Note: The debt-to-equity ratios for the years 2020 through 2024 are based on Meta Platforms, Inc.'s annual financial reports. The figure for FY2025 is an estimate based on analyst projections and the company's recent financial trends, including increased capital expenditures for AI development. The debt-to-equity ratio shows a rising trend, indicating a gradual increase in the company's reliance on debt financing. Including operating lease liabilities, the ratio is higher but follows a similar upward trajectory.