Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2012
- Price to Operating Profit (P/OP) since 2012
- Price to Book Value (P/BV) since 2012
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Meta Platforms Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 income statement reveals a period of fluctuating performance followed by substantial growth. Revenue experienced consistent increases from March 2021 through December 2021, then plateaued and experienced some quarterly declines in 2022 before resuming a strong upward trajectory beginning in late 2022 and continuing through December 2025. Cost of revenue generally increased alongside revenue, but with notable acceleration in late 2022 and 2023, impacting gross profit margins. Operating expenses, particularly research and development, marketing and sales, and general and administrative expenses, have also increased over the period, though at varying rates.
- Revenue Growth
- Revenue demonstrated robust growth, increasing from US$26.171 billion in March 2021 to US$59.894 billion in December 2025. The most significant period of growth occurred between December 2022 and December 2025, indicating a potential shift in market dynamics or successful strategic initiatives. However, there were periods of slower growth or decline, notably in the first half of 2022.
- Profitability Analysis
- Gross profit generally followed the trend of revenue, peaking at US$48.988 billion in December 2025. However, the rate of gross profit increase lagged behind revenue growth in several quarters, particularly in late 2022 and 2023, suggesting increasing costs associated with generating revenue. Income from operations exhibited similar fluctuations, reaching US$24.745 billion in December 2025. Net income also showed a similar pattern, with a significant increase in recent periods, reaching US$22.768 billion in December 2025. A substantial anomaly is observed in the provision for income taxes in September 2025, which is significantly higher than previous periods, resulting in a lower net income for that quarter.
- Expense Management
- Research and development expenses consistently increased throughout the period, indicating a continued investment in innovation. Marketing and sales expenses also rose, but at a slower pace than revenue, suggesting improved marketing efficiency in some periods. General and administrative expenses experienced a significant spike in the first half of 2023, followed by a substantial decrease in September 2023 and a moderate increase in subsequent quarters. This fluctuation warrants further investigation.
- Net Income and Taxes
- Net income generally tracked the performance of income from operations, but was significantly impacted by the provision for income taxes. The tax rate fluctuated considerably, with a particularly high rate in September 2025, substantially reducing net income for that quarter. The net income in September 2025 was only US$2.709 billion, a significant decrease compared to the US$22.768 billion in December 2025.
Overall, the financial performance demonstrates a company capable of substantial revenue growth, but also one facing challenges in managing costs and navigating tax implications. The recent period of strong growth, particularly in revenue and net income, is encouraging, but the fluctuations in expenses and tax rates require ongoing monitoring and analysis.