Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Meta Platforms Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
A significant shift in the capital structure is observed between March 2021 and June 2026, characterized by a transition from a predominantly equity-funded balance sheet to one with substantially higher leverage. Total liabilities increased from 18.26% of total liabilities and stockholders’ equity to 41.95% over the period, while stockholders’ equity concurrently declined from 81.74% to 58.05%.
- Liability Composition and Debt Trends
- The primary driver of the increase in total liabilities is the emergence and rapid growth of long-term debt. This item was absent or negligible until September 30, 2022, when it first appeared at 5.55%. By June 30, 2026, long-term debt expanded to 18.59%, indicating a strategic shift toward debt financing. This is mirrored in the non-current liabilities, which climbed from 10.49% in March 2021 to 29.42% by the end of the period.
- Current liabilities exhibited more stability, although they experienced an initial rise from 7.78% in March 2021 to a peak of 14.55% in December 2022. For the remainder of the period, current liabilities fluctuated within a narrow range, ending at 12.53% in June 2026. Accrued expenses and other current liabilities remained the most significant component of current obligations, peaking at 12.30% in June 2023 before stabilizing around 8.46%.
- Equity Structure Analysis
- Stockholders’ equity shows a consistent downward trend in its proportion of the total balance sheet. Retained earnings, once the dominant component at 50.36% in March 2021, declined to 35.08% by June 2026. This suggests that the growth in the total balance sheet size has outpaced the growth of retained earnings or that significant distributions occurred.
- Common stock and additional paid-in capital also saw a reduction in relative weight, moving from 31.29% in March 2021 to 23.11% in June 2026. Accumulated other comprehensive income remained minimal, fluctuating between small positive and negative percentages, thus having a negligible impact on the overall capital structure.
- Operational and Other Liabilities
- Operating lease liabilities remained relatively constant as a percentage of the balance sheet. Non-current operating lease liabilities declined slightly from 6.47% to 5.83%, while current operating lease liabilities stayed within a tight range of 0.54% to 0.83%.
- A notable contraction is observed in "Other liabilities," which dropped from 4.02% in March 2021 to 0.92% in June 2026, with a sharp decline occurring between June 2023 and December 2023.