Meta Platforms, Inc.

Worth knowing

• Stock pay is large next to buybacks. Stock-based pay expense $51.1B vs $76.1B spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Meta Platforms recorded $51.1B of stock-based pay expense and spent $76.1B repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Meta Platforms recorded $51.1B of stock-based pay expense and spent $76.1B repurchasing shares.

• Stock-based pay is a large cost. Stock pay was 10% of revenue in 2025.

  Meta Platforms paid employees $20.4B in stock in 2025, 10% of its $201.0B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Borrowing rising faster than profit. Since 2022 (an unusually weak year for operating profit): debt +492%, operating profit +188%.Since 2022: debt +492%, operating profit +188%.

  Meta Platforms's debt grew 492% since 2022 while operating profit changed +188%.

• Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +72%, operating profit +188%.Since 2022: revenue +72%, operating profit +188%.

  Since 2022, Meta Platforms's revenue grew 72% while operating profit grew 188%: each extra dollar of sales is adding more profit.