At a glance
Meta Platforms Inc. is worth $1.55T, about 26 times its fiscal 2025 earnings. Revenue grew 22.2% to $200.97B in fiscal 2025, with 30.1% kept as profit; over 5 years it has grown 18.5% a year. It pays a 0.35% dividend yield, and returned $159.04B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.1% over the past year with dividends reinvested and +13.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.9% in the 2020 crash (S&P 500: 33.7%) and 62.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 13 months after the lows.
The business in plain English
Meta Platforms, formerly Facebook, runs a family of apps: Facebook, Instagram, Messenger, WhatsApp, Threads and Meta AI, its artificial intelligence (AI) assistant. Meta makes money by selling ad placements to marketers. The ads run across its apps and on third-party apps and websites. Meta's annual report (Form 10-K) for fiscal 2025 says substantially all of its revenue comes from this advertising, which it reports in a segment called Family of Apps. Most marketers buy ads through a self-service platform. A global sales force also works with advertisers, both directly and through agencies.
The second segment, Reality Labs, sells consumer hardware, software and content. Its products include Meta Quest virtual reality headsets and AI glasses such as Ray-Ban Meta, Oakley Meta and Meta Ray-Ban Display. Meta treats Reality Labs as a long-term bet on the next computing platform. It invested $21.40 billion there in 2025, 18% of its total costs and expenses. It expects the segment to keep operating at a loss for the foreseeable future.
Total revenue was about $201 billion in fiscal 2025, which ended December 31, 2025. By region, US & Canada supplied 39.2%, Asia Pacific 26.8%, Europe 23.2% and the rest of the world 10.8%. The 10-K names AI as a key investment area. AI ranks content in Meta's apps and powers its advertising tools.
Price history
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META -6.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| US & Canada | $78.87B | 39.2% |
| Asia Pacific | $53.82B | 26.8% |
| Europe | $46.57B | 23.2% |
| Rest Of World | $21.71B | 10.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $64.60B, up 26.1% from a year earlier, and net income was $9.86B (+264.0%).
- For fiscal 2025, revenue was $200.97B (+22.2% year over year; +18.5% a year from FY2020 to FY2025) with a 30.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.5% good |
|---|---|
| Operating margin | 41.4% good |
| Free cash flow margin | 22.9% good |
| Return on equity (FY2025) | 27.8% good |
| Return on assets (FY2025) | 16.5% good |
| Net cash (cash minus debt) | $-1.22B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $85.97B | $29.15B | $23.58B |
| FY2021 | $117.93B | $39.37B | $38.99B |
| FY2022 | $116.61B | $23.20B | $19.29B |
| FY2023 | $134.90B | $39.10B | $44.07B |
| FY2024 | $164.50B | $62.36B | $54.07B |
| FY2025 | $200.97B | $60.46B | $46.11B |
Valuation snapshot
| Market value | $1.55T |
|---|---|
| P/E ratio | 25.8 |
| Dividend yield | 0.35% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| META price data to Nov 2, 2026 | -7.9% | -6.1% | +25.4% | +13.3% | +17.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.9% |
| 2025 | +13.1% |
| 2024 | +66.0% |
| 2023 | +194.1% |
| 2022 | -64.2% |
| 2021 | +23.1% |
| 2020 | +33.1% |
| 2019 | +56.6% |
| 2018 | -25.7% |
| 2017 | +53.4% |
| 2016 | +9.9% |
| 2015 | +34.1% |
| 2014 | +42.8% |
| 2013 | +105.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.9% over that stretch · deepest drop along the way 32.9%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 62.3% over that stretch · deepest drop along the way 62.3%, back to its old high 13.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 89 sales ($101.4M), 88 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 21, 2026 | Christopher K Cox Chief Product Officer | sell (plan) | $14.5M |
| Sep 21, 2026 | Christopher K Cox Chief Product Officer | sell (plan) | $14.0M |
| Sep 15, 2026 | Christopher K Cox Chief Product Officer | sell (plan) | $13.5M |
| Sep 9, 2026 | Christopher K Cox Chief Product Officer | sell (plan) | $12.1M |
| Sep 24, 2026 | Mark Zuckerberg COB and CEO, Director, 10% owner | sell (plan) | $5.9M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| FMR LLC | 4.4% | Jun 30, 2026 |
ETFs with the most weight in META
| VOX Vanguard Communication Services ETF | 21.81% |
| IXP iShares Global Comm Services ETF | 20.69% |
| FCOM Fidelity MSCI Communication Services Index ETF | 20.18% |
| XLC Communication Services Select Sector SPDR Fund | 15.72% |
| WUGI AXS Esoterica NextG Economy ETF | 13.04% |
| DARP Grizzle Growth ETF | 10.87% |
| GAMR Amplify Video Game Leaders ETF | 9.76% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 9.73% |
What could go wrong
- Heavy dependence on advertising. Almost all revenue comes from ads. It could fall if marketers cut spending, if less data is available for targeting and measuring ads, or if changes to mobile platforms Meta doesn't control hurt its apps.
- Huge AI spending may not pay off. Meta is spending heavily on artificial intelligence (AI), from data centers to advanced models. These costs reduce profit margins, and Meta warns its business will be harmed if the investments fail longer-term.
- Reality Labs keeps losing money. Meta spent $21.40 billion on Reality Labs in 2025, building virtual reality headsets and AI glasses. It expects losses for the foreseeable future; some products may not be fully realized until the next decade.
- Rivals compete for users' attention. Ad revenue depends on how many people use Meta's apps and how much. Rivals such as TikTok have reduced some users' engagement, and Russia's ban on Facebook and Instagram contributed to slight user declines.
- Heavy regulation in the US and Europe. Meta must follow EU rules such as the GDPR privacy law and Digital Markets Act, plus a privacy settlement order with the US Federal Trade Commission. Investigations could bring substantial costs or force business changes.
- One person controls the vote. Founder and CEO Mark Zuckerberg controls a majority of voting power through a dual-class structure, meaning two share types with different voting rights. Holders of Class A shares have little say over corporate decisions.
Recent events
- Major agreement signed; Change to shareholder rights; Bylaws or fiscal year changed
- Major agreement signed; Quarterly results released; Other company announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
Meta pays a dividend, but a small one. It paid none in fiscal 2022 or 2023, then $2.00 per share in fiscal 2024 and $2.10 in fiscal 2025, so it has only one increase on record. The fiscal 2025 dividend used 8.8% of earnings and 11.5% of free cash flow (the cash left after running and investing in the business). The yield was 0.34% as of October 30, 2026. For an income investor, that means Meta supplies little cash, and returns depend mostly on the share price. Meta also says it cannot guarantee future dividends. Buybacks are much larger: from fiscal 2021 to 2025, Meta spent $148.6 billion buying back its own shares, against $10.4 billion in dividends.
The shares swing hard in downturns. They fell 32.9% in the 2020 COVID crash and recovered in about two months. In the 2022 bear market they lost 62.3% and took about 13 months to recover. A single stock like Meta carries more risk than a diversified fund.
Questions investors ask
How does Meta make money?
Almost entirely from advertising. Meta's annual report for fiscal 2025 says substantially all of its revenue comes from selling ad placements to marketers. The ads run on Facebook, Instagram, Messenger, Threads and WhatsApp, as well as on third-party apps and websites. Revenue reached about $201 billion in fiscal 2025, up 22.2% from the year before. A smaller segment, Reality Labs, sells Meta Quest headsets, AI glasses, software and content, but Meta expects it to operate at a loss for the foreseeable future.
Does Meta pay a dividend?
Yes, but it is small. Meta paid $2.00 per share in fiscal 2024 and $2.10 in fiscal 2025, after paying none in fiscal 2022 and 2023. The yield was 0.34% as of October 30, 2026, and the fiscal 2025 dividend used 8.8% of earnings. Meta returns more cash through share buybacks, which totaled $26.2 billion in fiscal 2025. Its 10-K says there is no assurance it will keep declaring dividends.
Is Meta losing money on Reality Labs?
Yes, and Meta expects that to continue. Reality Labs makes Meta Quest virtual reality headsets and AI glasses such as Ray-Ban Meta. Meta invested $21.40 billion in it in 2025, which was 18% of its total costs and expenses. Meta says the segment will operate at a loss for the foreseeable future and that some products may not be fully realized until the next decade. It also says its ability to keep funding these efforts depends on profits from the rest of the business.
Does Mark Zuckerberg control Meta?
Yes. Mark Zuckerberg, Meta's founder, chairman and CEO, controls a majority of the voting power through a dual-class share structure, which concentrates voting control with holders of Class B shares. That makes Meta a "controlled company," and its 10-K warns that Class A shareholders have limited ability to influence corporate matters. Among large outside holders, Vanguard Capital Management reported a 7.49% stake as of March 31, 2026, and FMR LLC reported 4.4% as of June 30, 2026.
Is Meta stock volatile?
Yes, more than the overall market. As of October 30, 2026, Meta's one-year beta was 1.54. Beta measures how much a stock moves compared with the market, so the shares tended to move about one and a half times as much. They fell 62.3% in the 2022 bear market and took about 13 months to recover. Their deepest decline on record is 76.7%. Over the 10 years to October 30, 2026, the share price rose at an annualized 16.8%.