Meta Platforms, Inc.

Previous wording

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we present revenue on a constant currency basis, which is a non-GAAP financial measure. Revenue on a constant currency basis is presented in the section entitled "—Revenue—Foreign Exchange Impact on Revenue." To calculate revenue on a constant currency basis, we translated revenue for the three and six months ended June 30, 2025 using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar.

Current wording

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we present revenue on a constant currency basis, which is a non-GAAP financial measure. Revenue on a constant currency basis is presented in the section entitled "—Revenue—Foreign Exchange Impact on Revenue." To calculate revenue on a constant currency basis, we translated revenue for the three and nine months ended September 30, 2025 using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar.

Previous wording

Our financial results and key Family metrics for the second quarter of 2025 are set forth below. Total revenue for the second quarter of 2025 was $47.52 billion, an increase of 22% compared to the second quarter of 2024, due to an increase in advertising revenue. Ad impressions delivered across our Family of Apps in the second quarter of 2025 increased 11% year-over-year, and our average price per ad in the second quarter of 2025 increased 9% year-over-year.

Current wording

Our financial results and key Family metrics for the third quarter of 2025 are set forth below. Total revenue for the third quarter of 2025 was $51.24 billion, an increase of 26% compared to the third quarter of 2024, due to an increase in advertising revenue. Revenue on a constant currency basis would have increased 25% compared to the third quarter of 2024. Ad impressions delivered across our Family of Apps in the third quarter of 2025 increased 14% year-over-year, and our average price per ad in the third quarter of 2025 increased 10% year-over-year.

Previous wording

Income from operations for the second quarter of 2025 was $20.44 billion, an increase of $5.59 billion, or 38%, compared to the second quarter of 2024, driven by an increase in advertising revenue, partially offset by an increase in costs and expenses. The increase in costs and expenses was mainly due to increases in infrastructure costs and employee compensation, partially offset by lower legal-related costs.

Current wording

Income from operations for the third quarter of 2025 was $20.53 billion, an increase of $3.18 billion, or 18%, compared to the third quarter of 2024, driven by an increase in advertising revenue, partially offset by an increase in costs and expenses. The increase in costs and expenses was primarily due to increases in employee compensation, infrastructure costs, and legal-related costs.

Previous wording

•Net income was $18.34 billion, with diluted earnings per share (EPS) of $7.14 for the three months ended June 30, 2025.

Current wording

•Net income was $2.71 billion, with diluted earnings per share (EPS) of $1.05 for the three months ended September 30, 2025.

Previous wording

•Capital expenditures, including principal payments on finance leases, were $17.01 billion for the three months ended June 30, 2025.

Current wording

•Capital expenditures, including principal payments on finance leases, were $19.37 billion for the three months ended September 30, 2025.

Previous wording

•Share repurchases of our Class A common stock were $9.76 billion and total dividend and dividend equivalent payments were $1.33 billion for the three months ended June 30, 2025.

Current wording

•Share repurchases of our Class A common stock were $3.16 billion and total dividend and dividend equivalent payments were $1.33 billion for the three months ended September 30, 2025.

Previous wording

•Cash, cash equivalents, and marketable securities were $47.07 billion as of June 30, 2025.

Current wording

•Cash, cash equivalents, and marketable securities were $44.45 billion as of September 30, 2025.

Previous wording

•Headcount was 75,945 as of June 30, 2025, an increase of 7% year-over-year.

Current wording

•Headcount was 78,450 as of September 30, 2025, an increase of 8% year-over-year.

Previous wording

•Family daily active people (DAP) was 3.48 billion on average for June 2025, an increase of 6% year-over-year.

Current wording

•Family daily active people (DAP) was 3.54 billion on average for September 2025, an increase of 8% year-over-year.

Previous wording

•Ad impressions delivered across our Family of Apps in the second quarter of 2025 increased by 11% year-over-year.

Current wording

•Ad impressions delivered across our Family of Apps in the third quarter of 2025 increased by 14% year-over-year.

Previous wording

•Average price per ad in the second quarter of 2025 increased by 9% year-over-year.

Current wording

•Average price per ad in the third quarter of 2025 increased by 10% year-over-year.

Previous wording

We remain focused on operating efficiently while investing in significant opportunities. In the six months ended June 30, 2025, 82% of our total costs and expenses were recognized in FoA and 18% were recognized in RL. Our FoA investments include expenses relating to headcount, data centers, and technical infrastructure as part of our efforts to develop our apps and our advertising services. These efforts include significant investments in AI initiatives, including generative AI and superintelligence, to, among other things, recommend relevant content across our products, enhance our advertising tools, develop new products, and develop new features for existing products. In particular, we expect our AI initiatives will require increased investment in infrastructure and headcount.

Current wording

We remain focused on operating efficiently while investing in significant opportunities. In the nine months ended September 30, 2025, 83% of our total costs and expenses were recognized in FoA and 17% were recognized in RL. Our FoA investments include expenses relating to headcount, data centers, and technical infrastructure as part of our efforts to develop our apps and our advertising services. These efforts include significant investments in AI initiatives, including generative AI and superintelligence, to, among other things, recommend relevant content across our products, enhance our advertising tools, develop new products, and develop new features for existing products. In particular, we expect our AI initiatives will require significantly increased investment in infrastructure.

Previous wording

We are also making significant investments in our metaverse and wearables efforts, including developing virtual, augmented, and mixed reality devices, software for social platforms, neural interfaces, and other foundational technologies. Our RL investments include expenses relating to technology development across these efforts. Many of our RL investments are directed toward long-term, cutting-edge research and development for products that may only be fully realized in the next decade. During the six months ended June 30, 2025, our RL segment reduced our overall operating profit by approximately $8.74 billion, and we continue to expect our full-year RL operating losses to increase in 2025. We expect this will be a complex, evolving, and long-term initiative, and our ability to support our RL efforts is dependent on generating sufficient profits from other areas of our business. We are investing now because we believe this will become the next computing platform and will unlock monetization opportunities for businesses, developers, and creators, including around advertising, hardware, and digital goods.

Current wording

We are also making significant investments in our metaverse and wearables efforts, including developing virtual, augmented, and mixed reality devices, software for social platforms, neural interfaces, and other foundational technologies. Our RL investments include expenses relating to technology development across these efforts. Many of our RL investments are directed toward long-term, cutting-edge research and development for products that may only be fully realized in the next decade. During the nine months ended September 30, 2025, our RL segment reduced our overall operating profit by approximately $13.17 billion, and we continue to expect our full-year RL operating losses to increase in 2025. We expect this will be a complex, evolving, and long-term initiative, and our ability to support our RL efforts is dependent on generating sufficient profits from other areas of our business. We are investing now because we believe this will become the next computing platform and will unlock monetization opportunities for businesses, developers, and creators, including around advertising, hardware, and digital goods.

Previous wording

We calculate our revenue by user geography based on our estimate of the geography in which ad impressions are delivered, virtual and digital goods are purchased, or consumer hardware products are shipped. The geography of our users affects our revenue and financial results. Our revenue in regions such as United States & Canada and Europe is relatively higher primarily due to the size and maturity of those online and mobile advertising markets, and ad impression growth is mainly in geographies that monetize at lower rates, such as Asia-Pacific. In the second quarter of 2025, revenue increased by 21% in United States & Canada, 24% in Europe, 19% in Asia-Pacific, and 24% in Rest of World, in each case relative to the same period in 2024.

Current wording

We calculate our revenue by user geography based on our estimate of the geography in which ad impressions are delivered, virtual and digital goods are purchased, or consumer hardware products are shipped. The geography of our users affects our revenue and financial results. Our revenue in regions such as United States & Canada and Europe is relatively higher primarily due to the size and maturity of those online and mobile advertising markets, and ad impression growth is mainly in geographies that monetize at lower rates, such as Asia-Pacific. In the third quarter of 2025, revenue increased by 24% in United States & Canada, 29% in Europe, 25% in Asia-Pacific, and 32% in Rest of World, in each case relative to the same period in 2024.

Previous wording

Worldwide DAP increased 6% to 3.48 billion on average during June 2025 from 3.27 billion during June 2024.

Current wording

Worldwide DAP increased 8% to 3.54 billion on average during September 2025 from 3.29 billion during September 2024.

Previous wording

During the second quarter of 2025, worldwide ARPP was $13.65, an increase of 15% from the second quarter of 2024.

Current wording

During the third quarter of 2025, worldwide ARPP was $14.46, an increase of 18% from the third quarter of 2024.

Previous wording

RL revenue is generated from the delivery of consumer hardware products, such as Meta Quest and Ray-Ban Meta AI glasses, and related software and content.

Current wording

RL revenue is generated from the delivery of consumer hardware products, such as Meta Quest and AI glasses, and related software and content.

Previous wording

FoA revenue in the three and six months ended June 30, 2025 increased $8.43 billion, or 22%, and $14.31 billion, or 19%, respectively, compared to the same periods in 2024. The increases were almost entirely driven by advertising revenue.

Current wording

FoA revenue in the three and nine months ended September 30, 2025 increased $10.45 billion, or 26%, and $24.77 billion, or 22%, respectively, compared to the same periods in 2024. The increases were almost entirely driven by advertising revenue.

Previous wording

Advertising revenue in the three and six months ended June 30, 2025 increased $8.23 billion, or 21%, and $13.99 billion, or 19%, respectively, compared to the same periods in 2024, due to increases in ad impressions delivered and average price per ad. During the three and six months ended June 30, 2025, ad impressions delivered increased by 11% and 8%, respectively, year-over-year, as compared with increases of 10% and 15%, respectively in the same periods in 2024. Ad impressions delivered during the three and six months ended June 30, 2025 grew in all regions, especially in Asia-Pacific, which was driven by increases in users and their engagement on our products. During the three and six months ended June 30, 2025, the average price per ad increased by 9% and 10%, respectively, year-over-year, as compared with increases of 10% and 8%, respectively, in the same periods in 2024. The increases in average price per ad were driven by an increase in advertising demand, which we believe is mostly due to ongoing improvements to our ad performance from our ad targeting and measurement tools. This increase was partially offset by a higher number of ad impressions delivered, especially in geographies and in products, such as Reels, that monetize at lower rates. Other factors are discussed in the section entitled "—Executive Overview of Second Quarter Results." In addition, the online commerce vertical was the largest contributor to the increase in advertising revenue in the three and six months ended June 30, 2025 compared to the same periods in 2024. We anticipate that future advertising revenue will be driven by a combination of price and ad impressions delivered.

Current wording

Advertising revenue in the three and nine months ended September 30, 2025 increased $10.20 billion, or 26%, and $24.19 billion, or 21%, respectively, compared to the same periods in 2024, due to increases in ad impressions delivered and average price per ad. During the three and nine months ended September 30, 2025, ad impressions delivered increased by 14% and 10%, respectively, year-over-year, as compared with increases of 7% and 12%, respectively in the same periods in 2024. Ad impressions delivered during the three and nine months ended September 30, 2025 grew in all regions, especially in Asia-Pacific, which was driven by increases in users and their engagement on our products. During the three and nine months ended September 30, 2025, the average price per ad increased by 10% and 10%, respectively, year-over-year, as compared with increases of 11% and 9%, respectively, in the same periods in 2024. The increases in average price per ad were driven by an increase in advertising demand, which we believe is mostly due to ongoing improvements to our ad performance from our ad targeting and measurement tools. This increase was partially offset by a higher number of ad impressions delivered, especially in geographies and in products, such as Reels, that monetize at lower rates. Other factors are discussed in the section entitled "—Executive Overview of Third Quarter Results." In addition, the online commerce vertical was the largest contributor to the increase in advertising revenue in the three and nine months ended September 30, 2025 compared to the same periods in 2024. We anticipate that future advertising revenue will be driven by a combination of price and ad impressions delivered.

Previous wording

FoA other revenue in the three and six months ended June 30, 2025 increased $194 million, or 50%, and $324 million, or 42%, respectively, compared to the same periods in 2024. The increases were mostly driven by paid messaging from WhatsApp and Meta Verified subscriptions.

Current wording

FoA other revenue in the three and nine months ended September 30, 2025 increased $256 million, or 59%, and $581 million, or 48%, respectively, compared to the same periods in 2024. The increases were mostly driven by paid messaging from WhatsApp and Meta Verified subscriptions.

Previous wording

Changes in foreign exchange rates had an unfavorable impact on our revenue in the three and six months ended June 30, 2025 compared to the same periods in 2024. To calculate revenue on a constant currency basis, we translated revenue using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar. Using these constant rates, for the three months ended June 30, 2025, our total revenue and advertising revenue would have been $47.60 billion and $46.64 billion, which were $82 million and $80 million higher than actual total revenue and advertising revenue, respectively. Using these constant rates, for the six months ended June 30, 2025, our total revenue and advertising revenue would have been $91.15 billion and $89.26 billion, which were $1.32 billion and $1.30 billion higher than actual total revenue and advertising revenue, respectively.

Current wording

Changes in foreign exchange rates had a favorable impact on our revenue in the three months ended September 30, 2025 compared to the same period in 2024. To calculate revenue on a constant currency basis, we translated revenue using the prior year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar. Using these constant rates, for the three months ended September 30, 2025, our total revenue and advertising revenue would have been $50.83 billion and $49.67 billion, which were $412 million and $409 million lower than actual total revenue and advertising revenue, respectively.

Previous wording

Cost of revenue in the three and six months ended June 30, 2025 increased $1.18 billion, or 16%, and $2.12 billion, or 15%, respectively, compared to the same periods in 2024. The increases were mainly due to higher operational expenses related to our data centers and technical infrastructure, which included decreases in the depreciation growth rate due to an extension in the useful lives of servers and network assets, effective January 1, 2025. To a lesser extent, higher costs associated with partner arrangements also contributed to the increases in the three and six months ended June 30, 2025.

Current wording

Cost of revenue in the three and nine months ended September 30, 2025 increased $1.83 billion, or 25%, and $3.95 billion, or 19%, respectively, compared to the same periods in 2024. The increases were mainly due to higher operational expenses related to our data centers and technical infrastructure, which included decreases in the depreciation growth rate due to an extension in the useful lives of servers and network assets, effective January 1, 2025. To a lesser extent, higher costs associated with partner arrangements also contributed to the increases in the three and nine months ended September 30, 2025.

Previous wording

Research and development expenses in the three and six months ended June 30, 2025 increased $2.40 billion, or 23%, and $4.58 billion, or 22%, respectively, compared to the same periods in 2024. The increases were mostly due to higher employee compensation and infrastructure costs for research and development.

Current wording

Research and development expenses in the three and nine months ended September 30, 2025 increased $3.97 billion, or 35%, and $8.54 billion, or 27%, respectively, compared to the same periods in 2024. The increases were mainly due to higher employee compensation and infrastructure costs for research and development to support our AI initiatives.

Previous wording

The higher employee compensation was mainly from a 10% growth in employee headcount from June 30, 2024 to June 30, 2025 in engineering and other technical functions supporting our continued investment in our family of products and Reality Labs.

Current wording

The higher employee compensation was primarily from an increase in share-based compensation expense and an 11% growth in employee headcount from September 30, 2024 to September 30, 2025 in engineering and other technical functions.

Previous wording

Marketing and sales expenses in the three and six months ended June 30, 2025 increased $258 million, or 9%, and $450 million, or 9%, respectively, compared to the same periods in 2024. The increases were primarily due to higher professional services related to ongoing platform integrity efforts and marketing and promotional expenses. In the three months ended June 30, 2025, the increase was partially offset by a decrease in employee compensation related to a 2% decrease in employee headcount from June 30, 2024 to June 30, 2025 in our marketing and sales functions.

Current wording

Marketing and sales expenses in the three months ended September 30, 2025 were flat compared to the same period in 2024. Marketing and sales expenses in the nine months ended September 30, 2025 increased $474 million, or 6%, compared to the same period in 2024. The increase was mainly due to higher professional services related to ongoing platform integrity efforts.

Previous wording

General and administrative expenses in the three and six months ended June 30, 2025 decreased $995 million, or 27%, and $2.17 billion, or 31%, respectively, compared to the same periods in 2024. The decreases were mostly driven by lower legal-related costs.

Current wording

General and administrative expenses in the nine months ended September 30, 2025 decreased $523 million, or 6%, compared to the same periods in 2024. The decrease was driven by lower legal-related costs.

Previous wording

FoA income from operations in the three and six months ended June 30, 2025 increased $5.64 billion, or 29%, and $9.74 billion, or 26%, respectively, compared to the same periods in 2024. The increases in FoA income from operations were driven by higher advertising revenue which was partially offset by increases in costs and expenses. The increases in costs and expenses were mainly due to increases in employee compensation and infrastructure costs, partially offset by lower legal-related costs.

Current wording

FoA income from operations in the three and nine months ended September 30, 2025 increased $3.19 billion, or 15%, and $12.92 billion, or 22%, respectively, compared to the same periods in 2024. The increases in FoA income from operations were driven by higher advertising revenue which was partially offset by increases in costs and expenses. The increase in costs and expenses in the three months ended September 30, 2025 was primarily due to increases in employee compensation, infrastructure costs, and legal-related costs. The increase in costs and expenses in the nine months ended September 30, 2025 was primarily due to increases in employee compensation and infrastructure costs, partially offset by lower legal-related costs.

Previous wording

RL loss from operations in the three months ended June 30, 2025 increased $42 million, or 1%, compared to the same period in 2024, driven by an increase in RL costs and expenses. The increase in RL costs and expenses was driven by an increase in RL technology development costs.

Current wording

RL loss from operations in the three months ended September 30, 2025 was flat compared to the same period in 2024, driven by an increase in RL revenue, offset by an increase in RL costs and expenses. The increase in RL costs and expenses was primarily due to increases in RL inventory costs and technology development costs, partially offset by a decrease in employee compensation.

Previous wording

RL loss from operations in the six months ended June 30, 2025 increased $405 million, or 5%, compared to the same period in 2024, driven by an increase in RL costs and expenses. The increase in RL costs and expenses was mostly due to increases in employee compensation and RL technology development costs.

Current wording

RL loss from operations in the nine months ended September 30, 2025 increased $409 million, or 3%, compared to the same period in 2024, driven by an increase in RL costs and expenses. The increase in RL costs and expenses was mainly due to increases in RL technology development costs and employee compensation.

Previous wording

Interest expense increased in the three and six months ended June 30, 2025, compared to the same periods in 2024, due to higher long-term debt balances. Foreign currency exchange gains (losses), net increased in the three and six months ended June 30, 2025, compared to the same periods in 2024, as a result of foreign currency transactions and remeasurement. The decreases in other income (expense), net in the three and six months ended June 30, 2025, compared to the same periods in 2024, were driven by unrealized losses on our marketable equity securities.

Current wording

Total interest and other income, net in the three and nine months ended September 30, 2025 increased $656 million, or 139%, and $952 million, or 87%, respectively, compared to the same periods in 2024. The increases were due to other income, net, related to unrealized gains on our marketable equity securities, partially offset by decreases in interest income due to lower investment balances. Foreign currency exchange gains from foreign currency transactions and remeasurement also contributed to the increase in the nine months ended September 30, 2025.

Previous wording

Effective Tax Rate Items. Our effective tax rate in the future will depend upon the proportion between the following items and income before provision for income taxes: U.S. tax benefits from foreign-derived intangible income, tax effects from share-based compensation, research tax credit, tax effects from capital losses not expected to be utilized, settlement of tax contingency items, tax effects of changes in our business, and the effects of changes in tax law.

Current wording

Effective Tax Rate Items. Our effective tax rate in the future will depend upon the proportion between the following items and income before provision for income taxes: the effects of changes in tax law, changes in valuation allowance due to the effects of CAMT, U.S. tax benefits from foreign-derived intangible income, tax effects from share-based compensation, research tax credit, tax effects from capital losses not expected to be utilized, settlement of tax contingency items, and tax effects of changes in our business.

Previous wording

A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime. We do not expect these changes to have a material impact on our consolidated financial statements for 2025. We continue to evaluate the impacts of proposed and enacted legislation with respect to the global minimum tax regime in the jurisdictions we operate in. As additional jurisdictions enact legislation, transitional relief expires, and other provisions of the global minimum tax legislation become effective, our effective tax rate and cash tax payments could increase in future years.

Current wording

A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime. We do not expect these changes to have a material impact on our consolidated financial statements for 2025. We continue to evaluate the impacts of proposed and enacted legislation with respect to the global minimum tax regime in the jurisdictions in which we operate. As additional jurisdictions enact legislation, transitional relief expires, and other provisions of the global minimum tax legislation become effective, our effective tax rate and cash tax payments could increase in future years.

Previous wording

Our principal sources of liquidity are our cash, cash equivalents, marketable securities, and cash generated from operations. Cash, cash equivalents, and marketable securities are comprised of cash on deposit with banks, time deposits, money market funds, U.S. government and agency securities, investment grade corporate debt securities, and marketable equity securities. As part of our cash management strategy, we concentrate cash deposits with large financial institutions and our investment holdings are in diversified highly rated securities. Cash, cash equivalents, and marketable securities were $47.07 billion as of June 30, 2025, a decrease of $30.74 billion from December 31, 2024. The decrease was mostly due to $30.70 billion of capital expenditures, including principal payments on finance leases, $25.58 billion of capital returns for repurchases of our Class A common stock and payments of dividends and dividend equivalents, $15.21 billion of non-marketable equity investments, and $8.99 billion of taxes paid related to net share settlement of employee restricted stock unit (RSU) awards. These decreases were partially offset by $49.59 billion of cash generated from operations.

Current wording

Our principal sources of liquidity are our cash, cash equivalents, marketable securities, and cash generated from operations. Cash, cash equivalents, and marketable securities are comprised of cash on deposit with banks, time deposits, money market funds, U.S. government and agency securities, investment grade corporate debt securities, and marketable equity securities. As part of our cash management strategy, we concentrate cash deposits with large financial institutions and our investment holdings are in diversified highly rated securities. Cash, cash equivalents, and marketable securities were $44.45 billion as of September 30, 2025, a decrease of $33.37 billion from December 31, 2024. The decrease was mostly due to $50.08 billion of capital expenditures which includes purchases of property and equipment and principal payments on finance leases; $30.23 billion of capital returns for repurchases of our Class A common stock and payments of dividends and dividend equivalents; $18.26 billion of non-marketable equity investments; and $14.13 billion of taxes paid related to net share settlement of employee restricted stock unit (RSU) awards. These decreases were partially offset by $79.59 billion of cash generated from operations.

Previous wording

Cash provided by operating activities during the six months ended June 30, 2025 mostly consisted of $34.98 billion net income adjusted for certain non-cash items, such as $8.98 billion of share-based compensation expense, $8.24 billion of depreciation and amortization expense, and $2.16 billion of deferred income taxes. The increase in cash flows from operating activities during the six months ended June 30, 2025, compared to the same period in 2024, was due primarily to an increase in cash collections from our customers driven by the increase in revenue and lower cash paid for income taxes, partially offset by higher operational spending.

Current wording

Cash provided by operating activities during the nine months ended September 30, 2025 mostly consisted of $37.69 billion net income adjusted for certain non-cash items, such as $17.70 billion of deferred income taxes, $14.54 billion of share-based compensation expense, and $13.20 billion of depreciation and amortization expense. The increase in cash flows from operating activities during the nine months ended September 30, 2025, compared to the same period in 2024, was mainly due to an increase in cash collections from our customers driven by the increase in revenue and lower cash paid for income taxes, partially offset by higher operational spending.

Previous wording

Cash used in investing activities during the six months ended June 30, 2025 mostly consisted of $29.48 billion of purchases of property and equipment as we continued to invest in servers, data centers, and network infrastructure, and $15.21 billion of purchases of non-marketable equity investments. The increase in cash used in investing activities during the six months ended June 30, 2025, compared to the same period in 2024, was mostly due to increases in non-marketable equity investments and purchases of property and equipment.

Current wording

Cash used in investing activities during the nine months ended September 30, 2025 mostly consisted of $48.31 billion of purchases of property and equipment as we continued to invest in servers, data centers, and network infrastructure, and $18.26 billion of purchases of non-marketable equity investments. The increase in cash used in investing activities during the nine months ended September 30, 2025, compared to the same period in 2024, was mostly due to increases in purchases of property and equipment and non-marketable equity investments, offset by an increase in net proceeds from sales and purchases of marketable securities.

Previous wording

We anticipate making capital expenditures of approximately $66 billion to $72 billion in 2025 to support our core business and AI efforts.

Current wording

We anticipate making capital expenditures of approximately $70 billion to $72 billion in 2025 to support our core business and AI efforts, and expect significant capital expenditures growth in 2026.

Previous wording

Cash used in financing activities during the six months ended June 30, 2025 mostly consisted of $22.92 billion for repurchases of our Class A common stock, $2.66 billion of payments of dividends and dividend equivalents, and $8.99 billion of taxes paid related to net share settlement of RSUs. The increase in cash used in financing activities during the six months ended June 30, 2025, compared to the same period in 2024, was mostly due to increases in taxes paid related to net share settlement of RSUs and share repurchases.

Current wording

Cash used in financing activities during the nine months ended September 30, 2025 mostly consisted of $26.25 billion for repurchases of our Class A common stock, $3.99 billion of payments of dividends and dividend equivalents, and $14.13 billion of taxes paid related to net share settlement of RSUs. The increase in cash used in financing activities during the nine months ended September 30, 2025, compared to the same period in 2024, was mostly due to a decrease in net proceeds from our debt offerings and an increase in taxes paid related to net share settlement of RSUs, partially offset by a decrease in share repurchases.

Previous wording

We currently anticipate that our available funds and cash flow from operations and financing activities will be sufficient to meet our operational cash needs and fund our investments in infrastructure and AI initiatives, share repurchases and dividend payments for at least the next 12 months and thereafter for the foreseeable future. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance our future capital requirements.

Current wording

We currently anticipate that our available funds and cash flow from operations and financing activities will be sufficient to meet our operational cash needs and fund our investments in infrastructure and AI initiatives, share repurchases and dividend payments for at least the next 12 months. We have increased investments related to our AI initiatives and expect to continue to do so. From time to time we may also seek to raise additional capital through debt, equity, or other financing arrangements. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance our future capital requirements.

Previous wording

Our operating and finance leases include data centers, offices, certain network infrastructure and colocations. In addition to lease liabilities, we have leases that have not yet commenced of approximately $52.56 billion as of June 30, 2025, which will commence between the remainder of 2025 and 2034.

Current wording

Our operating and finance leases include data centers, offices, certain network infrastructure, and colocations. In addition to lease liabilities, we have leases that have not yet commenced of approximately $58.14 billion as of September 30, 2025, which will commence between the remainder of 2025 and 2030.

Previous wording

We also have $27.95 billion of contractual commitments as of June 30, 2025, mostly related to our investments in servers and network infrastructure, consumer hardware products in Reality Labs, and data centers.

Current wording

We also have $81.19 billion of contractual commitments as of September 30, 2025, mostly related to third-party cloud capacity arrangements and our continued investments in servers and network infrastructure, consumer hardware products in Reality Labs, and data centers, with $17.79 billion and $8.62 billion due in 2025 and 2026, respectively.