Meta Platforms (META) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached $47.52 billion, up 22% year-over-year, driven by advertising growth and higher ad prices and impressions.

• Net income for Q2 2025 was $18.34 billion, with diluted EPS of $7.14, both up significantly from the prior year.

• Operating income was $20.44 billion (43% margin), reflecting strong operational leverage.

• Family daily active people reached 3.48 billion, up 6% year-over-year; ad impressions rose 11% and average price per ad increased 9%.

• Major investments in AI, infrastructure, and talent are expected to drive higher expenses and CapEx in 2025–2026.

Financial highlights

• Q2 2025 revenue was $47.52 billion, up 22% year-over-year; expenses were $27.07 billion, up 12%.

• Operating income was $20.44 billion (43% margin); net income was $18.34 billion ($7.14 per share).

• Free cash flow was $8.55 billion; share repurchases totaled $9.76 billion, and dividends paid were $1.33 billion.

• Ended Q2 with $47.07 billion in cash and $28.83 billion in debt.

• Capital expenditures for Q2 were $17.01 billion; full-year CapEx expected at $66–72 billion.

Outlook and guidance

• Q3 2025 revenue expected between $47.5–$50.5 billion, with a 1% FX tailwind.

• Full-year 2025 expenses guided to $114–$118 billion (20–24% growth); 2026 expense growth expected to exceed 2025, driven by infrastructure and compensation.

• 2025 CapEx expected at $66–$72 billion, with similar growth anticipated in 2026.

• 2025 tax rate to rise from Q2; regulatory risks in the EU could impact European revenue.

• Full-year Reality Labs operating losses are expected to increase in 2025.