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: 2026-03-31), 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 capital structure reflects a significant shift in financing strategy between March 2021 and March 2026, characterized by a steady increase in total liabilities and a corresponding contraction in the proportion of stockholders' equity. Total liabilities grew from 18.26% to 38.35% of the total balance sheet over the analyzed period, while stockholders' equity declined from 81.74% to 61.65%.
- Debt and Non-Current Liabilities
- A fundamental change in the liability profile occurred in the third quarter of 2022 with the introduction of long-term debt, which represented 5.55% of total liabilities and stockholders' equity. This component exhibited a strong upward trend, peaking at 16.05% in December 2025 before ending at 14.86% in March 2026. Consequently, non-current liabilities more than doubled, rising from 10.49% in March 2021 to 26.52% by March 2026. This suggests a strategic pivot toward leveraged financing to support operations or growth.
- Current Liabilities and Operating Obligations
- Current liabilities experienced an initial period of growth, rising from 7.78% in March 2021 to a peak of 14.55% in December 2022. Following this peak, the ratio remained relatively stable, fluctuating between 11% and 14%. Accrued expenses and other current liabilities served as the primary driver of this category, maintaining a significant presence throughout the period, though they trended slightly downward from 12.30% in June 2023 to 7.85% in March 2026.
- Stockholders' Equity Components
- The equity base showed signs of compression. Retained earnings, which once constituted a majority of the balance sheet at 50.36% in March 2021, declined to a low of 32.89% in June 2023 before recovering to 36.60% by March 2026. Simultaneously, common stock and additional paid-in capital decreased from 31.29% to 25.13%. Accumulated other comprehensive income remained predominantly negative for the duration of the period, indicating recurring unrealized losses that marginally impacted the total equity percentage.
- Lease Obligations
- Operating lease liabilities remained relatively consistent as a percentage of the total balance sheet. Non-current lease liabilities fluctuated within a narrow band between 6.27% and 8.77%, while current lease liabilities stayed below 1% throughout the entire period. This indicates that lease commitments have remained a stable component of the company's long-term obligations relative to its overall growth in liabilities.