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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Liabilities trends
- Current liabilities as a percentage of total liabilities and stockholders’ equity exhibit a general upward trend from 10.89% in March 2020 to a peak near 14.55% in December 2022, before fluctuating around 12–14% in more recent quarters. This reflects a growing proportion of short-term obligations relative to the company’s financing.
- Accounts payable increased notably from below 1% in early 2020 to approximately 3% by late 2024 and early 2025. This suggests increasing vendor obligations or extended payment terms over time.
- Accrued expenses and other current liabilities display variability, decreasing significantly in mid-2020 from 9.69% to around 6.6%–7.5%, then rising again to daily double-digit percentages by late 2022. From there, a gradual decline back toward 8% occurs through 2025.
- Operating lease liabilities, both current and non-current, remain relatively stable as a proportion of total capitalization. The current portion ranges mostly between 0.6% and 0.8%, while non-current lease liabilities shift slightly between approximately 6% and 8.7%, showing modest volatility but no clear long-term directional change.
- Non-current liabilities increase moderately from about 13% in early 2020 to around 22% by late 2024, indicating a growth in longer-term obligations that could include lease liabilities, long-term debt, and other obligations.
- Long-term debt appears from December 2022 onward, representing an increasing share from around 5.5% to over 10% by late 2024. This points to an expansion in borrowing or issuance of long-term financial instruments during this period.
- Other liabilities show a declining trend, from approximately 6% in early 2020 down to under 1% by late 2023, before stabilizing around that level. This might reflect settlement or reclassification of miscellaneous liabilities.
- Stockholders’ equity trends
- Stockholders’ equity as a proportion of total capitalization decreases from approximately 80% in 2020 to roughly 66% by 2025. This decline reflects the relative growth in liabilities, particularly driven by the increased current liabilities and long-term debt.
- Additional paid-in capital remains fairly stable, hovering mostly between 30% and 36%, with a slight downward trend in some later periods.
- Retained earnings peak near 50% in early 2021, then decline steadily to below 34% by late 2022 before exhibiting mild recovery to around 36% in 2025. This suggests distribution of earnings through dividends or share buybacks, or possibly net losses, impacting retained earnings during the period.
- Accumulated other comprehensive income (loss) fluctuates, initially positive in 2020 but turning consistently negative from 2021 onward, albeit with varying magnitude around -1% to -2%. This indicates unrealized losses or other comprehensive items affecting equity negatively.
- Total capital structure insights
- Total liabilities increased from approximately 24% of total capitalization in early 2020 to a peak exceeding 35% in late 2024, before slightly retreating to around 34%. This underscores a gradual shift toward greater leverage over the period examined.
- The overall trends indicate that while equity remains the dominant component of the capital structure, liabilities have increased their share steadily through rising current liabilities and the introduction and growth of long-term debt. The changes in accrued expenses and other liabilities coincide with these movements but are somewhat more volatile.