Meta revenue climbs 24% in Q4 as full-year takings cross $200bn

Meta Platforms Inc, the owner of Facebook, Instagram and WhatsApp, reported strong revenue growth for both the fourth quarter and the full year ended 31 December 2025, highlighting the company’s continued advertising-led momentum even as costs rose sharply on the back of sustained investment in artificial intelligence and infrastructure.

Revenue remained the central driver of Meta’s performance. The company posted total revenue of $59.89 billion for the fourth quarter, marking a 24 per cent increase from $48.39 billion in the same period a year earlier. On a constant currency basis, revenue rose by 23 per cent. For the full year, Meta generated $200.97 billion in revenue, up 22 per cent from $164.50 billion in 2024.

Advertising continued to account for the overwhelming majority of Meta’s topline. Revenue from advertising across the Family of Apps segment, which includes Facebook, Instagram, Messenger and WhatsApp, rose as both ad impressions and average price per ad increased during the quarter. The scale of Meta’s user base remained a key factor in sustaining this growth, with the company reporting an average of 3.58 billion Family Daily Active People in December 2025, up 7 per cent year on year.

Chief executive Mark Zuckerberg said the company had delivered a strong business performance in 2025, while continuing to invest heavily in areas that it believes will shape its long-term future, particularly artificial intelligence.

Rising revenue was accompanied by a notable increase in costs. Total costs and expenses climbed to $35.15 billion in the fourth quarter, representing a 40 per cent increase from the prior year. For the full year, costs reached $117.69 billion, up 24 per cent. The increase was largely driven by higher infrastructure-related expenses, increased research and development spending, and greater employee compensation as Meta expanded its technical workforce.

Income from operations for the fourth quarter stood at $24.75 billion, up 6 per cent year on year. Operating income for the full year came in at $83.28 billion, reflecting a 20 per cent increase. Net income rose to $22.77 billion in the fourth quarter, while diluted earnings per share increased to $8.88, up 11 per cent from the previous year.

Investment spending accelerated significantly. Capital expenditure reached $22.14 billion in the fourth quarter alone, bringing full-year capex to $72.22 billion. The bulk of this spending was directed towards data centres, servers and AI infrastructure, reflecting Meta’s push to scale its computing capacity to support future products and services.

Looking ahead, Meta expects revenue in the first quarter of 2026 to fall in the range of $53.5 billion to $56.5 billion, aided by favourable foreign exchange movements. The company forecasts total expenses for 2026 to be between $162 billion and $169 billion, signalling continued pressure on margins as it steps up investment. Capital expenditure for the year is expected to rise further, with guidance set between $115 billion and $135 billion.