Business
Meta is mostly an advertising business across Facebook, Instagram, Messenger, WhatsApp, Threads, and related apps. Reality Labs builds Quest, Horizon, AI glasses, AR work, and neural-interface research.
Ads fund the AI and wearables build; growth is strong, but capex absorbs more cash.
AnalystBook Intelligence · FY2025 10-K✓ Figures checked against SEC
- Growth — +22% revenue to $201.0BOK
- Profitability — $83.3B operating income; 41.4% marginOK
- Cash quality — $46.1B FCF after $69.7B capexWatch
- Balance sheet — $81.6B cash+STI vs $58.7B long-term debtOK
- Accounting — Distress score grey (formula, not weak) · no manipulation flag · clean auditNote
- Reality Labs — $21.40B RL costs; losses expected for foreseeable futureWatch
In the full briefFree for 14 days
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Every figure in the brief links to the filing paragraph it came from, and a brief whose figures don't match SEC data is rejected before publication.
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