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Meta Platforms Inc. (“NASDAQ:META”) reported second-quarter revenue of $47.52 billion, up 22 percent from $39.07 billion in the same period last year. Growth was driven by strong advertising demand across its Family of Apps, supported by higher ad prices and continued user engagement.
According to results released on July 30, income from operations rose to $20.44 billion, a 38 percent increase from $14.85 billion in the prior year. Operating margin improved to 43 percent from 38 percent. Net income rose 36 percent year over year to $18.34 billion. Diluted earnings per share increased to $7.14 from $5.16.
Advertising revenue reached $46.56 billion, accounting for nearly all of the company’s revenue. The number of ad impressions delivered rose 11 percent, and the average price per ad increased 9 percent. Reality Labs, which includes Meta’s virtual and augmented reality products, contributed $370 million in revenue and posted an operating loss of $4.53 billion.
Second Quarter 2025 Financial Highlights
| In millions, except percentages and per share amounts | 2025 | 2024 | % Change |
| Revenue | $47,516 | $39,071 | 22 % |
| Costs and expenses | 27,075 | 24,224 | 12 % |
| Income from operations | $20,441 | $14,847 | 38 % |
| Operating margin | 43 % | 38 % | |
| Provision for income taxes | $2,197 | $1,641 | 34 % |
| Effective tax rate | 11 % | 11 % | |
| Net income | $18,337 | $13,465 | 36 % |
| Diluted earnings per share (EPS) | $7.14 | $ 5.16 | 38 % |
Total costs and expenses grew 12 percent to $27.08 billion, reflecting increased research and development spending, which reached $12.94 billion for the quarter. Marketing, sales, and general and administrative costs totaled $5.64 billion.
Capital expenditures were $17.01 billion in the quarter, including finance lease payments. Meta repurchased $9.76 billion worth of its Class A common stock and paid $1.33 billion in dividends and equivalents. Free cash flow for the quarter was $8.55 billion. Cash, cash equivalents, and marketable securities totaled $47.07 billion at quarter-end.
Daily active users across Meta’s Family of Apps averaged 3.48 billion in June, up 6 percent year over year. Headcount stood at 75,945, up 7 percent from a year ago.
Meta expects third-quarter revenue to range between $47.5 billion and $50.5 billion, with foreign currency movements acting as a 1 percent tailwind. For the full year, the company narrowed its total expense forecast to $114 billion to $118 billion, reflecting year-over-year growth of 20 to 24 percent.
The company anticipates that 2026 expenses will rise at a faster pace than in 2025 due to higher infrastructure and compensation costs. Meta now expects full-year capital expenditures to range from $66 billion to $72 billion, with additional capacity expansions planned to support AI and business operations.
Management warned of possible revenue headwinds in Europe related to regulatory changes under the Digital Markets Act. Meta is engaging with the European Commission on its Less Personalized Ads model, introduced in late 2024, and said that further modifications could affect advertising performance in the region.