Aslan Research · Cloud & platforms
Meta Platforms, Inc. (META)
Data as of 2026-08-21 · 27 quarters · filed in USD
Meta’s $225.0 billion of trailing-year revenue sits against $143.0 billion of expenses, while its committed obligations grew 45% per year versus 19% annual revenue growth. The latest figures also show commitments at 1.3x reported debt, with leases making up the amount beyond debt.
Earned, collected early, and merely signed
Reports $84B of debt; has promised $112B
Total committed money is $112.3 billion, or 1.3x reported debt of $83.7 billion. The difference is tied to $28.7 billion of leases, not additional reported borrowings.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $549.1 billion of commitments against just $540 million of future revenue promised for that period. After year five, another $18.4 billion of commitments has no stated due-year band.
The rates that matter
Expenses as filed vs after cited reconciliation
7 patterns worth a second look
The sharpest flagged item is a post-period transaction involving a $12.3 billion lease commitment, a $28 billion guarantee, and a $2.6 billion distribution. The filings also identify $68 billion of additional data-center leases entered into after the reporting period, plus venture guarantees, unconsolidated-entity exposure, and related-party commitments involving Blue Owl Capital affiliates. Reported performance also includes restructuring, settlement, tax, and investment-related items described as non-recurring.
circular financing · 1
The filings report large equity investments in entities that also appear in the company’s operating ecosystem, including Jio Platforms and Scale AI.
off balance sheet · 1
The filings report substantial obligations for leases not yet commenced and later disclose venture guarantees and unconsolidated-entity exposure.
one time dressing · 1
The filings identify restructuring, settlement, tax, and investment-related items that materially affect reported performance but are non-recurring in nature.
redefinition · 1
The reporting of non-cancelable commitments expands materially from operating and infrastructure obligations to cloud and infrastructure supplier commitments.
related party exposure · 1
The filings report increasingly material commitments and guarantees involving ventures affiliated with funds managed by Blue Owl Capital.
subsequent event · 2
The FY2025 Q3 filing reports a post-period venture transaction involving a $12.3 billion lease commitment, a $28 billion guarantee, and a $2.6 billion distribution.
The FY2026 Q2 filing reports additional data-center leases of approximately $68 billion entered into after the reporting period.