Aslan Research · Cloud & platforms
Meta Platforms, Inc. (META)
Data as of 2026-09-03 · 27 quarters · filed in USD
Meta’s committed obligations reach $391.3 billion, compared with $228.2 billion of trailing-year revenue. Commitments are growing at 75% per year, faster than revenue at 19% and expenses at 21%.
Earned, collected early, and merely signed
Reports $84B of debt; has promised $391B
Reported debt is $83.7 billion, while total committed money reaches $391.3 billion. The wider figure includes $28.7 billion for leases and $279.0 billion for purchases, making committed money 4.7x reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $118.3 billion of committed payments against $840 million of future revenue promised for that period. The due amount is 140.9x the revenue promised.
The rates that matter
Expenses as filed vs after cited reconciliation
13 patterns worth a second look
The filings identify substantial obligations for leases not yet commenced, plus residual value guarantees and lease commitments tied to ventures. They also disclose one-time tax benefits and a one-time $2.55 billion Venture distribution tied to Venture formation, alongside new data-center commitments and guarantees. Five of 27 quarters changed through reconciliation, and SEC correspondence included comment letters with as many as 7 staff comments.
off balance sheet · 1
The filings report substantial obligations for leases not yet commenced and later disclose ventures with residual value guarantees and lease commitments.
one time dressing · 1
The filings identify one-time tax benefits and later a one-time Venture distribution while reporting period performance and commitments.
regulator challenge · 9
A reply to SEC staff was filed on 2021-09-28, answering a staff comment letter dated 2021-09-21; it quotes 0 staff comments.
A reply to SEC staff was filed on 2021-11-04, answering a staff comment letter dated 2021-09-21; it quotes 3 staff comments.
A reply to SEC staff was filed on 2021-11-22, answering a staff comment letter dated 2021-11-12; it quotes 0 staff comments.
+ 6 more
subsequent event · 1
The FY2025 filing reports a one-time $2.55 billion distribution received at Venture formation alongside new data-center commitments and guarantees.
value revision · 1
The FY2025 filing reports a Tax Court intellectual-property value $1.48 billion higher than the amount previously reported by Meta.