Meta's 2025 revenue rose 22% to $200.97 billion as capital spending reached $72.22 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 revenue of $200.97 billion for 2025, up 22% from $164.5 billion a year earlier, in its annual report on Form 10-K, the yearly report a US-listed company files with the SEC, filed Jan 29, 2026. Meta said the growth came from advertising, with ad impressions up 12% and the average price per ad up 9%. Operating income, the profit from running the business before interest and tax, was $83.28 billion, up 20% from $69.38 billion. Research and development expenses rose $13.50 billion, or 31%, mostly on higher employee pay and infrastructure costs, including for its AI initiatives.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

Net income was $60.46 billion, down 3% from $62.36 billion, and diluted earnings per share were $23.49 against $23.86. Meta recorded a $15.93 billion charge in the third quarter of 2025 tied to the One Big Beautiful Bill Act, enacted on Jul 4, 2025, which introduced new US income tax provisions; $14.03 billion of it was a valuation allowance, a reserve against US federal deferred tax assets the company may not be able to use. Its effective tax rate for the year was 30%, and Meta said it would have been 13% without the valuation allowance charge.11^,12^,13^,14^,15^,16^,17^,18

Capital expenditures, which include principal payments on finance leases, were $72.22 billion in 2025. For 2026 Meta said it expected capital expenditures of $115 billion to $135 billion, with year-over-year growth driven by increased investment to support its Meta Superintelligence Labs efforts and its core business. At the end of 2025, Meta listed leases that had not yet begun with total obligations of about $103.77 billion, mostly for data centers, colocations and network infrastructure, and $131.05 billion of contractual commitments, with $30.63 billion due in 2026.19^,20^,21^,22^,23

Among Meta's non-marketable equity investments at the end of 2025, the notes list its minority investments in Scale AI, closed during 2025, at $13.80 billion and its investment in Jio Platforms Limited at $5.82 billion. In October 2025 Meta entered an arrangement to co-develop a data center campus in Louisiana, which it said would let it meet future infrastructure capacity needs as AI markets and technologies develop. Meta held a 20% interest and the partners committed to fund their shares of about $27 billion in estimated development costs; at the end of 2025 Meta's maximum exposure to loss from the arrangement was $45.95 billion, a figure that counts lease commitments, future funding and a residual value guarantee on top of its equity investment. Meta also issued $30.0 billion of fixed-rate senior unsecured notes in six series in November 2025, and its long-term debt was $58.74 billion at year-end.24^,25^,26^,27^,28^,29^,30

We hold the text of this report's management discussion and notes, not its other exhibits, and our records keep one value for each period, the latest filed, so they cannot show whether the year-earlier figures were restated.31^,32