Revenue growth has accelerated to 33.1% in 2026Q1 while maintaining resilient gross margins of 81.9% despite significant R&D investments.
| 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 |
|---|
| Sales/Revenue | 214.96B | 200.97B | 164.5B | 134.9B | 116.61B | 117.93B | 85.97B | 70.7B | 55.84B | 40.65B | 27.64B | 17.93B | 12.47B | 7.87B | 5.09B | 3.71B | 1.97B |
| Revenue Growth % | 26.18% | 22.17% | 21.94% | 15.69% | -1.12% | 37.18% | 21.6% | 26.61% | 37.35% | 47.09% | 54.16% | 43.82% | 58.36% | 54.69% | 37.13% | 87.99% | - |
| Cost of Goods Sold | 38.82B | 36.17B | 30.16B | 25.96B | 25.25B | 22.65B | 16.69B | 12.77B | 9.36B | 5.45B | 3.79B | 2.87B | 2.15B | 1.88B | 1.36B | 860M | 493M |
| COGS % of Revenue | - | 18% | 18.33% | 19.24% | 21.65% | 19.21% | 19.42% | 18.06% | 16.75% | 13.42% | 13.71% | 15.99% | 17.27% | 23.82% | 26.8% | 23.17% | 24.97% |
| Gross Profit | 176.14B | 164.79B | 134.34B | 108.94B | 91.36B | 95.28B | 69.27B | 57.93B | 46.48B | 35.2B | 23.85B | 15.06B | 10.31B | 6B | 3.73B | 2.85B | 1.48B |
| Gross Margin % | 81.94% | 82% | 81.67% | 80.76% | 78.35% | 80.79% | 80.58% | 81.94% | 83.25% | 86.58% | 86.29% | 84.01% | 82.73% | 76.18% | 73.2% | 76.83% | 75.03% |
| Gross Profit Growth % | - | 22.67% | 23.31% | 19.25% | -4.11% | 37.54% | 19.59% | 24.62% | 32.06% | 47.59% | 58.35% | 46.04% | 71.97% | 60.99% | 30.66% | 92.51% | - |
| Operating Expenses | 87.55B | 81.52B | 64.96B | 62.19B | 62.42B | 48.53B | 36.6B | 33.94B | 21.57B | 15B | 11.42B | 8.84B | 5.32B | 3.19B | 3.19B | 1.09B | 449M |
| OpEx % of Revenue | - | 40.56% | 39.49% | 46.1% | 53.53% | 41.15% | 42.58% | 48.01% | 38.63% | 36.89% | 41.33% | 49.29% | 42.67% | 40.56% | 62.63% | 29.51% | 22.75% |
| Selling, General & Admin | 24.63B | 24.14B | 21.09B | 23.71B | 27.08B | 23.87B | 18.16B | 20.34B | 11.3B | 7.24B | 5.5B | 4.02B | 2.65B | 1.78B | 1.79B | 707M | 305M |
| SG&A % of Revenue | - | 12.01% | 12.82% | 17.57% | 23.22% | 20.24% | 21.12% | 28.77% | 20.23% | 17.81% | 19.91% | 22.42% | 21.28% | 22.59% | 35.13% | 19.05% | 15.45% |
| Research & Development | 62.92B | 57.37B | 43.87B | 38.48B | 35.34B | 24.66B | 18.45B | 13.6B | 10.27B | 7.75B | 5.92B | 4.82B | 2.67B | 1.42B | 1.4B | 388M | 144M |
| R&D % of Revenue | - | 28.55% | 26.67% | 28.53% | 30.3% | 20.91% | 21.46% | 19.24% | 18.4% | 19.07% | 21.42% | 26.86% | 21.39% | 17.98% | 27.49% | 10.46% | 7.29% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 88.59B | 83.28B | 69.38B | 46.75B | 28.94B | 46.75B | 32.67B | 23.99B | 24.91B | 20.2B | 12.43B | 6.22B | 4.99B | 2.8B | 538M | 1.76B | 1.03B |
| Operating Margin % | 41.21% | 41.44% | 42.18% | 34.66% | 24.82% | 39.65% | 38.01% | 33.93% | 44.62% | 49.7% | 44.96% | 34.72% | 40.06% | 35.62% | 10.57% | 47.32% | 52.28% |
| Operating Income Growth % | - | 20.03% | 48.4% | 61.52% | -38.09% | 43.1% | 36.21% | -3.72% | 23.31% | 62.57% | 99.63% | 24.65% | 78.1% | 421.19% | -69.36% | 70.16% | - |
| EBITDA | 109.31B | 101.89B | 84.88B | 57.93B | 37.63B | 54.72B | 39.53B | 29.73B | 29.23B | 23.23B | 14.77B | 8.17B | 6.24B | 3.81B | 1.19B | 2.08B | 1.17B |
| EBITDA Margin % | 50.85% | 50.7% | 51.6% | 42.94% | 32.27% | 46.4% | 45.99% | 42.05% | 52.34% | 57.14% | 53.44% | 45.57% | 50.03% | 48.46% | 23.32% | 56.02% | 59.32% |
| EBITDA Growth % | 22.63% | 20.05% | 46.52% | 53.94% | -31.23% | 38.42% | 32.99% | 1.71% | 25.83% | 57.28% | 80.77% | 30.99% | 63.49% | 221.4% | -42.91% | 77.54% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 92.72B | 85.93B | 71.38B | 47.87B | 29B | 47.31B | 32.67B | 28.99B | 24.91B | 20.6B | 12.43B | 6.22B | 4.93B | 2.81B | 545M | 1.74B | 1.03B |
| Net Interest Income | 822M | 2.66B | 1.8B | 1.19B | 276M | 461M | 672M | 884M | 643M | 392M | 166M | 29M | 4M | -37M | -37M | -38M | -21M |
| Interest Income | 2B | 2.66B | 2.52B | 1.64B | 461M | 484M | 672M | 904M | 652M | 398M | 176M | 52M | 27M | 19M | 14M | 4M | 1M |
| Interest Expense | 1.18B | 0 | 715M | 446M | 185M | 23M | 0 | 20M | 9M | 6M | 10M | 23M | 23M | 56M | 51M | 42M | 22M |
| Other Income/Expense | 709M | 2.66B | 1.28B | 677M | -125M | 531M | 509M | 826M | 448M | 391M | 91M | -31M | -84M | -50M | -44M | -61M | -24M |
| Pretax Income | 89.3B | 85.93B | 70.66B | 47.43B | 28.82B | 47.28B | 33.18B | 24.81B | 25.36B | 20.59B | 12.52B | 6.19B | 4.91B | 2.75B | 494M | 1.7B | 1.01B |
| Pretax Margin % | 41.54% | 42.76% | 42.96% | 35.16% | 24.71% | 40.1% | 38.6% | 35.1% | 45.42% | 50.66% | 45.29% | 34.55% | 39.39% | 34.98% | 9.71% | 45.67% | 51.06% |
| Income Tax | 18.71B | 25.47B | 8.3B | 8.33B | 5.62B | 7.91B | 4.03B | 6.33B | 3.25B | 4.66B | 2.3B | 2.51B | 1.97B | 1.25B | 441M | 695M | 402M |
| Effective Tax Rate % | 20.96% | 29.64% | 11.75% | 17.56% | 19.5% | 16.74% | 12.16% | 25.5% | 12.81% | 22.63% | 18.38% | 40.46% | 40.12% | 45.53% | 89.27% | 41% | 39.88% |
| Net Income | 70.59B | 60.46B | 62.36B | 39.1B | 23.2B | 39.37B | 29.15B | 18.48B | 22.11B | 15.92B | 10.19B | 3.69B | 2.94B | 1.49B | 53M | 1B | 372M |
| Net Margin % | 32.84% | 30.08% | 37.91% | 28.98% | 19.9% | 33.38% | 33.9% | 26.15% | 39.6% | 39.16% | 36.86% | 20.57% | 23.58% | 18.94% | 1.04% | 26.95% | 18.84% |
| Net Income Growth % | 5.93% | -3.05% | 59.5% | 68.53% | -41.07% | 35.08% | 57.67% | -16.4% | 38.89% | 56.26% | 176.25% | 25.44% | 97.18% | 2713.21% | -94.7% | 168.82% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 27.53 | 23.49 | 23.86 | 14.87 | 8.59 | 13.77 | 10.09 | 6.43 | 7.57 | 5.39 | 3.49 | 1.29 | 1.10 | 0.60 | 0.02 | 0.43 | 0.17 |
| EPS Growth % | 7.25% | -1.55% | 60.46% | 73.11% | -37.62% | 36.47% | 56.92% | -15.06% | 40.45% | 54.44% | 170.54% | 17.27% | 83.33% | 3650% | -96.28% | 152.94% | - |
| EPS (Basic) | - | 23.98 | 24.61 | 15.19 | 8.63 | 13.99 | 10.22 | 6.48 | 7.65 | 5.49 | 3.56 | 1.31 | 1.12 | 0.62 | 0.02 | 0.44 | 0.17 |
| Diluted Shares Outstanding | 2.56B | 2.57B | 2.61B | 2.63B | 2.7B | 2.86B | 2.89B | 2.88B | 2.92B | 2.96B | 2.92B | 2.85B | 2.66B | 2.52B | 3.2B | 2.35B | 2.35B |
| Basic Shares Outstanding | 2.53B | 2.52B | 2.53B | 2.57B | 2.69B | 2.81B | 2.85B | 2.85B | 2.89B | 2.95B | 2.92B | 2.84B | 2.65B | 2.5B | 3.2B | 2.3B | 2.3B |
| Dividend Payout Ratio | - | 8.81% | 8.13% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High AI Infrastructure Capex
According to recent financial disclosures, Meta's revenue growth has accelerated to 33.1% in 2026Q1, marking a significant departure from the mid-teens growth observed in early 2025 and suggesting that the company's ad-targeting feedback loops are successfully mitigating signal loss from third-party operating system privacy changes.
The acceleration in top-line performance indicates that Meta's integration of AI-driven ad tools is effectively driving higher engagement and conversion rates across its Family of Apps. Investors should monitor whether this growth trajectory remains sustainable as the company laps these higher revenue bases in subsequent quarters.
As reported in the company's quarterly filings, Meta has consistently maintained gross margins near 82%, a figure that underscores the negligible marginal cost of delivering digital ad impressions despite the massive underlying infrastructure investments required to support its global social graph and AI-driven content delivery systems.
This stability in gross margin suggests that Meta possesses significant pricing power and operational efficiency in its core advertising business. The consistency of this metric, even as the company scales its compute-heavy AI initiatives, implies that the core business model remains highly insulated from inflationary pressures.
Based on the provided income statement data, Meta's operating income has scaled to $22.9 billion in 2026Q1, reflecting a disciplined approach to overhead management that has allowed operating margins to remain robust at 40.6% despite the persistent, high-cost R&D investments directed toward Reality Labs and AI.
The ability to maintain operating margins above 40% while simultaneously funding aggressive R&D suggests that management has successfully optimized its cost structure following the 'Year of Efficiency.' This operating leverage appears to be a key driver of the company's ability to fund long-term bets without compromising current profitability.
As evidenced by the latest quarterly figures, Meta's net income remains substantial, yet the quality of these earnings is tempered by persistent stock-based compensation expenses, which reached $6.0 billion in 2026Q1, representing a significant non-cash drag that continues to drive shareholder dilution over the long term.
While the headline EPS growth of 62.4% in 2026Q1 appears impressive, the reliance on stock-based compensation as a primary component of employee remuneration warrants careful scrutiny. Investors should consider the impact of this ongoing dilution on the true economic value accruing to common shareholders.
Data from recent income statements indicates that R&D spending has climbed to $17.7 billion in 2026Q1, a clear reflection of management's commitment to building out the necessary AI infrastructure and spatial computing hardware required to maintain a competitive edge against evolving industry peers and platform risks.
The rising R&D cost structure suggests a fundamental shift toward a more capital-intensive business model, which may pressure free cash flow in the near term. Whether these investments will yield a commensurate return on invested capital remains the central question for long-term valuation.
Quick answers to the most common questions about buying META stock.
For fiscal year 2025, Meta Platforms, Inc. (META) reported total revenue of $200.97B. This represents a 10080.6% increase compared to $1.97B in 2010.
Meta Platforms, Inc. (META) is profitable, generating $60.46B in net income for the fiscal year ending 2025 with a net profit margin of 30.1%.
Meta Platforms, Inc. (META) reported an operating income of $83.28B, resulting in an operating profit margin of 41.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Meta Platforms, Inc. (META) generated $164.79B in gross profit for the year, representing a gross profit margin of 82.0%. This demonstrates the company's core pricing power and production efficiency.