Slide 1: Meta Earnings Presentation Q4 2025
Meta Earnings Presentation Q4 2025 investor.atmeta.com
Slide 2: Advertising Revenue by User Geography
Advertising Revenue by User Geography In Millions $58,137 $7,403 $50,082 $46,783 $46,563 $6,659 $10,893 $5,635 $41,392 $6,004 $38,706 $39,885 $38,329 $35,635 $5,382 $10,020 $4,447 $5,088 $9,012 $4,880 $9,148 $4,519 $14,198 $8,050 $8,224 $7,316 $7,721 $7,338 $11,154 $12,072 $11,366 $9,159 $9,358 $9,5
Slide 3: Revenue by User Geography
Revenue by User Geography In Millions $59,893 $7,759 $51,242 $48,385 $47,516 $6,951 $5,854 $11,182 $42,314 $6,247 $40,111 $40,589 $39,071 $5,590 $10,272 $4,573 $36,455 $5,268 $9,245 $5,036 $9,366 $4,667 $14,480 $7,512 $8,220 $8,439 $7,888 $7,481 $11,503 $12,268 $11,532 $9,441 $9,492 $9,680 $9,300 $8
Slide 4: Segment Results
Segment Results In Millions, Except Percentages Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Advertising $ 38,706 $ 35,635 $ 38,329 $ 39,885 $ 46,783 $ 41,392 $ 46,563 $ 50,082 $ 58,137 Other 334 380 389 434 519 510 583 690 801 Family of Apps 39,040 36,015 38,718 40,319 47,302 41,902 47,146
Slide 5: Expenses as a Percentage of Revenue
Expenses as a Percentage of Revenue 9% 9% 5% 7% 6% 5% 6% 6% 2% 7% 6% 6% 8% 7% 7% 7% 6% 7% 26% 27% 28% 29% 30% 29% 27% 25% 27% General & Administrative Marketing & Sales 19% 18% 19% 18% 18% 18% 18% 18% 18% Research & Development Cost of Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue 5
Slide 6: Effective Tax Rate
Effective Tax Rate In Millions, Except Percentages Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25* Q4’25 Income before provision for $ 16,808 $ 14,183 $ 15,106 $ 17,822 $ 23,553 $ 18,382 $ 20,534 $ 21,663 $ 25,354 income taxes Provision for income taxes $ 2,791 $ 1,814 $ 1,641 $ 2,134 $ 2,715 $ 1,7
Slide 7: Net Income
Net Income In Millions $22,768 $20,838 $18,337 $16,644 $15,688 $14,017 $13,465 $12,369 $2,709 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25* Q4'25 *Net income includes a one-time, non-cash income tax charge to provision for income taxes of $15.93 billion accrued in the third quarter of 2025, relat
Slide 8: Diluted Earnings Per Share
Diluted Earnings Per Share $8.88 $8.02 $7.14 $6.43 $6.03 $5.33 $5.16 $4.71 $1.05 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25* Q4'25 *Net income includes a one-time, non-cash income tax charge to provision for income taxes of $15.93 billion accrued in the third quarter of 2025, related to the imp
Slide 9: Capital Expenditures
Capital Expenditures In Millions $72,215 $39,225 $22,137 $14,836 Q4'24 Q4'25 2024 2025 Quarterly YTD Capital expenditures for periods presented were related to purchases of property and equipment and principal payments on finance leases. 9
Slide 10: Family Daily Active People (DAP)
Family Daily Active People (DAP) In Billions 3.54 3.58 3.43 3.48 3.29 3.35 3.24 3.27 3.19 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 We define a daily active person (DAP) as a registered and logged-in user of Facebook, Instagram, Messenger, and/or WhatsApp (collectively, our "Family" of p
Slide 11: Family Average Revenue per Person (ARPP)
Family Average Revenue per Person (ARPP) $16.56 $14.25 $14.46 $13.65 $12.33 $12.29 $12.36 $11.89 $11.20 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Beginning in the first quarter of 2024, we define average revenue per person (ARPP) as our FoA revenue during a given quarter, divided by the
Slide 12: Ad Impressions Delivered YoY Percentage Change
Ad Impressions Delivered YoY Percentage Change 18% 14% 13% 13% 11% 9% 8% 9% 6% 5% 6% 5% 5% 6% 4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Worldwide US & Canada Europe 23% 24% 16% 14% 10% 9% 9% 7% 3% 1% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q
Slide 13: Average Price Per Ad YoY Percentage Change
Average Price Per Ad YoY Percentage Change 16% 17% 19% 14% 12% 14% 13% 12% 10% 9% 10% 11% 9% 9% 6% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Worldwide US & Canada Europe 23% 20% 17% 15% 15% 12% 3% 2% 1% (2)% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2
Slide 14: Appendix
Appendix OQ Meta
Slide 15: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation In Millions Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net cash provided by $ 19,404 $ 19,246 $ 19,370 $ 24,724 $ 27,988 $ 24,026 $ 25,561 $ 29,999 $ 36,214 operating activities Less: Purchases of 7,592 6,400 8,173 8,258 14,425 12,941 16,538 18,829 21,383 pro
Slide 16: Limitations of Key Metrics and Other Data
Limitations of Key Metrics and Other Data Family Metrics The numbers for our key metrics are calculated using internal company data based on the activity of user accounts. We report our estimates of the numbers of our daily active people (DAP) and average revenue per person (ARPP) (collectively, our
Slide 17: Limitations of Key Metrics and Other Data
Limitations of Key Metrics and Other Data To calculate our estimates of DAP, we currently use a series of machine learning models that are developed based on internal reviews of limited samples of user accounts and calibrated against user survey data. We apply significant judgment in designing these
Slide 18: Meta Earnings Presentation Q4 2025
Meta Earnings Presentation Q4 2025 investor.atmeta.com