Operating cash flow remains strong with a 1.20 ratio to net income, though free cash flow margins have compressed to 23.5% due to elevated capital intensity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 124B | 115.8B | 91.33B | 71.11B | 50.48B | 57.68B | 38.75B | 36.31B | 29.27B | 24.22B | 16.11B | 8.6B | 5.46B | 4.22B | 1.61B | 1.55B | 698M |
| Operating CF Margin % | - | 57.62% | 55.52% | 52.71% | 43.29% | 48.91% | 45.07% | 51.37% | 52.43% | 59.57% | 58.28% | 47.96% | 43.78% | 53.63% | 31.68% | 41.74% | 35.36% |
| Operating CF Growth % | 116.82% | 26.8% | 28.43% | 40.89% | -12.5% | 48.87% | 6.7% | 24.05% | 20.89% | 50.34% | 87.32% | 57.58% | 29.25% | 161.91% | 4.07% | 121.92% | - |
| Net Income | 70.59B | 60.46B | 62.36B | 39.1B | 23.2B | 39.37B | 29.15B | 18.48B | 22.11B | 15.93B | 10.22B | 3.69B | 2.94B | 1.5B | 53M | 1B | 606M |
| Depreciation & Amortization | 20.71B | 18.62B | 15.5B | 11.18B | 8.69B | 7.97B | 6.86B | 5.74B | 4.32B | 3.02B | 2.34B | 1.95B | 1.24B | 1.01B | 649M | 323M | 139M |
| Stock-Based Compensation | 22.31B | 20.43B | 16.69B | 14.03B | 11.99B | 9.16B | 6.54B | 4.84B | 4.15B | 3.72B | 3.22B | 2.96B | 1.79B | 906M | 1.57B | 217M | 20M |
| Deferred Taxes | 19.85B | 18.74B | -4.74B | 131M | -3.29B | 609M | -1.19B | -37M | 286M | -377M | -457M | -795M | -210M | -37M | -186M | 433M | 23M |
| Other Non-Cash Items | -277M | -1.55B | 470M | 2.84B | 4.2B | -127M | 118M | 39M | -64M | 24M | 30M | 17M | -40M | 166M | 15M | -459M | 3M |
| Working Capital Changes | -9.19B | -885M | 1.05B | 3.84B | 5.68B | 700M | -2.72B | 7.25B | -1.53B | 1.89B | 758M | 784M | -262M | 676M | -491M | 35M | -93M |
| Change in Receivables | -2.49B | -1.81B | -1.49B | -2.4B | 231M | -3.11B | -1.51B | -1.96B | -1.89B | -1.61B | -1.49B | -973M | -610M | -378M | -170M | -174M | -209M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -1.3B | 8.97B | 91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 83M | -14M | 373M | 51M | 210M | 1.44B | -17M | 113M | 221M | 43M | 14M | 18M | 31M | 26M | 1M | 6M | 12M |
| Cash from Investing | -115.67B | -102B | -47.15B | -24.5B | -28.97B | -7.57B | -30.06B | -19.86B | -11.6B | -20.04B | -11.74B | -9.43B | -5.91B | -2.62B | -7.02B | -3.02B | -324M |
| Capital Expenditures | -75.75B | -69.69B | -37.26B | -27.27B | -31.43B | -18.57B | -15.12B | -15.1B | -13.91B | -6.73B | -4.49B | -2.52B | -1.83B | -1.36B | -1.24B | -606M | -293M |
| CapEx % of Revenue | 35.24% | 34.68% | 22.65% | 20.21% | 26.95% | 15.74% | 17.58% | 21.36% | 24.92% | 16.56% | 16.25% | 14.07% | 14.69% | 17.3% | 24.27% | 16.33% | 14.84% |
| Acquisitions | -4.6B | -4.23B | -270M | -629M | -1.31B | -898M | -6.75B | -508M | -137M | -122M | -123M | -313M | -4.97B | -368M | -911M | -24M | -22M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.67B | -2.25B | 129M | 198M | 246M | -284M | -36M | -61M | -25M | 67M | 61M | 102M | -350M | -11M | -2M | 6M | -9M |
| Cash from Financing | -7.43B | -20.37B | -40.78B | -19.5B | -22.14B | -50.73B | -10.29B | -7.3B | -15.57B | -5.24B | -310M | 1.58B | 1.57B | -667M | 6.28B | 1.2B | 781M |
| Debt Issued (Net) | 27.29B | 27.38B | 8.46B | 7.4B | 9.07B | -663M | -580M | -775M | 500M | 0 | -312M | -119M | -243M | -1.89B | 1.33B | -261M | 160M |
| Equity Issued (Net) | -17.92B | -26.25B | -30.13B | -26.79B | -31.55B | -44.54B | -6.27B | -6.54B | -16.09B | -1.98B | -6M | 0 | 0 | 1.48B | 6.76B | 998M | 500M |
| Dividends Paid | -5.34B | -5.32B | -5.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -17.92B | -26.25B | -30.13B | -19.77B | -27.96B | -44.54B | -6.27B | -4.2B | -12.88B | -1.98B | -6M | -20M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11.46B | -16.18B | -14.05B | -111M | 344M | -5.53B | -3.44B | 15M | 15M | -3.26B | 8M | 1.7B | 1.81B | -254M | -1.81B | 461M | 121M |
| Net Change in Cash | 1.03B | -6.34B | 2.61B | 27.23B | -1.27B | -1.09B | -1.32B | 9.15B | 1.92B | -824M | 4B | 592M | 992M | 939M | 872M | -273M | 1.15B |
| Free Cash Flow | 48.25B | 46.11B | 54.07B | 43.85B | 19.04B | 39.12B | 23.63B | 21.21B | 15.36B | 17.48B | 11.62B | 6.08B | 3.63B | 2.86B | 377M | 943M | 405M |
| FCF Margin % | 22.45% | 22.94% | 32.87% | 32.5% | 16.33% | 33.17% | 27.49% | 30% | 27.51% | 43.01% | 42.03% | 33.89% | 29.09% | 36.33% | 7.41% | 25.41% | 20.52% |
| FCF Growth % | -7.76% | -14.73% | 23.32% | 130.24% | -51.31% | 65.52% | 11.41% | 38.11% | -12.15% | 50.5% | 91.19% | 67.57% | 26.78% | 658.62% | -60.02% | 132.84% | - |
| FCF per Share | 18.82 | 17.91 | 20.69 | 16.68 | 7.05 | 13.68 | 8.18 | 7.38 | 5.26 | 5.91 | 3.97 | 2.13 | 1.36 | 1.14 | 0.12 | 0.40 | 0.17 |
| FCF Conversion (FCF/Net Income) | 0.68x | 1.92x | 1.46x | 1.82x | 2.18x | 1.47x | 1.33x | 1.96x | 1.32x | 1.52x | 1.58x | 2.33x | 1.86x | 2.83x | 30.42x | 1.55x | 1.88x |
| Interest Paid | -352M | 0 | 486M | 448M | 0 | 0 | 0 | 0 | 1M | 0 | 11M | 10M | 14M | 38M | 38M | 28M | 23M |
| Taxes Paid | -448M | 7.58B | 10.55B | 6.61B | 6.41B | 8.53B | 4.23B | 5.18B | 3.76B | 2.12B | 1.21B | 270M | 178M | 82M | 184M | 197M | 261M |
High AI Infrastructure Capex
Based on reported financial statements, Meta consistently demonstrates strong cash conversion, with operating cash flow exceeding net income in every quarter since 2023Q4, reaching a 1.20 ratio in 2026Q1, which suggests that the company's accounting earnings are well-supported by actual cash generation from its core advertising operations.
The consistent premium of operating cash flow over net income indicates that non-cash charges, primarily depreciation and stock-based compensation, are the primary drivers of the gap rather than aggressive revenue recognition. Investors should interpret this as a sign of high-quality earnings, though the persistent reliance on stock-based compensation as a non-cash add-back warrants ongoing monitoring for potential dilution impacts.
As reported in recent filings, Meta's free cash flow margin has trended downward from a peak of 40.6% in 2024Q3 to 23.5% in 2026Q1, reflecting a strategic shift toward significantly higher capital intensity as the company accelerates its investment in AI-ready data center infrastructure and specialized hardware.
While the absolute dollar amount of free cash flow remains substantial, the margin compression suggests that the company is entering a more capital-intensive phase of its lifecycle. This trajectory implies that management is prioritizing long-term infrastructure dominance over immediate cash flow maximization, a trade-off that may continue to pressure margins in the near term.
According to quarterly data, Meta's capital expenditure as a percentage of revenue has surged from 17.6% in 2024Q1 to 33.7% in 2026Q1, indicating a structural increase in the capital required to maintain its competitive position in the global digital advertising and artificial intelligence landscape.
This rapid escalation in capital intensity suggests that the company is aggressively building out its compute capacity to support Llama and other AI initiatives. Analysts should monitor whether this spending translates into sustained revenue growth, as the current level of capital intensity represents a significant departure from the company's historical operating profile.
Based on recent financial disclosures, Meta has utilized its cash reserves to fund a combination of consistent dividends and aggressive share repurchases, with buybacks totaling $4.4 billion in 2026Q1, even as the company simultaneously ramps up its multi-billion dollar investments in long-term AI and metaverse infrastructure.
The company's ability to return capital to shareholders while funding massive R&D and infrastructure projects suggests a high degree of financial flexibility. However, the dual-class share structure means that these allocation decisions remain firmly under management control, which may not always align with the preferences of minority shareholders seeking higher immediate cash returns.
As evidenced by the latest quarterly figures, Meta experienced a significant working capital outflow of $7.7 billion in 2026Q1, a sharp reversal from the positive trends observed in previous periods, which suggests potential fluctuations in the timing of collections or changes in vendor payment cycles.
Such volatility in working capital can obscure the underlying cash-generating efficiency of the core business on a quarter-to-quarter basis. Investors should investigate whether this outflow is a temporary timing issue related to seasonal advertising spend or a more permanent shift in the company's cash conversion cycle.
Quick answers to the most common questions about buying META stock.
Meta Platforms, Inc. (META) generated $115.80B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Meta Platforms, Inc. (META) generated $46.11B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Meta Platforms, Inc. (META) spent $69.69B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Meta Platforms, Inc. (META) returned $5.32B to shareholders via cash dividends and spent $26.25B on share repurchases. This shows the company's commitment to returning capital to its equity investors.