases | not available | BS; Note 7 |
| Short-term debt | not applicable (no notes mature in 2026) | not applicable | — | Note 10 |
| Additional paid-in capital | 95,793 | 83,228 | 73,253 | BS; SE |
| Accumulated other comprehensive income (loss) | 271 | (3,097) | (2,155) | BS; SE |
| Retained earnings | 121,179 | 102,506 | 82,070 | BS; SE |
| Total stockholders' equity | 217,243 | 182,637 | 153,168 | BS; SE |
| Non-controlling interests | not applicable | not applicable | not applicable | BS |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Net cash provided by operating activities (OCF) | 115,800 | 91,328 | 71,113 | CF |
| Purchases of property and equipment (capex) | (69,691) | (37,256) | (27,045) | CF |
| Principal payments on finance leases | (2,524) | (1,969) | (1,058) | CF |
| Free cash flow (company definition: OCF − capex − finance lease principal) | 43,585 | 52,103 | 43,010 | MD&A, FCF reconciliation |
| Cash paid for income taxes, net | 7,578 | 10,554 | 6,607 | CF supplemental; Note 14 |
| Cash paid for interest, net of amounts capitalized | 696 | 486 | 448 | CF supplemental |
| Repurchases of Class A common stock (cash) | (26,248) | (30,125) | (19,774) | CF |
| Share repurchases at cost (equity statement) | 26,264 | 29,754 | 20,033 | SE |
| Taxes paid related to net share settlement of equity awards | (18,400) | (13,770) | (7,012) | CF |
| Dividends and dividend equivalents paid | (5,324) | (5,072) | — | CF |
| Dividends and dividend equivalents declared | 5,421 | 5,121 | — | SE |
| Proceeds from issuance of long-term debt, net | 29,906 | 10,432 | 8,455 | CF |
| Repayment of long-term debt | — | — | — | CF (no line) |
| Other financing activities | 2,220 | (277) | (111) | CF (not explained in the notes) |
| Purchases of non-marketable equity investments | (18,330) | (11) | (1) | CF |
| Acquisitions of businesses and intangible assets | (4,231) | (270) | (629) | CF |
| Payments for held-for-sale assets | (2,432) | — | — | CF |
| Proceeds from Venture distribution | 2,554 | — | — | CF |
| Purchases of marketable securities | (36,929) | (25,542) | (2,982) | CF |
| Sales and maturities of marketable securities | 26,874 | 15,789 | 6,184 | CF |
| Net cash used in investing activities | (102,003) | (47,150) | (24,495) | CF |
| Net cash used in financing activities | (20,370) | (40,781) | (19,500) | CF |
| Net change in cash, cash equivalents and restricted cash | (6,338) | 2,611 | 27,231 | CF |
| Revenue by segment and source | FY2025 | % | FY2024 | % | FY2023 | % | YoY 25/24 | YoY 24/23 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Advertising | 196,175 | 97.6% | 160,633 | 97.6% | 131,948 | 97.8% | +22.1% | +21.7% | Note 2 |
| Other revenue (FoA) | 2,584 | 1.3% | 1,722 | 1.0% | 1,058 | 0.8% | +50.1% | +62.8% | Note 2 |
| Family of Apps (FoA) | 198,759 | 98.9% | 162,355 | 98.7% | 133,006 | 98.6% | +22.4% | +22.1% | Note 2; Note 15 |
| Reality Labs (RL) | 2,207 | 1.1% | 2,146 | 1.3% | 1,896 | 1.4% | +2.8% | +13.2% | Note 2; Note 15 |
| Total | 200,966 | 100.0% | 164,501 | 100.0% | 134,902 | 100.0% | +22.2% | +21.9% | IS |
| Revenue by geography (customer address) | FY2025 | % | FY2024 | % | FY2023 | % | YoY 25/24 | YoY 24/23 | Source |
|---|---|---|---|---|---|---|---|---|---|
| United States and Canada | 78,866 | 39.2% | 63,207 | 38.4% | 52,888 | 39.2% | +24.8% | +19.5% | Note 2 |
| Europe (incl. Russia and Turkey) | 46,569 | 23.2% | 38,361 | 23.3% | 31,210 | 23.1% | +21.4% | +22.9% | Note 2 |
| Asia-Pacific | 53,817 | 26.8% | 45,009 | 27.4% | 36,154 | 26.8% | +19.6% | +24.5% | Note 2 |
| Rest of World | 21,714 | 10.8% | 17,924 | 10.9% | 14,650 | 10.9% | +21.1% | +22.3% | Note 2 |
| Total | 200,966 | 100.0% | 164,501 | 100.0% | 134,902 | 100.0% | +22.2% | +21.9% | Note 2 |
| of which United States | 74,780 | 37.2% | 59,730 | 36.3% | 49,780 | 36.9% | Note 2, footnote 1 |
| Income (loss) from operations by segment | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| FoA revenue | 198,759 | 162,355 | 133,006 | Note 15 |
| FoA employee compensation | (39,943) | (31,116) | (28,878) | Note 15 |
| FoA other costs and expenses | (56,347) | (44,130) | (41,257) | Note 15 |
| FoA income from operations | 102,469 | 87,109 | 62,871 | Note 15 |
| RL revenue | 2,207 | 2,146 | 1,896 | Note 15 |
| RL employee compensation | (10,759) | (10,211) | (8,942) | Note 15 |
| RL other costs and expenses | (10,641) | (9,664) | (9,074) | Note 15 |
| RL loss from operations | (19,193) | (17,729) | (16,120) | Note 15 |
| Unallocated costs | none (segments sum to consolidated) | none | none | Note 15 |
| Consolidated income from operations | 83,276 | 69,380 | 46,751 | IS |
| Metric | FY2025 | FY2024 | Source |
|---|---|---|---|
| Family daily active people (DAP), average for December | 3.58 bn | 3.35 bn | MD&A, Family metrics |
| Estimated error margin on worldwide DAP | approx. 3% | — | Limitations of Key Metrics |
| Share of DAP consisting solely of violating accounts (Q4) | less than 5% (methodology updated in Q4 2025) | not available | Limitations of Key Metrics |
| Annual ARPP (sum of quarterly ARPP) | $57.03 | $49.63 (computed from the four quarterly values; MD&A states +15% YoY) | MD&A |
| Quarterly ARPP | Q1 $12.36, Q2 $13.65, Q3 $14.46, Q4 $16.56 | Q1 $11.20, Q2 $11.89, Q3 $12.29, Q4 $14.25 | MD&A chart labels |
| Ad impressions delivered, YoY | +12% | +11% | MD&A |
| Average price per ad, YoY | +9% | +10% | MD&A |
| Absolute number of ad impressions; absolute price per ad | not available | not available | — |
| Revenue at constant currency | 201,380 (total); 196,600 (advertising) | — | MD&A, Foreign Exchange Impact |
| Revenue growth by user geography (different basis from Note 2) | US & Canada +21%, Europe +24%, Asia-Pacific +20%, Rest of World +27% | — | MD&A |
| Check | FY2025 | FY2024 | FY2023 | Result |
|---|---|---|---|---|
| Gross profit = revenue − cost of revenue | 200,966 − 36,175 = 164,791 | 164,501 − 30,161 = 134,340 | 134,902 − 25,959 = 108,943 | OK |
| Operating income = gross profit − (R&D + M&S + G&A) | 164,791 − (57,372 + 11,991 + 12,152) = 164,791 − 81,515 = 83,276 | 134,340 − 64,960 = 69,380 | 108,943 − 62,192 = 46,751 | OK, matches IS |
| Total costs = COGS + R&D + M&S + G&A | 36,175 + 57,372 + 11,991 + 12,152 = 117,690 | 95,121 | 88,151 | OK |
| Pre-tax income = operating income + interest and other income | 83,276 + 2,656 = 85,932 | 69,380 + 1,283 = 70,663 | 46,751 + 677 = 47,428 | OK |
| Interest and other income = sum of Note 13 lines | 2,123 − 1,165 + 352 + 1,346 = 2,656 | 2,517 − 715 − 690 + 171 = 1,283 | 1,639 − 446 − 366 − 150 = 677 | OK |
| Net income = pre-tax income − taxes | 85,932 − 25,474 = 60,458 | 70,663 − 8,303 = 62,360 | 47,428 − 8,330 = 39,098 | OK |
| Segments sum to total revenue | 198,759 + 2,207 = 200,966 | 162,355 + 2,146 = 164,501 | 133,006 + 1,896 = 134,902 | OK |
| Advertising + other = FoA revenue | 196,175 + 2,584 = 198,759 | 160,633 + 1,722 = 162,355 | 131,948 + 1,058 = 133,006 | OK |
| Geographies sum to total revenue | 78,866 + 46,569 + 53,817 + 21,714 = 200,966 | 63,207 + 38,361 + 45,009 + 17,924 = 164,501 | 52,888 + 31,210 + 36,154 + 14,650 = 134,902 | OK |
| Revenue percentages sum to 100% | 98.9% + 1.1% = 100.0%; 39.2% + 23.2% + 26.8% + 10.8% = 100.0% | 98.7% + 1.3%; 38.4% + 23.3% + 27.4% + 10.9% = 100.0% | 98.6% + 1.4%; 39.2% + 23.1% + 26.8% + 10.9% = 100.0% | OK |
| Segment operating income − unallocated = consolidated | 102,469 − 19,193 − 0 = 83,276 | 87,109 − 17,729 = 69,380 | 62,871 − 16,120 = 46,751 | OK |
| Segment costs = employee comp + other | FoA 39,943 + 56,347 = 96,290; RL 10,759 + 10,641 = 21,400; total 117,690 | 75,246 + 19,875 = 95,121 | 70,135 + 18,016 = 88,151 | OK |
| Gross debt = sum of components | 58,744 + 2,213 + 22,940 + 1,184 = 85,081 | 28,826 + 1,942 + 18,292 = 49,060 (finance leases not available) | not available | OK |
| Notes face value = sum of series | 10,000 + 8,500 + 10,500 + 30,000 = 59,000; − 256 = 58,744 carrying | 29,000 − 174 = 28,826 | — | OK |
| Notes maturity schedule sums | 0 + 2,750 + 1,500 + 1,000 + 5,000 + 48,750 = 59,000 | — | — | OK |
| FCF = OCF − capex − finance lease principal | 115,800 − 69,691 − 2,524 = 43,585 | 91,328 − 37,256 − 1,969 = 52,103 | 71,113 − 27,045 − 1,058 = 43,010 | OK, matches MD&A |
| Cash change = OCF + investing + financing + FX | 115,800 − 102,003 − 20,370 + 235 = −6,338 | 91,328 − 47,150 − 40,781 − 786 = 2,611 | 71,113 − 24,495 − 19,500 + 113 = 27,231 | OK |
| Balance sheet balances | 148,778 + 217,243 = 366,021 | 93,417 + 182,637 = 276,054 | — | OK |
| Equity roll-forward 2025 | 182,637 + 60,458 + 3,368 + 450 − 18,400 + 20,427 − 26,264 − 5,421 − 12 = 217,243 | — | — | OK |
| Shares roll-forward 2025 (mn) | 2,534 + 63 − 27 − 40 = 2,530 | 2,561 + 65 − 27 − 65 = 2,534 | 2,614 + 65 − 26 − 92 = 2,561 | OK |
| Cover shares | 2,187,177,748 + 342,377,716 = 2,529,555,464 | — | — | OK, equals the figure supplied |
| Goodwill roll-forward | 20,654 + 3,796 + 84 = 24,534 | 20,654 + 0 = 20,654 | — | OK |
| APIC roll-forward 2025 | 83,228 + 450 − 8,312 + 20,427 = 95,793 | — | — | OK |
| PP&E gross components | 3,687 + 98,040 + 55,568 + 8,346 + 9,377 + 8,187 + 50,521 = 233,726; − 57,326 = 176,400 | 2,561 + 68,397 + 47,076 + 7,293 + 7,150 + 5,384 + 26,802 = 164,663; − 43,317 = 121,346 | — | OK |
| Accrued expenses components | 6,867 + 7,151 + 4,402 + 1,922 + 10,387 = 30,729 | 5,523 + 6,350 + 2,582 + 3,438 + 6,074 = 23,967 | — | OK |
| Contractual commitments by year | 30,634 + 22,166 + 21,221 + 19,761 + 19,407 + 17,857 = 131,046 | — | — | OK |
| Tax provision = current + deferred | 6,719 + 18,755 = 25,474 | 13,040 − 4,737 = 8,303 | 8,199 + 131 = 8,330 | OK |
| ETR reconciliation sums | 18,046 − 202 + 1,464 − 3,912 − 1,405 + 11,974 + 3,127 − 4,307 + 689 = 25,474 | 21.0 + 0.7 − 3.7 − 2.9 − 4.9 + 0.2 + 1.4 = 11.8% | 21.0 + 1.1 − 0.6 − 1.5 − 4.3 + 0.9 + 1.0 = 17.6% | OK |
| Cash taxes by jurisdiction | 4,118 + 331 + 884 + 652 + 567 + 1,026 = 7,578 | — | — | OK |
| Ad revenue growth vs impressions × price | (1.12 × 1.09) − 1 = 22.08% vs 196,175 / 160,633 − 1 = 22.13% | (1.11 × 1.10) − 1 = 22.10% vs 160,633 / 131,948 − 1 = 21.74% | — | Consistent within rounding of the published percentages |
| Annual ARPP = sum of quarters | 12.36 + 13.65 + 14.46 + 16.56 = 57.03 | 11.20 + 11.89 + 12.29 + 14.25 = 49.63; 57.03 / 49.63 − 1 = 14.9% (MD&A: 15%) | — | OK |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Effective tax rate | 25,474 / 85,932 = 29.6% | 11.8% | 17.6% | Note 14 |
| Reconciliation FY2025 ($ mn / pts) | Statutory 18,046 (21.0); state (202) (−0.2); foreign tax effects 1,464 (1.7); R&D credits (3,912) (−4.6); US foreign tax credits (1,405) (−1.6); valuation allowances 11,974 (13.9); change in unrecognized tax benefits 3,127 (3.6); excess tax benefits from SBC (4,307) (−5.0); other 689 (0.8) | Statutory 21.0; state 0.7; SBC (3.7); R&D credits (2.9); FDII (4.9); non-US 0.2; other 1.4 | 21.0; 1.1; (0.6); (1.5); (4.3); 0.9; 1.0 | Note 14 |
| OBBBA charge recorded in Q3 2025 | 15,930, of which 14,030 valuation allowance on US federal DTAs; remainder mostly reduction of FDII benefit | — | — | Note 14; MD&A |
| ETR excluding the valuation allowance charge (company statement) | "would have decreased by 17 percentage points to 13%" | — | — | MD&A, Executive Overview |
| Current tax expense | 6,719 | 13,040 | 8,199 | Note 14 |
| Deferred tax expense (benefit) | 18,755 | (4,737) | 131 | Note 14 |
| Income taxes paid in cash | 7,578 | 10,554 | 6,607 | CF; Note 14 |
| Cash taxes by jurisdiction FY2025 | Federal 4,118; state 331; Brazil 884; India 652; Ireland 567; other foreign 1,026 | not available | not available | Note 14 |
| Deferred tax assets, gross | 28,090 | 27,043 | — | Note 14 |
| of which: loss carryforwards | 4,432 | 289 | — | Note 14 |
| of which: tax credit carryforwards | 10,506 | 2,771 | — | Note 14 |
| of which: capitalized R&D | 4,138 | 16,743 | — | Note 14 |
| of which: lease liabilities | 5,150 | 3,940 | — | Note 14 |
| of which: accrued expenses and other liabilities | 2,741 | 2,223 | — | Note 14 |
| of which: SBC | 706 | 520 | — | Note 14 |
| Valuation allowance | (15,895) | (3,506) | — | Note 14 |
| Deferred tax assets, net of valuation allowance | 12,195 | 23,537 | — | Note 14 |
| Change in valuation allowance | +12,389 | — | — | computed |
| Deferred tax liabilities (D&A 15,901; ROU 4,453; unrealized gains 621; other 387) | (21,362) | (13,959) | — | Note 14 |
| Net deferred tax assets (liabilities) | (9,167) | 9,578 | — | Note 14 |
| Gross unrecognized tax benefits (UTB), end of year | 16,450 | 15,131 | 11,666 | Note 14 |
| UTB movements FY2025 | +900 prior-year increases; −1,131 prior-year decreases; +2,863 current-year; −1,264 settlements; −49 lapses | +685; −6; +2,882; −9; −87 | +168; −263; +1,204; −199; −1 | Note 14 |
| UTB that would reduce the tax provision if realized | 11,250 | not available | not available | Note 14 |
| Accrued interest and penalties on UTB | 2,600 | 2,210 | 1,480 | Note 14 |
| Long-term income taxes: uncertain tax positions / deferred tax liabilities | 11,230 / 9,780 | not available | — | Note 14; MD&A |
| US federal NOL carryforwards | 16,350 (mostly no expiry) | not available | — | Note 14 |
| State NOL carryforwards | 3,790 (expire from 2031) | not available | — | Note 14 |
| Federal / state tax credit carryforwards | 7,850 / 6,800 (mostly no expiry) | not available | — | Note 14 |
| IRS 2017–2019 Statutory Notice of Deficiency | additional tax asserted 15,890 plus interest and penalties (received September 2025); largest issue is the same transfer pricing transaction litigated for 2010; adjustments "do not reflect offsets" (transition tax, GILTI, FDII); petition filed December 2025 | — | — | Note 14 |
| Tax Court opinion on 2010 tax year (May 22, 2025) | IP transferred valued at 7,790, which is 1,480 higher than reported | — | — | Note 14 |
| Company expectation for 2026 ETR | 13–16% "absent any changes to our tax landscape" | — | — | MD&A |
| Valuation allowance, three bases | rate reconciliation 11,974; charge at OBBBA enactment 14,030; change in balance 12,389; not reconciled in the document | — | — | Note 14; MD&A; computed |
| Excess tax benefits from SBC after OBBBA | "may not be realizable as a result of" the CAMT | — | — | Item 1A |
| Item | Value | Source |
|---|---|---|
| Notes outstanding, face value | 59,000 (12/31/2025); 29,000 (12/31/2024) | Note 10 |
| August 2022 Notes | 10,000; maturities 2027–2062; stated 3.50%–4.65%; effective 3.63%–4.71% | Note 10 |
| May 2023 Notes | 8,500; 2028–2063; stated 4.60%–5.75%; effective 4.68%–5.79% | Note 10 |
| August 2024 Notes | 10,500; 2029–2064; stated 4.30%–5.55%; effective 4.42%–5.60% | Note 10 |
| November 2025 Notes (six series) | 30,000; 2030–2065; stated 4.20%–5.75%; effective 4.27%–5.77% | Note 10 |
| Fixed / floating | 100% fixed-rate senior unsecured | Note 10 |
| Unamortized discount and issuance costs | (256) (2025); (174) (2024) | Note 10 |
| Estimated fair value of notes (Level 2) | 57,220 (2025); 27,830 (2024) | Note 10 |
| Principal maturities | 2026: 0; 2027: 2,750; 2028: 1,500; 2029: 1,000; 2030: 5,000; thereafter: 48,750 | Note 10 |
| Financial covenants | none ("We are not subject to any financial covenants under the Notes") | Note 10 |
| Undrawn credit facilities | not available | — |
| Convertible or exchangeable instruments | not applicable | — |
| Interest expense on notes, net of capitalized interest | 1,090 (2025); 683 (2024); 420 (2023) | Note 10 |
| Interest capitalized on CIP | 535 (2025); 384 (2024) | Note 6 |
| Future interest payment obligations | short-term 2,980; long-term 56,740 | MD&A |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| SBC by line: cost of revenue / R&D / M&S / G&A | 1,124 / 17,485 / 926 / 892 | 1,055 / 13,683 / 1,026 / 926 | 740 / 11,429 / 952 / 906 | Note 12 |
| Instrument | RSUs only | RSUs only | RSUs only | Note 1; Note 12 |
| Unrecognized SBC | 54,810, over approx. 3 years (weighted average) | not available | not available | Note 12 |
| Unvested RSUs, start of year (thousands; $ grant-date FV) | 122,632 ($302.27) | — | — | Note 12 |
| Granted / vested / forfeited (thousands) | 69,666 ($661.57) / (61,906) ($317.68) / (14,840) ($379.82) | — | — | Note 12 |
| Unvested RSUs, end of year | 115,552 thousand ($500.68) | — | — | Note 12 |
| Fair value of RSUs vested | 43,110 | 33,140 | 17,460 | Note 12 |
| Tax benefit recognized on vested awards | 9,330 | 6,950 | 3,650 | Note 12 |
| Shares reserved under 2025 Equity Incentive Plan | 454 mn; +55 mn effective 01/01/2026 (automatic increase up to 2.5% of Class A outstanding per year through May 2035) | — | — | Note 12 |
| Anti-dilutive RSUs excluded from diluted EPS | approx. 9 mn | not material | approx. 16 mn | Note 3 |
| Dilutive effect of RSUs on share count | 53 mn | 80 mn | 55 mn | Note 3 |
| Shares issued (mn) | 63 | 65 | 65 | SE |
| Shares withheld for net share settlement (mn) | 27 | 27 | 26 | SE |
| Cost of shares withheld (APIC + retained earnings) | 8,312 + 10,088 = 18,400 | 6,721 + 7,049 = 13,770 | 5,218 + 1,794 = 7,012 | SE |
| Shares repurchased and retired (mn) | 40 | 65 | 92 | SE; Note 12 |
| Repurchase cost (incl. excise taxes) | 26,264 (Note 12: $26.26 bn, i.e. 26,260) | 29,754 | 20,033 | SE; Note 12 |
| Repurchase cash outflow | 26,248 | 30,125 | 19,774 | CF |
| Repurchase authorization remaining | 25,030 (from 51,280 at 12/31/2024) | 51,280 | — | Note 12 |
| Repurchases in Q4 2025 | none ("There was no share repurchase activity during the three months ended December 31, 2025") | — | — | Item 5 |
| Shares issued for acquisitions | 450 (value) | — | — | Note 8; SE |
| Dividend per share declared | $2.10 ($0.525 × 4) | $2.00 ($0.50 × 4) | — | SE; Note 12 |
| Dividends paid by quarter FY2025 | 1,325; 1,322; 1,323; 1,328 | 1,273; 1,266; 1,262; 1,267 | — | Note 12 |
| Item | Value | Source |
|---|---|---|
| Disaggregation | by source and segment (advertising, other revenue, RL) and by geography (customer address): see A.4 | Note 2 |
| Deferred revenue | 1,080 (12/31/2025); 772 (12/31/2024) | Note 2 |
| Share of revenue recognized from opening deferred revenue | not available | — |
| Remaining performance obligations | not disclosed for contracts of one year or less (company policy) | Note 1 |
| Gross vs net | advertising generally reported gross; net where Meta is not the principal; Payments fees reported net | Note 1 |
| Customers ≥10% of revenue or receivables | none in 2025, 2024, 2023 | Note 1 |
| Revenue from marketers and developers based in the US | 37% (2025); 36% (2024); 37% (2023) | Note 1 |
| Sales commissions | expensed as incurred (amortization period one year or less) | Note 1 |
| Item | Value | Source |
|---|---|---|
| Legal-related accruals | 6,867 (2025); 5,523 (2024) | Note 9 |
| Prior-year benefit from decrease in accrued losses for certain legal proceedings | 1,550 (in 2024) | MD&A, G&A |
| Range of reasonably possible additional loss | not estimable for most matters; company believes losses "may be material in the aggregate" | Note 11 |
| Consumer privacy class action (In re Facebook Consumer Privacy User Profile) | 725 payment; settlement final May 14, 2025 | Note 11 |
| FTC 2019 penalty | 5,000, paid April 2020 | Note 11 |
| FTC proceeding to modify the 2020 consent order | stayed pending judicial challenges; district court briefing due May 2026 | Note 11 |
| FTC antitrust case (Instagram, WhatsApp) | judgment for Meta November 18, 2025; FTC notice of appeal January 20, 2026 | Note 11 |
| Antitrust class action brought on behalf of users | class certification denied January 24, 2025; judgment for Meta September 29, 2025; plaintiffs' notice of appeal October 27, 2025; advertiser action pending | Note 11 |
| Flo Health (CIPA) | jury verdict on liability for plaintiffs August 1, 2025; plaintiffs seek $5,000 per class member, assert up to approx. 1.6 mn members; damages "uncertain" | Note 11 |
| AMI v. Meta Ireland (Spain) | judgment November 19, 2025: damages approx. €542 mn; appealed | Note 11 |
| European Commission, Facebook Marketplace (Art. 102) | fine approx. €798 mn; appealed January 28, 2025 | Note 11 |
| European Commission, DMA "subscription for no ads" | fine €200 mn (April 2025); appealed July 4, 2025 | Note 11 |
| IDPC data transfers decision (May 2023) | fine €1.2 bn plus corrective orders | Note 11; Item 3 |
| Youth-related actions | damages or penalties sought range up to "the high tens of billions of dollars" in certain cases; first personal-injury trial began January 27, 2026; New Mexico AG trial scheduled February 2, 2026; MDL school district bellwether June 15, 2026; mass arbitration demands from over 100,000 claimants | Note 11 |
| AI copyright cases (Kadrey et al.) | summary judgment on fair use for Meta as to named plaintiffs (June 25, 2025); remaining distribution claim pending | Note 11 |
| Shareholder derivative (In re Facebook Derivative Litigation) | settlement in principle July 17, 2025, subject to court approval | Note 11 |
| California AG consumer protection suit | settlement December 2025, subject to court approval; amount not disclosed | Note 11 |
| Indemnification liabilities | not material | Note 11 |
| Item | Value | Source |
|---|---|---|
| Goodwill by reporting unit | FoA 23,028; RL 1,506 (2025); FoA 19,246; RL 1,408 (2024) | Note 8 |
| 2025 additions | acquisitions 3,796 (FoA 3,697; RL 99); adjustments 84 | Note 8 |
| Impairment test | annual; no impairment identified at 12/31/2025; headroom not disclosed | Note 1 |
| 2025 acquisitions | total consideration 4,090 cash + 450 Class A shares; 3,880 to goodwill, 664 to intangibles; pro forma not presented (not significant) | Note 8 |
| Intangibles, net | 3,692 (2025); 915 (2024) | Note 8 |
| by category, net (remaining life) | acquired software 2,201 (2.6 yrs); acquired technology 916 (3.0); patents 81 (6.4); other 97 (3.4); indefinite-lived 397 | Note 8 |
| Purchased software licenses in 2025 | 2,400 (classified as acquired software) | Note 8 |
| Amortization expense | 615 (2025); 211 (2024); 161 (2023) | Note 8 |
| Expected amortization | 2026: 1,259; 2027: 1,162; 2028: 771; 2029: 39; 2030: 27; thereafter: 37 | Note 8 |
| Item | 12/31/2025 | 12/31/2024 | Source |
|---|---|---|---|
| Assets at fair value, recurring: Level 1 / Level 2 / Level 3 | 60,332 / 19,408 / 106 = 79,846 (Level 1 + 2 = 79,740) | 56,549 / 15,241 / 101 = 71,891 | Note 4 |
| Cash on deposit (cash and cash equivalents − cash equivalents at fair value) | 35,873 − 31,482 = 4,391 | 43,889 − 36,671 = 7,218 | BS; Note 4 |
| Marketable securities: US government / US agency / corporate debt / equity | 21,483 / 767 / 17,477 / 5,992 = 45,719 | 14,889 / 3,053 / 14,758 / 1,226 = 33,926 | Note 4 |
| Marketable equity securities (Level 1) | 5,992 | 1,226 | Note 4 |
| Net unrealized gains on marketable equity securities in income | 413 | not material | Note 4 |
| Unrealized (gain) loss on equity investments (CF add-back) | (1,138) | (53) | CF |
| Non-marketable, measurement alternative (initial cost 20,271; upward 429; downward (624)) | 20,076 | 6,018 | Note 5 |
| of which Scale AI minority investment | 13,800 (closed 2025) | — | Note 5 |
| of which Jio Platforms | 5,820 | not available | Note 5 |
| Non-marketable, equity method | 7,448 | 52 | Note 5 |
| Louisiana data center Venture: Meta interest / carrying value | 20% / 1,830 | — | Note 5 |
| Venture: assets contributed / one-time distribution received | 4,300 (held-for-sale assets, net) / 2,550 | — | Note 5 |
| Venture: total estimated development costs (each party funds its pro rata share; Meta 20%) | approx. 27,000 | — | Note 5 |
| Venture: lease commitments (commencing 2029, initial 4-year terms, renewable up to 20 years) | approx. 12,310 | — | Note 5 |
| Venture: residual value guarantees, aggregate threshold | approx. 28,000 (no liability recorded; not probable) | — | Note 5 |
| Venture: maximum exposure to loss | 45,950 | — | Note 5 |
| Other unconsolidated VIEs: maximum exposure | 5,580 | — | Note 5 |
| Item | Value | Source |
|---|---|---|
| Allowance for credit losses on receivables | not material (2025, 2024) | Note 1 |
| Bad debt expense | not material (2025, 2024, 2023) | Note 1 |
| Inventory | not presented separately (RL inventory costs in cost of revenue) | — |
| Technical reserves | not applicable | — |
| Item | Value | Source |
|---|---|---|
| Weighted-average remaining term: finance / operating | 15.1 / 12.3 years (2025); 13.7 / 11.5 (2024) | Note 7 |
| Weighted-average discount rate: finance / operating | 4.1% / 4.3% (2025); 3.6% / 3.9% (2024) | Note 7 |
| Lease cost total | 4,525 (2025); 3,613 (2024); 3,040 (2023) | Note 7 |
| ROU assets obtained in exchange for new lease liabilities: operating / finance | 7,017 / 613 (2025); 3,784 / 181 (2024); 4,370 / 588 (2023) | Note 7 |
| Operating lease maturities (undiscounted) | 2026: 3,211; 2027: 3,237; 2028: 3,057; 2029: 2,985; 2030: 2,621; thereafter: 18,397; total 33,508; PV 25,153 | Note 7 |
| Finance lease maturities (undiscounted) | total 1,504; PV 1,184 | Note 7 |
| Leases not yet commenced | approx. 103,770; commencing 2026–2030; terms up to 30 years | Note 7 |
| Non-cancelable contractual commitments | 131,046: 2026: 30,634; 2027: 22,166; 2028: 21,221; 2029: 19,761; 2030: 19,407; thereafter: 17,857 (mostly third-party cloud capacity, servers and network, data centers, RL hardware) | Note 11 |
| ROU impairment | not material (2025); 385 (2024); 1,760 (2023) | Note 7 |
| PP&E impairment | 237 (2025); 288 (2024); 738 (2023) | Note 6 |
| Guarantees | Venture RVG above; indemnifications not material | Notes 5, 11 |
| Item | Value | Source |
|---|---|---|
| Auditor | Ernst & Young LLP, auditor since 2007 | Audit report |
| Critical Audit Matters | (1) Loss contingencies — Note 11; (2) Uncertain tax positions (IRS transfer pricing) — Note 14; (3) Consolidation accounting for a variable interest entity (Louisiana data center Venture) — Note 5 | Audit report |
| Opinion on internal control | unqualified; no material weaknesses | Audit report; Item 9A |
| Auditor fees | 41,363 thousand (2025): audit 25,942; audit-related 7,040; tax 8,379; other 2 | Proxy |
| Related parties | Broadcom (CEO Hock E. Tan is a director, retiring at the 2026 annual meeting): approx. 2,300 paid in 2025; John Hegeman, immediate family member of an executive officer, Chief Revenue Officer in 2025, total compensation approx. $17.5 mn; aircraft owned by Mr. Zuckerberg (approx. $2.2 mn business travel) and Mr. Olivan (approx. $187,000) | Proxy |
| Subsequent events stated in the 10-K | FTC notice of appeal (January 20, 2026); FTC-structure case stay continued (January 20, 2026); 55 mn shares added to plan reserve (January 1, 2026); youth trial began January 27, 2026 | Notes 11, 12 |
| Restatements | none indicated (cover page checkboxes unmarked) | 10-K cover |
| Item | Value | Source |
|---|---|---|
| Mark Zuckerberg: Class B shares / % of Class B / % of total voting power | 341,823,978 / 99.8% / 60.8% | Proxy |
| Mark Zuckerberg: Class A (held by CZ Biohub, no pecuniary interest) | 639,347 | Proxy |
| Shares pledged by Mr. Zuckerberg | 12,000,000 Class B (approx. 3.5% of his holdings; 2.1% of voting power) | Proxy |
| All directors and executive officers (20 persons) | 1,555,951 Class A + 341,823,978 Class B; 60.9% of voting power | Proxy |
| CFO (Susan Li) beneficial ownership | 31,429 Class A shares, incl. 18,243 RSUs releasable within 60 days | Proxy |
| CEO compensation | salary $1; no bonus; no equity awards; all other compensation $25,125,903 (2025), mainly security and private aircraft | Proxy |
| Bonus plan | company performance percentage set by committee judgment; priorities without target levels; 115% for 2025; target bonus for NEOs other than CEO raised from 75% to 200% of base eligible earnings | Proxy |
| Equity for NEOs | service-vesting RSUs only; 2025 grants of $20–22 mn initial value per NEO at $701.32 per share | Proxy |
| Peer group used for compensation | 15 companies named by the proxy | Proxy |
| Board | 12 nominees including Mr. Zuckerberg (11 others); Hock E. Tan and Tracey T. Travis retire at the 2026 annual meeting; board size set at 12 | Proxy |
| Rule 10b5-1 plans adopted in Q4 2025 | Javier Olivan (COO), November 17, 2025; Peggy Alford (director), November 25, 2025, up to $1 mn; Susan Li (CFO), November 25, 2025, up to 112,273 shares plus net shares received in 2026 | 10-K Item 9B |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Depreciation and amortization (CF) | 18,616 | 15,498 | 11,178 | CF |
| of which depreciation of PP&E | 18,000 | 15,290 | 11,020 | Note 6 |
| of which servers and network | 13,360 | 11,340 | 7,320 | Note 6 |
| Effect of useful-life change (servers 5.5 years from 01/01/2025) | depreciation −2,920; net income +2,590; +$1.00 diluted EPS — computed on assets in service at 12/31/2024 only; effect on 2025 additions not quantified | — | — | Note 1 |
| Inventory | not presented separately | — | — | — |
| Accounts receivable, gross / allowance | 19,769 net; allowance not material | 16,994 net | — | BS; Note 1 |
| Accounts payable | 8,894 | 7,687 | — | BS |
| Prepaid and other current assets | 7,361 | 5,236 | — | BS |
| Accrued expenses and other current liabilities (legal 6,867; compensation 7,151; PP&E 4,402; taxes 1,922; other 10,387) | 30,729 | 23,967 | — | Note 9 |
| Changes in working capital (CF): AR / prepaid / other assets / AP / accrued / other liabilities | (1,815) / (89) / (481) / (14) / 1,077 / 437 = (885) | (1,485) / (698) / (270) / 373 / 323 / 2,805 = 1,048 | (2,399) / 559 / (80) / 51 / 5,081 / 624 = 3,836 | CF |
| Other non-cash items (CF): deferred taxes / unrealized (gain) loss / impairment for facilities consolidation / other | 18,738 / (1,138) / — / (416) | (4,738) / (53) / 383 / 140 | 131 / 102 / 2,432 / 309 | CF |
| Acquisitions net of cash acquired (CF line) | 4,231 | 270 | 629 | CF |
| PP&E gross | 233,726 | 164,663 | — | Note 6 |
| PP&E net | 176,400 | 121,346 | — | Note 6 |
| Construction in progress | 50,521 | 26,802 | — | Note 6 |
| Servers and network assets, gross | 98,040 | 68,397 | — | Note 6 |
| PP&E in AP and accrued liabilities (non-cash) | 9,331 | 7,127 | 4,105 | CF supplemental |
| Acquisitions of businesses and intangible assets in AP, accrued and other liabilities (non-cash) | 2,659 | 172 | 119 | CF supplemental |
| Other investing activities | 182 | 140 | (22) | CF |
| Capitalized software development costs | not material | not material | not material | Note 1 |
| Capitalized interest | 535 | 384 | not available | Note 6 |
| Research and development expense | 57,372 | 43,873 | 38,483 | IS |
| Shares issued / repurchased in financing section | no proceeds line; repurchases (26,248) | (30,125) | (19,774) | CF |
| Debt issued / repaid | 29,906 / 0 | 10,432 / 0 | 8,455 / 0 | CF |
| Goodwill + intangibles (for tangible equity) | 24,534 + 3,692 = 28,226 | 20,654 + 915 = 21,569 | — | BS; Note 8 |
| Dividend per share | $2.10 | $2.00 | — | SE |
| Long-lived assets, US / rest of world | 173,390 / 23,414 | 117,478 / 18,790 | — | Note 15 |
| Advertising expense | 2,090 | 2,060 | 2,020 | Note 1 |
| Company capex expectation for 2026 | approx. 115,000–135,000 | — | — | MD&A |
| Company expectation for 2026 RL operating loss | "similar to 2025" | — | — | MD&A |
| Company expectation for RL operating expense split 2026 | approx. 70% wearables, 30% VR and Horizon | — | — | Item 1 |
Data tables extracted from Meta Platforms, Inc. Form 10-K for FY2025 (filed January 29, 2026) and, where indicated, from the DEF 14A filed April 16, 2026. Market data (closing price $660.09 at 12/31/2025; 2,529,555,464 shares at 01/23/2026) supplied with the request.