脸书 2025年度报告

FORM 10-K (Mark One)☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December31, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number:001-35551__________________________ Meta Platforms, Inc. (Exact name of registrant as specified in its charter)__________________________ Delaware 20-1665019 (I.R.S. Employer Identification Number) (State or other jurisdiction of incorporation or organization) 1 Meta Way, Menlo Park, California 94025(Address of principal executive offices and Zip Code)(650)543-4800(Registrant's telephone number, including area code)__________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading symbol(s)Name of each exchange on which registeredClass A Common Stock, $0.000006 par valueMETAThe Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act)during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and(2)has been subject to such filing requirements forthe past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of theExchange Act. Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June30, 2025, the last business day of the registrant's mostrecently completed second fiscal quarter, was approximately $1.6trillion based upon the closing price reported for such date on the Nasdaq Global Select Market. OnJanuary23, 2026, the registrant had 2,187,177,748 shares of ClassA common stock and 342,377,716 shares of Class B common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in PartIII of this Annual Report on Form10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120days of the registrant's fiscal year endedDecember31, 2025. Meta Platforms, Inc.Form 10-K TABLE OF CONTENTS Note About Forward-Looking StatementsLimitations of Key Metrics and Other Data Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures PART II Item5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities58Item6.[Reserved]59Item7.Management's Discussion and Analysis of Financial Condition and Results of Operations60Item7A.Quantitative and Qualitative Disclos