Open-ended investigation

“Did Meta actually become more efficient after the Year of Efficiency?”

Operating margin went from 24.8% to 42.2% in two years. Excluding restructuring charges, the improvement still holds.

Recorded September 30, 2026 · 8 steps · 4 SEC filings · real CLI output

Recorded agent sessionSeptember 30, 2026 · real CLI output

The answer

What the agent concluded

Yes, by the filings’ own numbers. In 2023 total costs and expenses rose 0.6% while revenue grew 15.7%. Operating margin moved from 24.8% (2022) to 34.7% (2023) and 42.2% (2024).

Restructuring charges flatter the jump, but don’t explain it. Adding back $4.61B in 2022 and $3.45B in 2023, the margin still rises from 28.8% to 37.2%.

Revenue per year-end employee rose from $1.35M to $2.55M. The 2022 headcount still counted most of the roughly 11,000 employees laid off that November, which inflates the before-and-after contrast.

2025 points the other way: costs grew 23.7% against 22.2% revenue growth and the margin slipped to 41.4%, as AI infrastructure and hiring resumed.

Operating margin, 2022 → 202424.8% → 42.2%2025: 41.4%
Costs vs revenue growth, 20230.6% vs 15.7%costs held flat
Headcount, year-end86,482 → 67,3172025: 78,865

Evidence

The numbers and where they came from

Meta consolidated results. Calendar fiscal years. Restructuring charges are taken from MD&A; 2024–2025 amounts were not separately quantified in the sections read.
YearRevenueCosts & expensesOperating marginEx-restructuringHeadcount
2022$116.6B$87.7B24.8%28.8%86,482
2023$134.9B$88.2B34.7%37.2%67,317
2024$164.5B$95.1B42.2%n/q74,067
2025$201.0B$117.7B41.4%n/q78,865

Meta consolidated results. Calendar fiscal years. Restructuring charges are taken from MD&A; 2024–2025 amounts were not separately quantified in the sections read. The first column links to each row’s SEC filing.

Calculations

Inputs and method, not just results

Operating margin, 2023
Income from operations / revenue46,751,000,000 / 134,902,000,000= 34.66%
Margin ex-restructuring, 2023
(Income from operations + restructuring) / revenue(46,751,000,000 + 3,452,000,000) / 134,902,000,000= 37.21%
Revenue per year-end employee, 2025
Revenue / year-end headcount200,966,000,000 / 78,865= $2.55M

Checks & caveats

What was verified, and what limits the answer

  • Caveat
    2022 headcount includes announced layoffs

    Our reported headcount includes a substantial majority of the approximately 11,000 employees impacted by the layoff we announced in November 2022, who will no longer be reflected in our headcount by the end of the first quarter of 2023.

  • Not disclosed
    Restructuring after 2023 not quantified

    The 2024 and 2025 MD&A sections mention lower restructuring costs without a total, so those years are shown as reported only.

  • Verified
    Management’s framing

    We remain focused on operating efficiently while investing in significant opportunities.

Agent trace

Every tool call, in order

  1. filings.recentFind the annual reports covering 2022 through 2025.
    finance filings.recent META forms=10-K limit=6 --output json

    6 annual reports, 2020–2025, each with an accession number.

    Raw CLI output ↗
  2. filings.statementRevenue, costs and operating income for 2023–2025.
    finance filings.statement accession=0001628280-26-003942 statement=income --output json

    Revenue, total costs and operating income for 2023–2025.

    Raw CLI output ↗
  3. filings.statementThe 2022 baseline, before the efficiency push.
    finance filings.statement accession=0001326801-25-000017 statement=income --output json

    The 2022 baseline.

    Raw CLI output ↗
  4. filings.readHeadcount and restructuring charges at the end of 2022.
    finance filings.read accession=0001326801-23-000013 section=mda max_chars=90000 --output json

    Headcount 86,482, restructuring $4.61B, layoffs still counted.

    Raw CLI output ↗
  5. filings.readHeadcount and restructuring charges for 2023.
    finance filings.read accession=0001326801-24-000012 section=mda max_chars=90000 --output json

    Headcount 67,317 (−22%), restructuring $3.452B.

    Raw CLI output ↗
  6. filings.readHeadcount at the end of 2024.
    finance filings.read accession=0001326801-25-000017 section=mda max_chars=90000 --output json

    Headcount 74,067.

    Raw CLI output ↗
  7. filings.readHeadcount at the end of 2025 and what drove cost growth.
    finance filings.read accession=0001628280-26-003942 section=mda max_chars=90000 --output json

    Headcount 78,865; R&D up on AI compensation and infrastructure.

    Raw CLI output ↗
  8. formula.marginMargins, ex-restructuring margins and revenue per head, with inputs.
    finance formula.margin numerator=46751M denominator=134902M

    2023 operating margin 34.66%; ex-restructuring 37.21%.