Meta Platforms, Inc. META
NasdaqInternet platformsFinancials to Jun 30, 2026 · Updated Oct 3, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 35.9 | 15.5 |
| Securities | 45.7 | 74.8 |
| Debt | 58.7 | 83.7 |
| Net cash | 22.8 | 6.6 |
| Equity | 217.2 | 261.2 |
- Debt / EBITDA
- 0.76×
- Debt / equity
- 0.32×
- Leases (12/31/25)
- $26.3B
- Diluted shares
- 2,566M
- Book value / share
- $101.80
- Price / book
- 7.1×
- Net cash / share
- $2.57
- Market cap
- $1.85T
- Enterprise value
- $1.85T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 28.0% | +6.3 pts | |
| Operating margin | 30.9% | -12.1 pts | |
| FCF margin | 2.9% | -16.1 pts | |
| Capex / revenue | 49.5% | +14.7 pts | |
| Family daily active people | 3.60B | +3% | |
| Ad impressions growth | +14% | +3 pts | |
| Average price per ad growth | +12% | +3 pts | |
| Family average revenue per person | $16.86 | +24% | |
| Family of Apps operating income | $23.4B | -6% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About META
Meta earns most revenue from advertising around Facebook and Instagram, with WhatsApp messaging and subscriptions growing from a smaller base. Family of Apps supplied 99.3% of Q2 2026 revenue.
- Two Sided Network
More than 3.5 billion daily users aggregate global attention for a diversified advertiser base; advertiser demand funds continued product and ad-system investment.
- Direct Network Effects
Facebook, Instagram, Messenger and WhatsApp derive utility from social graphs, creator relationships and communities; established relationships make a new network harder to seed at comparable scale.
- Jun 30, 2026 · Legal charge −$2.4B
Charges related to legal proceedings reduced operating profit. Further youth-related trials may cause additional losses.
- Jun 30, 2026 · Severance charge −$1.2B
The May reduction of about 8,000 employees produced severance costs in both operating segments. Savings depend on later employee and contractor costs.
- Mar 31, 2026 · Tax benefit +$8.0B
U.S. Treasury relief on previously capitalized research costs produced a discrete tax benefit. It partly reversed the 2025 tax charge and raised net profit without improving ad economics.
- Sep 30, 2025 · Tax charge −$15.9B
The One Big Beautiful Bill Act triggered a noncash tax charge, mainly from a valuation allowance against deferred tax assets. It reduced net profit without reducing advertising operating income.
- Dec 31, 2024 · Legal benefit +$1.6B
A decrease in accrued losses for certain legal proceedings raised operating profit. It does not show lower ongoing infrastructure or employee costs.
Ownership
Go deeper on META
- Compare stock research toolsFundamentals, valuation and screening platforms for META.19 tools
- See META's price chartNo price chart here yet. See price history and indicators.17 tools
- Read META's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.81 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 9.45 | 13.75 | 19.12 | 24.58 | 29.77 | 41.25 | 43.16 | 51.31 | 62.93 | 78.08 | 88.95 | +26.4%/yr | |
| Cash flow | 5.51 | 8.19 | 10.02 | 12.63 | 13.42 | 20.18 | 18.68 | 27.05 | 34.94 | 44.99 | 50.78 | +26.3%/yr | |
| Earnings | 3.49 | 5.39 | 7.57 | 6.43 | 10.09 | 13.77 | 8.59 | 14.87 | 23.86 | 23.49 | 26.54 | +23.6%/yr | |
| Free cash flow | 3.97 | 5.91 | 5.26 | 7.38 | 8.17 | 13.64 | 7.14 | 16.76 | 20.69 | 17.91 | 15.97 | +18.2%/yr | |
| Capex | 1.54 | 2.28 | 4.76 | 5.25 | 5.25 | 6.54 | 11.54 | 10.29 | 14.25 | 27.07 | 34.81 | +37.6%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.94 | 2.07 | 2.09 | – | |
| Book value | 20.24 | 25.15 | 28.80 | 35.14 | 44.42 | 43.68 | 46.53 | 58.26 | 69.87 | 84.40 | 101.80 | +17.2%/yr | |
| Diluted shares (M) | 2,925 | 2,956 | 2,921 | 2,876 | 2,888 | 2,859 | 2,702 | 2,629 | 2,614 | 2,574 | 2,566 | -1.4%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 27.6 | 40.7 | 55.8 | 70.7 | 86.0 | 117.9 | 116.6 | 134.9 | 164.5 | 201.0 | 228.2 | +24.7%/yr | |
| Operating income | 12.4 | 20.2 | 24.9 | 24.0 | 32.7 | 46.8 | 28.9 | 46.8 | 69.4 | 83.3 | 86.9 | +23.5%/yr | |
| Net income | 10.2 | 15.9 | 22.1 | 18.5 | 29.1 | 39.4 | 23.2 | 39.1 | 62.4 | 60.5 | 68.1 | +21.8%/yr | |
| Free cash flow | 11.6 | 17.5 | 15.4 | 21.2 | 23.6 | 39.0 | 19.3 | 44.1 | 54.1 | 46.1 | 41.0 | +16.6%/yr | |
| Buybacks | 0.0 | 2.0 | 12.9 | 4.2 | 6.3 | 44.5 | 28.0 | 19.8 | 30.1 | 26.2 | 3.3 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.1 | 5.3 | 5.4 | – | |
| Net cash | 29.4 | 41.7 | 41.1 | 54.9 | 62.0 | 48.0 | 30.8 | 47.0 | 49.0 | 22.8 | 6.6 | −$6.6B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 86.3 | 86.6 | 83.2 | 81.9 | 80.6 | 80.8 | 78.3 | 80.8 | 81.7 | 82.0 | 81.7 | -4.3 pts | |
| Operating margin | 45.0 | 49.7 | 44.6 | 33.9 | 38.0 | 39.6 | 24.8 | 34.7 | 42.2 | 41.4 | 38.1 | -3.5 pts | |
| Net margin | 37.0 | 39.2 | 39.6 | 26.1 | 33.9 | 33.4 | 19.9 | 29.0 | 37.9 | 30.1 | 29.8 | -6.9 pts | |
| FCF margin | 42.0 | 43.0 | 27.5 | 30.0 | 27.4 | 33.1 | 16.5 | 32.7 | 32.9 | 22.9 | 18.0 | -19.1 pts | |
| ROIC | 36.4 | 53.9 | 50.5 | 45.2 | 42.9 | 53.0 | 26.6 | 38.4 | 45.2 | 37.3 | 29.8 | +0.9 pts | |
| Return on equity | 17.3 | 21.4 | 26.3 | 18.3 | 22.7 | 31.5 | 18.5 | 25.5 | 34.1 | 27.8 | 26.1 | +10.6 pts | |
| R&D % of revenue | 21.4 | 19.1 | 18.4 | 19.2 | 21.5 | 20.9 | 30.3 | 28.5 | 26.7 | 28.5 | 31.4 | +7.1 pts | |
| Stock pay % of revenue | 11.6 | 9.2 | 7.4 | 6.8 | 7.6 | 7.8 | 10.3 | 10.4 | 10.1 | 10.2 | 11.0 | -1.5 pts | |
| Capex % of revenue | 16.2 | 16.6 | 24.9 | 21.4 | 17.6 | 15.8 | 26.7 | 20.0 | 22.6 | 34.7 | 39.1 | +18.4 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Family of Apps (FoA)99.3%2 claims
- Reality Labs (RL)0.7%Not scored: evidence insufficient
Moat claims
- Applies to
- Family of Apps (FoA)
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Jun 30, 2026
More than 3.5 billion daily users aggregate global attention for a diversified advertiser base; advertiser demand funds continued product and ad-system investment.
Q2 2026 ad impressions rose 14%, price per ad rose 12% and revenue per daily person reached $16.86; more ad supply is attracting spending without a fall in average price, although currency and ad mix also affect these measures.
- Family daily active people3.60B+3%
- Ad impressions growth+14%
- Average price per ad growth+12%
- Family average revenue per person$16.86+24%
- Family of Apps operating income$23.4B-6%
- User attention shifts to new formats or platforms
- Privacy and platform changes reduce targeting effectiveness
- Brand-safety or content failures reduce advertiser demand
- ResultsMeta Platforms Q2 2026 ResultsJul 29, 2026
- FilingMeta Platforms, Inc. Form 10-K (FY2025)Jan 29, 2026
- FilingMeta Platforms, Inc. Form 10-K (FY2025)Jan 29, 2026
- Applies to
- Family of Apps (FoA)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Facebook, Instagram, Messenger and WhatsApp derive utility from social graphs, creator relationships and communities; established relationships make a new network harder to seed at comparable scale.
Daily people reached 3.60 billion in June 2026, up 3% from a year earlier, but Meta does not disclose a consistent series for friend interactions or retention that would establish stronger direct social connections.
- Family daily active people3.60B+3%
- Social fatigue or reduced sharing on mature networks
- Generational shifts to new social graphs and creator platforms
- Interoperability or portability rules reduce friction
- Algorithmic discovery reduces reliance on friend graphs
- FilingMeta Platforms, Inc. Form 10-K (FY2025)Jan 29, 2026
- ResultsMeta Platforms Q1 2026 Earnings Call TranscriptApr 29, 2026
Profile change log
- Oct 3, 2026 · business change
September launches introduced enterprise AI services and new glasses. They create new opportunities, but product sales and returns have yet to prove another moat. Linked both reported segments to market profiles and recorded Reality Labs as having insufficient moat evidence.
- Oct 3, 2026 · analyst revision
Rechecked both network claims against the 2025 annual report and Q2 2026 filing. Added widening advertiser-marketplace and stable direct-network assessments, a sourced debate and management profile. Replaced the rounded ad-share range with the published 26.8% forecast and the broad hardware quasi-monopoly label with an oligopoly that includes smart glasses.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global digital advertising
Worldwide spending on ads shown on internet-connected devices, including search, social, video, display, retail media and classified ads. Excludes offline media, hardware sales and paid subscriptions; platform shares use net advertising revenue across all company properties.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| META | 100 | 81.7% | 38.1% | |
| Industry median | 19 | 75 | 56.7% | 25.1% |
| Sector median | 17 | 81 | 56.7% | 28.2% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- More commerce and media consumption online move budgets toward measurable digital ads; social video and retail media compete for the same spending. China short video and closed-loop commerce connect ads to shopping. Weixin, Douyin, Alibaba and Kuaishou compete for advertiser demand; stronger recommendation tools can improve conversion without creating exclusive buyers.
- Better recommendation, conversion prediction and creative tools can improve advertiser results and support demand at higher ad volume.
- Large platforms distribute product improvements across existing audiences and buyers; reach and measurement favor the largest networks.
- The economic cycle strongly affects auctions: healthy consumer spending and affordable business finance support budgets, while recessions and high borrowing costs can reduce them quickly.
- Currencies have a medium effect on global reported revenue; exchange rates change the dollar value of overseas sales and the purchasing power of local advertisers.
- Google, Amazon, TikTok and other channels offer alternative audiences and purchase intent; users and advertisers can use several platforms and shift spending quickly.
- Privacy, consent, youth-safety and competition rules can restrict data use or engagement features, create fines and change operating costs.
- Apple and Google control important mobile distribution and data signals; policy changes can reduce targeting and measurement without reducing the audience.
- AI compute, memory, energy and talent costs have a strong effect on platform cash generation; infrastructure commitments can rise before ad returns are proven.
- Too many ads, low-quality AI content, scams or unsafe content can weaken user attention and advertiser trust.
- China consumer confidence and content, data and competition regulation have a strong effect on auction demand and permitted targeting. Growth in Tencent’s ads cannot be generalized to all regions.
- Community publishers depend on search referrals and volunteer moderation. AI summaries, spam and poor contributor incentives can reduce the attention that advertisers buy.
Bulls & bears
Can Meta turn better ad results and new AI products into sustained cash generation after the larger infrastructure bill, without weakening its user networks or losing access to targeting data?
Arguments
What to watch
- 1Daily active people and reported revenue per daily person on a consistent basis
- 2Ad impression and average-price growth alongside Family of Apps operating income
- 3Operating cash flow, property purchases, lease principal and Reality Labs losses
Next check: Q3 2026 results and 10-Q: compare ad volume, price and FoA profit with infrastructure spending; check enterprise revenue disclosures and EU remedies. The results date was not announced on the investor events page as of October 3.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 2, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 100/100 by <a href="https://www.findmymoat.com/stocks/XNAS:META">Find My Moat</a> (as of September 2026)Request update
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