Meta Platforms, Inc.

Meta's FY2024 revenue rose 22% to $164.5B with net income of $62.4B and diluted EPS of $23.86, as advertising revenue increased 22% to $160.6B.

Total revenue increased 22% to $164.5B, which management attributes to an increase in advertising revenue; advertising revenue rose 22% to $160.6B due to increases in ad impressions delivered and average price per ad. Income from operations increased 48% to $69.4B, which management attributes to the increase in advertising revenue, partially offset by an increase in costs and expenses mainly from operational expenses related to data centers and technical infrastructure and employee compensation, partially offset by lower restructuring and legal-related costs.

Reported income from operations of $69.4B includes restructuring charges of $389M in 2024, all related to facilities consolidation, compared with $2.3B in 2023. General and administrative expenses decreased $1.67B, or 15%, mostly driven by a favorable impact of $1.55B in legal-related costs. The provision for income taxes of $8.3B reflects an effective tax rate of 12%, which management states decreased compared to 2023 primarily due to excess tax benefits recognized from share-based compensation and an increase in research tax credits. The filing does not define an adjusted or ex-item earnings total.

Capital expenditures $37.3B (prior $27.0B) (selected cash-flow amount, not necessarily total capital investment).

“Cash used in financing activities during 2024 mostly consisted of $30.13 billion for repurchases of our Class A common stock, $5.07 billion of payments of dividends and dividend equivalents, and $13.77 billion of taxes paid related to net share settlement of RSUs, partially offset by $10.43 billion of net proceeds from the issuance of additional Notes in August 2024. The increase in cash used in financing activities during 2024 compared to 2023, was mostly due to increases in our capital returns of $10.35 billion for repurchases of our Class A common stock and $5.07 billion for quarterly dividend payments that began in March 2024, as well as a $6.76 billion increase in taxes paid related to net share settlement of RSUs.”

— Filing statement

Return on equity was 34.1% (prior 25.5%) (period net income / period-end equity, not annualized); return on assets 22.6% (prior 17.0%) (period net income / period-end assets, not annualized).

The filing states that it anticipates making capital expenditures of approximately $60 billion to $65 billion in 2025 to support its core business and generative AI efforts, and that it continues to expect Reality Labs operating losses to increase in 2025. It also states that if its stock price remains constant to the January 24, 2025 price, and absent any changes to its tax landscape, it expects its effective tax rate for the full year 2025 to be in the range of 12-15%.

“We anticipate making capital expenditures of approximately $60 billion to $65 billion in 2025 to support our core business and generative AI efforts.”

— Meta Platforms, Inc. (MD&A)Verified in filing

“In 2024, our RL segment reduced our overall operating profit by approximately $17.73 billion, and we continue to expect our RL operating losses to increase in 2025.”

— Meta Platforms, Inc. (MD&A)Verified in filing

Leverage: Identified debt as of 2024-12-31: reported debt balance of unestablished maturity scope of $28.8B. The concept behind this balance does not establish which maturities it covers. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Cash, cash equivalents, and marketable securities were $77.81 billion as of December 31, 2024, an increase of $12.41 billion from December 31, 2023. The filing states principal sources of liquidity are cash, cash equivalents, marketable securities, and cash generated from operations.

Cash flow: Cash flow — operating $91.3B, investing $-47.1B, financing $-40.8B.

Working capital: Current assets $100.0B vs. current liabilities $33.6B (current ratio 2.98x). Prior reported balance sheet as of 2023-12-31: $85.4B vs. $32.0B (2.67x).