Stock Analysis on Net

Meta Platforms Inc. (NASDAQ:META)

Income Statement 

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.

Meta Platforms Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Revenue 164,501 134,902 116,609 117,929 85,965
Cost of revenue (30,161) (25,959) (25,249) (22,649) (16,692)
Gross profit 134,340 108,943 91,360 95,280 69,273
Research and development (43,873) (38,483) (35,338) (24,655) (18,447)
Marketing and sales (11,347) (12,301) (15,262) (14,043) (11,591)
General and administrative (9,740) (11,408) (11,816) (9,829) (6,564)
Income from operations 69,380 46,751 28,944 46,753 32,671
Interest income 2,517 1,639 452 476 686
Interest expense (715) (446) (176) (15) (14)
Foreign currency exchange losses, net (690) (366) (81) (140) (129)
Other income (expense), net 171 (150) (320) 210 (34)
Interest and other income (expense), net 1,283 677 (125) 531 509
Income before provision for income taxes 70,663 47,428 28,819 47,284 33,180
Provision for income taxes (8,303) (8,330) (5,619) (7,914) (4,034)
Net income 62,360 39,098 23,200 39,370 29,146

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


The financial data reveals several notable trends over the five-year period. Revenue demonstrated consistent growth, increasing from $85.97 billion in 2020 to $164.50 billion in 2024, nearly doubling in size. This growth trajectory indicates strong market performance and expanding business operations.

Cost of revenue also increased over the years, from approximately $16.7 billion in 2020 to about $30.2 billion in 2024, reflecting higher operational expenses associated with increased sales volume. Despite this rise, gross profit improved significantly, rising from $69.27 billion to $134.34 billion, indicating effective management of costs relative to revenue expansion.

Research and development expenses showed a marked upward trend, nearly doubling from $18.45 billion in 2020 to $43.87 billion in 2024. This consistent increase suggests a robust commitment to innovation and product development. Conversely, marketing and sales expenses exhibited a peak in 2022 at $15.26 billion, followed by a decline to $11.35 billion in 2024, which may indicate a strategic shift in promotional activities or enhanced marketing efficiency.

General and administrative costs grew from $6.56 billion in 2020 to $11.82 billion in 2022 but decreased subsequently to $9.74 billion in 2024. This pattern shows some initial operational scaling followed by cost containment measures.

Income from operations experienced fluctuations, peaking initially at $46.75 billion in 2021, dropping to $28.94 billion in 2022, then rising again to $69.38 billion by 2024. This volatility, combined with overall growth by the end of the period, reflects variable operational efficiency and possibly the impact of one-time events or strategic initiatives.

Interest income remained relatively low in comparison to operational figures but showed an increase in the later years, reaching $2.52 billion in 2024. In contrast, interest expense rose steadily from negligible levels in early years to $715 million in 2024, suggesting increased borrowing or changes in capital structure.

Foreign currency exchange losses escalated in magnitude, reaching $690 million in 2024, which may point to increased exposure to foreign markets and currency risk. Other income and expenses were relatively minor and volatile throughout the period, with no clear trend.

Income before provision for income taxes followed a pattern similar to operating income, with growth from $33.18 billion in 2020 to $70.66 billion in 2024, notwithstanding a dip in 2022. Provision for income taxes varied, peaking at $8.33 billion in 2023 but slightly declining in 2024.

Net income mirrored the overall revenue and income trends, increasing from $29.15 billion in 2020 to $62.36 billion in 2024, despite a decline in 2022. This growth demonstrates improved profitability and successful management of expenses relative to revenues across the reviewed time frame.