Meta Platforms, Inc. (META) 10-Q 2026: AI Summary

Summary

Full summary

The Print

Meta reported revenue of $56.3B and net income of $26.8B ($10.44 diluted EPS) for the three months ended March 31, 2026, versus revenue of $42.3B and net income of $16.6B ($6.43 diluted EPS) in the prior-year period.

Revenue increased 33.1% to $56.3B and net income increased 60.9% to $26.8B versus the prior-year period. Operating income rose to $22.9B from $17.6B, while operating margin was 40.6% versus 41.5% in the prior-year period. The filing excerpts provided do not state a management-attributed cause for these movements.

Revenue of $56.3B compares with $42.3B in the prior-year period, a 33.1% increase.
Net income of $26.8B compares with $16.6B in the prior-year period, a 60.9% increase.
Diluted EPS of $10.44 compares with $6.43 in the prior-year period, a 62.4% increase.
Operating income of $22.9B compares with $17.6B in the prior-year period, while operating margin was 40.6% versus 41.5%.

Results That Matter

Revenue
Current period
$56.3B
Prior period
$42.3B
Change
+33.1%
Revenue increased 33.1% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Operating income
Current period
$22.9B
Prior period
$17.6B
Change
+30.3%
Operating income increased 30.3% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Net income
Current period
$26.8B
Prior period
$16.6B
Change
+60.9%
Net income increased 60.9% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Earnings per share - Diluted
Current period
$10.4
Prior period
$6.4
Change
+62.4%
Diluted EPS increased 62.4% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Earnings per share - Basic
Current period
$10.6
Prior period
$6.6
Change
+60.4%
Basic EPS increased 60.4% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Operating margin
Current period
40.6%
Prior period
41.5%
Change
−0.9 ppts
Operating margin was 40.6% versus 41.5% in the prior-year period, a decrease of 0.9 percentage points. The provided filing excerpts do not state a management-attributed cause for the movement.
Net margin
Current period
47.5%
Prior period
39.3%
Change
+8.2 ppts
Net margin was 47.5% versus 39.3% in the prior-year period, an increase of 8.2 percentage points. The provided filing excerpts do not state a management-attributed cause for the movement.

Financial highlights: current period, prior period, change, and investor takeaway per metric
Metric	Current Period	Prior Period	Change	Investor Takeaway
Revenue	$56.3B	$42.3B	+33.1%	Revenue increased 33.1% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Operating income	$22.9B	$17.6B	+30.3%	Operating income increased 30.3% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Net income	$26.8B	$16.6B	+60.9%	Net income increased 60.9% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Earnings per share - Diluted	$10.4	$6.4	+62.4%	Diluted EPS increased 62.4% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Earnings per share - Basic	$10.6	$6.6	+60.4%	Basic EPS increased 60.4% versus the prior-year period. The provided filing excerpts do not state a management-attributed cause for the movement.
Operating margin	40.6%	41.5%	−0.9 ppts	Operating margin was 40.6% versus 41.5% in the prior-year period, a decrease of 0.9 percentage points. The provided filing excerpts do not state a management-attributed cause for the movement.
Net margin	47.5%	39.3%	+8.2 ppts	Net margin was 47.5% versus 39.3% in the prior-year period, an increase of 8.2 percentage points. The provided filing excerpts do not state a management-attributed cause for the movement.

Earnings Quality & Cash Conversion

The provided filing excerpts do not disclose unusual or one-time items, nor an adjusted or ex-item earnings total. Net income of $26,773,000,000 exceeded operating income of $22,872,000,000 for the three months ended March 31, 2026; the provided excerpts do not state the components of the difference.

Value Drivers & Capital Allocation

Capital expenditures $19.0B (prior $12.9B) (selected cash-flow amount, not necessarily total capital investment).

Return on equity was 11.0% (prior 9.0%) (period net income / period-end equity, not annualized); return on assets 6.8% (period net income / period-end assets, not annualized).

Forward Signals

No guidance is stated in the provided filing excerpts.

Known trends

Not disclosed—the provided excerpts do not include Item 2. MD&A known trends or uncertainties.

Subsequent events

Not disclosed—the provided excerpts do not include subsequent events.

Risks

3 source-verified filing excerpts. Selected excerpts are not a complete risk inventory.

Filing excerpt 1

EvidenceIf any of the following risks actually occurs, our business, financial condition, results of operations, and future prospects could be materially and adversely affected. In that event, the trading price of our Class A common stock could decline, and you could lose part or all of your investment.

Filing excerpt 2

EvidenceThe risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business.

Filing excerpt 3

EvidenceMoreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

Balance Sheet & Liquidity

Leverage: Identified debt as of 2026-03-31: reported debt balance of unestablished maturity scope of $58.7B. The concept behind this balance does not establish which maturities it covers. Total debt, net debt and debt-to-equity are therefore not stated.

Liquidity: Cash and cash equivalents were $23,426,000,000 as of March 31, 2026, versus $35,873,000,000 as of December 31, 2025. The provided excerpts do not disclose available credit facilities or a runway assessment.

Cash flow: Cash flow — operating $32.2B, investing $-33.7B, financing $-6.6B.

Working capital: Current assets $109.8B vs. current liabilities $46.8B (current ratio 2.35x). Prior reported balance sheet as of 2025-12-31: $108.7B vs. $41.8B (2.60x).

Maturities & covenants

Not disclosed—the provided excerpts do not include debt maturity schedules or covenant terms.

Notable Footnotes

Item	Impact
Forward-looking statements	The filing states that forward-looking statements are based largely on current expectations and projections about future events and trends and are subject to risks, uncertainties, and assumptions, including those described in Part II, Item 1A, and that actual results could differ materially and adversely.

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AI-generated. Informational only, not investment advice. May be incomplete or contain errors. The authoritative source is always the original SEC filing.