Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- Nasdaq: META
- Incorporated
- DE
- Headquarters
- Menlo Park, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $201.0B
- Net income
- $60.5B
- Total assets
- $366.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $201.0B | $60.5B | $366.0B |
| FY2024 | $164.5B | $62.4B | $276.1B |
| FY2023 | $134.9B | $39.1B | $229.6B |
| FY2022 | $116.6B | $23.2B | $185.7B |
| FY2021 | $117.9B | $39.4B | $166.0B |
| FY2020 | $86.0B | $29.1B | $159.3B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
11 verified Decision Cases on Meta, and the casebook each one belongs to.
| Fork date | Decision type | What Meta chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2012 | The Counterfactual | Acquire the nascent threats | A judge declined to order a breakup, ruling for Meta on market definition without reaching the acquisitions themselves (2025-11) | Read the story → | The Counterfactual Casebook → |
| 2012 | The Fork | Rebuild in native code | Mobile advertising revenue comprised over half of overall advertising revenue and mobile MAUs exceeded personal computer MAUs in Q4 2013 (2013) | Read the story → | The Fork Casebook → |
| 2012 | Cannibalization Choice | Buy the rival network | substantially all of Meta's revenue comes from advertising on Facebook and Instagram (2023) | Read the story → | Cannibalization Choice Casebook → |
| 2014 | The Counterfactual | Acquire WhatsApp | WhatsApp's securityholders received 177,760,669 shares and about $4.59 billion in cash, a total exceeding the announced deal value (2014-10) | Read the story → | The Counterfactual Casebook → |
| 2014 | Culture Doctrine | Adopt stable infrastructure | Meta has cut more than 30,000 employees since 2022 (2026-05) | Read the story → | Culture Doctrine Casebook → |
| 2016 | The Money Machine | Charge businesses per message | $690 million for the quarter, up 59% year-on-year, driven by WhatsApp paid-messaging growth (2025) | Read the story → | The Money Machine Casebook → |
| 2018 | Crisis Response | Frame as hypothetical risk | Facebook's user base still grew 1.8% in the fourth quarter of 2018 (2018) | Read the story → | Crisis Response Casebook → |
| 2020 | Cannibalization Choice | Cannibalize own best surfaces | Zuckerberg testified users continue to engage more on TikTok than with his apps (2025-04) | Read the story → | Cannibalization Choice Casebook → |
| 2021 | Bet-the-Company | Rebrand and fund metaverse | roughly 11,000 employees cut in late 2022 (2022) | Read the story → | Bet-the-Company Casebook → |
| 2022 | Crisis Response | Name a single ATT number | FY2022 10-K attributes decline to 'the more challenging macroeconomic environment and limitations on our ad targeting and measurement tools, among other factors' (2022) | Read the story → | Crisis Response Casebook → |
| 2023 | The Pricing Lens | Declare permanent efficiency phase | full-year 2023 revenue rose 16% to $134.90 billion (2023) | Read the story → | The Pricing Lens Casebook → |
Videos on Meta
Run one of these yourself
The decisions Meta faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →
The analyses
The Counterfactual · Decision Forks
Facebook Bought Instagram and WhatsApp as Insurance Against a Future It Could See Coming
A $1B photo app with 13 employees. A $19B messaging app with almost no revenue. They looked like the most reckless prices in tech. They were insurance against a future Facebook could already see coming - and the bill for being right just came due in court.
9 min
The Money Machine · Business Model
Meta Sells Attention — $164.5 Billion of It, at Margins That Absorb an $80 Billion Metaverse
Everyone says "you are the product." The scholar who started that critique says it's wrong. Meta sells attention, not data - and on $164.5 billion of ad revenue at a 42% operating margin, it can lose $80 billion building a metaverse nobody asked for and barely flinch.
8 min
The Money Machine · Business Model
WhatsApp Already Runs a B2B Toll Booth: Paid Messaging Past $3 Billion, Growing 59% a Year
The world keeps asking how Meta will monetize a free app with 3 billion users. Wrong question. WhatsApp already runs a B2B toll booth growing 59% a year, with paid messaging on an annualized run-rate north of $3 billion — and no ad ever touched your chat.
8 min
The Cannibalization Choice · Growth & Portfolio
Facebook's Mobile Pivot Was a Correction — Its Own 2012 Filing Admitted the Miss
The legend says Zuckerberg boldly bet the company on mobile. The filings say otherwise: as late as its FY2012 10-K, Facebook admitted it had earned 'only a small portion' of revenue from mobile. The pivot was a correction, not a leap.
7 min
The Cannibalization Choice · Growth & Portfolio
Meta Chose to Bleed Its Best Surfaces to Stop TikTok. It Worked - and It Still Lost.
Reels is sold as the product that beat TikTok. It didn't. Meta spent a ~$500M-per-quarter revenue headwind and openly cannibalized its highest-margin Feed and Stories to keep users from leaving. The bet was containment, not conquest.
8 min
The Cannibalization Choice · Growth & Portfolio
Zuckerberg Warned of 'Network Collapse' While Letting Instagram Eat Facebook
Meta is praised for cannibalizing Facebook with Instagram. But internal emails show Zuckerberg knew Instagram was causing Facebook engagement to 'decline significantly' — and warned of a 'network collapse of the more engaging and profitable product' while doing it anyway.
8 min
The Counterfactual · Decision Forks
Facebook Closed the Instagram Deal at $715 Million — the Price of an Already-Lost Mobile Photo War
Facebook didn't pay $1 billion for Instagram. By the time it closed, the price was $715 million for a 13-person app with zero revenue. The genius wasn't foresight - it was an admission Facebook had already lost the mobile photo war.
7 min
The Counterfactual · Decision Forks
Facebook Signed WhatsApp for $16B in Equity Plus $3B Retention — to Keep It From Google
The famous $19B price is a myth: the signed deal was $16B in equity plus a $3B retention package. And the real motive wasn't users - it was denying Google an SMS-killing network, using stock so frothy the premium was nearly free.
8 min
The Trust Crisis · Crisis & Reinvention
Facebook's Cambridge Analytica Failure: An Open Door, a Two-Year Lie, a $5.1 Billion Bill
The legend says a firm with psychographic mind-control swung 2016 by hacking 87 million Facebook accounts. Regulators found the models 'exaggerated and likely inaccurate.' The actual failure was simpler: Facebook built a door, left it open for years, and lied about it for two. That cost $5.1 billion in fines.
8 min
The Crisis Response · Crisis & Reinvention
The $10 Billion Meta Blamed on Apple Was a Number Nobody Could Verify
Apple's privacy switch genuinely broke Meta's targeting engine. But the famous $10 billion hit was a CFO's 'best guess,' not an audited loss — and a single vivid number conveniently hid a recession, TikTok, and a $10B-a-year metaverse bet.
8 min
The Culture Doctrine · People & Control
Zuckerberg Retired 'Move Fast and Break Things' in 2014, Years Before Cambridge Analytica
Everyone thinks Cambridge Analytica killed 'move fast and break things.' Zuckerberg actually retired it on May 2, 2014 - four years earlier - and replaced it with a slogan about stable infrastructure. The phrase wasn't a philosophy. It was a maxim Meta has been correcting ever since.
7 min
The Bet-the-Company Gamble · Decision Forks
Meta Burned $83 Billion on Reality Labs While the Ad Machine Printed $100 Billion a Year
Meta's metaverse pivot is sold as a bet-the-company gamble. It wasn't. Reality Labs has burned more than $83 billion through 2025 — while the ad business it never touched kept printing over $100 billion a year. The real story is what the gamble was hiding.
8 min
The Moat Anatomy · Moat & Competition
Every Year of Photos on Meta's Four Apps Raises the Price of Leaving
A federal judge ruled in November 2025 that Meta is not a monopoly — TikTok proves the content layer is contestable. But the personal-graph layer is a different animal: each year of photos and connections raises the exit price, across four apps a rival would have to displace at once.
8 min
The Reversal · Business Model
Meta's 'Year of Efficiency' Lasted Exactly One Year. Then It Started Hiring Again.
Meta cut headcount 22% in 2023 and called it a permanent phase change. Within twelve months of finishing, it was hiring again — up 10% in 2024. The discipline was never the point. The stock was.
7 min
The Fall · Crisis & Reinvention
Portal Sold Millions and Still Died: A Facebook Camera in Your Kitchen, Six Months After Cambridge Analytica
Meta's CTO says Portal sold in the millions and users 'fucking loved it.' It was killed anyway. The device worked - the problem was that Facebook tried to put an always-on camera in your kitchen six months after Cambridge Analytica.
7 min