Meta Bet Without a Stopping Rule, in One Chart

Meta’s family of apps earned $102.5 billion in 2025, enough to carry $92 billion in cumulative Reality Labs losses from 2020 through mid-2026. Source: Meta investor relations, segment disclosures.

Meta Got the Diagnosis Right and Bet Without a Stopping Rule
Group	Measure	Value
The core carried it	Family of apps income	$102.5B
The core carried it	Revenue FY2025	$201B
What the bet cost	Reality Labs, cumulative	$92B
What the bet cost	FY2025 segment loss	$19.2B
What the bet cost	ATT hit, 2022, projected	$10B

Meta Bet Without a Stopping Rule, in One Chart

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