Meta's 51% Margin Hides a 20% ROIC Decline. Here's What the 10-K Reveals.
Meta's Family of Apps earns a 51.5% operating margin. Its ROIC is declining at -6.3 points per quarter. Both facts are true simultaneously. The gap between them reveals everything about the largest AI infrastructure bet in advertising history — and the accounting policies designed to make it look cheaper than it is.