Meta Platforms (META) 10-K Summaries & Annual Filing History
Review Meta Platforms, Inc. (META) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Meta Platforms reported strong annual revenue growth driven by higher advertising revenue, with increases in both ad impressions and average price per ad. The company's operating income and cash flow also rose significantly during the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$201B
Revenue reported for the fiscal year.
Operating income
$83.3B
Income from operations reported for the year.
Net income
$60.5B
Net income reported for the year.
Operating cash flow
$115.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $116.6B | -1.1% |
| Dec 31, 2023 | $134.9B | +15.7% |
| Dec 31, 2024 | $164.5B | +21.9% |
| Dec 31, 2025 | $201B | +22.2% |
Business overview
Meta Platforms' mission is to build the future of human connection and the technology that makes it possible. The company generates revenue primarily through advertising on its Family of Apps, which includes platforms such as Facebook and Instagram.
Financial performance
Total revenue increased year over year, driven by a rise in advertising revenue. Ad impressions delivered across the Family of Apps grew, and the average price per ad also increased. Income from operations improved compared to the prior year.
Material risks
The filing references risk factors but does not provide specific details within the supplied context. No material risks are explicitly described in the available text.
Liquidity and capital
The company discusses free cash flow as a non-GAAP financial measure used by management. Operating cash flow was substantial, supporting liquidity and capital allocation decisions.
What to watch
Monitor the trajectory of advertising revenue growth, particularly changes in ad impressions and average pricing trends.