Common-Size Income Statement
Quarterly Data
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Meta Platforms Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The common-size income statement reveals a period of significant margin compression between 2021 and late 2022, followed by a sustained recovery and an increase in operational efficiency through early 2026. Profitability metrics declined sharply during the 2022 fiscal year but rebounded strongly starting in 2023, driven by aggressive cost management in specific operating expense categories.
- Gross Profitability
- Gross profit margins remained relatively stable around 80% to 81% for much of the analyzed period. A notable contraction occurred in late 2022, reaching a period low of 74.08% in December 2022. From mid-2023 onwards, the margin recovered and stabilized, consistently maintaining a range between 81% and 82%.
- Operating Expense Trends
- Research and development costs experienced a substantial increase, rising from approximately 19.86% in March 2021 to a peak of 33.09% in September 2022. While these costs moderated slightly, they remained elevated compared to 2021 levels, typically fluctuating between 25% and 31% of revenue. In contrast, marketing and sales expenses followed a consistent downward trend, decreasing from a peak of 13.03% in December 2021 to a low of 5.16% by March 2026. General and administrative expenses showed significant volatility, peaking at 12.21% in September 2022 before dropping sharply to a low of 1.57% in December 2024.
- Operating Income and Net Profitability
- Income from operations mirrors the volatility of the expense structure, falling from 43.48% in March 2021 to a low of 19.89% in December 2022. A robust recovery followed, with operating margins peaking at 48.29% in September 2024 and remaining above 40% through March 2026. Net income trends generally align with operating income, although the bottom line was impacted by tax volatility. This is most evident in September 2025, where a tax provision of 36.99% of revenue reduced net income to 5.29%, and in March 2026, where a tax benefit of 8.92% contributed to a net income peak of 47.54%.