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
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.