Cash Flow Statement

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.

Meta Platforms Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	60,458)	62,360)	39,098)	23,200)	39,370)
Depreciation and amortization	18,616)	15,498)	11,178)	8,686)	7,967)
Share-based compensation	20,427)	16,690)	14,027)	11,992)	9,164)
Deferred income taxes	18,738)	(4,738)	131)	(3,286)	609)
Unrealized (gain) loss on equity investments	(1,138)	(53)	102)	—)	—)
Impairment charges for facilities consolidation	—)	383)	2,432)	2,218)	—)
Other	(416)	140)	309)	1,982)	(127)
Accounts receivable	(1,815)	(1,485)	(2,399)	231)	(3,110)
Prepaid expenses and other current assets	(89)	(698)	559)	162)	(1,750)
Other assets	(481)	(270)	(80)	(106)	(349)
Accounts payable	(14)	373)	51)	210)	1,436)
Accrued expenses and other current liabilities	1,077)	323)	5,081)	4,300)	3,532)
Other liabilities	437)	2,805)	624)	886)	941)
Changes in assets and liabilities	(885)	1,048)	3,836)	5,683)	700)
Adjustments to reconcile net income to net cash provided by operating activities	55,342)	28,968)	32,015)	27,275)	18,313)
Net cash provided by operating activities	115,800)	91,328)	71,113)	50,475)	57,683)
Purchases of property and equipment	(69,691)	(37,256)	(27,045)	(31,186)	(18,567)
Purchases of marketable securities	(36,929)	(25,542)	(2,982)	(9,626)	(30,407)
Sales and maturities of marketable securities	26,874)	15,789)	6,184)	13,158)	42,586)
Payments for held-for-sale assets	(2,432)	—)	—)	—)	—)
Proceeds from Venture distribution	2,554)	—)	—)	—)	—)
Purchases of non-marketable equity investments	(18,330)	(11)	(1)	—)	—)
Acquisitions of businesses and intangible assets	(4,231)	(270)	(629)	(1,312)	(851)
Other investing activities	182)	140)	(22)	(4)	(331)
Net cash used in investing activities	(102,003)	(47,150)	(24,495)	(28,970)	(7,570)
Taxes paid related to net share settlement of equity awards	(18,400)	(13,770)	(7,012)	(3,595)	(5,515)
Repurchases of Class A common stock	(26,248)	(30,125)	(19,774)	(27,956)	(44,537)
Payments for dividends and dividend equivalents	(5,324)	(5,072)	—)	—)	—)
Proceeds from issuance of long-term debt, net	29,906)	10,432)	8,455)	9,921)	—)
Principal payments on finance leases	(2,524)	(1,969)	(1,058)	(850)	(677)
Other financing activities	2,220)	(277)	(111)	344)	1)
Net cash used in financing activities	(20,370)	(40,781)	(19,500)	(22,136)	(50,728)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash equivalents	235)	(786)	113)	(638)	(474)
Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents	(6,338)	2,611)	27,231)	(1,269)	(1,089)
Cash, cash equivalents, and restricted cash equivalents at beginning of the period	45,438)	42,827)	15,596)	16,865)	17,954)
Cash, cash equivalents, and restricted cash equivalents at end of the period	39,100)	45,438)	42,827)	15,596)	16,865)

Based on: 10-K (reporting date: 2025-12-31), 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).

The cash flow statement reveals a dynamic pattern of cash generation and utilization over the five-year period. While net cash provided by operating activities generally increased, significant fluctuations occurred in investing and financing activities, resulting in varying net changes in cash.

Operating Activities: Net cash provided by operating activities demonstrated an overall upward trend, increasing from US$57.683 billion in 2021 to US$115.800 billion in 2025. However, there was a slight decrease from 2021 to 2022 (US$50.475 billion) before a substantial increase through 2025. This positive trend was largely driven by increasing net income, coupled with significant adjustments to reconcile net income to net cash flow, which rose from US$18.313 billion to US$55.342 billion over the period. Key components of these adjustments, such as depreciation and amortization and share-based compensation, consistently increased throughout the period.
Investing Activities: Net cash used in investing activities consistently represented a significant outflow, escalating from US$7.570 billion in 2021 to US$102.003 billion in 2025. This was primarily due to substantial and increasing purchases of property and equipment and marketable securities. While sales and maturities of marketable securities provided some offsetting inflows, these were insufficient to counteract the significant outflows. A notable increase in purchases of non-marketable equity investments occurred in 2025, contributing to the overall increased cash outflow.
Financing Activities: Net cash used in financing activities also consistently represented a cash outflow, though with some variation. Outflows were substantial in 2021 (US$50.728 billion) and 2024 (US$40.781 billion), largely driven by repurchases of Class A common stock and taxes paid related to net share settlement of equity awards. Proceeds from the issuance of long-term debt provided inflows in 2022, 2023, and 2024, but these were not enough to offset the significant outflows from stock repurchases and tax payments. The introduction of dividend payments in 2024 further contributed to the cash outflow.
Cash Position: The net increase (decrease) in cash, cash equivalents, and restricted cash equivalents fluctuated considerably. A decrease was observed in 2021 and 2022, followed by a substantial increase in 2023. However, decreases were again observed in 2024 and 2025. Despite these fluctuations, the company maintained a significant cash balance, decreasing from US$17.954 billion in 2021 to US$39.100 billion in 2025.
Working Capital: Changes in accounts receivable, prepaid expenses, and other current assets, as well as accounts payable and accrued expenses, exhibited variability. Accounts receivable generally showed outflows, while accrued expenses and other current liabilities generally showed inflows. These fluctuations contributed to the overall adjustments to reconcile net income to net cash provided by operating activities. Deferred income taxes also showed significant fluctuations, impacting the overall operating cash flow.

In summary, the company generated substantial cash from operations, but this was largely offset by significant investments in property, equipment, and marketable securities, as well as substantial returns of capital to shareholders through stock repurchases and, beginning in 2024, dividend payments. The overall cash position remained healthy despite these offsetting factors.

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Meta Platforms Inc. (NASDAQ:META)

Cash Flow Statement