Meta Platforms
Meta runs an advertising business across Facebook, Instagram, WhatsApp, Messenger and Threads that earned a 41% operating margin in 2025, and it is now borrowing and issuing new securities to pay for an AI infrastructure buildout that has pushed free cash flow close to zero.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Pay for the AI buildout with outside capital and pause buybacks, instead of funding it from free cash flow
- Whether quarterly reports resume share repurchases or list only dividends
- Further shelf takedowns, notes or hybrid securities in 2027
- When the forward sale agreements settle, and how proceeds are described
- Use the new non-voting Class C stock as an equity currency for funding, compensation or acquisitions without diluting the controlling holder's voteMedium confidence
- Package Meta's AI models and infrastructure as a paid enterprise product, building on business messagingMedium confidence
- Keep headcount flat or lower while capex climbs, so that more spending goes to compute than to peopleMedium confidence
- Ramp AI glasses toward a manufactured, scaled hardware line with more custom silicon workLow confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $117.9B | $116.6B | $134.9B | $164.5B | $201.0B |
| Gross profit | $95.3B | $91.4B | $108.9B | $134.3B | $164.8B |
| Operating income | $46.8B | $28.9B | $46.8B | $69.4B | $83.3B |
| Net income | $39.4B | $23.2B | $39.1B | $62.4B | $60.5B |
| Operating cash flow | $57.7B | $50.5B | $71.1B | $91.3B | $115.8B |
| Capital expenditure | $18.7B | $31.2B | $27.0B | $37.3B | $69.7B |
| Free cash flow | $39.0B | $19.3B | $44.1B | $54.1B | $46.1B |
| R&D | $24.7B | $35.3B | $38.5B | $43.9B | $57.4B |
| Stock-based comp | $9.2B | $12.0B | $14.0B | $16.7B | $20.4B |
| Buybacks | $44.5B | $28.0B | $19.8B | $30.1B | $26.2B |
| Dividends | — | $0 | $0 | $5.1B | $5.3B |
| Cash | $16.6B | $14.7B | $41.9B | $43.9B | $35.9B |
| Total debt | $0 | $9.9B | $18.4B | $28.8B | $58.7B |
| Equity | $124.9B | $125.7B | $153.2B | $182.6B | $217.2B |
Built from the company's disclosures: 10-K (2026-01-29), 8-K (2026-11-05), 8-K (2026-10-29), 8-K (2026-10-21), 8-K (2026-07-29), DEF 14A (2026-04-16).
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