Meta Platforms Inc (NASDAQ: META) is a social media and digital advertising company that operates Facebook, Instagram, WhatsApp, and Messenger under its Family of Apps segment. Revenue comes almost entirely from selling advertising inventory across those platforms, with advertisers paying on a per-impression basis. In FY2025, advertising generated $196.18 billion of the company's $200.97 billion in total revenue, representing 22% year-over-year growth driven by a 12% increase in ad impressions delivered and a 9% increase in average price per ad. A second segment, Reality Labs, develops virtual and augmented reality hardware including Meta Quest devices, Ray-Ban Meta and Oakley Meta AI glasses, and long-term AR research; Reality Labs generated $2.21 billion in FY2025 revenue and operates at a loss. Meta incurred $96.29 billion in Family of Apps costs and $21.40 billion in Reality Labs costs in FY2025. Violating accounts were estimated at less than 5% of worldwide daily active people as of Q4 FY2025.

Revenue model

Advertising sold on a per-impression and per-click basis across Facebook, Instagram, Reels, and other Family of Apps surfaces accounts for the dominant share of revenue. A small Other revenue line within Family of Apps ($2.58 billion in FY2025) and Reality Labs hardware and content sales ($2.21 billion in FY2025) make up the remainder. Messaging products have historically been monetized in only a limited fashion.

Products and services

Family of Apps: Facebook, Instagram, WhatsApp, Messenger, Reels, AI features including conversational AI, AI profiles, stickers, and editing tools. Reality Labs: Meta Quest VR headsets, Meta Horizon Store software and content, Ray-Ban Meta AI glasses, Oakley Meta AI glasses, Orion AR prototype (unveiled 2024), neural interfaces, and foundational AR/VR research.

Customers and end markets

Advertisers of all sizes purchasing targeted ad impressions across Meta's social platforms. Ad impression growth in FY2025 was strongest in Asia-Pacific. European users are offered a subscription-for-no-ads alternative under regulatory consent requirements. Reality Labs targets consumer hardware buyers in gaming, fitness, and entertainment VR/AR.

Value-chain role

Meta operates as a consumer-facing platform that aggregates user attention and sells that attention to advertisers. It owns and operates its own data centers and technical infrastructure. It also acts as a hardware developer and distributor for VR and AI wearables through Reality Labs.

Geographic exposure

Global, with ad impression growth noted specifically in Asia-Pacific in FY2025. European operations face regulatory constraints around ad targeting consent. No precise regional revenue split is provided in the excerpts.

Competitors

Apple, Google

Source: SEC 10-K, filed 2026-01-29

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