Market cap
$1.83T
at current price
Meta Platforms, Inc. · Class A · Menlo Park, California
Ads are booming; the AI bill has arrived.
Meta grew revenue 28% to $60.8B in Q2, but costs rose 55% and about $31B of capex ate almost all of its operating cash flow. 2026 capex is guided at $130–145B, Reality Labs still loses about $4.6B a quarter, and buybacks have slowed sharply.
Last close · Oct 9, 2026
$718.67
52-week range
$520–780
closing low / high
P/E
~27×
Q3 consensus EPS $6.77 × 4 · trailing GAAP ~27×
Revenue TTM
Analyst target
$781
consensus · range $595–1,000
Next earnings
Oct 28
Q3 2026 · expected, after close
Price, last 12 months
Daily closes with the 50-day average. The stock fell about 10% after Q2 results on the capex and cost outlook.
1Y closing high
—
1Y closing low
—
SMA 50
—
SMA 200
—
RSI 14
—
Avg daily move
—
last 20 sessions
Beta
1.19
vs. S&P 500
From peak
—
Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. Q3 2025 GAAP EPS of $1.05 reflects a one-time tax charge. The last bar is the midpoint of Meta's Q3 2026 guidance of $61–64B.
RevenueGross margin (right axis)Guidance
Q2 2026
$60.8B
+28% YoY
Op. margin
34.8%
43.0% a year ago
Costs & expenses
$42.0B
+55% · incl. $2.4B legal, $1.2B severance
Reality Labs
−$4.62B
operating loss on $431M revenue
Q2 capex
$31.1B
incl. finance leases · ~2× a year ago
Q3 guide
$61–64B
FX about a 1-point headwind
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
The ad engine
Revenue grew 28% in Q2 and between 16% and 33% in each of the last ten quarters, as AI-driven ad targeting and ranking keep working.
Watch
Capex and costs
The 2026 guide is $130–145B of capex and $165–169B of total expenses. Q2 free cash flow was just $0.8B on Meta's own measure.
Watch
Borrowing to build
Meta issued about $55B of bonds over the last year. Total debt including leases (~$112B) now exceeds cash and securities (~$90B).
Watch
Growth slows in Q3
The $61–64B Q3 guide implies growth of about 19–25%, down from 28%, and slightly below what analysts expected.
Risk
Reality Labs
Lost $4.62B in Q2 and more than $80B since 2020. Zuckerberg says 2026 is the peak loss year.
Risk
Youth-safety trials
Several US trials over harms to young users are scheduled this year, and Meta warns they could result in a material loss.
Calendar
Oct 28, 2026
Q3 2026 earnings (expected)
After US close. Guide: revenue $61–64B; consensus EPS ~$6.77.
Late Jan 2027
Q4 and FY26 results
Expected to include 2027 capex and expense outlooks.
2026–2027
Youth-safety trials
Several US trials are scheduled; outcomes could lead to material losses.