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Side-by-side financial comparison of Meta Platforms (META) and AT&T (T). Click either name above to swap in a different company.
Meta Platforms is the larger business by last-quarter revenue ($59.9B vs $31.5B, roughly 1.9× AT&T). Meta Platforms runs the higher net margin — 38.0% vs 13.3%, a 24.7% gap on every dollar of revenue. On growth, Meta Platforms posted the faster year-over-year revenue change (23.8% vs 2.9%). Meta Platforms produced more free cash flow last quarter ($14.8B vs $2.5B). Over the past eight quarters, Meta Platforms's revenue compounded faster (28.2% CAGR vs 2.8%).
Meta Platforms, Inc. is an American multinational technology company headquartered in Menlo Park, California. Meta owns and operates several prominent social media platforms and communication services, including Facebook, Instagram, WhatsApp, Messenger, Threads and Manus. The company also operates an advertising network for its own sites and third parties; as of 2023, advertising accounted for 97.8 percent of its total revenue. Meta has been described as a Big Tech company.
AT&T Inc., an abbreviation of its predecessor's original name, the American Telephone and Telegraph Company, is an American multinational telecommunications conglomerate headquartered at the Whitacre Tower in Downtown Dallas, Texas. AT&T is the world’s third-largest telecommunications company by revenue, the third largest wireless carrier in the United States behind T-Mobile and Verizon, and the nation's biggest fiber internet provider.
META vs T — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $59.9B | $31.5B |
| Net Profit | $22.8B | $4.2B |
| Gross Margin | 81.8% | — |
| Operating Margin | 41.3% | 21.1% |
| Net Margin | 38.0% | 13.3% |
| Revenue YoY | 23.8% | 2.9% |
| Net Profit YoY | 9.3% | -10.9% |
| EPS (diluted) | $8.87 | $0.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $31.5B | ||
| Q4 25 | $59.9B | $33.5B | ||
| Q3 25 | $51.2B | $30.7B | ||
| Q2 25 | $47.5B | $30.8B | ||
| Q1 25 | $42.3B | $30.6B | ||
| Q4 24 | $48.4B | $32.3B | ||
| Q3 24 | $40.6B | $30.2B | ||
| Q2 24 | $39.1B | $29.8B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $22.8B | $3.8B | ||
| Q3 25 | $2.7B | $9.3B | ||
| Q2 25 | $18.3B | $4.5B | ||
| Q1 25 | $16.6B | $4.4B | ||
| Q4 24 | $20.8B | $4.1B | ||
| Q3 24 | $15.7B | $-174.0M | ||
| Q2 24 | $13.5B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 81.8% | — | ||
| Q3 25 | 82.0% | — | ||
| Q2 25 | 82.1% | — | ||
| Q1 25 | 82.1% | — | ||
| Q4 24 | 81.7% | — | ||
| Q3 24 | 81.8% | — | ||
| Q2 24 | 81.3% | — |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 41.3% | 17.3% | ||
| Q3 25 | 40.1% | 19.9% | ||
| Q2 25 | 43.0% | 21.1% | ||
| Q1 25 | 41.5% | 18.8% | ||
| Q4 24 | 48.3% | 16.5% | ||
| Q3 24 | 42.7% | 7.0% | ||
| Q2 24 | 38.0% | 19.3% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 38.0% | 11.3% | ||
| Q3 25 | 5.3% | 30.3% | ||
| Q2 25 | 38.6% | 14.6% | ||
| Q1 25 | 39.3% | 14.2% | ||
| Q4 24 | 43.1% | 12.6% | ||
| Q3 24 | 38.7% | -0.6% | ||
| Q2 24 | 34.5% | 12.1% |
| Q1 26 | — | $0.54 | ||
| Q4 25 | $8.87 | $0.52 | ||
| Q3 25 | $1.05 | $1.29 | ||
| Q2 25 | $7.14 | $0.62 | ||
| Q1 25 | $6.43 | $0.61 | ||
| Q4 24 | $7.96 | $0.56 | ||
| Q3 24 | $6.03 | $-0.03 | ||
| Q2 24 | $5.16 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $81.6B | $12.0B |
| Total DebtLower is stronger | $58.7B | $131.6B |
| Stockholders' EquityBook value | $217.2B | $125.6B |
| Total Assets | $366.0B | $421.2B |
| Debt / EquityLower = less leverage | 0.27× | 1.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.0B | ||
| Q4 25 | $81.6B | $18.2B | ||
| Q3 25 | $44.4B | $20.3B | ||
| Q2 25 | $47.1B | $10.5B | ||
| Q1 25 | $70.2B | $6.9B | ||
| Q4 24 | $77.8B | $3.3B | ||
| Q3 24 | $70.9B | $2.6B | ||
| Q2 24 | $58.1B | $3.1B |
| Q1 26 | — | $131.6B | ||
| Q4 25 | $58.7B | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | $28.8B | $118.4B | ||
| Q3 24 | $28.8B | $126.4B | ||
| Q2 24 | — | $125.4B |
| Q1 26 | — | $125.6B | ||
| Q4 25 | $217.2B | $126.5B | ||
| Q3 25 | $194.1B | $126.8B | ||
| Q2 25 | $195.1B | $121.4B | ||
| Q1 25 | $185.0B | $119.9B | ||
| Q4 24 | $182.6B | $118.2B | ||
| Q3 24 | $164.5B | $116.3B | ||
| Q2 24 | $156.8B | $119.3B |
| Q1 26 | — | $421.2B | ||
| Q4 25 | $366.0B | $420.2B | ||
| Q3 25 | $303.8B | $423.2B | ||
| Q2 25 | $294.7B | $405.5B | ||
| Q1 25 | $280.2B | $397.5B | ||
| Q4 24 | $276.1B | $394.8B | ||
| Q3 24 | $256.4B | $393.7B | ||
| Q2 24 | $230.2B | $398.0B |
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.27× | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.16× | 1.00× | ||
| Q3 24 | 0.18× | 1.09× | ||
| Q2 24 | — | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $36.2B | $7.6B |
| Free Cash FlowOCF − Capex | $14.8B | $2.5B |
| FCF MarginFCF / Revenue | 24.8% | 8.0% |
| Capex IntensityCapex / Revenue | 35.7% | 15.5% |
| Cash ConversionOCF / Net Profit | 1.59× | 1.82× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1B | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.6B | ||
| Q4 25 | $36.2B | $11.3B | ||
| Q3 25 | $30.0B | $10.2B | ||
| Q2 25 | $25.6B | $9.8B | ||
| Q1 25 | $24.0B | $9.0B | ||
| Q4 24 | $28.0B | $11.9B | ||
| Q3 24 | $24.7B | $10.2B | ||
| Q2 24 | $19.4B | $9.1B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | $14.8B | $4.5B | ||
| Q3 25 | $11.2B | $5.3B | ||
| Q2 25 | $9.0B | $4.9B | ||
| Q1 25 | $11.1B | $4.8B | ||
| Q4 24 | $13.6B | $5.1B | ||
| Q3 24 | $16.5B | $4.9B | ||
| Q2 24 | $11.2B | $4.7B |
| Q1 26 | — | 8.0% | ||
| Q4 25 | 24.8% | 13.6% | ||
| Q3 25 | 21.8% | 17.1% | ||
| Q2 25 | 19.0% | 15.8% | ||
| Q1 25 | 26.2% | 15.6% | ||
| Q4 24 | 28.0% | 15.6% | ||
| Q3 24 | 40.6% | 16.3% | ||
| Q2 24 | 28.7% | 15.9% |
| Q1 26 | — | 15.5% | ||
| Q4 25 | 35.7% | 20.3% | ||
| Q3 25 | 36.7% | 15.9% | ||
| Q2 25 | 34.8% | 15.9% | ||
| Q1 25 | 30.6% | 14.0% | ||
| Q4 24 | 29.8% | 21.2% | ||
| Q3 24 | 20.3% | 17.5% | ||
| Q2 24 | 20.9% | 14.6% |
| Q1 26 | — | 1.82× | ||
| Q4 25 | 1.59× | 2.99× | ||
| Q3 25 | 11.07× | 1.09× | ||
| Q2 25 | 1.39× | 2.17× | ||
| Q1 25 | 1.44× | 2.08× | ||
| Q4 24 | 1.34× | 2.92× | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 1.44× | 2.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
