Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Return on Assets (ROA) since 2012
- Price to Sales (P/S) since 2012
- Analysis of Revenues
- Analysis of Debt
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Based on: 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).
The financial data over the indicated periods show notable fluctuations and trends across various financial metrics.
- Net Income
- Net income demonstrates an overall upward trajectory with significant variability. Starting at $4,902 million in March 2020, it peaks notably at $20,838 million in December 2024 before dropping to $16,644 million in March 2025. Several quarters show strong gains, notably the last two years, indicating improved profitability toward the latter periods.
- Depreciation and Amortization
- Depreciation and amortization expenses increase steadily from $1,597 million in Q1 2020 to a peak of $4,460 million in March 2025, reflecting ongoing investments in capital assets and asset base expansion.
- Share-based Compensation
- This expense fluctuates around $1,300 to $4,600 million, with a general rising trend, peaking in late 2024, which may indicate increasing employee compensation costs aligned with company growth.
- Deferred Income Taxes
- Deferred taxes fluctuate significantly, with large positive and negative values, reflecting volatile tax timing differences and potentially varied impacts of tax regulations or tax planning strategies beyond stable earnings.
- Impairment Charges and Asset Abandonment
- Impairment charges and abandoned data center assets appear sporadically, particularly pronounced between late 2022 and 2024, suggesting restructuring or asset rationalization efforts during those periods.
- Working Capital Components
- Accounts receivable show high volatility, with substantial increases and decreases indicating variability in sales collections or billing cycles. Accounts payable and accrued expenses also vary significantly, pointing to fluctuating payment schedules or liabilities management. Prepaid expenses and other current assets similarly fluctuate, indicating changing advance payments or short-term asset composition.
- Net Cash Provided by Operating Activities
- Operating cash flow generally trends upward, from about $11,001 million in early 2020 to a peak of $27,988 million in December 2024, indicating solid cash generation capacity despite occasional dips.
- Investing Activities
- Total investing cash outflows are sizable, dominated by large and increasing purchases of property and equipment, rising from approximately $3.6 billion in early 2020 to over $14 billion in late 2024, highlighting aggressive capital expenditure. Marketable securities purchases and sales fluctuate, with sales generally compensating for purchases but with less volume in recent years. Acquisitions of businesses and intangible assets remain relatively modest.
- Financing Activities
- Significant cash outflows from financing activities occur, driven mainly by stock repurchases, which peak substantially around late 2021 and maintain a high level thereafter. Dividend payments initiate around 2024 and remain steady in the range of approximately $1.2 to $1.3 billion per quarter. There are notable proceeds from issuance of long-term debt in some quarters, reflecting capital raising efforts. Principal payments on finance leases increase over time, showing active lease obligations management.
- Net Cash Flow and Liquidity Effect
- The net changes in cash and cash equivalents are highly variable, with large positive spikes (e.g., over $17 billion in mid-2023) and significant negative outflows, reflecting the combined effects of operational strength, heavy investment spending, and large financing outflows. Exchange rate effects contribute minor fluctuations.
Overall, the data reveal a company with robust and growing operating income and cash flows offset by heavy investments in property and equipment as well as aggressive share repurchases and dividend initiations. The capital expenditures suggest expansion or upgrading of infrastructure, particularly data center-related assets, while variability in working capital components and deferred taxes implies complex operational and tax environments. Financing activities indicate a focus on shareholder returns and occasional debt issuance. These patterns collectively indicate a mature company balancing growth investments with strong shareholder distributions and efficient cash flow management.