Meta Platforms(META) - 2025 Q4 - Annual Results

Revenue Performance - Fourth quarter 2025 revenue was $59.89 billion, a 24% increase year-over-year, while full year revenue reached $200.97 billion, up 22% from 2024 [2]. - Total revenue for 2025 reached $200.966 billion, a 22% increase from $164.501 billion in 2024 [34]. - Advertising revenue for Q4 2025 was $58.137 billion, up 24% from $46.783 billion in Q4 2024 [34]. - Family of Apps segment revenue for Q4 2025 was $58.938 billion, a 24% increase from $47.302 billion in Q4 2024 [32]. Costs and Expenses - Total costs and expenses for Q4 2025 were $35.15 billion, a 40% increase year-over-year, and for the full year, they amounted to $117.69 billion, a 24% increase [5]. - Full year 2026 total expenses are projected to be in the range of $162 billion to $169 billion [7]. Net Income - Net income for Q4 2025 was $22.77 billion, a 9% increase from $20.84 billion in Q4 2024, while full year net income was $60.46 billion, down 3% from $62.36 billion in 2024 [2]. - Net income for Q4 2025 was $22.768 billion, compared to $20.838 billion in Q4 2024, reflecting a 9.3% increase [29]. Cash Flow and Capital Expenditures - Free cash flow for 2025 was $43.585 billion, down from $52.103 billion in 2024 [34]. - Capital expenditures for 2026 are anticipated to be between $115 billion and $135 billion, driven by investments in Meta Superintelligence Labs [8]. Assets and Liabilities - Total assets increased to $366.021 billion in 2025, up from $276.054 billion in 2024, representing a 32.6% growth [27]. - Total liabilities increased to $148.778 billion in 2025, up from $93.417 billion in 2024, marking a 59.5% rise [27]. - Long-term debt stood at $58.74 billion as of December 31, 2025 [5]. User Engagement - Family daily active people (DAP) averaged 3.58 billion in December 2025, representing a 7% year-over-year increase [5]. - Ad impressions across the Family of Apps increased by 18% in Q4 2025 and 12% for the full year [5]. - The average price per ad rose by 6% in Q4 2025 and 9% for the full year [5]. Future Projections - The company expects Q1 2026 total revenue to be between $53.5 billion and $56.5 billion, with a 4% foreign currency tailwind [6].