Meta Platforms
ConvictionModerate
Ad-funded consumer apps: ~98% of revenue is targeted advertising across the Family of Apps; Reality Labs (XR/wearables) and AI are loss-making investment bets funded by the ad engine.
Revenue
$200.97BFY2025) / $56.31B (Q1 FY26Rev growth
+22% FY2025 YoY+33% Q1 FY26 YoYGross margin
~81%FY2025, est. from cost of revenueOp margin
41.4%FY2025); Family of Apps margin materially higher, dragged ~19pp by Reality LabsCapex intensity
~35% of FY2025 revenue$69.7B capex); 2026 guide $125-145B implies ~50-60%+ of revenueMarket cap
~$1.39TJun 25, 2026; down ~18.6% YoYPrice · 1-year trend
real · weekly$603-17% 1yUSD
52-week range
$525 – $787
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
subject
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-01-29. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$117.9B
FY’22
$116.6B-1%
FY’23
$134.9B+16%
FY’24
$164.5B+22%
FY’25
$201.0B+22%
Margins & balance sheet — FY’25
Operating margin41.4%
Net margin30.1%
Net debt$35.3B
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence