Meta's second-quarter 2025 revenue rose 22% to $47.52 billion, with capital expenditures of $17.01 billion

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 in its Form 10-Q, the quarterly report a US-listed company files, on Jul 31, 2025 that revenue for the second quarter of 2025 was $47.52 billion, up 21.6% from $39.07 billion a year earlier. Operating income was $20.44 billion, up 37.7% from $14.85 billion, and net income was $18.34 billion, up 36.2% from $13.47 billion, or $7.14 a diluted share against $5.16. Meta said operating income rose on higher advertising revenue, partly offset by higher costs, mainly infrastructure costs and employee compensation. It had published the quarter's results a day earlier, on Jul 30, 2025, in an earnings release.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12^,13^,14^,15

In that release, founder and chief executive Mark Zuckerberg said he was excited to build personal superintelligence for everyone in the world. Capital expenditures, including principal payments on finance leases, were $17.01 billion in the quarter, and Meta anticipated $66 billion to $72 billion for 2025. The 10-Q said its investments in its apps included significant spending on AI initiatives, including generative AI and superintelligence, and that it expected those initiatives to require increased investment in infrastructure and headcount. Headcount was 75,945 on Jun 30, 2025, up 7% on the year. Free cash flow, a non-GAAP measure that Meta calculates by subtracting purchases of property and equipment and principal payments on finance leases, was $8.55 billion, against $10.90 billion a year earlier.16^,17^,18^,19^,20^,21^,22^,23

In June 2025, Meta completed an investment in Scale AI, acquiring a non-voting minority of its outstanding equity. Of the total consideration, $13.79 billion was included in non-marketable equity investments, stakes in privately held companies, accounted for under the measurement alternative method, which Meta tied to its not having significant influence over Scale AI's operations. Meta also reported, as of Jun 30, 2025, leases not yet begun of about $52.56 billion, mostly for data centers, network infrastructure and colocations, and $27.95 billion of non-cancelable commitments, mostly for servers, network infrastructure, Reality Labs hardware and data centers.24^,25^,26^,27

Meta said it expected third-quarter 2025 revenue of $47.5-50.5 billion, and revenue for the quarter that ended Sep 30, 2025 was $51.24 billion, above the top of that range. It also said it expected another year of similarly significant growth in capital expenditure dollars in 2026 to bring more capacity online for its AI efforts and business operations.28^,29^,30

We hold the text of the filing's management discussion (41 subsections) and the notes to its financial statements (11 numbered notes), but not its other exhibits. Our records keep one value for each period, the latest filed, so they cannot tell whether the year-earlier figures were restated.31^,32