META Q2 2025 Earnings

Call Details

• Call Title: Meta Platforms, Inc. Q2 2025 Earnings Call
• Date: July 30, 2025 at 9:00 PM UTC
• Management Team:
  • Kenneth Dorell (Director of Investor Relations)
  • Mark Zuckerberg (Chief Executive Officer)
  • Susan Li (Chief Financial Officer)

Call Summary

Financial Performance

• Q2 total revenue was $47.5B, up 22% year over year on both a reported and constant currency basis.
• Q2 total expenses were $27.1B, up 12% year over year.
• Q2 operating income was $20.4B, representing a 43% operating margin.
• Q2 net income was $18.3B, or $7.14 per share on a GAAP basis.
• Q2 capital expenditures, including principal payments on finance leases, were $17.0B and free cash flow was $8.5B.
• The company repurchased $9.8B of Class A common stock and paid $1.3B in dividends during the quarter.

Guidance

• Third quarter 2025 total revenue is expected to be in the range of $47.5B to $50.5B, assuming roughly a 1% FX tailwind to year over year growth.
• Full year 2025 total expenses are expected to be $114B to $118B, narrowed from prior $113B to $118B, implying 20% to 24% expense growth year over year.
• 2025 capital expenditures are expected to be $66B to $72B, narrowed from prior $64B to $72B, and are expected to be up approximately $30B year over year at the midpoint.
• The company expects 2026 total expense growth to be above the 2025 expense growth rate driven primarily by infrastructure depreciation and employee compensation.
• The company currently expects another year of significant CapEx dollar growth in 2026 to scale AI training and infrastructure capacity.
• The company estimates 2025 tax rate will be higher than the Q2 tax rate but could not quantify the magnitude at this time.