Notes:

• The Debt to Capital Ratio for the first quarter of fiscal year 2025 is calculated based on Meta's reported total debt of $28.8 billion and total stockholders' equity of $185.0 billion as of March 31, 2025.
• The figures for the fiscal years 2020 through 2024 are based on the company's annual financial reports for each respective year.
• The Debt to Capital Ratio is a measure of a company's financial leverage, calculated as total debt divided by total capital (total debt plus total stockholders' equity).
• Meta Platforms began to take on significant debt in 2022. Prior to that, the company had a negligible amount of debt, resulting in a debt-to-capital ratio of 0.0% for 2020 and 2021.
• The increase in the debt-to-capital ratio since 2022 reflects a shift in the company's capital structure strategy, including financing for investments in areas like artificial intelligence and the metaverse.