Meta Platforms — 2026Q3 财报

“Revenue was $60.80 billion, an increase of 28% year-over-year. Revenue on a constant currency basis would have increased by 27% year-over-year.”

Top-line growth stayed strong: revenue of $60.80 billion rose 28% year-over-year, or 27% on a constant currency basis.

“Total costs and expenses were $42.03 billion, an increase of 55% year-over-year. This includes $2.40 billion of charges related to legal proceedings and $1.18 billion of severance expenses in connection with the May 2026 headcount reduction.”

Cost growth far outpaced revenue: total costs and expenses rose 55% to $42.03 billion, inflated by $2.40 billion of legal-proceedings charges and $1.18 billion of severance from the May 2026 headcount reduction.

“Cash flow from operating activities was $31.86 billion, and free cash flow was $784 million.”

AI infrastructure spending consumed nearly all cash generation: free cash flow was just $784 million against $31.86 billion of cash flow from operating activities.

“We expect third quarter 2026 total revenue to be in the range of $61-64 billion. Our guidance assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth, based on current exchange rates.”

Guidance implies continued momentum: management expects third quarter 2026 revenue of $61-64 billion, assuming an approximately 1% currency headwind.

“We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion.”

The 2026 capex budget tightened upward: full-year capital expenditures, including principal payments on finance leases, are now expected at $130-145 billion, narrowed from the prior $125-145 billion outlook.

“Since we rebuilt Meta AI and integrated Muse Spark, we've seen a 60% increase in the number of people interacting with the assistant each day and that continues to grow quickly week-over-week.”

Mark Zuckerberg said Meta AI engagement jumped 60% after the assistant was rebuilt around the Muse Spark model, with daily usage still growing week-over-week.

“We made Meta Business Agents available globally this quarter on WhatsApp and Messenger, and there are already more than 1 million businesses using them to talk to their customers or complete sales every week.”

Zuckerberg said Meta Business Agents went global on WhatsApp and Messenger this quarter, with more than 1 million businesses already using them weekly.

“Combined with our GEM model for ads ranking and sequence learning, these advancements generated an 8.3% increase in ad clicks and a 15.7% uplift in conversions on Facebook.”

CFO Susan Li quantified the AI-ads payoff: the GEM ads-ranking model combined with upgraded user-understanding models drove an 8.3% increase in ad clicks and a 15.7% uplift in conversions on Facebook.

“Brian, on your second question, we aren’t providing a specific outlook for 2027 CapEx at this time. Infrastructure planning remains highly dynamic and even this year, there are a range of outcomes embedded in our outlook.”

Asked about 2027 CapEx in Q&A, Li declined to give a specific outlook, stressing that infrastructure planning remains highly dynamic even within this year's range of outcomes.