Meta vs Travelers: Revenue, Profit and Business Model
Meta reported $201B of revenue in FY2025 and $60.5B of net income. Travelers reported $48.8B of revenue in FY2025 and $6.3B 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.
Travelers
Travelers reported $48.828 billion in total revenues and $6.288 billion in net income for 2025, up from $46.423 billion and $4.999 billion in 2024. Core income was about $6.3 billion, or $27.59 per diluted share, for a core return on equity of 19.4%, and net written premiums reached a record $44.4 billion. Results kept improving in 2026: second-quarter net income was $2.208 billion ($10.26 per diluted share) versus $1.509 billion a year earlier, with an 83.6% combined ratio, $518 million of catastrophe losses and $883 million of after-tax net investment income. The company returned $1.577 billion to shareholders in that quarter alone.
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 |
Travelers
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.8B | $6.3B | 12.9% | +5.2% | Source |
| FY2024 | $46.4B | $5B | 10.8% | +12.2% | Source |
| FY2023 | $41.4B | $3B | 7.2% | +12.1% | Source |
| FY2022 | $36.9B | $2.8B | 7.7% | +5.9% | Source |
| FY2021 | $34.8B | $3.7B | 10.5% | +8.9% | Source |
| FY2020 | $32B | $2.7B | 8.4% | +1.3% | Source |
| FY2019 | $31.6B | $2.6B | 8.3% | +4.3% | Source |
| FY2018 | $30.3B | $2.5B | 8.3% | +4.8% | Source |
| FY2017 | $28.9B | $2.1B | 7.1% | +4.6% | Source |
| FY2016 | $27.6B | $3B | 10.9% | — | 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.
Travelers
- Net earned premiums~88%
Premiums from Business Insurance, Bond & Specialty Insurance and Personal Insurance policies. Travelers wrote a record $44.4 billion of net premiums in 2025.
- Net investment income~9%
Income from the high-grade, mostly fixed-income portfolio funded by policyholder float and shareholder capital.
- Fee income and other revenues~3%
Fees from servicing workers' compensation residual-market pools and national accounts, plus other revenues such as Simply Business brokerage commissions.
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.
Travelers
How it makes money
The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model. The company generates revenue through two complementary engines: insurance premium collection across Business Insurance, Bond & Specialty Insurance, and Personal Insurance, and net investment income generated by its large, high-grade fixed-income float portfolio exceeding $100 billion.
Growth strategy
Travelers' growth strategy is built around its dual 'Perform and Transform' framework. Under 'Perform', the company emphasizes underwriting discipline, granular risk pricing, aggressive claims management, and investment yield optimization across its three core divisions: Business Insurance, Bond & Specialty Insurance, and Personal Insurance.
Competitive advantage
Travelers has brand trust, deep agent and broker relationships, underwriting data, claim infrastructure, financial strength, and specialty capabilities such as surety. Its independent-agent reach gives it broad commercial distribution without building a purely direct-to-consumer marketing machine.
Questions about Meta vs Travelers
Which company has higher revenue — Meta Platforms, Inc. or The Travelers Companies, Inc.?
Meta Platforms, Inc. reported $201.0B (FY2025), while The Travelers Companies, Inc. reported $48.8B (FY2025). By last reported revenue, Meta Platforms, Inc. is the larger business, with The Travelers Companies, Inc. reporting a smaller revenue base.
What is the market cap of Meta Platforms, Inc. vs The Travelers Companies, Inc.?
Meta Platforms, Inc.'s market capitalisation stands at $1.90T, while The Travelers Companies, Inc.'s is $77.0B. Meta Platforms, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Travelers Companies, Inc..
Which is more financially efficient — Meta Platforms, Inc. or The Travelers Companies, Inc.?
Meta Platforms, Inc. generates $2.66M / employee in revenue per employee, while The Travelers Companies, Inc. generates $1.50M / 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 The Travelers Companies, Inc. make money?
Meta Platforms, Inc. and The Travelers Companies, Inc. generate revenue in fundamentally different ways. Meta Platforms, Inc.: Meta makes money by selling ads. The Travelers Companies, Inc.: The Travelers Companies operates a leading property and casualty (P&C) commercial and personal insurance underwriting model.
Which company is valued higher relative to revenue — Meta Platforms, Inc. or The Travelers Companies, Inc.?
On a price-to-sales (P/S) basis, Meta Platforms, Inc. trades at 9.5x P/S and The Travelers Companies, Inc. at 1.6x P/S. Meta Platforms, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Travelers Companies, 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 The Travelers Companies, Inc.?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to The Travelers Companies, Inc. ($48.8B (FY2025)). 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 Travelers overview