META · 10-K · 2025A · Full report
Cost of Revenue Drivers
Meta Platforms, Inc. · 2026-01-29 · Importance 67 · Surprise 66
Cost of revenue rose $6.01 billion, or 20%, to $36.18 billion in 2025 driven mainly by higher operational expenses related to data centers and technical infrastructure. Management attributes part of the cost change to a lower depreciation growth rate following the extension of server and network asset useful lives. The company also notes higher costs associated with partner arrangements (e.g., traffic acquisition and processing fees) contributed to the increase. These operational cost drivers are aligned with the company's infrastructure and ad delivery scaling.
Key facts
- Cost of revenue for 2025 was $36,175 million, an increase of $6,014 million, or 20%, compared to 2024.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -3.0% | Cost of revenue for 2025 was $36,175 million, an increase of $6,014 million, or 20%, compared to 2024. |