Meta

Our products enable people to connect and share through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses.

10-K, Jan 29, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Meta?

Bill AckmanInvestorAug 12, 2026Invests

Our summary: The Q2 2026 letter reports Meta down 15% year-to-date and keeps it among Pershing's dominant, fast-growing holdings.

Pershing Square letter ›

Details ⓘ

Speaker: Bill Ackman, Pershing Square
Role: Investor
Source: Pershing Square
Format: Fund letter
Date: Aug 12, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 12, 2026; the view may have changed.

Stephanie LinkInvestorJun 5, 2026Skeptical

Our summary: Link said she sold half of her Meta position after reports the company was considering an equity raise, calling Meta tone-deaf.

“Meta is tone-deaf”

CNBC interview ›

Details ⓘ

Speaker: Stephanie Link, Hightower Advisors
Role: Investor
Source: CNBC
Format: TV interview
Date: Jun 5, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jun 5, 2026; the view may have changed.

Bill AckmanInvestorFeb 11, 2026Invests

Our summary: Pershing's annual presentation revealed a Meta stake, arguing concerns about AI spending underestimate Meta's long-term AI upside and that the shares are deeply discounted.

“a deeply discounted valuation for one of the world's greatest businesses”

Pershing Square annual presentation, via CNBC ›

Details ⓘ

Speaker: Bill Ackman, Pershing Square
Role: Investor
Source: CNBC
Format: News article
Date: Feb 11, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Feb 11, 2026; the view may have changed.

All 4 Voices on Meta ›

Business

How does Meta make money?

Family of Apps is 98.9% of revenue.

Family of Apps98.9%

Reality Labs1.1%

What is left of every $100?

Of every $100 in revenue, $30 is net income.

Revenue$100

Gross profit$82

Operating income$41

Net income$30

Free cash flow$23

Where do customers sit?

39.2% of revenue is from US & Canada.

US & Canada39.2%

Asia Pacific26.8%

Europe23.2%

Rest of world10.8%

In the company’s words ›

“We are innovating in artificial intelligence (AI) technologies to build transformative experiences and capabilities across our Family of Apps and new platforms, and to advance our vision to deliver personal superintelligence for everyone.”

“We build technology that helps people connect and share, find and build communities, and grow businesses.”

“We also help people discover and learn about what is going on in the world around them, enable people to share their experiences, ideas, photos, videos, and other content with audiences ranging from their closest family members and friends to the public at large, and stay connected everywhere by accessing our products.”

Item 1 · Business · 10-K · 0001628280-26-003942 · filed Jan 29, 2026

Where did the growth actually come from?

Family of Apps drove 99% of Meta’s growth.

Revenue FY2019$70.7B

Family of Apps+$128.6B

Reality Labs+$1.7B

Revenue FY2025$201.0B

Thesis

Why do people invest?

2 reasons in the company’s own words.

Revenue +22%

“Total revenue for 2025 was $200.97 billion, an increase of 22% compared to 2024, due to an increase in advertising revenue.”
Item 7 · MD&A · 10-K · 0001628280-26-003942 · filed Jan 29, 2026
Number check (revenue): stated $201.0B matches the stored value ($201.0B, ±10%)

Revenue: $201.0B FY2025 · +22.2% vs FY2024 · KPIs
R&D +31%

“Research and development expenses in 2025 increased $13.50 billion, or 31%, compared to 2024.”
Item 7 · MD&A · 10-K · 0001628280-26-003942 · filed Jan 29, 2026
Number check (R&D expense): stated $13.5B matches the stored change ($13.5B, ±10%)

R&D expense: $57.4B FY2025 · +30.8% vs FY2024 · Profitability charts

Dependencies

Who does Meta depend on?

No customer above the disclosure threshold.

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Meta annual report)

No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).

Suppliers named by Meta

No supplier among the covered companies is named in the filings.

Meta holds stakes in

No stake in a covered company found in SEC filings.

Others name Meta

5 competitor mentions (e.g. AppLovin, Intel, Reddit, Roblox) · 2 customer mentions (e.g. CoreWeave, Nebius) · 4 other mentions (e.g. AppLovin, Celestica, CoreWeave, Nebius) · 3 partner mentions (e.g. AppLovin, Corning, Nebius) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 51 risk factors, one per theme.

Trade, government policy and geopolitics
“We have significant international operations, which subject us to increased business, economic, and legal risks that could affect our financial results.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003942 · filed Jan 29, 2026
Dependence on advertising
“We generate substantially all of our revenue from advertising. The loss of marketers, or reduction in spending by marketers, could seriously harm our business.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003942 · filed Jan 29, 2026
AI and new products
“Our new products and changes to existing products could fail to attract or retain users or generate revenue and profits, or otherwise adversely affect our business.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003942 · filed Jan 29, 2026
Users and engagement
“If we fail to retain existing users or add new users, or if our users decrease their level of engagement with our products, our revenue, financial results, and business may be significantly harmed.”
Item 1A · Risk Factors · 10-K · 0001628280-26-003942 · filed Jan 29, 2026

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.49%.

Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Zuckerberg Mark13.6% (then)
13G/A · as of Dec 31, 2023 · filed Feb 14, 2024 · older than 18 months, current position unknown
BlackRock Inc.7.1% (then)
13G/A · filed Feb 12, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.10.2%
173.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.4%
143.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC5.6%
95.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.4%
92.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Geode Capital Management, LLC3.2%
54.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported

5,058 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 300 sales · $260M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 41 SEC metrics, FY2016–FY2025

Income statement 12

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue

D&A

G&A

Gross profit calc.

Income taxes

Interest expense					not reported

Net income

Operating income

Research and development

Revenue

SG&A calc.

Sales & marketing

Balance sheet 8

Metric	FY2016	FY2017	FY2018	FY2019	FY2020
Cash and equivalents

Current liabilities

Equity

Equity incl. NCI

Long-term debt	not reported	not reported	not reported	not reported	not reported

Total assets

Total debt calc.	not reported	not reported	not reported	not reported	not reported

Total liabilities & equity

Cash flow 7

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021
Buybacks

Capex

Dividends	not reported	not reported	not reported	not reported	not reported	not reported

Free cash flow calc.

Interest paid				not reported	not reported

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 1

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Werbeumsatz (Meta)

Other 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ARPP (Family, new definition from 2024)	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

ARPP (Family, old definition until 2023)	not reported	not reported	not reported						not reported	not reported

Facebook Monthly Active Users (MAU)				not reported	not reported	not reported	not reported	not reported	not reported	not reported

Growth in price per ad (Meta, % vs. prior-year quarter)

Operating income Reality Labs	not reported	not reported	not reported

Other income (incl. interest)

Pretax income

Total liabilities

Wachstum Werbeeinblendungen (Meta, % vs. prior-year quarter)

Meta

Source and method

What do investors say about Meta?

Business

Family of Apps is 98.9% of revenue. i

Source and method

Of every $100 in revenue, $30 is net income. i

Source and method

39.2% of revenue is from US & Canada. i

Source and method

Family of Apps drove 99% of Meta’s growth.

Thesis

2 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 22% to $201.0B.

Revenue grew 28% YoY to $60.8B.

Per share, revenue grew 80.9%.

41.4% operating margin, down from 42.2%.

82.0% gross margin, up from 81.7%.

Operating income grew 20% to $83.3B.

Net income fell 3.1% to $60.5B.

R&D grew 31% to $57.4B.

SG&A grew 14% to $24.1B.

EPS diluted fell 1.6% to $23.49.

30.9% operating margin, down from 43.0%.

81.4% gross margin, down from 82.1%.

Operating income fell 8.2% YoY to $18.8B.

Net income fell 14% YoY to $15.8B.

R&D grew 67% YoY to $21.7B.

SG&A grew 60% YoY to $9.0B.

EPS diluted fell 13% YoY to $6.18.

Keeps $23 of every $100 as free cash.

Operating cash flow grew 27% to $115.8B.

Capex grew 87% to $69.7B.

Buybacks fell 13% to $26.2B.

Dividends grew 5.0% to $5.3B.

Stock-based compensation grew 22% to $20.4B.

Free cash flow fell 81% YoY to $1.7B.

Operating cash flow grew 25% YoY to $31.9B.

Capex grew 82% YoY to $30.1B.

Buybacks: $0 in FY2026 Q2.

Dividends: $1.4B.

Stock-based compensation grew 57% YoY to $7.6B.

$35.9B cash vs $58.7B debt.

Total debt grew 104% to $58.7B.

Interest expense grew 63% to $1.2B.

Total assets grew 33% to $366.0B.

Equity grew 19% to $217.2B.

Cash grew 29% YoY to $15.5B.

Total debt grew 190% YoY to $83.7B.

Interest expense grew 225% YoY to $754M.

Total assets grew 53% YoY to $450.0B.

Equity grew 34% YoY to $261.2B.

Operating income Reality Labs: −$19.2B.

Family Daily Active People grew 3.4% YoY.

Operating income Reality Labs: −$4.6B.

Dependencies

No customer above the disclosure threshold.

Risks

4 of 51 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.49%. i

Source and method

All metrics

Method

Family of Apps is 98.9% of revenue.

Of every $100 in revenue, $30 is net income.

39.2% of revenue is from US & Canada.

2 reasons in the company’s own words.

4 of 51 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.49%.