Meta vs Nike: Revenue, Profit and Business Model
Meta reported $201B of revenue in FY2025 and $60.5B of net income. Nike reported $46.4B of revenue in FY2026 and $3.1B of net income.
Latest financial snapshot
Financial summary
Meta
Meta's revenue grew from $116.609B in 2022 to $200.966B in 2025, and net income rose from $23.2B to $60.458B. FY2025 income from operations was $83.276B. In 2026 the story is spending: Q2 2026 costs rose 55% to $42.03B, the operating margin fell to 31% from 43%, and quarterly capex of $31.08B left free cash flow at $784M. Meta had $90.26B of cash and marketable securities and $83.66B of long-term debt at June 30, 2026. It expects 2026 total expenses of $165-169B and still expects 2026 operating income to exceed 2025.
Nike
Nike's revenue peaked at $51.4B in FY2024, then fell almost 10% to $46.3B in FY2025 as the company cleared old inventory and cut supply of lifestyle franchises. FY2026 was flat at $46.4B, with net income of $3.108B versus $5.7B two years earlier. Gross margin was 42.9%, below 44.6% in FY2024, as discounts and tariffs weighed on profit. Fourth-quarter FY2026 revenue was about $11.0B, down 1% reported and 4% currency-neutral. Nike scheduled first-quarter fiscal 2027 results for October 1, 2026, with analysts expecting roughly $11.3B in revenue, a decline of about 3%.
Revenue and profit by year
Meta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201B | $60.5B | 30.1% | +22.2% | Source |
| FY2024 | $164.5B | $62.4B | 37.9% | +21.9% | Source |
| FY2023 | $134.9B | $39.1B | 29.0% | +15.7% | Source |
| FY2022 | $116.6B | $23.2B | 19.9% | -1.1% | Source |
| FY2021 | $117.9B | $39.4B | 33.4% | +37.2% | Source |
| FY2020 | $86B | $29.1B | 33.9% | +21.6% | Source |
| FY2019 | $70.7B | $18.5B | 26.1% | +26.6% | Source |
| FY2018 | $55.8B | $22.1B | 39.6% | +37.4% | Source |
| FY2017 | $40.7B | $15.9B | 39.2% | +47.1% | Source |
| FY2016 | $27.6B | $10.2B | 37.0% | — | Source |
Nike
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.1B | 6.7% | +0.2% | Source |
| FY2025 | $46.3B | $3.2B | 7.0% | -9.8% | Source |
| FY2024 | $51.4B | $5.7B | 11.1% | +0.3% | Source |
| FY2023 | $51.2B | $5.1B | 9.9% | +9.6% | Source |
| FY2022 | $46.7B | $6B | 12.9% | +4.9% | Source |
| FY2021 | $44.5B | $5.7B | 12.9% | +19.1% | Source |
| FY2020 | $37.4B | $2.5B | 6.8% | -4.4% | Source |
| FY2019 | $39.1B | $4B | 10.3% | +7.5% | Source |
| FY2018 | $36.4B | $1.9B | 5.3% | +6.0% | Source |
| FY2017 | $34.4B | $4.2B | 12.3% | — | Source |
Where the revenue comes from
Meta
- Advertising
~97.6% (FY2025)
Ads across Facebook, Instagram, Messenger, Threads and WhatsApp; $196.175B in FY2025.
- Other revenue and Reality Labs
~2.4% (FY2025)
WhatsApp Business messaging, Meta Verified subscriptions, Quest headsets and Ray-Ban Meta glasses.
Nike
- Footwear~64%
NIKE Brand footwear revenue was $29.525B in FY2026.
- Apparel~29%
NIKE Brand apparel revenue was $13.449B in FY2026.
- Equipment~5%
NIKE Brand equipment revenue was $2.199B in FY2026.
- Converse~3%
Converse revenue was $1.174B in FY2026, down 31% year over year.
Business model and strategy
Meta
How it makes money
Meta makes money by selling ads. Facebook, Instagram, Messenger, WhatsApp and Threads are free to use, and advertisers pay to reach people in feeds, Stories, Reels and click-to-message formats. Advertising produced $196.175B of Meta's $200.966B FY2025 revenue, about 97.6%. Q2 2026 growth came from 14% more ad impressions and a 12% higher average price per ad.
Growth strategy
Meta's growth plan runs through AI. Better ranking and ad-delivery models raise engagement on Reels and feeds and lift ad prices, which drove the 28% revenue growth in Q2 2026. Meta Superintelligence Labs, led by former Scale AI CEO Alexandr Wang, released the first Muse Spark model in April 2026, followed by a paid API and the Muse consumer AI agent in September 2026.
Competitive advantage
Meta's moat is distribution plus data. Its apps reach 3.60 billion people every day, so new products such as Threads, Meta AI and Muse can launch to a huge audience at once. Advertisers stay because Meta's AI ad tools such as Advantage+ convert across that audience at a scale only Google matches. Meta also owns its compute, custom MTIA chips and frontier models, which reduces its dependence on outside AI suppliers.
Nike
How it makes money
Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products. In FY2026, NIKE Brand footwear brought in $29.5B (about 64% of revenue), apparel $13.4B (about 29%), equipment $2.2B (about 5%), and Converse $1.2B.
Growth strategy
Under Elliott Hill, Nike's plan, branded internally as "Win Now," reorganizes the company around sports such as running, basketball, football, and training rather than broad gender and consumer segments. Three practical moves stand out. First, Nike is returning to wholesale: it rebuilt ties with Foot Locker and Dick's and resumed selling on Amazon, which helped wholesale revenue grow 6% in FY2026.
Competitive advantage
Nike's edge is scale combined with athlete relationships. No rival matches its $4.75B annual demand-creation budget or its roster across basketball (LeBron James, the Jordan Brand), football (club and federation kits), running, and women's sport (Caitlin Clark, Sabrina Ionescu). That scale also gives Nike purchasing leverage with contract factories and space with the biggest global retailers.
Questions about Meta vs Nike
Which company has higher revenue — Meta Platforms, Inc. or NIKE, Inc.?
Meta Platforms, Inc. reported $201.0B (FY2025), while NIKE, Inc. reported $46.4B (FY2026). By last reported revenue, Meta Platforms, Inc. is the larger business, with NIKE, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Meta Platforms, Inc. vs NIKE, Inc.?
Meta Platforms, Inc.'s market capitalisation stands at $1.90T, while NIKE, Inc.'s is $53.4B. Meta Platforms, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIKE, Inc..
Which is more financially efficient — Meta Platforms, Inc. or NIKE, Inc.?
Meta Platforms, Inc. generates $2.66M / employee in revenue per employee, while NIKE, Inc. generates $636k / employee. Meta Platforms, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Meta Platforms, Inc. and NIKE, Inc. make money?
Meta Platforms, Inc. and NIKE, Inc. generate revenue in fundamentally different ways. Meta Platforms, Inc.: Meta makes money by selling ads. NIKE, Inc.: Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products.
Which company is valued higher relative to revenue — Meta Platforms, Inc. or NIKE, Inc.?
On a price-to-sales (P/S) basis, Meta Platforms, Inc. trades at 9.5x P/S and NIKE, Inc. at 1.2x P/S. Meta Platforms, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NIKE, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Meta Platforms, Inc. bigger than NIKE, Inc.?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to NIKE, Inc. ($46.4B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Meta vs Nike overview