Meta Platforms Inc financial model
This Excel financial model of Meta Platforms Inc was built automatically by Skale from 4 published financial documents. It is a 3-statement model (income statement, balance sheet, cash flow) with 5 projected years, Sep-27E to Sep-31E, and a DCF valuation. For LTM Sep-26, revenue was $241.6 billion, net income to shareholders $75.2 billion and net debt $69.7 billion; the DCF enterprise value is $1.3 trillion under the model's assumptions.
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Meta Platforms Inc summary financials
USD millions · historical and projected years 2023–2031. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| USD millions | Unit | 2023 | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E |
| Income statement | ||||||||||
| Revenue | 134,902.0 | 164,501.0 | 200,966.0 | 241,605.0 | 290,722.3 | 350,169.3 | 422,238.6 | 509,784.3 | 616,382.0 | |
| Revenue growth | 21.9% | 22.2% | 20.2% | 20.3% | 20.4% | 20.6% | 20.7% | 20.9% | ||
| Gross profit | 108,943.0 | 134,340.0 | 164,791.0 | 195,782.0 | 235,583.7 | 283,755.9 | 342,156.5 | 413,098.2 | 499,478.5 | |
| Gross margin | 80.8% | 81.7% | 82.0% | 81.0% | 81.0% | 81.0% | 81.0% | 81.0% | 81.0% | |
| EBITDA | 84,670.0 | 101,276.0 | 104,033.3 | 132,869.2 | 163,225.9 | 196,132.8 | 232,763.4 | 274,493.1 | ||
| EBITDA margin | 51.5% | 50.4% | 43.1% | 45.7% | 46.6% | 46.5% | 45.7% | 44.5% | ||
| EBIT | 46,751.0 | 69,380.0 | 83,276.0 | 79,380.0 | 95,517.6 | 115,049.1 | 138,727.7 | 167,491.0 | 202,514.0 | |
| EBIT margin | 34.7% | 42.2% | 41.4% | 32.9% | 32.9% | 32.9% | 32.9% | 32.9% | 32.9% | |
| Pre-tax income | 47,428.0 | 70,663.0 | 85,932.0 | 78,863.0 | 95,000.6 | 114,506.2 | 137,980.0 | 166,353.4 | 200,812.3 | |
| Income taxes | 8,330.0 | 8,303.0 | 25,474.0 | 3,614.0 | 4,353.5 | 5,247.4 | 6,323.1 | 7,623.4 | 9,202.5 | |
| Effective tax rate | 17.6% | 11.8% | 29.6% | 4.6% | 4.6% | 4.6% | 4.6% | 4.6% | 4.6% | |
| Net income | 39,098.0 | 62,360.0 | 60,458.0 | 75,249.0 | 90,647.1 | 109,258.8 | 131,656.9 | 158,730.0 | 191,609.8 | |
| Net income to shareholders | 39,098.0 | 62,360.0 | 60,458.0 | 75,249.0 | 90,647.1 | 109,258.8 | 131,656.9 | 158,730.0 | 191,609.8 | |
| Net margin | 29.0% | 37.9% | 30.1% | 31.1% | 31.2% | 31.2% | 31.2% | 31.1% | 31.1% | |
| Earnings per share | 14.87 | 23.86 | 23.49 | 29.30 | 35.38 | 42.75 | 51.63 | 62.39 | 75.49 | |
| Cash flow | ||||||||||
| Cash flow from operations | 98,099.0 | 104,247.3 | 124,266.4 | 152,919.6 | 183,587.1 | 217,351.8 | 255,490.9 | |||
| Capex | 37,256.0 | 69,691.0 | 110,740.0 | 110,740.0 | 110,740.0 | 110,740.0 | 110,740.0 | 110,740.0 | ||
| Unlevered free cash flow | 9,967.4 | 200.6 | 14,020.7 | 42,697.6 | 73,560.6 | 107,697.3 | 146,374.7 | |||
| FCF margin | 5.0% | 0.1% | 4.8% | 12.2% | 17.4% | 21.1% | 23.7% | |||
| Balance sheet | ||||||||||
| Cash and cash equivalents | 43,889.0 | 35,873.0 | 11,222.0 | 15,347.6 | 48,010.9 | 110,198.4 | 200,164.2 | 330,856.8 | ||
| Financial debt | 28,826.0 | 58,744.0 | 80,922.0 | 78,172.0 | 76,672.0 | 75,672.0 | 70,672.0 | 70,672.0 | ||
| Lease liabilities | 20,234.0 | 25,153.0 | 31,173.0 | 31,173.0 | 31,173.0 | 31,173.0 | 31,173.0 | 31,173.0 | ||
| Net debt (financial debt − cash) | (15,063.0) | 22,871.0 | 69,700.0 | 62,824.4 | 28,661.1 | (34,526.4) | (129,492.2) | (260,184.8) | ||
| Total equity | 182,637.0 | 217,243.0 | 272,386.0 | 356,382.3 | 457,624.9 | 579,622.1 | 726,706.2 | 904,257.6 | ||
| Balance check (assets − liabilities − equity) | - | - | - | - | - | - | - | - | ||
| Key ratios | ||||||||||
| EBITDA margin | 51.5% | 50.4% | 43.1% | 45.7% | 46.6% | 46.5% | 45.7% | 44.5% | ||
| ROIC (EBIT × (1 − t) ÷ average invested capital) | 32.6% | 25.9% | 23.7% | 22.1% | 22.7% | 24.2% | 26.5% | 29.6% | ||
| FCF margin | 5.0% | 0.1% | 4.8% | 12.2% | 17.4% | 21.1% | 23.7% | |||
| Net debt ÷ EBITDA | (0.18x) | 0.23x | 0.67x | 0.47x | 0.18x | (0.18x) | (0.56x) | (0.95x) | ||
| EBITDA ÷ interest | 31.40x | 39.87x | 48.81x | 58.67x | 73.88x | |||||
| Minimum DSCR over the projection | 2.01x | |||||||||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
Meta explains advertising revenue through its users and monetization (DAP, ARPP, impressions and price per ad). Only DAP has level history for at least two years. Advertising revenue is built as DAP times advertising revenue per DAP. The per-DAP price follows from reported advertising revenue divided by DAP. Both drivers grow with their growth rates held at the prior value. Impression and price-per-ad levels are not given, so a data request is added for that more granular build.
Other revenue (paid WhatsApp messaging, Meta Verified, Payments fees) has no operational driver in the documents. DAP does not measure its main activity. The existing growth build with a held growth rate is kept.
Reality Labs hardware revenue is described only qualitatively (AI glasses up, Quest down). No unit volumes are given, so volume times price is not possible. The existing growth build is kept.
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