UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024

Meta Platforms Inc.
(Exact name of registrant as specified in its charter)

Item 1. Business
Meta Platforms, Inc. engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices worldwide.

Item 1A. Risk Factors
The following risk factors could materially affect our business, financial condition, or results of operations:
- App Tracking Transparency impacting ad targeting efficiency.
- Reality Labs investments yielding uncertain returns.
- Regulatory scrutiny on content moderation and user privacy.
- Competition from TikTok for user attention.
- Additional general economic risks including inflation and interest rates.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We are a leading global company...

Results of Operations
Total net sales were $116,609.0 million for the year ended December 31, 2024.
Net income was $23,200.0 million.
Operating income: $28,944.0 million.

Future Outlook
Management expects revenue growth of approximately 5.0% for the next fiscal year. EBITDA margins are targeted at 35.0%. Year of efficiency to drive margin expansion.

Liquidity and Capital Resources
Cash and cash equivalents: $14,680.0 million.
Total debt was $9,920.0 million as of December 31, 2024.

Capital Structure:
Senior Notes: $9,920.0 million
Revolver Drawn: $0.0 million
Subordinated Debt: $0.0 million


The Company has the following credit facilities:
- Revolving Credit Facility: Total capacity $8,000.0 million, with $0.0 million drawn.


SNC Regulatory Rating: PASS.
Justification: High free cash flow generation.

Item 8. Financial Statements and Supplementary Data
Consolidated Balance Sheets
(In millions)
Assets
Total assets: $185,727.0

Liabilities and Stockholders’ Equity
Total liabilities: $60,014.0
Total stockholders’ equity: $125,713.0