Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Meta Platforms Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 systemic shift in the capital structure is evident over the analyzed period, characterized by a steady increase in total liabilities and a corresponding contraction in the proportion of stockholders' equity. Total liabilities rose from 18.26% in March 2021 to 43.11% by September 2026, indicating a transition toward a more leveraged financial position.
- Liability Composition and Trends
- Non-current liabilities experienced the most significant growth, expanding from 10.49% in March 2021 to 29.96% in September 2026. This growth was primarily driven by the introduction and subsequent increase of long-term debt, which was absent in the early periods but climbed to a peak of 18.59% in June 2026 before settling at 16.90% by the end of the period. Current liabilities remained more stable but showed a general upward trajectory, moving from 7.78% to 13.16%, with accrued expenses and other current liabilities serving as the primary component.
- Equity Erosion and Composition
- Stockholders' equity declined from 81.74% in March 2021 to 56.89% in September 2026. A notable decrease is observed in common stock and additional paid-in capital, which dropped from 31.29% to 22.61%. Retained earnings also saw a long-term decline from a high of 50.36% in March 2021 to 34.53% in September 2026, although this metric exhibited periodic fluctuations and relative stabilization in the later years.
- Operational and Tax Obligations
- Operating lease liabilities remained relatively consistent throughout the period, with current lease liabilities fluctuating between 0.53% and 0.83% and non-current lease liabilities ranging between 5.83% and 8.77%. Additionally, long-term income taxes emerged as a meaningful component of the balance sheet starting in December 2023, fluctuating between 3.27% and 5.74% through September 2026.
The overall financial trajectory indicates a strategic move away from an equity-funded model toward a mixed funding strategy involving substantial long-term debt. The decrease in the proportion of retained earnings and paid-in capital, coupled with the rise in non-current liabilities, suggests an increase in financial leverage to support the company's capital requirements.
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