Meta Platforms, Inc. · Class A · Menlo Park, California

Ads are booming; the AI bill has arrived.

Meta grew revenue 26% to $64.6B in Q3 and guided Q4 above consensus, but a $9.9B youth-safety settlement charge cut operating margin to 20%, and $34.9B of capex pushed free cash flow negative for the first time. No buybacks in Q3; Meta plans a new non-voting Class C share.

Last close · Oct 9, 2026

$718.67

Market cap

$1.83T

at current price

52-week range

$520–780

closing low / high

P/E

~24×

trailing GAAP EPS $29.33 · ~21× excluding the Q3 legal charge

Revenue TTM

Analyst target

$781

consensus · range $595–1,000

Next earnings

Late Jan

Q4 2026 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. The stock fell 8% after Q2 results, then re-rated on the Muse AI agent; it rose about 4% after hours on the Q3 beat and Q4 guide.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.19

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with gross margin on the right axis. GAAP EPS of $1.05 in Q3 2025 reflects a one-time tax charge, and $3.83 in Q3 2026 a $9.89B legal charge ($7.40 excluding it). The last bar is the midpoint of Meta's Q4 2026 guidance of $73–76B.

RevenueGross margin (right axis)Guidance

Q3 2026

$64.6B

+26% YoY · beat ~$63.3B

Op. margin

20.1%

35.4% excl. legal charge · 40.1% a year ago

Costs & expenses

$51.6B

+68% · incl. $9.89B legal charge

Reality Labs

−$4.13B

operating loss on $443M revenue

Q3 capex

$34.9B

incl. finance leases · 1.8× a year ago

Q4 guide

$73–76B

midpoint above ~$73.6B consensus

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 26% in Q3 as ad impressions rose 10% and price per ad 14%. The Q4 guide of $73–76B implies about 22–27% growth, and Meta expects strong growth through 2027.

Tailwind

Muse and leaner costs

More than 10M people set up the Muse AI agent in about six weeks. Headcount is down 15% YoY to 66,775, and Reality Labs losses should narrow to about $15B in 2027.

Watch

Capex and cash flow

2026 capex is guided at $135–145B, implying about $49–59B in Q4. Free cash flow was −$2.1B in Q3 on Meta's measure, and buybacks have stopped.

Watch

Borrowing and the Class C share

Long-term debt rose to $80.9B from $58.7B in December, about equal to cash and securities of $82.4B. A non-voting Class C share (one per existing share, due Jan 2027) can be used to raise capital or pay for deals.

Risk

Legal bills

The attorneys-general deal provides up to about $18.6B in payments, and a New Mexico judge ordered $25B over Cambridge Analytica, which Meta will appeal. More youth-safety trials are scheduled.

Risk

Reality Labs

Lost $4.13B in Q3 and is guided to lose $18–19B in 2026, on revenue of under $0.5B a quarter.

Calendar

Late Jan 2027

Q4 and FY26 results

Guide: revenue $73–76B. Expected to include 2027 capex and expense outlooks.

Jan 19, 2027

Class C shares

Intended effective date of the non-voting Class C stock; one share is paid per Class A or B share and the Class A price should adjust like a 2-for-1 split.

2026–2027

Youth-safety trials and appeals

More US trials are scheduled, and Meta is appealing the $25B New Mexico ruling.

Ads are booming; the AI bill has arrived.

Price, last 12 months

Revenue and margins, by quarter

Watch list

The ad engine

Muse and leaner costs

Capex and cash flow

Borrowing and the Class C share

Legal bills

Reality Labs

Calendar

Q4 and FY26 results

Class C shares

Youth-safety trials and appeals

Sources