Meta Platforms, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $201.0B |
| Gross margin | 82.0% |
| Operating income | $83.3B |
| Net income | $60.5B |
| Diluted EPS | $23.49 |
| Cash & equivalents | $35.9B |
| Total assets | $366.0B |
| Long-term debt | $58.7B |
Key takeaway
Total revenue increased 22% to $200.97 billion in 2025, almost entirely due to a 22% rise in advertising revenue.
🔒 4 more takeaways in the full analysis
Beneath the surface
The 30% effective tax rate versus 21% federal statutory rate was driven largely by a valuation allowance tied to the One Big Beautiful Bill Act; absent that charge, the rate would have been 13%, showing this year's tax hit is largely a one-off distortion.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for META.
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