Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Profitability Ratios
- Analysis of Reportable Segments
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- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2012
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Meta Platforms Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The income statement reveals a period of fluctuating performance followed by substantial growth. Revenue initially experienced a slight decrease between 2021 and 2022, but subsequently demonstrated strong and accelerating growth through 2025, reaching US$200.966 billion. Cost of revenue consistently increased throughout the period, mirroring the revenue growth, though at a slower pace initially. This resulted in expanding gross profit, culminating in US$164.791 billion in 2025.
Operating expenses exhibited varied trends. Research and development expenditure increased significantly each year, indicating a continued commitment to innovation. Marketing and sales expenses decreased from 2022 to 2024 before stabilizing, while general and administrative expenses fluctuated, with a notable increase in 2025. Consequently, income from operations showed volatility, declining sharply in 2022 before recovering and experiencing robust growth in subsequent years.
- Profitability
- Gross profit margin decreased from 80.7% in 2021 to 72.6% in 2025, suggesting increasing costs relative to revenue. Operating margin followed a similar pattern, declining from 39.5% in 2021 to 32.8% in 2025, reflecting the impact of rising operating expenses. Despite these margin compressions, net income demonstrated a recovery from the 2022 dip, reaching US$60.458 billion in 2025, though the net income margin decreased from 33.2% in 2021 to 30.1% in 2025.
- Non-Operating Items
- Interest income increased substantially over the period, while interest expense also rose, albeit from a smaller base. Foreign currency exchange fluctuations resulted in losses in 2021, 2022, and 2023, followed by gains in 2025. Other income (expense), net, was volatile, with a significant positive contribution in 2025. The combined effect of these items resulted in a net increase in interest and other income (expense) over the five-year period.
- Tax Rate
- The effective tax rate varied considerably. It was approximately 20.1% in 2021, 19.4% in 2022, 21.2% in 2023, 19.8% in 2024, and increased significantly to 29.7% in 2025. This substantial increase in the tax rate in 2025 significantly impacted net income growth.
Overall, the period was characterized by initial challenges in 2022, followed by a strong recovery and growth trajectory. While profitability margins experienced some compression, the substantial revenue growth drove significant increases in both income from operations and net income, although the higher tax rate in 2025 tempered net income growth.