Meta Platforms (META) Company Report

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.

Jan 28, 2026, 9:01 PM

Press Release

Meta Platforms faces multibillion-dollar patent lawsuit over smart glasses technology

META

Legal Proceedings

Solos Technology filed a federal lawsuit in Massachusetts seeking multibillion-dollar damages and an injunction against Meta, EssilorLuxottica and Oakley for alleged infringement of patents on core smart-glasses technologies.
The suit targets the Ray-Ban Meta Wayfarer Gen 1 and subsequent models, threatening Meta’s roughly $3.5 billion investment and partnership with EssilorLuxottica in Ray-Ban smart glasses.
Solos alleges willful infringement via knowledge transfer, citing a former Solos research lead who joined Meta and testing exposure with Oakley executives.
Potential outcomes include large damages awards, mandatory redesigns or injunctions that could delay Reality Labs’ AR/VR hardware rollout; EssilorLuxottica shares rose slightly on the news.

Jan 23, 2026, 7:19 PM

Bloomberg

Meta faces FTC appeal of court ruling clearing it of monopoly

META

Legal Proceedings

M&A

On January 20, 2026, the FTC filed a notice of appeal challenging a November 2025 D.C. district court decision that cleared Meta of unlawfully maintaining a monopoly through its acquisitions.
Judge Boasberg held that Meta lacks monopoly power, citing strong competition from platforms such as YouTube and TikTok.
The FTC contends Meta preserved dominance by its “killer acquisition” strategy, notably buying Instagram for $1 billion in 2012 and WhatsApp for $19 billion in 2014.
A successful appeal could impose structural remedies, including unwinding those acquisitions, and set a precedent for Big Tech antitrust enforcement.

Jan 20, 2026, 11:48 PM

Bloomberg

Meta Platforms faces UK regulator over illegal gambling ads

META

Legal Proceedings

The UK Gambling Commission accused Meta of turning a blind eye to illegal gambling ads on Facebook and Instagram after uncovering unlicensed operators targeting UK users via its public ad library.
Regulators found ads explicitly referencing "not on GamStop," signaling evasion of Britain’s self-exclusion scheme and broader criminality.
Meta said it removes ads once notified and suggested regulators leverage its AI detection tools, but the Commission reported very limited progress and urged proactive enforcement.
Meta shares traded near $620 as investors processed the watchdog’s remarks.

Jan 19, 2026, 3:57 PM

Bloomberg

Meta announces $100B AI data-center investment plan

META

New Projects/Investments

Hiring

Meta plans to spend over $100 billion in 2026 capex on a global AI data-center buildout, raising near-term cash-flow and capital-intensity concerns.
CEO Mark Zuckerberg hired Dina Powell McCormick as President and Vice Chair to secure partnerships with governments and sovereign funds.
Despite heavy AI spending, Meta’s core business maintains high operating margins and robust revenue growth, with Wall Street holding a Strong Buy consensus and lofty price targets.
Meta formed a partnership with Wikipedia to enhance AI training data as part of its broader AI capability expansion.
AI data-center vendors like Lumentum have surged, with shares up 328% over the past year on rising demand and improved margins.