Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Meta Platforms Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
An analysis of the solvency ratios reveals a consistent upward trend in leverage from early 2022 through late 2026. While a conservative capital structure was maintained in the initial periods, there is a discernible shift toward higher debt utilization, which accelerated significantly during the final six quarters of the observed period.
- Debt-to-Equity and Capitalization Ratios
- The debt-to-equity ratio remained stable at 0.08 through early 2023 before climbing to 0.30 by September 2026. A corresponding increase is observed in the debt-to-capital ratio, which rose from 0.07 to 0.23 over the same period. The inclusion of operating lease liabilities consistently elevates these metrics; specifically, the debt-to-equity ratio including leases peaked at 0.43 in June 2026, indicating that lease commitments represent a substantial portion of the total liability profile.
- Asset-Based Solvency
- Debt-to-asset ratios demonstrate a gradual expansion of liabilities relative to the asset base. The standard debt-to-assets ratio increased from 0.06 in September 2022 to 0.17 by September 2026. When incorporating operating lease liabilities, the ratio rose from 0.09 in March 2022 to a peak of 0.25 in June 2026, before settling at 0.23. This suggests a strategic shift toward higher asset financing through debt and lease obligations.
- Financial Leverage
- Financial leverage exhibited a steady progression from 1.33 in March 2022 to 1.76 by September 2026. While the growth was incremental between 2022 and 2024, a more pronounced increase occurred starting in December 2025, reflecting a heightened level of financial gearing toward the end of the reporting period.
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Debt to Equity
Meta Platforms Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Stockholders’ equity | 272,386) | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.30 | 0.32 | 0.24 | 0.27 | 0.15 | 0.15 | 0.16 | 0.16 | 0.18 | 0.12 | 0.12 | 0.12 | 0.13 | 0.14 | 0.08 | 0.08 | 0.08 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.15 | 0.16 | 0.11 | 0.06 | 0.07 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||
| Comcast Corp. | 0.94 | 1.01 | 1.07 | 1.02 | 1.02 | 1.05 | 1.14 | 1.16 | 1.18 | 1.18 | 1.17 | 1.17 | 1.18 | 1.16 | 1.16 | 1.17 | 1.15 | 1.02 | 1.00 | ||||||
| Netflix Inc. | 0.52 | 0.47 | 0.46 | 0.54 | 0.56 | 0.58 | 0.62 | 0.63 | 0.70 | 0.63 | 0.66 | 0.71 | 0.65 | 0.63 | 0.66 | 0.69 | 0.68 | 0.75 | 0.83 | ||||||
| Walt Disney Co. | 0.42 | 0.44 | 0.43 | 0.38 | 0.39 | 0.41 | 0.44 | 0.45 | 0.47 | 0.47 | 0.47 | 0.47 | 0.48 | 0.50 | 0.50 | 0.51 | 0.56 | 0.57 | 0.60 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 80,922 ÷ 272,386 = 0.30
2 Click competitor name to see calculations.
The company's solvency profile is characterized by a strategic and incremental increase in total debt alongside a consistent expansion of stockholders' equity over the analyzed period.
- Total Debt Trajectory
- Debt levels exhibited a stepwise progression. Initial levels remained stable at approximately 9.9 billion USD through March 2023, followed by an increase to 18.4 billion USD in June 2023. A second significant expansion occurred in September 2024, raising the total to 28.8 billion USD. The most substantial growth in borrowing was observed between September 2025 and June 2026, where debt peaked at 83.7 billion USD before a slight moderation to 80.9 billion USD by September 2026.
- Stockholders' Equity Growth
- Equity maintained a strong and steady upward trend throughout the entire reporting window. Starting at 123.2 billion USD in March 2022, stockholders' equity grew consistently to reach 272.4 billion USD by September 2026. This persistent growth suggests a robust accumulation of value that has served to offset the increased reliance on debt financing.
- Debt to Equity Ratio Analysis
- The debt to equity ratio mirrored the periodic spikes in total debt. The ratio remained low at 0.08 until June 2023, when it rose to 0.14. After a period of relative stability around 0.12 to 0.15, the ratio increased to 0.18 in September 2024. A sharp acceleration in leverage was recorded in December 2025, with the ratio climbing to 0.27, eventually peaking at 0.32 in June 2026. The period concluded with a ratio of 0.30 in September 2026, indicating that while the leverage ratio has more than tripled since 2022, the company continues to maintain a conservative capital structure relative to its total equity.
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Debt to Equity (including Operating Lease Liability)
Meta Platforms Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Operating lease liabilities, current | 2,522) | 2,425) | 2,414) | 2,213) | 2,113) | 1,977) | 1,976) | 1,942) | 2,016) | 1,917) | 1,676) | 1,623) | 1,460) | 1,396) | 1,479) | 1,367) | 1,291) | 1,275) | 1,159) | ||||||
| Operating lease liabilities, non-current | 28,651) | 26,229) | 25,607) | 22,940) | 20,113) | 18,751) | 18,714) | 18,292) | 18,208) | 17,685) | 17,570) | 17,226) | 16,374) | 16,440) | 16,171) | 15,301) | 14,687) | 14,792) | 12,894) | ||||||
| Total debt (including operating lease liability) | 112,095) | 112,318) | 86,769) | 83,897) | 51,060) | 49,560) | 49,519) | 49,060) | 49,047) | 37,991) | 37,633) | 37,234) | 36,217) | 36,218) | 27,575) | 26,591) | 25,900) | 16,067) | 14,053) | ||||||
| Stockholders’ equity | 272,386) | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.41 | 0.43 | 0.36 | 0.39 | 0.26 | 0.25 | 0.27 | 0.27 | 0.30 | 0.24 | 0.25 | 0.24 | 0.25 | 0.27 | 0.22 | 0.21 | 0.21 | 0.13 | 0.11 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.18 | 0.19 | 0.14 | 0.09 | 0.10 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.10 | 0.10 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 112,095 ÷ 272,386 = 0.41
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits a consistent upward trend in both total debt and stockholders' equity over the period from March 31, 2022, to September 30, 2026. While total obligations have expanded significantly, the growth in equity has partially offset the impact on the overall leverage ratio, maintaining a relatively conservative solvency position throughout the analyzed timeframe.
- Total Debt Expansion
- Total debt, including operating lease liabilities, demonstrated substantial growth, rising from 14,053 million US dollars in March 2022 to 112,095 million US dollars by September 2026. The growth pattern shows distinct acceleration phases, most notably between December 2025 and June 2026, where debt levels increased from 83,897 million to 112,318 million US dollars within two quarters.
- Stockholders' Equity Growth
- Equity levels showed a steady and robust increase, growing from 123,228 million US dollars in March 2022 to 272,386 million US dollars by September 2026. This growth accelerated in the later stages of the period, particularly from December 2025 onward, providing a larger capital base to support the increasing debt load.
- Debt to Equity Ratio Dynamics
- The debt-to-equity ratio increased from 0.11 in March 2022 to 0.41 in September 2026. The ratio experienced an initial climb to 0.21 by December 2022, followed by a period of relative stability between 0.24 and 0.30 throughout 2023 and 2024. A significant shift occurred in 2026, with the ratio peaking at 0.43 in June 2026 before slightly moderating to 0.41. Despite this increase, the ratio remains below 0.50, indicating that the company continues to rely more heavily on equity than debt for its financing.
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Debt to Capital
Meta Platforms Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Stockholders’ equity | 272,386) | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Total capital | 353,308) | 344,885) | 302,429) | 275,987) | 222,900) | 223,902) | 213,858) | 211,463) | 193,352) | 175,152) | 167,916) | 171,553) | 161,256) | 152,415) | 134,720) | 135,636) | 134,016) | 125,767) | 123,228) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.23 | 0.24 | 0.19 | 0.21 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.07 | 0.07 | 0.07 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.13 | 0.14 | 0.10 | 0.05 | 0.06 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Comcast Corp. | 0.49 | 0.50 | 0.52 | 0.51 | 0.51 | 0.51 | 0.53 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.51 | 0.50 | ||||||
| Netflix Inc. | 0.34 | 0.32 | 0.32 | 0.35 | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.39 | 0.40 | 0.41 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.43 | 0.45 | ||||||
| Walt Disney Co. | 0.29 | 0.30 | 0.30 | 0.28 | 0.28 | 0.29 | 0.31 | 0.31 | 0.32 | 0.32 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.38 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 80,922 ÷ 353,308 = 0.23
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a long-term upward trend in both total debt and total capital, resulting in a gradual increase in the debt-to-capital ratio. While the company maintained a highly conservative leverage profile in the early periods, there is a observable shift toward increased debt utilization in later quarters.
- Total Debt Trajectory
- Debt levels exhibit a step-like progression rather than a linear increase. After remaining stable at approximately 9.9 billion USD through March 2023, debt increased to roughly 18.4 billion USD by June 2023. Subsequent increments occurred in September 2024, reaching 28.8 billion USD, and again in December 2025, where debt surged to 58.7 billion USD, eventually peaking at 83.6 billion USD in June 2026.
- Total Capital Expansion
- Total capital shows a consistent growth trajectory, expanding from 123.2 billion USD in March 2022 to 353.3 billion USD by September 2026. This expansion suggests significant growth in the company's overall funding base, though the pace of capital growth was occasionally outstripped by the timing of new debt issuances.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio remained low and stable at 0.07 during the first year of the period. A moderate increase was noted between June 2023 and June 2024, with the ratio fluctuating between 0.10 and 0.12. A more pronounced shift occurred starting in December 2025, where the ratio climbed from 0.21 to a peak of 0.24 in June 2026, before settling at 0.23 by September 2026. This indicates that debt now constitutes a larger portion of the total capital structure than in previous years.
The overall trend indicates a strategic shift in the balance sheet composition. Although total capital has nearly tripled over the analyzed timeframe, the more than eight-fold increase in total debt has led to a higher reliance on borrowed funds relative to total capital.
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Debt to Capital (including Operating Lease Liability)
Meta Platforms Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Operating lease liabilities, current | 2,522) | 2,425) | 2,414) | 2,213) | 2,113) | 1,977) | 1,976) | 1,942) | 2,016) | 1,917) | 1,676) | 1,623) | 1,460) | 1,396) | 1,479) | 1,367) | 1,291) | 1,275) | 1,159) | ||||||
| Operating lease liabilities, non-current | 28,651) | 26,229) | 25,607) | 22,940) | 20,113) | 18,751) | 18,714) | 18,292) | 18,208) | 17,685) | 17,570) | 17,226) | 16,374) | 16,440) | 16,171) | 15,301) | 14,687) | 14,792) | 12,894) | ||||||
| Total debt (including operating lease liability) | 112,095) | 112,318) | 86,769) | 83,897) | 51,060) | 49,560) | 49,519) | 49,060) | 49,047) | 37,991) | 37,633) | 37,234) | 36,217) | 36,218) | 27,575) | 26,591) | 25,900) | 16,067) | 14,053) | ||||||
| Stockholders’ equity | 272,386) | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Total capital (including operating lease liability) | 384,481) | 373,539) | 330,450) | 301,140) | 245,126) | 244,630) | 234,548) | 231,697) | 213,576) | 194,754) | 187,162) | 190,402) | 179,090) | 170,251) | 152,370) | 152,304) | 149,994) | 141,834) | 137,281) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.29 | 0.30 | 0.26 | 0.28 | 0.21 | 0.20 | 0.21 | 0.21 | 0.23 | 0.20 | 0.20 | 0.20 | 0.20 | 0.21 | 0.18 | 0.17 | 0.17 | 0.11 | 0.10 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.15 | 0.16 | 0.12 | 0.08 | 0.09 | 0.06 | 0.06 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 112,095 ÷ 384,481 = 0.29
2 Click competitor name to see calculations.
An analysis of the solvency profile reveals a systematic increase in financial leverage over the observed period from March 2022 to September 2026. The capital structure has transitioned from a low-debt position to one characterized by a significantly higher proportion of liabilities relative to total capital.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited aggressive growth, rising from 14,053 million US$ in March 2022 to 112,095 million US$ by September 2026. Significant accelerations in debt accumulation are observed between September and December 2022, and more prominently between September 2025 and June 2026, where liabilities surged from 51,060 million US$ to 112,318 million US$.
- Total Capital Expansion
- Total capital increased steadily from 137,281 million US$ to 384,481 million US$. While the overall capital base expanded by approximately 2.8 times over the period, the growth rate of debt significantly outpaced the growth of the total capital base.
- Debt-to-Capital Ratio Analysis
- The debt-to-capital ratio demonstrates a sustained upward trajectory, moving from 0.10 in March 2022 to a peak of 0.30 in June 2026. A period of relative stability is observed between March 2023 and March 2025, where the ratio fluctuated minimally between 0.20 and 0.21. However, a sharp escalation occurred starting in late 2025, indicating a heightened reliance on debt financing to support the organization's capital requirements.
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Debt to Assets
Meta Platforms Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total assets | 478,836) | 449,956) | 395,250) | 366,021) | 303,844) | 294,744) | 280,213) | 276,054) | 256,408) | 230,238) | 222,844) | 229,623) | 216,274) | 206,688) | 184,491) | 185,727) | 178,894) | 169,779) | 164,218) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.17 | 0.19 | 0.15 | 0.16 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.05 | 0.05 | 0.06 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.11 | 0.11 | 0.08 | 0.04 | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||
| Comcast Corp. | 0.34 | 0.35 | 0.36 | 0.36 | 0.36 | 0.37 | 0.37 | 0.37 | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.36 | 0.35 | 0.35 | ||||||
| Netflix Inc. | 0.26 | 0.24 | 0.24 | 0.26 | 0.26 | 0.27 | 0.29 | 0.29 | 0.31 | 0.28 | 0.29 | 0.30 | 0.29 | 0.28 | 0.29 | 0.30 | 0.29 | 0.31 | 0.32 | ||||||
| Walt Disney Co. | 0.22 | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 80,922 ÷ 478,836 = 0.17
2 Click competitor name to see calculations.
Analysis of the financial trajectory from March 2022 through September 2026 reveals a progressive increase in leverage. While the organization has maintained a consistent expansion of its asset base, the pace of debt accumulation has accelerated significantly in the latter half of the period, resulting in a higher proportion of assets being financed through debt.
- Total Debt Trends
- Debt levels remained stable at approximately $9.9 billion from September 2022 through March 2023. Subsequently, the company entered a period of stepped increases, with debt rising to $18.4 billion in June 2023 and $28.8 billion by September 2024. A substantial escalation occurred between December 2024 and June 2026, where total debt peaked at $83.7 billion before slightly declining to $80.9 billion by September 2026.
- Total Asset Expansion
- A steady upward trend in total assets is observed, growing from $164.2 billion in March 2022 to $478.8 billion by September 2026. This growth indicates a significant enlargement of the balance sheet, which has provided the necessary capacity to support the increasing debt load.
- Debt to Assets Ratio Interpretation
- The solvency ratio remained low and stable between 0.05 and 0.06 during the initial period ending March 2023. A moderate increase to the 0.08 to 0.11 range was maintained between June 2023 and September 2025. However, a sharp increase in the ratio is evident starting in December 2024, peaking at 0.19 in June 2026. The period concludes with a ratio of 0.17, indicating a fundamental shift toward a more leveraged capital structure compared to the 2022 baseline.
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Debt to Assets (including Operating Lease Liability)
Meta Platforms Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Total debt | 80,922) | 83,664) | 58,748) | 58,744) | 28,834) | 28,832) | 28,829) | 28,826) | 28,823) | 18,389) | 18,387) | 18,385) | 18,383) | 18,382) | 9,925) | 9,923) | 9,922) | —) | —) | ||||||
| Operating lease liabilities, current | 2,522) | 2,425) | 2,414) | 2,213) | 2,113) | 1,977) | 1,976) | 1,942) | 2,016) | 1,917) | 1,676) | 1,623) | 1,460) | 1,396) | 1,479) | 1,367) | 1,291) | 1,275) | 1,159) | ||||||
| Operating lease liabilities, non-current | 28,651) | 26,229) | 25,607) | 22,940) | 20,113) | 18,751) | 18,714) | 18,292) | 18,208) | 17,685) | 17,570) | 17,226) | 16,374) | 16,440) | 16,171) | 15,301) | 14,687) | 14,792) | 12,894) | ||||||
| Total debt (including operating lease liability) | 112,095) | 112,318) | 86,769) | 83,897) | 51,060) | 49,560) | 49,519) | 49,060) | 49,047) | 37,991) | 37,633) | 37,234) | 36,217) | 36,218) | 27,575) | 26,591) | 25,900) | 16,067) | 14,053) | ||||||
| Total assets | 478,836) | 449,956) | 395,250) | 366,021) | 303,844) | 294,744) | 280,213) | 276,054) | 256,408) | 230,238) | 222,844) | 229,623) | 216,274) | 206,688) | 184,491) | 185,727) | 178,894) | 169,779) | 164,218) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.23 | 0.25 | 0.22 | 0.23 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.17 | 0.17 | 0.16 | 0.17 | 0.18 | 0.15 | 0.14 | 0.14 | 0.09 | 0.09 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 0.12 | 0.13 | 0.10 | 0.06 | 0.07 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 112,095 ÷ 478,836 = 0.23
2 Click competitor name to see calculations.
The solvency profile exhibits a clear upward trend in leverage from March 2022 through September 2026. While both total assets and total debt increased over the period, the growth in debt obligations outpaced asset accumulation, leading to a gradual erosion of the solvency margin.
- Total Debt Trends
- Total debt, including operating lease liabilities, grew from 14,053 million US$ in March 2022 to 112,095 million US$ by September 2026. This trajectory is characterized by several periods of aggressive expansion, most notably between December 2025 and June 2026, where liabilities surged from 51,060 million US$ to 112,318 million US$, representing a significant increase in the company's total obligations.
- Asset Expansion
- Total assets grew steadily from 164,218 million US$ in March 2022 to 478,836 million US$ in September 2026. This expansion provided a buffer against the rising debt levels, though the growth rate of assets was insufficient to maintain a constant debt-to-asset ratio.
- Debt to Assets Ratio Analysis
- The ratio began at a low of 0.09 in early 2022 and remained stable until September 2022, when it rose to 0.14. A period of relative stability followed between June 2023 and September 2025, with the ratio fluctuating narrowly between 0.16 and 0.19. A distinct shift occurred in December 2025, where the ratio jumped to 0.23, eventually peaking at 0.25 in June 2026 before settling at 0.23 in September 2026.
- Overall Solvency Interpretation
- The progression from a ratio of 0.09 to 0.23 indicates a strategic shift toward higher leverage. The most acute increase in financial risk is observed in the final six quarters of the analyzed period, where the debt-to-assets ratio experienced its most rapid acceleration, suggesting a substantial increase in the proportion of assets financed through debt.
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Financial Leverage
Meta Platforms Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 478,836) | 449,956) | 395,250) | 366,021) | 303,844) | 294,744) | 280,213) | 276,054) | 256,408) | 230,238) | 222,844) | 229,623) | 216,274) | 206,688) | 184,491) | 185,727) | 178,894) | 169,779) | 164,218) | ||||||
| Stockholders’ equity | 272,386) | 261,221) | 243,681) | 217,243) | 194,066) | 195,070) | 185,029) | 182,637) | 164,529) | 156,763) | 149,529) | 153,168) | 142,873) | 134,033) | 124,795) | 125,713) | 124,094) | 125,767) | 123,228) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.76 | 1.72 | 1.62 | 1.68 | 1.57 | 1.51 | 1.51 | 1.51 | 1.56 | 1.47 | 1.49 | 1.50 | 1.51 | 1.54 | 1.48 | 1.48 | 1.44 | 1.35 | 1.33 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | — | 1.44 | 1.47 | 1.43 | 1.39 | 1.38 | 1.38 | 1.39 | 1.37 | 1.38 | 1.39 | 1.42 | 1.45 | 1.43 | 1.42 | 1.43 | 1.41 | 1.39 | 1.41 | ||||||
| Comcast Corp. | 2.79 | 2.87 | 2.95 | 2.81 | 2.81 | 2.83 | 3.09 | 3.11 | 3.15 | 3.15 | 3.19 | 3.20 | 3.16 | 3.12 | 3.15 | 3.18 | 3.17 | 2.92 | 2.89 | ||||||
| Netflix Inc. | 2.00 | 1.94 | 1.96 | 2.09 | 2.12 | 2.13 | 2.17 | 2.17 | 2.30 | 2.22 | 2.29 | 2.37 | 2.24 | 2.23 | 2.27 | 2.34 | 2.32 | 2.43 | 2.58 | ||||||
| Walt Disney Co. | 1.86 | 1.89 | 1.86 | 1.80 | 1.80 | 1.88 | 1.93 | 1.95 | 1.97 | 1.97 | 1.96 | 2.07 | 2.09 | 2.09 | 2.10 | 2.14 | 2.21 | 2.23 | 2.26 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 478,836 ÷ 272,386 = 1.76
2 Click competitor name to see calculations.
The financial position reflects a sustained expansion of the balance sheet coupled with a gradual increase in financial leverage from March 2022 through September 2026.
- Asset Expansion
- Total assets grew significantly from 164,218 million USD in March 2022 to 478,836 million USD by September 2026. This trajectory shows a consistent upward trend, with the most pronounced acceleration occurring between December 2025 and September 2026, where assets increased by over 112,000 million USD in three quarters.
- Equity Growth
- Stockholders' equity increased from 123,228 million USD in March 2022 to 272,386 million USD in September 2026. While the equity base expanded steadily, the rate of growth remained lower than that of total assets, contributing to the shift in the leverage ratio.
- Financial Leverage Analysis
- The financial leverage ratio rose from 1.33 in March 2022 to 1.76 by September 2026. The ratio experienced a period of relative stability between December 2022 and June 2025, fluctuating within a narrow range of 1.47 to 1.57. A marked increase is observed in the latter part of the period, specifically from June 2025 onward, where the ratio climbed from 1.57 to 1.76. This indicates a growing reliance on debt or other liabilities to finance the rapid expansion of the asset base during the 2025-2026 period.
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