Meta Platforms, Inc.META

Meta Platforms, Inc. Earnings Per Share Disclosure

10-KFiled Jan 29, 20262 min read
Earnings per Share
The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present the earnings per share (EPS) for Class A and Class B common stock together.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of fully diluted common stock outstanding and assumes the conversion of our Class B common stock to Class A common stock.

For the years ended December 31, 2025 and 2023, approximately 9 million and 16 million shares of RSUs, respectively, were excluded from the diluted EPS calculation, as including them would have an anti-dilutive effect. RSUs with anti-dilutive effect were not material for the year ended December 31, 2024.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts):
 Year Ended December 31,
 20252024
2023 (2)
Basic EPS:   
Numerator   
Distributed earnings$5,324 $5,072 $— 
Undistributed earnings55,134 57,288 39,098 
Net income$60,458 $62,360 $39,098 
Denominator   
Shares used in computation of basic EPS (1)
2,521 2,534 2,574 
Basic EPS$23.98 $24.61 $15.19 
Diluted EPS: 
Numerator   
Net income for diluted EPS$60,458 $62,360 $39,098 
Denominator   
Shares used in computation of basic EPS (1)
2,521 2,534 2,574 
Effect of dilutive RSUs53 80 55 
Shares used in computation of diluted EPS2,574 2,614 2,629 
Diluted EPS$23.49 $23.86 $14.87 
____________________________________
(1)Includes 2,178 million, 2,189 million, and 2,220 million shares of Class A common stock and 343 million, 345 million, and 354 million shares of Class B common stock, for the years ended December 31, 2025, 2024, and 2023, respectively.
(2)The prior period EPS for Class A and Class B common stock has been presented together to conform with current period presentation, which had no impact on our previously reported basic or diluted EPS.
EPS for Class B common stock is not presented separately as under the two-class method Class A and Class B EPS is not meaningfully different.

Historical Timeline

Fiscal YearFiled
2025Jan 29, 2026Showing above
2024Jan 30, 2025
2023Feb 2, 2024
2022Feb 2, 2023
2021Feb 3, 2022
2020Jan 28, 2021
2019Jan 30, 2020
2018Jan 31, 2019
2017Feb 1, 2018
2016Feb 3, 2017
2015Jan 28, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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