Revenue by segment, in millions. Select a row to edit its growth path — the group row opens every segment.
| Segment | FY25A | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | growth |
|---|---|---|---|---|---|---|---|---|
| Family of Apps | 198,759 | 251,092 | 301,587 | 351,228 | 398,328 | 441,945 | 482,825 | 17.3% |
| Reality Labs | 2,207 | 2,384 | 2,670 | 3,043 | 3,469 | 3,920 | 4,391 | 12.2% |
| Group revenue | 200,966 | 253,476 | 304,256 | 354,271 | 401,797 | 445,865 | 487,215 | 17.3% |
Operating margin, per cent of revenue by segment; the blended margin is computed. Tax and reinvestment follow below; the terminal assumptions sit on the premises panel.
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | avg margin | Long-run |
|---|---|---|---|---|---|---|---|---|
| Family of Apps — operating margin | 41.8 | 43.2 | 44.6 | 45.8 | 46.6 | 47.2 | 44.4% | 48.0% |
| Reality Labs — operating margin | -797.1 | -674.3 | -542.2 | -417.9 | -306.1 | -216.4 | -547.5% | -15.0% |
| Blended operating margin | 33.9 | 36.9 | 39.6 | 41.8 | 43.5 | 44.8 | 39.1% | — |
Cash tax as a share of operating profit; capital spend and working capital as net investment per unit of new sales — the rate the model charges against each year's revenue growth. Select a row to edit its annual path.
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | Long-run driver |
|---|---|---|---|---|---|---|---|
| Cash tax rate | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% |
| Capital spend | 209.5% | 215.7% | 187.7% | 156.4% | 121.4% | 94.3% | 51.4% |
| Working capital | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
Computed from the sections above and the premises panel — nothing here is editable. The walk runs to the highlighted crossover column — the first year the assumptions justify today's market price — and out to the 25-year ceiling when they never do, growing and shrinking as edits move the crossover.
| Millions unless stated | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Group revenue | 253,476 | 304,256 | 354,271 | 401,797 | 445,865 | 487,215 |
| Revenue growth | 26.1% | 20.0% | 16.4% | 13.4% | 11.0% | 9.3% |
| Operating profit | ||||||
| Operating profit | 85,954 | 112,282 | 140,149 | 167,937 | 193,947 | 218,391 |
| Operating margin | 33.9% | 36.9% | 39.6% | 41.8% | 43.5% | 44.8% |
| Taxes | 13,753 | 17,965 | 22,424 | 26,870 | 31,032 | 34,943 |
| Operating profit after tax | 72,201 | 94,317 | 117,725 | 141,067 | 162,916 | 183,449 |
| Cash flow | ||||||
| Investment | 110,533 | 110,042 | 94,378 | 74,806 | 53,939 | 39,407 |
| Free cash flow | -38,332 | -15,725 | 23,347 | 66,262 | 108,977 | 144,042 |
| Returns | terminal return on new capital 15.0% | |||||
| Reinvestment rate | 153.1% | 116.7% | 80.2% | 53.0% | 33.1% | 21.5% |
| Return on new capital — incremental ROIC | — | 20.1% | 24.8% | 31.2% | 40.5% | 52.1% |
| Present value | ||||||
| Discounted free cash flow | -34,952 | -13,074 | 17,699 | 45,805 | 68,690 | 82,787 |
| Cumulative present value | -34,952 | -48,026 | -30,327 | 15,478 | 84,168 | 166,955 |
| Implied equity value | — | — | 987,333 | 1,125,061 | 1,251,276 | 1,364,606 |