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With $3.5 billion in cash on hand, Facebook is swimming in success and may manage to reach $1 billion in profit by the end of this year, according to a report.

The social network giant had $714 million in net income on revenue of $2.5 billion between January and September of this year, a source with knowledge of Facebook’s financials told Gawker. Given that trajectory, it seems likely that Facebook will pass $1 billion in profits — or at least get agonizingly close — by year-end.

While exact details on Facebook’s financial history are fuzzy, the company is on track to earn double what it reportedly made last year, and quadruple what it made two years ago.

Facebook also has plenty of money in the bank: $3.5 billion, according to the report. That doesn’t compare with a massive war chest like Apple’s $81.6 billion, but it’s certainly enough to make big acquisitions when necessary. And as Gawker points out, it’s an amount that would make the likes of Yahoo and Adobe jealous.

Gawker’s source also reiterated previous reports about Facebook’s upcoming IPO, in which the company is expected to raise $10 billion at a $100 billion valuation. Basically, expect Facebook’s pocketbook to grow next year, and for some big spend acquisitions to follow.

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