Meta Platforms $META

Company profile

Meta Platforms, Inc. says in its Form 10-K for 2025 that its products enable people to connect and share through mobile devices, personal computers, virtual reality headsets and AI glasses. It reports two segments: Family of Apps, which includes Facebook, Instagram, Messenger, WhatsApp and other services, and Reality Labs, which includes its virtual and augmented reality related consumer hardware, software and content. The company also describes Meta AI, an assistant available across its apps, as a stand-alone app, on its AI glasses and on the web, and Threads, an app for text-based updates and public conversations.

Meta generates substantially all of its revenue from selling advertising placements on its family of apps to marketers, which is reported in Family of Apps; it says substantially all of its revenue currently comes from advertising on Facebook and Instagram. Family of Apps other revenue consists of paid messaging from WhatsApp, Meta Verified subscriptions, net fees from developers using its Payments infrastructure and other sources. Reality Labs generates revenue from sales of consumer hardware products, software and content, including Meta Quest headsets and AI glasses such as Ray-Ban Meta, Oakley Meta and Meta Ray-Ban Display. In 2025, 82% of Meta's total costs and expenses were recognized in Family of Apps and 18% in Reality Labs.

Meta's fiscal year is the calendar year, ending December 31. It was incorporated in Delaware in July 2004, completed its initial public offering in May 2012, and its Class A common stock is listed on the Nasdaq Global Select Market under the symbol META. Its principal executive offices are at 1 Meta Way, Menlo Park, California. Mark Zuckerberg is its founder, Chairman and Chief Executive Officer, and Dina Powell McCormick became President and Vice Chairman on January 12, 2026, according to a Form 8-K.

Meta says it is investing in AI, including generative AI and superintelligence, which it defines as AI that surpasses human intelligence. In October 2025 it entered into an arrangement to co-develop a data center campus in Louisiana, in which it holds a 20% membership interest; the parties committed to fund their pro rata shares of approximately $27 billion in total estimated development costs, and Meta's leases of properties on the campus begin in 2029. Its 10-K also says its non-marketable equity investments mostly consist of minority investments in Scale AI ($13.80 billion, closed during 2025) and Jio Platforms ($5.82 billion) as of December 31, 2025.

According to its 10-Q for the second quarter of 2026 (unaudited), revenue for that quarter was $60.80 billion, 28% higher than a year earlier, while income from operations fell 8% to $18.78 billion because of higher costs and expenses, including severance, infrastructure, legal-related costs and third-party AI token costs. Its May 2026 headcount reduction affected approximately 8,000 employees, with $1.18 billion of severance expenses in the second quarter. It completed a $25 billion offering of senior notes in six series on May 4, 2026, and in July 2026 it entered into an exclusivity agreement to co-develop a data center campus in El Paso, Texas, through a venture in which it would hold a 20% interest, subject to definitive agreements.

Summary sources:¹²³⁴

Revenue by fiscal year, as reported in 10-K

Products

Family of Apps

Reality Labs

Segments and products

• Family of Apps: Includes Facebook, Instagram, Messenger, WhatsApp and other services. Revenue comes substantially from selling advertising placements to marketers; ads can appear on Facebook, Instagram, Messenger, Threads and WhatsApp, as well as third-party applications and websites. Other revenue consists of paid messaging from WhatsApp, Meta Verified subscriptions, net fees from developers using Meta's Payments infrastructure and other sources. In 2025, segment revenue was $198,759 million (advertising $196,175 million and other revenue $2,584 million) and income from operations was $102,469 million.¹
• Reality Labs: Includes Meta's virtual and augmented reality related consumer hardware, software and content: Meta Quest devices and the Meta Horizon Store, and AI glasses including Ray-Ban Meta, Oakley Meta and Meta Ray-Ban Display, which comes with the Meta Neural Band wrist-worn device. Revenue was $2,207 million and the loss from operations was $19,193 million in 2025; Meta says the revenue increase was driven by higher sales of AI glasses, partially offset by lower Meta Quest sales. It expects to spend approximately 70% of its 2026 Reality Labs operating expenses on wearables and the remaining 30% on VR and Horizon, and expects the segment to continue to operate at a loss for the foreseeable future.¹
• Revenue by geography, 2025: Based on the addresses of Meta's customers: United States and Canada $78,866 million (of which United States $74.78 billion); Europe, including Russia and Turkey, $46,569 million; Asia-Pacific $53,817 million; Rest of World, including Africa, Latin America and the Middle East, $21,714 million.¹
• Segments in the first half of 2026 (unaudited): For the six months ended June 30, 2026, Family of Apps revenue was $116,278 million (advertising $114,387 million and other revenue $1,891 million) with income from operations of $50,294 million; Reality Labs revenue was $833 million with a loss from operations of $8,647 million. Employee compensation in the second quarter included $1.18 billion of severance expenses for the May 2026 headcount reduction, which affected both segments. Meta says it expects full-year 2026 Reality Labs operating losses to remain similar to 2025.²

Risks

• Dependence on advertising: Meta says substantially all of its revenue is currently generated from marketers advertising on Facebook and Instagram, that its marketers do not have long-term advertising commitments with it, and that many spend only a relatively small portion of their overall advertising budget with it. It says some of the changes it has made to its user data practices reduce its ability to target ads effectively, which has to some extent adversely affected, and will continue to adversely affect, its advertising business.²
• Limits on ad targeting and measurement: Meta says legislative and regulatory developments such as the GDPR, the ePrivacy Directive, the EU Digital Services Act and Digital Markets Act and U.S. state privacy laws have affected its ability to use data signals in its ad products, and that Apple's 2021 iOS changes reduced its ability to target and measure advertising. In the EU, EEA and Switzerland it offers a subscription for no ads and an option to see less personalized ads, which it says are less relevant and effective than its premium ad offerings. It expects these developments to continue to adversely affect its advertising revenue for the foreseeable future.²
• AI and infrastructure spending: Meta says it has made significant investments in AI initiatives, including generative AI and superintelligence, has significantly increased its infrastructure investments for them, and expects these investments to continue to increase. It says it has incurred significant indebtedness and other contractual commitments, including lease obligations, to finance these investments, and that if they are not successful longer-term its business and financial performance will be harmed. As of June 30, 2026, it reported $349.31 billion of non-cancelable contractual commitments and approximately $278.99 billion of lease obligations not yet commenced (unaudited), and in July 2026 it entered into additional data center leases with obligations of approximately $68 billion.²
• Reality Labs may not succeed: Meta says the metaverse may not develop in accordance with its expectations, market acceptance of its products is uncertain, and it has relatively limited experience with consumer hardware and virtual and augmented reality technology. It says its investments in Reality Labs reduced its 2025 operating profit by approximately $19.19 billion, that it expects full-year 2026 Reality Labs operating losses to remain similar to 2025, and that its ability to support these efforts depends on generating sufficient profits from other areas of its business.²
• Building data centers: Meta says its infrastructure expansion is complex, that it has changed, suspended and terminated certain projects, and that delays or disruptions, including in the availability of components, power or network capacity, could increase costs or degrade its products. It notes shifting public sentiment toward data center development in the United States and related legislative developments, and that it relies on certain equipment and components made by a small number of third parties, often with significant operations in a single region such as Asia.²
• Youth-related lawsuits: Meta faces lawsuits in the United States and elsewhere alleging that Facebook and Instagram cause social media addiction and other harms, mostly to users under 18. In March 2026 a Los Angeles jury in the first personal injury bellwether trial awarded $6 million in damages between Meta and YouTube, allocated 70% to Meta, and a New Mexico jury ordered Meta to pay a $375 million civil penalty in the state attorney general's youth-related case; Meta has appealed the first verdict, and the New Mexico attorney general is seeking $953 million in abatement costs and broad injunctive terms in a further claim on which the court had not ruled. Meta says plaintiffs across these cases have indicated they could seek damages, disgorgement or penalties of up to more than a trillion dollars in certain cases. The 10-Q describes the matters as of its filing on July 30, 2026.²
• European regulation and competition cases: In April 2025 the European Commission decided that Meta's subscription for no ads model did not comply with the Digital Markets Act and fined it €200 million; Meta has appealed and says further changes to its model may be imposed, which could result in a materially worse user experience for European users and a significant impact on its European business and revenue. It has also appealed a fine of approximately €798 million over Facebook Marketplace and a Spanish court's award of approximately €542 million in damages to news media companies, and in June 2026 the Commission imposed an interim measure requiring WhatsApp to offer its Business API free to general purpose AI providers, which Meta intends to appeal.²
• U.S. antitrust and FTC proceedings: In the FTC's antitrust case seeking remedies including divestiture or reconstruction of Instagram and WhatsApp, the court granted judgment in Meta's favor on November 18, 2025, and the FTC filed a notice of appeal on January 20, 2026. Separately, the FTC is seeking changes to Meta's 2020 privacy consent order, including a prohibition on using minors' data for any commercial purposes; that administrative proceeding is stayed while Meta's court challenges continue.²
• Tax disputes: In September 2025 the IRS issued a notice of deficiency asserting an additional $15.89 billion in tax, plus interest and penalties, for Meta's 2017 to 2019 tax years, mainly relating to transfer pricing with its foreign subsidiaries. Meta disagrees and filed a petition with the Tax Court in December 2025, and it says it believes its accrual for unrecognized tax benefits is adequate as of June 30, 2026.²
• Founder's voting control: Class B common stock has ten votes per share and Class A common stock one vote per share. Meta says holders of Class B stock, including its founder, Chairman and CEO Mark Zuckerberg, together hold a majority of the combined voting power and can control the outcome of all matters submitted to stockholders so long as Class B shares represent at least 9.1% of all outstanding Class A and Class B shares, and that Mr. Zuckerberg is able to exercise voting rights over a majority of that voting power.²

Frequently asked questions

What does Meta do?

Meta Platforms runs Facebook, Instagram, Messenger, WhatsApp and Threads, along with the Meta AI assistant, and sells virtual reality headsets and AI glasses. According to its Form 10-K for 2025, it earns substantially all of its revenue from advertising in its Family of Apps segment, while its Reality Labs segment sells Meta Quest devices, AI glasses and related software and content.

What was Meta's revenue in 2025?

Meta reported revenue of $200,966 million for 2025, the year ended December 31, 2025, in its Form 10-K filed on January 29, 2026. Advertising revenue was $196,175 million, income from operations was $83,276 million and net income was $60,458 million.

How much money does Reality Labs lose?

Reality Labs reported a loss from operations of $19,193 million in 2025, after losses of $17,729 million in 2024, $16,120 million in 2023 and $13,717 million in 2022, according to Meta's 10-K filings for those years. For the six months ended June 30, 2026, the loss was $8,647 million (unaudited), and Meta says in its 10-Q that it expects full-year 2026 Reality Labs operating losses to remain similar to 2025.

How much is Meta spending on AI and data centers?

Meta's capital expenditures, including principal payments on finance leases, were $72.22 billion in 2025, according to its 10-K. Its 10-K projected approximately $115 billion to $135 billion for 2026; its 10-Q for the second quarter of 2026 updated that expectation to approximately $130 billion to $145 billion, to support its AI efforts and core business. These are company projections, not reported results.

How many people use Meta's apps?

Meta estimates that Family daily active people, the unique people using at least one of Facebook, Instagram, Messenger and WhatsApp on a given day, averaged 3.60 billion in June 2026 (10-Q, unaudited) and 3.58 billion in December 2025 (10-K). Meta says these are estimates with an error margin of generally approximately 3% of worldwide daily active people.

Who runs Meta?

Mark Zuckerberg is Meta's founder, Chairman and Chief Executive Officer, and Susan Li is Chief Financial Officer, according to its 10-Q for the second quarter of 2026. Dina Powell McCormick was appointed President and Vice Chairman effective January 12, 2026, according to a Form 8-K. At the May 27, 2026 annual meeting, shareholders elected twelve directors.

Does Meta pay a dividend or buy back stock?

Yes, it pays a dividend: Meta paid a quarterly dividend of $0.525 per share of Class A and Class B common stock in the second quarter of 2026 (unaudited), according to its 10-Q for that quarter. It did not repurchase any shares in the six months ended June 30, 2026 (unaudited), and $25.03 billion remained authorized for repurchases (unaudited). In 2025 it repurchased Class A shares for $26.26 billion, according to its 10-K.

What are Meta's share classes?

Meta's Class A common stock, with one vote per share, is listed on Nasdaq under the symbol META. Its Class B common stock has ten votes per share; the 10-K cover lists only the Class A stock as registered on an exchange, and the 10-K says transfers of Class B shares generally convert them to Class A. At the May 27, 2026 annual meeting, a shareholder proposal regarding the dual class capital structure was not approved, according to a Form 8-K.

Where is Meta headquartered?

In Menlo Park, California, according to its Form 10-K for 2025. Its principal executive offices are at 1 Meta Way.

Sources

1. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 10-K for the fiscal year ended December 31, 2025, Jan 29, 2026
2. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Jul 30, 2026
3. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 8-K, Item 5.02: appointment of Dina Powell McCormick as President and Vice Chairman (event date January 12, 2026), Jan 16, 2026
4. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 8-K, Item 8.01: completion of a $25 billion senior notes offering in six series (event date April 30, 2026), May 4, 2026
5. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 10-K for the fiscal year ended December 31, 2022, Feb 2, 2023
6. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 10-K for the fiscal year ended December 31, 2023, Feb 2, 2024
7. Meta Platforms, Inc. (SEC filing), Meta Platforms, Inc. Form 10-K for the fiscal year ended December 31, 2024, Jan 30, 2025
8. Meta Platforms, Inc. (About Meta newsroom), Introducing Threads: A New Way to Share With Text, Jul 5, 2023
9. Meta Platforms, Inc. (About Meta newsroom), Introducing the Meta AI App: A New Way to Access Your AI Assistant, Apr 29, 2025
10. Meta Platforms, Inc. (About Meta newsroom), Introducing Meta Quest 3S, Our Most Affordable Mixed Reality Headset (updated October 15, 2024), Oct 15, 2024
11. Meta Platforms, Inc. (About Meta newsroom), Introducing Oakley Meta Glasses, a New Category of Performance AI Glasses, Jun 20, 2025
12. Meta Platforms, Inc. (About Meta newsroom), Ray-Ban Meta (Gen 2) Now With Up to 2X the Battery Life and Better Video Capture, Sep 17, 2025
13. Meta Platforms, Inc. (About Meta newsroom), Athletic Intelligence Is Here, Meet Oakley Meta Vanguard, Sep 17, 2025
14. Meta Platforms, Inc. (About Meta newsroom), Meta Ray-Ban Display: AI Glasses With an EMG Wristband, Sep 17, 2025
15. Meta Platforms, Inc. (About Meta newsroom), Introducing Our First AI Glasses Built For Prescriptions, Mar 31, 2026
16. Meta Platforms, Inc. (About Meta newsroom), We're Partnering With EssilorLuxottica to Launch Meta Glasses, Jun 23, 2026
17. Meta Platforms, Inc. (About Meta newsroom), Introducing Ray-Ban Meta Audio and More AI Glasses Styles, Sep 23, 2026
18. Meta Platforms, Inc. (About Meta newsroom), New Features for Meta Ray-Ban Display, Sep 23, 2026
19. Meta Platforms, Inc. (About Meta newsroom), Introducing Meta VR Glasses: A Cinema, Courtside Seat, and Workspace in Just 100 Grams, Sep 23, 2026

Figures last checked against the sources above on Oct 11, 2026. General information, not investment advice.