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:	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	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	(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	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	(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	(2,757)	(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	(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	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	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	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	(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	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 trajectory with some fluctuations. From March 2020 to December 2021, revenue rose from $17,737 million to $33,671 million, almost doubling in this period. A decline occurred in early 2022, decreasing to $27,908 million in March 2022, followed by partial recovery by the end of 2022. Thereafter, steady growth resumed through 2023 and into 2025, peaking at $48,386 million in December 2024 before slightly decreasing to $42,314 million in March 2025.
Cost of Revenue Dynamics: The cost of revenue increased alongside revenue but showed periods of greater volatility. Costs rose substantially from $3,459 million in March 2020 to $8,336 million by December 2022, with a notable spike in late 2022. Post this peak, costs fluctuated but remained high, reaching $8,838 million in December 2024. Despite increases, cost growth was generally proportional to revenue increases, suggesting stable gross margin management.
Gross Profit Analysis: Gross profit followed revenue trends, increasing significantly from $14,278 million in March 2020 to $27,323 million by December 2021. It dipped in the early 2022 period, mirroring the revenue decrease, but steadily improved thereafter, reaching $39,548 million in December 2024. The gross profit margin remained relatively consistent, indicating effective cost control relative to sales.
Research and Development Expense: Research and development (R&D) expenses rose steadily throughout the period, increasing from $4,015 million in March 2020 to a peak exceeding $12,000 million in late 2024. This indicates ongoing substantial investment in innovation and product development, with expenditures growing at a faster rate than revenue, reflecting strategic prioritization of R&D.
Marketing and Sales Expense: Marketing and sales expenses fluctuated but showed an overall upward trend until late 2022, peaking at over $4,500 million. Thereafter, these expenses moderated somewhat, declining to near $2,757 million by March 2025. The relative expense decrease in sales and marketing in later periods could reflect efficiency gains or shifts in marketing strategies.
General and Administrative Expense: General and administrative costs varied significantly, with peaks in late 2021 and mid-2023, reaching as high as $4,164 million. Costs showed a sharp drop towards the end of the period, falling to as low as $762 million in June 2024 before rising again. This volatility suggests possible restructuring, cost control measures, or fluctuations in administrative spending linked to corporate activities.
Income from Operations: Income from operations mirrored revenue and expense dynamics, rising substantially from $5,893 million in March 2020 to $16,384 million in December 2023. Thereafter, operational income fluctuated but remained strong, reaching a peak of $23,365 million in December 2024 before a slight decline in March 2025. This indicates improving operational profitability despite rising costs.
Interest and Other Income (Expense), Net: This category experienced fluctuations without a clear trend, oscillating between negative and positive values. It reached notable peaks such as $827 million in March 2025 but also posted losses like $-249 million in December 2022. These variations likely reflect changes in financing activities, investments, and other non-operational factors.
Income Before Provision for Income Taxes: Pre-tax income followed a similar pattern to operational income, growing markedly from $5,861 million in early 2020 to over $23,552 million in December 2024. Periodic dips occurred, especially in 2022, but the overall long-term trend was upward, underscoring solid profitability.
Provision for Income Taxes: The tax provision displayed variability, increasing in absolute terms as income grew but not strictly proportional. It ranged from around $959 million in March 2020 to peaks above $2,700 million in late 2024, with fluctuations potentially influenced by changes in tax rates, jurisdictional impacts, or tax planning strategies.
Net Income Performance: Net income surged from $4,902 million in early 2020 to a peak of $20,838 million in December 2024. This growth demonstrates enhanced profitability over time, despite interim decreases notably in 2022 corresponding to lower revenues and higher costs. The subsequent recovery and growth underline efficient operational management and effective cost control mechanisms.

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Meta Platforms Inc. (NASDAQ:META)

Income Statement Quarterly Data

Income Statement
Quarterly Data