Income Statement
Quarterly Data

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.

Meta Platforms Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenue	51,242)	47,516)	42,314)	48,386)	40,589)	39,071)	36,455)	40,112)	34,146)	31,999)	28,645)	32,165)	27,714)	28,822)	27,908)	33,671)	29,010)	29,077)	26,171)	28,071)	21,470)	18,687)	17,737)
Cost of revenue	(9,206)	(8,491)	(7,572)	(8,838)	(7,375)	(7,308)	(6,640)	(7,696)	(6,210)	(5,945)	(6,108)	(8,336)	(5,716)	(5,192)	(6,005)	(6,348)	(5,771)	(5,399)	(5,131)	(5,210)	(4,194)	(3,829)	(3,459)
Gross profit	42,036)	39,025)	34,742)	39,548)	33,214)	31,763)	29,815)	32,416)	27,936)	26,054)	22,537)	23,829)	21,998)	23,630)	21,903)	27,323)	23,239)	23,678)	21,040)	22,861)	17,276)	14,858)	14,278)
Research and development	(15,144)	(12,942)	(12,150)	(12,181)	(11,177)	(10,537)	(9,978)	(10,517)	(9,241)	(9,344)	(9,381)	(9,771)	(9,170)	(8,690)	(7,707)	(7,046)	(6,316)	(6,096)	(5,197)	(5,207)	(4,763)	(4,462)	(4,015)
Marketing and sales	(2,845)	(2,979)	(2,757)	(3,240)	(2,822)	(2,721)	(2,564)	(3,226)	(2,877)	(3,154)	(3,044)	(4,575)	(3,780)	(3,595)	(3,312)	(4,387)	(3,554)	(3,259)	(2,843)	(3,281)	(2,683)	(2,840)	(2,787)
General and administrative	(3,512)	(2,663)	(2,280)	(762)	(1,865)	(3,658)	(3,455)	(2,289)	(2,070)	(4,164)	(2,885)	(3,085)	(3,384)	(2,987)	(2,360)	(3,305)	(2,946)	(1,956)	(1,622)	(1,598)	(1,790)	(1,593)	(1,583)
Income from operations	20,535)	20,441)	17,555)	23,365)	17,350)	14,847)	13,818)	16,384)	13,748)	9,392)	7,227)	6,398)	5,664)	8,358)	8,524)	12,585)	10,423)	12,367)	11,378)	12,775)	8,040)	5,963)	5,893)
Interest and other income (expense), net	1,128)	93)	827)	187)	472)	259)	365)	424)	272)	(99)	80)	(249)	(88)	(172)	384)	118)	142)	146)	125)	280)	93)	168)	(32)
Income before provision for income taxes	21,663)	20,534)	18,382)	23,552)	17,822)	15,106)	14,183)	16,808)	14,020)	9,293)	7,307)	6,149)	5,576)	8,186)	8,908)	12,703)	10,565)	12,513)	11,503)	13,055)	8,133)	6,131)	5,861)
Provision for income taxes	(18,954)	(2,197)	(1,738)	(2,714)	(2,134)	(1,641)	(1,814)	(2,790)	(2,437)	(1,505)	(1,598)	(1,496)	(1,181)	(1,499)	(1,443)	(2,418)	(1,371)	(2,119)	(2,006)	(1,835)	(287)	(953)	(959)
Net income	2,709)	18,337)	16,644)	20,838)	15,688)	13,465)	12,369)	14,018)	11,583)	7,788)	5,709)	4,653)	4,395)	6,687)	7,465)	10,285)	9,194)	10,394)	9,497)	11,220)	7,846)	5,178)	4,902)

Revenue Trends: Revenue exhibited a generally upward trend from March 2020 through December 2025, increasing from approximately $17.7 billion to over $51.2 billion. Notable growth spurts occurred in late 2021 and throughout 2024, with peaks surpassing $48 billion. Some quarters showed slight fluctuations, such as dips around early 2022 and moderate slowdowns in mid-2023, but the overall trajectory remained positive, indicating ongoing expansion in the company’s top line.
Cost of Revenue: Cost of revenue increased in tandem with revenue, rising from about $3.5 billion at the beginning of 2020 to over $9.2 billion by the end of 2025. The expenses showed some volatility, with costs spiking notably in the fourth quarter of 2022 to $8.3 billion. While costs generally tracked revenue growth, periodic rises above proportional levels suggest episodes of higher input or operating costs during those periods.
Gross Profit: Gross profit followed revenue growth closely, moving from roughly $14.3 billion in early 2020 to over $42 billion by late 2025. Despite some quarter-to-quarter variation, especially a downturn around late 2022, gross profit margins appear to have strengthened overall, reflecting improving operational efficiency or favorable product mix effects over the period analyzed.
Research and Development Expenses: Research and development (R&D) expenses steadily increased over time from approximately $4 billion in early 2020 to exceed $15 billion by the end of 2025. The consistent upward trend highlights the company’s sustained investment in innovation. The growth rate in R&D expenses outpaced that of revenue, indicating an increasing focus on advancing technology or developing new products and services.
Marketing and Sales Expenses: Marketing and sales expenses showed more variability, rising initially from about $2.8 billion to near $4.5 billion by late 2022, followed by a decrease and fluctuation around $2.8 to $3.2 billion in subsequent quarters. The decline after 2022 may reflect strategic shifts in marketing expenditure or adjustments in promotional activities in response to market conditions.
General and Administrative Expenses: General and administrative expenses displayed notable fluctuations, rising from $1.6 billion at the start of 2020 to peaks above $4.1 billion in late 2022, then declining sharply in 2024 before rising again towards the end of the period. The variability suggests periods of restructuring or variable overhead costs, which may have been influenced by organizational changes or external factors impacting administrative operations.
Income from Operations: Income from operations tracked an overall upward path, increasing from about $5.9 billion to peaks exceeding $23 billion, particularly notable in 2024 and 2025. Despite some dips notably in 2022 when gross margins tightened due to increased costs, operational profitability remained strong and improved significantly in the latter periods analyzed.
Interest and Other Income (Expense), Net: This category exhibited variability with some quarters showing positive income, reaching up to $1.1 billion in late 2025, while other quarters recorded negative or modest figures. These fluctuations indicate that non-operating financial activities had occasional positive impacts but were not a consistent driver of overall profitability.
Income Before Provision for Income Taxes: Income before taxes generally mirrored the trend in operating income, growing steadily from about $5.9 billion to over $21.6 billion across the analyzed quarters. This confirms that operating gains were the primary contributors to pre-tax earnings, with some variability introduced by interest and other income fluctuations.
Provision for Income Taxes: The provision for income taxes showed inconsistency, with values ranging from around $183 million to nearly $19 billion over the period. Some spikes, such as in early 2025, suggest one-time tax events or adjustments. Overall, the tax expense tracked profitability but with some notable exceptions, indicating potentially variable tax environments or discrete tax charges impacting net profitability.
Net Income: Net income increased from approximately $4.9 billion to a peak exceeding $20 billion in 2024, before experiencing a significant decline to about $2.7 billion in early 2025. Despite this sharp drop, the overall long-term trend points to substantial growth in profitability, albeit with periods of volatility likely tied to changes in tax provisions or operating performance.

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Meta Platforms Inc. (NASDAQ:META)

Income Statement Quarterly Data

Income Statement
Quarterly Data