FINANCIAL MODEL

Meta Platforms, Inc.

META · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	40,653	55,838	70,697	85,965	117,929	116,609	134,902	164,501	200,966
Cost of Goods Sold	5,454	9,355	12,770	16,692	22,649	25,249	25,959	30,161	36,175
Gross Profit
SG&A	7,242	11,297	20,341	18,155	23,872	27,078	23,709	21,087	24,143
R&D	7,754	10,273	13,600	18,447	24,655	35,338	38,483	43,873	57,372
EBITDA
D&A	3,025	4,315	5,741	6,862	7,967	8,686	11,178	15,498	18,616
EBIT (Operating Income)	20,203	24,913	23,986	32,671	46,753	28,944	46,751	69,380	83,276
Interest Expense				14	15	160	420	715	1,090
Pre-Tax Income	20,594	25,361	24,812	33,180	47,284	28,819	47,428	70,663	85,932
Tax Expense	4,660	3,249	6,327	4,034	7,914	5,619	8,330	8,303	25,474
Net Income	15,934	22,112	18,485	29,146	39,370	23,200	39,098	62,360	60,458
Diluted EPS	5.39	7.57	6.43	10.09	13.77	8.59	14.87	23.86	23.49
Diluted Shares (M)	2,956.0	2,921.0	2,876.0	2,888.0	2,859.0	2,702.0	2,629.0	2,614.0	2,574.0
Balance Sheet
Total Cash & Equivalents		10,019	19,079	17,576	16,601	14,681	41,862	43,889	35,873
Short-term Debt		0	0	0	0	0	0	0	0
Long-term Debt		0	0	0	0	9,923	18,385	28,826	58,744
Total Debt
Net Debt
Total Current Assets		50,480	66,225	75,670	66,666	59,549	85,365	100,045	108,722
Total Current Liabilities		7,017	15,053	14,981	21,135	27,026	31,960	33,596	41,836
Total Assets		97,334	133,376	159,316	165,987	185,727	229,623	276,054	366,021
Total Liabilities		13,207	32,322	31,026	41,108	60,014	76,455	93,417	148,778
Shareholders' Equity		84,127	101,054	128,290	124,879	125,713	153,168	182,637	217,243
Minority Interest
Intangibles & Goodwill		18,301	18,715	19,050	19,197	20,306	20,654	20,654	24,534
PP&E		24,683	35,323	45,633	57,809	79,518	96,587	121,346	176,400
Receivables		7,587	9,518	11,335	14,039	13,466	16,169	16,994	19,769
Payables		820	1,363	1,331	4,083	4,990	4,849	7,687	8,894
Inventory
Retained Earnings		41,981	55,692	77,345	69,761	64,799	82,070	102,506	121,179
Cash Flow
Cash from Operations	24,216	29,274	36,314	38,747	57,683	50,475	71,113	91,328	115,800
Capital Expenditures	6,733	13,915	15,102	15,115	18,567	31,431	27,266	37,256	69,691
Free Cash Flow
Stock-Based Compensation	3,723	4,152	4,836	6,536	9,164	11,992	14,027	16,690	20,427
Dividends Paid								5,072	5,324
Share Repurchases	1,976	12,879	4,202	6,272	44,537	27,956	19,774	30,125	26,248