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MetaMETA

$597.33Read the full report →Fact sheet
Apps vs Reality Labs

What does the metaverse bet cost each quarter?

0.00$500M$1.0BQ1 '24Q2 '24Q3 '24Q1 '25Q2 '25Q3 '25Q1 '26Q2 '26

→Reality Labs brought in $431M and lost $4.6B doing it last quarter — the metaverse bet, priced quarterly.

Reality Labs operating income

The burn, isolated: Reality Labs' operating profit and loss

$-4.0B$-2.0B0.00Q1 '24Q2 '24Q3 '24Q1 '25Q2 '25Q3 '25Q1 '26Q2 '26
Revenue

Is the business selling more than it used to?

$201.0B+22% YoYFY 2025

0.00$25.0B$50.0BQ3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26$60.8B+28% YoY

◌ dashed bar = Q4 derived from FY − Q1 − Q2 − Q3 (the SEC never receives a Q4 filing)

→$201.0B in the last fiscal year.

Net income

How much of it becomes profit?

$60.5B−3% YoYFY 2025

0.00$10.0B$20.0BQ3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26$26.8BQ2 '26$15.8B-14% YoY

◌ dashed bar = Q4 derived from FY − Q1 − Q2 − Q3 (the SEC never receives a Q4 filing)

→$60.5B last fiscal year.

Growth after dilution

How much of that growth reaches YOUR share?

0.0050.0020112012201320142015201620172018201920202021202220232024202578.0817.91

→$78.08 of revenue per share last year, split-adjusted.

Free cash flow

What's left after everything, in actual cash?

$46.1B−15% YoYFY 2025

0.00$20.0B$40.0B20112012201320142015201620172018201920202021202220232024$54.1B2025$46.1B

→$46.1B of free cash flow last year.

Cash conversion

How much of every sales dollar ends up as free cash?

0.0%20%40%201120122013201444%2015201620172018201920202021202220232024202523%

→23% FCF margin last year.

Spending intensity

What does staying competitive cost, per dollar of sales?

0.0%20%20112012201320142015201620172018201920202021202220232024202535%29%10%
Operating leverage

When sales grow, do profits grow faster?

0.0%200%400%2012201320142015201620172018201920202021202220232024202522%20%
Margins

Of every dollar of sales, how much survives?

0.0%20%40%20112012201320142015201620172018201920202021202220232024202541%30%
Returns on capital

What does it earn on the money it uses?

0.0%20%20112012201320142015201620172018201920202021202220232024202528%17%26%
P/E history

What has the market paid per dollar of earnings?

0.0050.0020152016201720182019202020212022202320242025median 23xP/E 28.40
P/S history

And per dollar of sales?

0.0010.0020152016201720182019202020212022202320242025median 8xP/S 8.55
Debt & cash

Could it handle its debt if things went wrong?

0.00$50.0B201220132014201520162017201820192020202120222023202420252026$83.7B$15.5B
Shareholders' equity

Is the company's own capital growing?

0.00$100B$200B201220132014201520162017201820192020202120222023202420252026$261B
Capital returned

How much goes back — and how much leaks out as stock comp?

0.00$20.0B$40.0B20152016201720182019202020212022202320242025
Dilution rate

How fast is your ownership being diluted — or concentrated?

0.0%20%40%201244%2013201420152016201720182019202020212022202320242025-1.5%

→-1.5% last year.

Insider flow

Are the people running it buying or selling?

$10M$5M0.00May '26Jun '26Jul '26Aug '26
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