Meta Platforms Inc. (NASDAQ:META)

Debt to equity

The debt to equity ratio became available starting from December 31, 2022, at 0.08 and remained fairly constant through September 30, 2023. It then increased to 0.14 at December 31, 2023, followed by a slight decline stabilizing around the 0.12 to 0.13 range through mid-2024. From December 31, 2024 onward, the ratio shows an upward trend again, peaking at 0.18 on March 31, 2025, before slightly decreasing around 0.15 by the last observation in September 2025.

Debt to equity (including operating lease liability)

This ratio shows a steady increase over the full period from March 31, 2021 through September 30, 2025. Starting at 0.09, it gradually rises, reaching 0.21 by the end of 2021, and continues climbing to 0.27 in the first half of 2023. A moderate decline follows to about 0.24–0.25 in late 2023 and early 2024, but it rises sharply to a peak of 0.30 at December 31, 2024, before trending down slightly to about 0.25 by the last period. Overall, the inclusion of operating lease liabilities reveals a more pronounced increase in leverage compared to debt to equity alone.

Debt to capital

Available from December 31, 2022 onward, the debt to capital ratio is stable around 0.07 initially, rises to 0.12 at December 31, 2023, then experiences a slight decline stabilizing near 0.10 to 0.11 through mid-2024. In the subsequent quarters, there is a gradual increase, reaching approximately 0.15 at March 31, 2025, before a minor reduction to around 0.13 by September 30, 2025.

Debt to capital (including operating lease liability)

This ratio shows an upward trend from 0.08 in early 2021 to 0.17 by the end of 2021, continuing to rise to approximately 0.21 by mid-2023. After some minor fluctuations, it attains a peak near 0.23 in late 2024, then decreases slightly to about 0.20–0.21 by September 2025. The inclusion of lease liabilities again implies higher overall leverage relative to capital than the standard measure.

Debt to assets

Observed from December 31, 2022, the debt to assets ratio starts at 0.06, dips marginally to 0.05 by mid-2023, then rises to 0.09 by the close of 2023. Throughout 2024 and into Q1 2025, the ratio fluctuates slightly around 0.08 to 0.10, ending slightly lower at 0.09 by September 2025. This reflects a moderate increase in debt relative to total assets with some stabilization in the most recent periods.

Debt to assets (including operating lease liability)

From early 2021, this ratio initially hovers near 0.07 to 0.09, then increases notably to about 0.14 by the end of 2021. A consistent upward trend continues until mid-2023 where it peaks near 0.18, followed by a slight decline to around 0.16–0.17 through 2024. It subsequently increases again slightly, peaking near 0.19 at December 31, 2024, before ending at about 0.17 in the latest period. The data illustrates higher leverage on asset basis when including lease obligations.

Financial leverage

Financial leverage exhibits a steady increase from 1.22 at March 31, 2021 to a peak of 1.48 near the end of 2022. It then reaches approximately 1.54 mid-2023 before slightly decreasing to about 1.50 in late 2023 through mid-2024. However, it rises again toward the end of 2024 and into early 2025, reaching a high of 1.57 by March 31, 2025, before settling around 1.51 by September 30, 2025. This suggests a gradual increase in the use of financial leverage over the observed period with some short-term volatility.

The analysis of the quarterly financial data reveals distinct trends in total debt, stockholders' equity, and the debt to equity ratio over the observed period.

Total Debt

Total debt values were not reported for the earlier quarters until the period ending December 31, 2022, where it was approximately US$9.9 billion. From that point onward, total debt remained relatively stable through the first three quarters of 2023, fluctuating slightly between US$9.9 billion and US$18.4 billion by December 31, 2023. Starting in the first quarter of 2024, total debt saw a significant increase, reaching nearly US$28.8 billion by the third quarter of 2025. This suggests a marked rise in leverage during the most recent periods under review.

Stockholders' Equity

Stockholders’ equity showed more variability throughout the period. From the first quarter of 2021 through the end of 2021, equity decreased from approximately US$133.7 billion to about US$124.9 billion, indicating a contraction. A mild recovery occurred throughout 2022, with equity fluctuating around the US$124 billion to US$125 billion range. From early 2023 onward, equity generally exhibited an upward trend, rising significantly to a peak near US$195.1 billion by the third quarter of 2025. This upward movement reflects growing retained earnings or other comprehensive income elements contributing positively to equity during these later periods.

Debt to Equity Ratio

The debt to equity ratio, not available for many early quarters, was first reported at approximately 0.08 in late 2022. This ratio spiked to 0.14 at the end of 2022 and then declined slightly to around 0.12 throughout the first three quarters of 2023, indicating modestly stabilized leverage compared to equity. However, with the surge in total debt from 2024 onward, the ratio correspondingly increased, peaking at about 0.18 before trending slightly downward but remaining elevated around 0.15 through the third quarter of 2025. This signifies that debt grew faster than equity in the recent periods, resulting in higher financial leverage.

Overall, the data indicates a strategic shift to increased borrowing starting in late 2023 and continuing into 2025, paired with a generally improving equity base after a period of decline and stabilization. The rise in debt relative to equity points to heightened leverage, which may reflect expanded investment, capital expenditures, or other financing activities that warrant careful monitoring. The upward trend in equity, meanwhile, suggests an accumulation of value that partially offsets the increasing financial risk posed by the growing debt load.

The financial data reveals notable trends in the company's capital structure over the observed periods.

Total debt (including operating lease liability)

There is a consistent upward trajectory in total debt from approximately 11.6 billion US dollars in the first quarter of 2021 to over 51 billion US dollars by the third quarter of 2025. The increase is gradual in some periods but exhibits sharper rises in mid-2022 and again in 2024, indicating strategic leveraging or increased borrowing activity during these intervals.

Stockholders’ equity

Stockholders’ equity shows a moderately fluctuating pattern, initially declining from around 133.7 billion US dollars in early 2021 to approximately 124.9 billion by the end of 2021. Subsequently, equity gradually recovers and grows, reaching a peak near 195 billion US dollars by late 2025. This reflects underlying positive retained earnings or equity issuances that have enhanced net assets over time despite earlier dips.

Debt to equity (including operating lease liability)

The debt-to-equity ratio increases from a relatively low 0.09 in early 2021 to a peak near 0.3 by late 2024, before slightly declining towards 0.25 - 0.26 in 2025. This pattern suggests a rising reliance on debt financing relative to equity, particularly between 2021 and 2024, followed by a modest stabilization or reduction in leverage.

Overall, the data indicates a strategic shift towards higher leverage, with total debt rising significantly against a backdrop of moderate equity growth. The increase in debt-to-equity ratios highlights a heavier debt load relative to equity, which may imply increased financial risk but also potential use of debt for expansion or investment purposes. The recovery and growth of equity after the initial decline suggest ongoing profitability or capital strengthening measures that support the balance sheet alongside increased debt obligations.

The analysis of the quarterly financial metrics indicates several notable trends in the company's capital structure over the observed periods. The data primarily focuses on total debt, total capital, and the ratio of debt to capital, revealing insights into the company's leverage and financing strategy.

Total Debt

The total debt remained unreported in the earlier periods but is first recorded at the end of 2022 at US$9.922 billion. This amount remains relatively stable through the first three quarters of 2023, around US$9.922 billion to US$9.925 billion. A significant increase occurred at the end of 2023, with total debt nearly doubling to approximately US$18.382 billion, maintaining similar levels through mid-2024. Another notable rise is observed starting at the end of 2024, with total debt increasing to about US$28.823 billion, stabilizing near that magnitude through early 2025.

Total Capital

Total capital exhibits fluctuations across quarters. It starts at US$133.657 billion in early 2021, trends slightly upwards with some volatility until it peaks at US$171.553 billion in late 2023. Subsequently, total capital accelerates significantly reaching a high of approximately US$223.902 billion by late 2024, before marginally declining to US$222.9 billion in early 2025. This indicates steady growth and expansion in the company's capital base over the analyzed timeframe.

Debt to Capital Ratio

The debt to capital ratio is unavailable during the initial periods and appears only from late 2022 onward. This ratio starts at around 0.07, indicating a modest reliance on debt relative to total capital. Through 2023, the ratio rises to about 0.12, then stabilizes near 0.11 during mid-2024. Towards the end of 2024 and into 2025, the ratio increases again, peaking at approximately 0.15 before slightly retracting to about 0.13. This trend reflects a gradual increase in leverage, correlating with the significant jumps in total debt, suggesting a strategic shift towards greater debt financing within the company's capital structure.

Overall, the data indicates that the company has maintained a strong and growing capital base while incrementally increasing its use of debt. The rises in total debt and the debt to capital ratio in late 2023 and again in late 2024 imply a potential strategic move toward leveraging debt for growth or other financial purposes. Despite these increases, the ratio remains modest, suggesting a cautious approach to debt relative to overall capital.

The financial data reveals a clear upward trend in total debt over the observed periods. Starting from approximately $11.6 billion at the end of the first quarter in 2021, total debt exhibited a steady increase, reaching close to $51.1 billion by the third quarter of 2025. This represents a substantial rise in the company's liabilities, with notable spikes observed particularly between mid-2022 and early 2023, and again entering late 2024 into 2025.

Regarding total capital, the amounts initially fluctuated slightly from early 2021 through early 2022, moving from about $145 billion to a low near $137 billion. From that point onward, total capital demonstrated a generally upward trajectory, advancing to roughly $245 billion by the third quarter of 2025. This growth signifies an expansion in the company’s capital base, although the pace of increase varied across the quarters, with stronger increments occurring after mid-2022.

The ratio of debt to capital, reflecting the proportion of total debt within the company's capital structure, exhibits a rising trend as well. Starting from 0.08 in March 2021, the ratio climbed gradually to a peak of approximately 0.23 by the end of 2024. Post this peak, the ratio showed a slight moderation but remained near 0.20 to 0.21 into mid and late 2025. This pattern indicates a modest but notable increase in leverage, suggesting a shift toward higher reliance on debt financing relative to the total capital over the period analyzed.

Total Debt

Consistently increased nearly fourfold over the period, with significant jumps during mid-2022 to early 2023 and from late 2024 onward.

Total Capital

Experienced initial slight decline but followed by a sustained increase, growing by approximately 68% from early 2021 to mid-2025.

Debt to Capital Ratio

Rose from a conservative 8% to a peak near 23%, indicating a gradual increase in financial leverage, with stabilization near 20% in the final quarters.

In summary, the data indicates a strategic increase in debt alongside growth in total capital, resulting in a moderate rise in leverage. Investors and stakeholders might consider the implications of this trend on financial risk and the company’s capital structure optimization moving forward.

The financial data reveals several notable trends regarding the company's leverage and asset growth over the examined periods.

Total Debt

Starting from the period ending December 31, 2022, the total debt shows a significant increase. The debt remained stable around approximately 9,900 million US dollars during the earlier periods where data is available, then nearly doubled to approximately 18,400 million US dollars at the end of 2022. This higher level of debt is maintained consistently through 2023, followed by another substantial increase to around 28,800 million US dollars in 2024 and 2025.

Total Assets

Total assets display a generally increasing trend across the entire timeline. Beginning at about 163,500 million US dollars in early 2021, total assets increased steadily, reaching approximately 185,700 million US dollars by the end of 2021. This upward trajectory continued more robustly through 2023 and into 2024 and 2025, with assets culminating at approximately 303,800 million US dollars by March 2025. There are slight fluctuations but the overall direction is strongly positive, denoting growth in the company's asset base.

Debt to Assets Ratio

The ratio of debt to assets was relatively low and quite stable around 0.05 to 0.06 through 2022 until the end of that year, when it rose notably to between 0.08 and 0.09, aligning with the observed increase in total debt. Through 2023 and into 2025, the ratio stabilized somewhat but at a higher band ranging from 0.08 to just over 0.10, indicating a modest increase in leverage relative to assets. Although the company has grown its asset base substantially, total debt has increased proportionally more resulting in a higher debt to assets ratio in recent periods.

In summary, the company has expanded its asset base consistently over the analyzed timeframe, indicating growth and possibly increased operational scale or investments. Concurrently, total debt has risen sharply since late 2022, leading to a higher debt to assets ratio. This suggests a strategic increase in leverage, which may reflect financing activities such as borrowing for expansion or other capital expenditures. The company’s leverage remains moderate, with a debt to assets ratio around 10% in recent quarters, implying a relatively conservative use of debt considering its total asset holdings.

The analysis of the financial data reveals notable trends in the company's leverage and asset base over the observed quarterly periods.

Total Debt (Including Operating Lease Liability)

Total debt exhibited a consistent upward trajectory throughout the period. Beginning at approximately 11.6 billion US dollars in the first quarter of 2021, it increased gradually, with a sharper rise visible starting in mid-2022. This culminated in debt levels exceeding 51 billion US dollars by the first quarter of 2025. The escalation in total debt was especially pronounced between mid-2022 and the end of 2024, indicating significant borrowing or leasing commitments during this interval.

Total Assets

Total assets showed moderate growth with some fluctuations. Starting from around 163.5 billion US dollars in the first quarter of 2021, assets dipped slightly towards the end of 2021 before resuming growth. From early 2022 onward, assets increased steadily, reaching over 303 billion US dollars by the first quarter of 2025. The growth in assets generally reflects expansion or acquisition activity along with possible appreciation in asset values.

Debt to Assets Ratio

The debt to assets ratio started at a low level of roughly 0.07 in early 2021 and showed a gradual increase over time. There was a noticeable jump in mid-2022 when the ratio moved sharply from around 0.09 to approximately 0.14, aligning with the significant increase in total debt. This ratio peaked near 0.19 towards the end of 2024, before stabilizing around 0.17 by early 2025. Despite the rise, the ratio indicates that the company maintained a relatively moderate leverage position, with debt constituting less than 20% of total assets in these periods.

In summary, the company has increased both its total debt and asset base significantly over the quarters analyzed, with debt growing at a faster pace, especially from mid-2022 onward. This increase in leverage, although moderate in absolute terms relative to total assets, suggests a strategic choice to utilize more debt financing. The asset growth supports the rising debt level, helping to keep the debt to asset ratio within a manageable range. Continuous monitoring of this leverage will be essential to assess risk and capital structure sustainability going forward.

The analysis of the quarterly financial data indicates several noteworthy trends concerning total assets, stockholders’ equity, and financial leverage over the observed periods.

Total Assets

Total assets displayed a general uptrend throughout the period, starting at approximately 163.5 billion US dollars and increasing to over 303.8 billion US dollars by the end of the timeline. Despite some fluctuations, such as a slight decrease around the end of 2021 and early 2022, the overall trend is upward, with significant growth evident from mid-2023 onwards. This reflects an expansion of the company's asset base over time.

Stockholders’ Equity

Stockholders’ equity exhibited a somewhat volatile pattern initially, with a decline from around 133.7 billion US dollars early in the period to about 124.9 billion US dollars by the end of 2021. Following this decline, equity showed recovery and steady growth, increasing to roughly 194.1 billion US dollars towards the end of the observed periods. This gradual increase signals strengthening equity positions despite earlier contractions.

Financial Leverage

The financial leverage ratio gradually increased from 1.22 to values fluctuating around 1.5 to 1.57. Early in the period, leverage rose steadily, reflecting a relative increase in debt or liabilities compared to equity. There were small fluctuations in the ratio in the later periods, but it remained elevated compared to the start, indicating a modestly higher reliance on financial leverage over time.

Overall, the financial data suggest expanding total assets and improving equity levels with a corresponding moderate increase in financial leverage. The company appears to be growing its asset base and equity while managing an elevated but relatively stable leverage profile.