Explain this page
Arphra AIPlain-English read on Meta Platforms, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $117.93B | $116.61B | $134.9B | $164.5B | $200.97B | $252.84B | $301.32B | $351.3B | $405.63B |
| Cost of revenue | $22.65B | $25.25B | $25.96B | $30.16B | $36.18B | $47.21B | $57.25B | $63.93B | $73.59B |
| Gross profit | $95.28B | $91.36B | $108.94B | $134.34B | $164.79B | $211.93B | $251.22B | $278.07B | $340.3B |
| Gross margin | +80.79% | +78.35% | +80.76% | +81.67% | +82.00% | +83.82% | +83.38% | +79.16% | +83.89% |
| Operating | |||||||||
| Research & development | $24.66B | $35.34B | $38.48B | $43.87B | $57.37B | $69.1B | $85.2B | $97.59B | $110.13B |
| Selling, general & administrative | $23.87B | $27.08B | $23.71B | $21.09B | $24.14B | $35.24B | $41.88B | $49.02B | $57.45B |
| Total operating expenses | $48.53B | $62.42B | $62.19B | $64.96B | $81.52B | $105.31B | $129.05B | $144.96B | $169.73B |
| Operating income | $46.75B | $28.94B | $46.75B | $69.38B | $83.28B | $101.91B | $120.04B | $139.08B | $156.36B |
| Operating margin | +39.65% | +24.82% | +34.66% | +42.18% | +41.44% | +40.30% | +39.84% | +39.59% | +38.55% |
| EBITDA | $55.27B | $37.69B | $59.05B | $86.88B | $104.55B | $128.93B | $144.87B | $177.56B | $196.18B |
| EBIT | $47.31B | $29B | $47.87B | $71.38B | $85.93B | $104.42B | $121.83B | $146.16B | $161.39B |
| Below the line | |||||||||
| Interest expense | $23M | $185M | $446M | $715M | $0 | $654.82M | $772.94M | $891.62M | $1.02B |
| Interest income | $484M | $461M | $1.64B | $2.52B | $2.66B | $3.37B | $4.05B | $4.8B | $5.44B |
| Other income / expense | $531M | -$125M | $677M | $1.28B | $2.66B | — | — | — | — |
| Pre-tax income | $47.28B | $28.82B | $47.43B | $70.66B | $85.93B | $102.27B | $119.32B | $141.32B | $158.7B |
| Income tax expense | $7.91B | $5.62B | $8.33B | $8.3B | $25.47B | $20.38B | $23.69B | $28.24B | $33.08B |
| Earnings | |||||||||
| Net income | $39.37B | $23.2B | $39.1B | $62.36B | $60.46B | $82.88B | $99.12B | $110.16B | $131.72B |
| Net income · continuing ops | $39.37B | $23.2B | $39.1B | $62.36B | $60.46B | $81.83B | $99.13B | $113.61B | $128.23B |
| Net margin | +33.38% | +19.90% | +28.98% | +37.91% | +30.08% | +32.78% | +32.90% | +31.36% | +32.47% |
| EPS · basic | $13.99 | $8.63 | $15.19 | $24.61 | $23.98 | $33.54 | $35.77 | $40.65 | $48.92 |
| EPS · diluted | $13.77 | $8.59 | $14.87 | $23.86 | $23.49 | $32.83 | $34.89 | $40.02 | $48.11 |
| EPS · low estimate | — | — | — | — | — | $30.76 | $31.90 | $32.60 | $45.77 |
| EPS · high estimate | — | — | — | — | — | $35.67 | $38.13 | $46.46 | $50.83 |
| Shares · basic | 2.82B | 2.69B | 2.57B | 2.53B | 2.52B | 2.53B | 2.52B | 2.51B | 2.51B |
| Shares · diluted | 2.86B | 2.7B | 2.63B | 2.61B | 2.57B | 2.55B | 2.55B | 2.58B | 2.59B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 44 | 44 | 36 | 18 |
| Analysts (EPS) | — | — | — | — | — | 42 | 42 | 31 | 25 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro