Meta Platforms (META) Company Report

Pershing Square built a 10% position in Meta Platforms, investing about $2 billion, initiated in late November and recorded at end-2025.
Since the position began, Meta’s shares have risen roughly 11% in 2025 and 3% year-to-date in 2026.
The firm argues Meta’s share price understates long-term upside from AI-driven content recommendations, personalized advertising and new user engagement via digital assistants and wearables.
The investment aligns with Pershing Square’s concentrated style, alongside new stakes in Amazon and Hertz and exits from Hilton, Chipotle and Nike.

2 days ago

Bloomberg

Meta begins $10B Indiana AI campus

META

New Projects/Investments

Meta has broken ground on a $10 billion, 1 gigawatt data center campus in Indiana’s LEAP Research and Innovation District, covering 1,500 acres with 13 buildings; first phase expected late 2027 or early 2028.
Designed for AI compute and core services, the campus targets LEED Gold certification, features closed-loop liquid cooling, and will match 100% of its energy use with clean power.
The project includes $120 million in public-works investments, workforce programs, and $1 million annually for resident energy assistance, creating about 4,000 construction and 300 permanent jobs.
Incentives include a 10-year, 50% real-property tax abatement, personal-property abatements, and community impact payments; it’s Meta’s 27th US data center.

2 days ago

Bloomberg

Meta Platforms Partnership Drives 7M AI Smartglasses Shipments

META

Product Launch

Revenue Acceleration/Inflection

EssilorLuxottica sold 7 million AI smartglasses in 2025, tripling shipments versus the roughly 2 million sold in 2023–24 combined.
Wearables helped lift group revenue to €28.5 billion, an 11% increase (18% adjusted) year-over-year.
Adjusted operating margin declined to 16.0% from 16.7%, driven by lower-margin smartglasses and U.S. import tariffs.
Partners are discussing scaling production toward at least 20 million units, and Meta has extended the long-term collaboration.
CEO Francesco Milleri affirmed the group’s capacity to manage the surge in smartglasses demand.

2 days ago

Bloomberg

Meta faces EU antitrust probe, India hearing deferred

META

Legal Proceedings

The European Commission has sent Meta a statement of objections, preliminarily finding that an October change to WhatsApp Business Solution Terms bars third-party AI assistants and breaches EU antitrust rules, and may impose interim measures to preserve competitor access.
Regulators note that since Jan. 15, only Meta AI has been available on WhatsApp, cutting off competitors such as ChatGPT; Italy reached similar conclusions and a Brazil probe was suspended.
In India, the Supreme Court adjourned Meta and WhatsApp’s appeals against a ₹213.14 crore Competition Commission of India penalty over the 2021 “take-it-or-leave-it” privacy policy to Feb. 23, sharply criticizing the data-sharing practice and adding the Ministry of Electronics and Information Technology as a party.
On Nov. 4, 2025, the National Company Law Appellate Tribunal set aside part of the CCI order banning data-sharing for advertising purposes but retained the ₹213.14 crore penalty and clarified its application to non-WhatsApp data uses.

5 days ago

WSJ

Meta announces Q4 2025 earnings and 2026 guidance

META

Earnings

Guidance Update

New Projects/Investments

3.5 billion people used at least one Meta app daily in Q4 2025, including 2 billion daily actives on both Facebook and WhatsApp; strong holiday demand and AI-driven gains powered record performance.
Q1 2026 total revenue is guided to $53.5 billion–$56.5 billion, full-year 2026 expenses to $162 billion–$169 billion, CapEx to $115 billion–$135 billion, and operating income above 2025 levels.
Q4 2025 ad improvements: 3.5% lift in Facebook ad clicks, >1% gain in Instagram conversions, 3% boost from a new runtime model, 12% higher ads quality; WhatsApp paid messaging reached a $2 billion run rate and US click-to-message ads grew >50% YoY.
Ongoing heavy investment in AI and infrastructure via MetaCompute and Meta Superintelligence Labs (MSL), with Reality Labs losses expected to remain at 2025 levels.

Jan 28, 2026, 9:30 PM

Transcript

Meta announces Q4 2025 earnings results

META

Earnings

Meta reported Q4 2025 total revenue of $59.9 billion with an operating margin of 41%.
Net income was $22.8 billion, driving diluted EPS of $8.88.
Free cash flow reached $14.1 billion in the quarter, up from $13.2 billion in Q4 2024.
Family Daily Active People rose to 3.58 billion and average revenue per person was $16.56 in Q4 2025.

Jan 28, 2026, 9:30 PM

Presentation

Meta reports Q4 2025 earnings and guidance

META

Earnings

Guidance Update

New Projects/Investments

Q4 total revenue was $59.9 billion, up 24% year-over-year; Family of Apps revenue reached $58.9 billion (+25%), while Reality Labs revenue declined 12% to $955 million.
Operating income in Q4 was $24.7 billion (41% margin); net income was $22.8 billion or $8.88 per share.
Meta highlighted a major AI acceleration, including record engagement gains from recommendation and generative media tools, the tripling of AI glasses sales, and expansion of Meta AI to over 200 markets.
2026 outlook: Q1 revenue guidance of $53.5 billion–$56.5 billion, full-year expenses of $162 billion–$169 billion, and CapEx of $115 billion–$135 billion, with operating income expected above 2025 levels.

Jan 28, 2026, 9:30 PM

Transcript

Meta reports Q4 2025 earnings

META

Earnings

Guidance Update

New Projects/Investments

Meta forecasts Q1 2026 revenue of $53.5–56.5 billion, with a 4% FX tailwind year-over-year
Full-year 2026 expenses expected at $162–169 billion, driven by infrastructure and talent; capital expenditures at $115–135 billion
Operating income in 2026 projected to exceed 2025 levels, with a full-year tax rate of 13–16%
Reality Labs losses in 2026 expected to match 2025 (peak year) amid heavy investment in AI infrastructure, including Meta Compute

Jan 28, 2026, 9:30 PM

Transcript

Meta reports Q4 and full year 2025 results

META

Earnings

Guidance Update

Meta delivered Q4 revenue of $59.89 B (+24% YoY) and full-year revenue of $200.97 B (+22% YoY).
Q4 net income was $22.77 B (EPS $8.88, +9% YoY); full-year net income was $60.46 B (EPS $23.49).
Total costs and expenses totaled $35.15 B in Q4 (+40% YoY) and $117.69 B for the year (+24% YoY), with operating margins of 41% for both periods.
Q4 capital expenditures were $22.14 B and free cash flow was $14.08 B; FY capex was $72.22 B and free cash flow was $43.59 B.
For Q1 2026, revenue is guided to $53.5–56.5 B; full-year 2026 expenses are expected at $162–169 B, with capital expenditures of $115–135 B and operating income above 2025 levels.

Jan 28, 2026, 9:04 PM

8-K

Meta reports Q4 and full year 2025 results

META

Earnings

Guidance Update

Revenue was $59.89 billion in Q4 (+24% YoY) and $200.97 billion for FY 2025 (+22%).
Net income was $22.77 billion in Q4 (+9% YoY) with diluted EPS of $8.88 (+11%), and FY net income was $60.46 billion (–3%) with diluted EPS of $23.49 (–2%).
Free cash flow was $14.08 billion in Q4 and $43.59 billion for the full year, while capital expenditures were $22.14 billion in Q4 and $72.22 billion for FY 2025.
Cash, cash equivalents, and marketable securities totaled $81.59 billion as of December 31, 2025, against long-term debt of $58.74 billion.
Guidance for Q1 2026 revenue is $53.5–56.5 billion, full-year expenses $162–169 billion, and capex $115–135 billion.