Common-Size Income Statement
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Meta Platforms Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Revenue
- The cost of revenue as a percentage of total revenue fluctuates moderately over the observed periods. Initially lying around 19.5% to 20.5%, it exhibits occasional decreases towards approximately 18% but notably spikes to nearly 26% during late 2022. More recently, it stabilizes in the range of 17.9% to 18.3%, suggesting improved cost control or changes in product mix impacting direct costs.
- Gross Profit
- Gross profit margins demonstrate relative stability, generally remaining above 78% but dipping notably during the same late 2022 period where cost of revenue peaked, falling to approximately 74%. Outside this anomaly, gross profit margins trend upwards, reaching and maintaining low 80%s by the latest quarters, indicating consistent profitability on core sales.
- Research and Development (R&D)
- R&D expenses as a proportion of revenue exhibit considerable variance, initially declining from about 23.9% to 18.5%, then sharply increasing again to above 30% during late 2021 through 2022. Following 2022, these expenses moderate but remain relatively elevated within the 25% to 29.5% range. This pattern reflects strategic shifts in innovation investment or product development intensity.
- Marketing and Sales
- Marketing and sales expenditures show a pronounced decreasing trend over the observed periods. Starting near 15.7%, these costs gradually fall to approximately 5.5% by the latest date. The consistent reduction suggests increased efficiency in customer acquisition or a change in marketing strategy emphasizing cost containment.
- General and Administrative (G&A)
- G&A costs experience fluctuations with peaks and troughs ranging roughly between 5.7% and 13% of revenue. Notably, there are spikes in some quarters during 2022 and 2023, but the overall trend appears to be a gradual reduction approaching single-digit percentages, suggesting efforts to optimize overhead expenses.
- Income from Operations
- Operating income margins reflect significant volatility, beginning at around 33%, dipping to near 20% in late 2022—coinciding with elevated costs—and subsequently recovering to between 40% and 48% in the most recent periods. This recovery aligns with improved gross margins and reduced marketing expenses, indicating strengthening core profitability.
- Interest and Other Income (Expense), Net
- Net interest and other income display variability without a clear directional trend, oscillating between negative and positive small fractions of revenue. Occasional spikes suggest transient financial incomes or expenses but these do not appear to materially influence overall profitability.
- Income Before Provision for Income Taxes
- Pre-tax income generally follows the pattern of operating income, showing declines during late 2022 but recovering strongly thereafter. Margins range from near 20% up to just under 49%, indicating the company's ability to maintain profitability before tax despite fluctuations in operating costs.
- Provision for Income Taxes
- The tax provision as a percentage of revenue varies notably, without a consistent seasonal or long-term pattern. Percentages range from approximately -1.3% to roughly -7.7% for most periods. A sharp increase to nearly -37% in the latest quarter is an anomaly, potentially due to an extraordinary tax event or adjustment affecting that reporting period.
- Net Income
- Net income margins display a pattern similar to operating and pre-tax income, starting in the high 20% to mid-30% range before dropping to a low around 14.5% in late 2022. Thereafter, there is a robust recovery with margins climbing above 38% in the most recent quarters. The latest quarter, however, shows a sudden drop to just over 5%, likely linked to the abnormal tax provision observed.