Meta Platforms, Inc. (META) Earnings
Meta Platforms, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $7.18. META has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +11.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $6.70 | $7.31 | +9.1% | $56.3B | +1.4% |
| Jan 28, 2026 | $8.19 | $8.88 | +8.4% | $59.9B | +2.7% |
| Oct 29, 2025 | $6.72 | $7.25 | +7.9% | $51.2B | +3.5% |
| Jul 30, 2025 | $5.88 | $7.14 | +21.4% | $47.5B | +6.0% |
| Apr 30, 2025 | $5.23 | $6.43 | +22.9% | $42.3B | +2.4% |
| Jan 29, 2025 | $6.75 | $8.02 | +18.8% | $48.4B | +2.9% |
| Jul 31, 2024 | $4.73 | $5.16 | +9.1% | $39.1B | +2.1% |
| Feb 1, 2024 | $4.96 | $5.33 | +7.5% | $40.1B | +2.4% |
| Oct 25, 2023 | $3.63 | $4.39 | +20.9% | $34.1B | +7.9% |
| Jul 26, 2023 | $2.92 | $2.98 | +2.1% | $32.0B | +14.4% |
| Feb 1, 2023 | $2.22 | $1.76 | -20.7% | $32.2B | +1.9% |
| Oct 26, 2022 | $1.89 | $1.64 | -13.2% | $27.7B | +1.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Mark mentioned a strong quarter with over 3.5 billion people using at least one of their apps daily. Daily and monthly actives on Instagram and Facebook growing with video driving engagement. WhatsApp has strong momentum, Threads is on track. Release of Muse family of models, Muse Spark and upgraded Meta AI. Building personal and business agents. Increasing infrastructure CapEx due to higher component costs. AI glasses performing well with daily tripling year over year. Talked about how AI is transforming work. Susan discussed segment results, business performance including content recommendation initiatives, monetization efficiency, commerce efforts, and approach to capital allocation.
Guidance
Expect second quarter 2026 total revenue to be in the range of $58 to $61 billion. Full-year 2026 total expenses expected to be in the range of $162 to $169 billion, unchanged from prior outlook. 2026 capital expenditures expected to be in the range of $125 to $145 billion, increased from prior range. Tax rate for remaining quarters of 2026 expected to be between 13 and 16%.
Segment performance
Q1 total family of apps revenue was $55.9 billion, up 33% year over year. Family of apps ad revenue was $55 billion, up 33% or 29% on a constant currency basis. Total number of ad impressions served across services increased 19%. Global average price per ad increased 12% year-over-year. Family of Apps' other revenue was $885 million, up 74%, driven primarily by WhatsApp paid messaging and subscriptions revenue. Reality Lab segment Q1 revenue was $402 million, down 2% year over year due to lower Quest headset sales, partially offset by strong growth in AI glasses revenue. Q1 total revenue was $56.3 billion, up 33% or 29% on a constant currency basis. Q1 total expenses were $33.4 billion, up 35%. First quarter operating income was $22.9 billion, representing a 41% operating margin. Net income was $26.8 billion or $10.44 per share. Capital expenditures were $19.8 billion. Free cash flow was $12.4 billion. Ended the quarter with $81.2 billion in cash and marketable securities and $58.7 billion in debt.
Risks & headwinds
Monitor active legal and regulatory matters, including headwinds in the EU and US that could significantly impact business and financial results. Also, scrutiny on youth-related issues with additional trials scheduled in the US that may result in material loss.
Analyst Q&A
Q: Brian Nowak asks about level of investment and signposts to ensure ROIC on Muse and other products.
A: Mark talks about watching if they're delivering quality, how products scale, monetization and increasing profitability.
Q: Mark Smulek asks about team focus on model training vs product launches and 2027 CapEx.
A: Mark says research team focuses on scaling models, product team unlocked to build on models. Susan says no specific outlook for 2027 CapEx but compute will be more central.
Q: Eric Sheridan asks about opportunity set with agentic compute for consumers and enterprises.
A: Mark talks about near-term focuses on engagement, SMBs, and long-term on personal and business agents.
Q: Yusuf Squally asks about gating factors for additional glasses brands and 10% rift and employee needs.
A: Mark talks about strong growth in AI glasses, Susan talks about leveraging AI for productivity.
Q: Justin Post asks about unlock from Muse Spark and product cadence.
A: Mark says lab is on track, cadence tough to specify.
Q: Ross Sandler asks about new ideas changing agentic strategy and lab direction.
A: Mark talks about focus on delivering polished personal superintelligence, importance of model self-improvement.
Q: Ron Josie asks about personal agent opportunity timeline and ranking recommendation improvements.
A: Mark says agent work has short, medium, long term. Susan talks about ranking recommendation improvements.
Q: Doug Enmuth asks about step up from smaller models to Spark in ads and Manus.
A: Mark talks about work underway with adaptive ranking model.
Q: Ken Gorowski asks about shopping commerce and visibility on core business growth.
A: Mark talks about empowering individuals and Susan talks about Q2 guide and budgeting process