META PLATFORMS · NASDAQ: META
Meta Platforms (META) Stock Research
Research Meta Platforms (META) earnings, business trends, valuation context, institutional ownership, risks, and the next investor checkpoints.
- Latest financial period
- Q2 2026
- Latest filing
- Jul 30, 2026
- Research updated
- Sep 15, 2026
01
Reported evidence
Latest META financial snapshot
Q2 2026 · filed Jul 30, 202602
Latest filing analysis
What changed in the latest reported period
Q2 2026 revenue increased 28% year over year to $60.80 billion, with advertising producing nearly all of the dollar growth.
Ad impressions across the Family of Apps increased 14%, while average price per ad rose 12% year over year.
GAAP operating income declined 8% to $18.78 billion and operating margin fell to 31% from 43%, as costs and expenses rose 55%.
GAAP net income declined 14% to $15.85 billion and diluted EPS declined 13% to $6.18.
Capital expenditures reached $31.08 billion, leaving company-defined free cash flow at $784 million despite $31.86 billion of operating cash flow.
03
BasisPilot
What matters for META now
Advertising demand
Advertising revenue increased 27% to $59.36 billion as impressions rose 14% and average price per ad increased 12%. Both volume and price remain core growth indicators.
Evidence checkpointAI infrastructure returns
Meta expects 2026 capital expenditures of $130–145 billion. Investors need to compare infrastructure spending with engagement, ad performance and future revenue growth.
Evidence checkpointExpense and margin path
Q2 costs included $2.40 billion of legal charges and $1.18 billion of severance expense. Meta expects full-year expenses of $165–169 billion.
Evidence checkpointReality Labs losses
Reality Labs generated $431 million of revenue and a $4.62 billion operating loss in Q2, while Family of Apps produced $23.39 billion of operating income.
Evidence checkpointUser engagement
Family daily active people averaged 3.60 billion in June 2026, up 3% year over year. Engagement quality matters because advertising supplies most of Meta's revenue.
Evidence checkpoint04
Revenue mix
How Meta Platforms makes money
05
Historical filings
META earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q2 2026 | $60.8B | 28% | 6.18 | Jul 30, 2026 |
06
Valuation context
META valuation
Evaluate META through revenue growth, margins, cash generation and the expectations implied by the market price. BasisPilot does not display an undated valuation multiple.
07
SEC 13F
Institutional ownership
15
BasisPilot Insights
Latest Meta Platforms research
Sep 10, 2026
Meta Muse AI Agent: Why META Jumped and Why Security Risk Matters
Meta launched Muse, an autonomous AI agent that can send emails, make payments and book travel. Here is why META rallied and why privacy and security remain central risks.
Aug 29, 2026Meta’s $18 Billion Settlement Explained: What Changes for Instagram, Teens and META Stock
Meta agreed to pay up to $18 billion to resolve U.S. lawsuits over teen social media harm. Here’s what changes for Instagram and Facebook, how the payment works and what it means for META stock.
14
Decision support
Risks and next checkpoints
Meta remains highly dependent on advertising demand, user engagement and the performance of ad-ranking and measurement systems.
The planned $130–145 billion of 2026 capital expenditures may pressure free cash flow if AI infrastructure monetization develops more slowly than expected.
Privacy rules, mobile platform policies and reduced access to data signals can affect ad targeting, measurement and pricing.
Legal and regulatory proceedings can produce material costs or product changes; Q2 included $2.40 billion of legal charges.
Reality Labs continues to incur large operating losses while the timing and scale of consumer adoption remain uncertain.
AI products, content systems and platform safety create execution, security, intellectual-property and reputational risks.
16
FAQ
META investor questions
What was Meta's latest quarterly revenue?
Meta reported $60.80 billion of Q2 2026 revenue, up 28% year over year, and $18.78 billion of GAAP operating income.
How fast is Meta's advertising business growing?
Advertising revenue increased 27% to $59.36 billion as Family of Apps ad impressions rose 14% and average price per ad increased 12%.
Why did Meta's profit decline while revenue grew?
Total costs and expenses rose 55%, including $2.40 billion of legal charges and $1.18 billion of severance expense. GAAP operating income declined 8% and net income declined 14%.
How much does Meta expect to spend on capital expenditures in 2026?
Meta narrowed its 2026 capital-expenditure outlook to $130–145 billion, primarily for AI infrastructure and related capacity. This is company guidance, not a reported result.
How much did Reality Labs lose in Q2 2026?
Reality Labs generated $431 million of revenue and recorded a $4.62 billion operating loss, while Family of Apps generated $23.39 billion of operating income.
Are META 13F holdings real-time positions?
No. Form 13F reports delayed quarter-end positions for qualifying managers and securities; it does not reveal real-time trades or institutions' true cost basis.
What should META investors monitor next?
Key checkpoints are ad impressions and pricing, user engagement, returns on AI capital spending, free cash flow, Reality Labs losses, and privacy and regulatory developments.
17
Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.