Note: FY25 estimate is based on publicly available data for the first two quarters and analyst projections for the full year. The operating loss for previous years is based on Meta's annual reports.

Meta's Reality Labs division has consistently incurred significant operating losses over the past five years. The losses have grown from $6.62 billion in 2020 to $17.73 billion in 2024. For the first quarter of 2025, the operating loss was $4.2 billion. Analyst consensus for the second quarter of 2025 projects a loss of approximately $4.9 billion to $5.35 billion. Projections for the full fiscal year 2025 indicate that the operating loss could be around $20 billion. This estimate is based on the trend of increasing losses and analyst expectations of continued significant investment in the division. The continued losses are attributed to substantial investments in research and development for virtual and augmented reality technologies.