META · 10-K · 2025A · Full report

Customer Dynamics by Vertical

Meta Platforms, Inc. · 2026-01-29 · Importance 59 · Surprise 82

Management identifies the online commerce vertical as the largest contributor to the increase in advertising revenue in 2025 versus 2024. The shift toward commerce‑related ad demand benefited ad prices and impressions across the Family of Apps. Meta is also expanding paid messaging in WhatsApp and Meta Verified subscriptions which drove a 50% increase in FoA other revenue. These customer and vertical trends are materially influencing the composition and growth of ad revenue.

Key facts

• FoA advertising revenue increase in 2025 was almost entirely driven by increases in ad impressions delivered and average price per ad, with the online commerce vertical being the largest contributor to the increase.