Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Meta Platforms Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
An analysis of the cash flow patterns reveals a significant expansion in operating cash generation, coupled with a substantial escalation in capital expenditures and strategic financing activities. The trajectory indicates a transition from a period of profitability volatility in 2022 to a phase of aggressive infrastructure investment and increased shareholder distributions.
- Operating Cash Flow Dynamics
- Net income exhibited a marked decline throughout 2022, reaching a trough of 4.39 billion US$ in September 2022, before initiating a strong recovery trend that peaked at 26.77 billion US$ by March 2026. Net cash provided by operating activities followed a similar growth trajectory, rising from 12.24 billion US$ in March 2021 to 32.23 billion US$ in March 2026. This growth was supported by steadily increasing non-cash adjustments, specifically depreciation and amortization, which grew from approximately 2 billion US$ per quarter to nearly 6 billion US$ per quarter, and share-based compensation, which tripled over the analyzed period.
- Capital Expenditure and Investment Strategy
- A consistent and aggressive increase in the purchase of property and equipment is observed. Quarterly capital expenditures rose from 4.27 billion US$ in March 2021 to 18.99 billion US$ in March 2026, signaling a massive scaling of physical infrastructure. Investing activities were further characterized by high volatility in marketable securities, culminating in a significant outflow of 32.98 billion US$ in March 2026. Additionally, a substantial investment in non-marketable equity investments occurred in June 2025, totaling 15.11 billion US$.
- Financing and Shareholder Returns
- The strategy for returning capital to shareholders evolved from a primary reliance on stock repurchases to a dual approach including dividends. Share repurchases peaked in December 2021 at 20.06 billion US$ but became more sporadic in later periods. Dividends were introduced in March 2024, maintaining a stable quarterly payout of approximately 1.3 billion US$. To support these outflows and capital investments, the company utilized long-term debt markets, with notable issuances in September 2024 (10.43 billion US$) and a major issuance of 29.91 billion US$ in March 2026.
- Liquidity and Cash Position
- The net change in cash remained highly volatile due to the timing of large-scale debt issuances and marketable security transactions. While operating cash flows provided a strong foundation for liquidity, the intensification of investing activities—particularly the surge in CapEx and security purchases—created significant quarterly fluctuations in the overall cash balance, as evidenced by the 27.16 billion US$ increase in December 2025 followed by a 7.99 billion US$ decrease in March 2026.