PortolioMETAForm 10-K · FY 2025MD&A
Management’s Discussion & Analysis
Filed February 14, 2026 · 247 pages · reading time 1h 42m
In 2025, total revenue grew 16% to $174.3 billion, driven by strength in Family of Apps advertising and continued monetization of Reels. Operating income rose to $72.1 billion, producing an operating margin of 42%.
Capital expenditures totaled $38.9 billion, a 22% increase, reflecting investment in inference infrastructure, data center capacity and network build-out.
“We expect 2026 capex to be in the range of $62–$68 billion, weighted toward the first half as Blackwell deliveries accelerate.”
The Company continues to invest in Reality Labs. Operating losses in the segment narrowed to $14.1 billion from $16.0 billion, reflecting disciplined spend on operating expenses while hardware volumes grew.