Meta Platforms, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements META PLATFORMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except number of shares and par value) (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 15,462 $ 35,873 Marketable securities 74,798 45,719 Accounts receivable, net 21,752 19,769 Prepaid expenses and other current assets 13,463 7,361 Total current assets 125,475 108,722 Non-marketable equity investments 30,157 27,524 Property and equipment, net 225,724 176,400 Operating lease right-of-use assets 23,985 20,404 Goodwill 23,406 24,534 Other assets 21,209 8,437 Total assets $ 449,956 $ 366,021 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 15,889 $ 8,894 Operating lease liabilities, current 2,425 2,213 Accrued expenses and other current liabilities 38,065 30,729 Total current liabilities 56,379 41,836 Operating lease liabilities, non-current 26,229 22,940 Long-term debt 83,664 58,744 Long-term income taxes 18,326 21,005 Other liabilities 4,137 4,253 Total liabilities 188,735 148,778 Commitments and contingencies Stockholders' equity: Common stock and additional paid-in capital, $ 0.000006 par value; 5,000 million Class A shares authorized, 2,206 million and 2,187 million shares issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively; 4,141 million Class B shares authorized, 342 million and 343 million shares issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively 103,981 95,793 Accumulated other comprehensive income (loss) ( 603 ) 271 Retained earnings 157,843 121,179 Total stockholders' equity 261,221 217,243 Total liabilities and stockholders' equity $ 449,956 $ 366,021 See Accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents META PLATFORMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 60,801 $ 47,516 $ 117,111 $ 89,830 Costs and expenses: Cost of revenue 11,330 8,491 21,549 16,063 Research and development 21,656 12,942 39,354 25,092 Marketing and sales 3,431 2,979 6,339 5,735 General and administrative 5,609 2,663 8,222 4,943 Total costs and expenses 42,026 27,075 75,464 51,833 Income from operations 18,775 20,441 41,647 37,997 Interest and other income (expense), ne