Meta reported 2024 revenue of $164.5 billion, up 21.9%, and $39.23 billion of capital expenditures in its 10-K filed Jan 30, 2025

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Meta Platforms reported revenue of $164.5 billion for the year ended Dec 31, 2024, up 21.9% from $134.9 billion a year earlier, in its Form 10-K, the annual report a US-listed company files with the SEC. Operating income was $69.38 billion against $46.75 billion a year earlier, and net income was $62.36 billion against $39.1 billion. Diluted earnings per share were $23.86, against $14.87. Advertising revenue was $160.63 billion of the $162.36 billion earned by the Family of Apps segment, which includes Facebook, Instagram, Messenger, WhatsApp and other services.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14

Meta said its Family of Apps spending included significant investments in AI, among them AI to recommend content across its products, improve its advertising tools, build new products and add generative AI features to existing ones. It said it expected those AI initiatives to require increased investment in infrastructure and headcount. Capital expenditures, including principal payments on finance leases, were $39.23 billion, and the filing said the $37.26 billion of purchases of property and equipment reflected continued investment in servers, data centers and network infrastructure. The filing said Meta anticipated capital expenditures of about $60 billion to $65 billion in 2025 to support its core business and generative AI efforts. Research and development expenses were $43.87 billion, up 14%, mostly from higher employee compensation and infrastructure costs, and headcount was 74,067 at year end, up 10%.15^,16^,17^,18^,19^,20^,21

In the earnings release of Jan 29, 2025, a day before the 10-K, chief executive Mark Zuckerberg said Meta was making good progress on AI, glasses and the future of social media. Meta also reported free cash flow, its own non-GAAP measure, of $52.10 billion for the year; it defines it as net cash from operating activities less purchases of property and equipment and principal payments on finance leases. Cash, cash equivalents and marketable securities were $77.81 billion at year end, and long-term debt was $28.83 billion. The notes to the financial statements also describe putative class actions, consolidated as Kadrey v. Meta Platforms, that alleged Meta used copyrighted books and materials to train its AI models and sought damages and an injunction.22^,23^,24^,25^,26^,27^,28^,29

Our records hold this 10-K’s management discussion and notes, not its other sections or exhibits. They keep one value for each period, the latest filed, so they cannot tell whether the year-earlier figures were restated.30^,31