Published
{
"ticker": "META",
"cik": "0001326801",
"company": "Meta Platforms, Inc.",
"business_type": "technology (digital advertising platform)",
"schema_template": "Standard operating-company template (revenue, cost of revenue, operating expenses, operating income, net income, diluted EPS; cash, debt, assets, equity; operating cash flow, capital expenditure, free cash flow), extended with Meta's two reportable segments -- Family of Apps and Reality Labs -- because the segment split is where the economics of this business actually live: Family of Apps funds a large, persistent Reality Labs operating loss.",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions), except per-share amounts and share counts",
"units_notes_seen": {
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"FY2025 10-K consolidated balance sheets": "In millions, except number of shares and par value",
"FY2025 10-K consolidated statements of cash flows": "In millions",
"FY2025 10-K consolidated statements of stockholders' equity": "In millions, except per share amounts",
"FY2025 10-K revenue disaggregation table (Note 2)": "in millions",
"FY2025 10-K segment information table (Note 15)": "in millions",
"FY2025 10-K lease maturity schedule (Note 7)": "in millions",
"FY2025 10-K free cash flow reconciliation (Item 7)": "in millions",
"Q2 FY2026 10-Q condensed consolidated balance sheets": "In millions, except number of shares and par value (Unaudited)",
"Q2 FY2026 10-Q condensed consolidated statements of income": "In millions, except per share amounts (Unaudited)",
"Q2 FY2026 10-Q condensed consolidated statements of stockholders' equity": "In millions, except per share amounts (Unaudited)",
"Q2 FY2026 10-Q condensed consolidated statements of cash flows": "In millions (Unaudited)",
"Q2 FY2026 10-Q segment information table (Note 12)": "in millions",
"Q2 FY2026 10-Q long-term debt table (Note 8)": "in millions, except percentages",
"Q2 FY2026 10-Q revenue by source and segment table (Item 2)": "in millions, except percentages",
"Q2 FY2026 10-Q cover page share counts": "stated as exact share counts, not scaled"
},
"adjustments": {
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"adr_ratio": null,
"fx": "None. Meta reports in U.S. dollars and its fiscal year is the calendar year.",
"note": "Meta's shares trade directly rather than as depositary receipts, and there has been no stock split, so no per-share figure required adjustment."
},
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"notes": [
"All annual figures come from the fiscal 2025 Form 10-K (accession 0001628280-26-003942, year ended December 31, 2025), which presents three years of income statement and cash flow data (2025, 2024, 2023) and two years of balance sheet data (2025, 2024). All quarterly and cumulative figures come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0001628280-26-050705), which presents the three and six months ended June 30, 2026 and 2025 and balance sheets as of June 30, 2026 and December 31, 2025. Every period in this record is taken from these two filings, and no figure relies on any other filing except the derived three-month cash flow amounts described below. The only other filings used are the two earnings-release exhibits cited below, which supply the first-quarter cash flow amounts subtracted to derive the three-month cash flow figures; no period in this record comes from them, and no earlier reports were pulled to extend the history.",
"Meta does not present a gross profit line. The gross profit shown here is computed as revenue less cost of revenue, using the exact line items on the face of the income statement. Research and development, marketing and sales, and general and administrative are presented as separate operating expense lines and are excluded from cost of revenue.",
"Free cash flow follows Meta's own published definition: net cash provided by operating activities less purchases of property and equipment and less principal payments on finance leases. For fiscal 2025, 2024 and 2023 this reproduces the $43.59 billion, $52.10 billion and $43.01 billion the 10-K reconciles in its liquidity discussion. A second figure, free_cash_flow_excluding_finance_leases, is also provided for readers who prefer the simpler operating cash flow less capital expenditure convention.",
"The quarterly report's cash flow statement is presented for the six months only, so the cash flow figures shown for the three months ended June 30, 2026 and June 30, 2025 are derived, each as a six-month amount less the corresponding first-quarter amount. The second-quarter 2026 figures are the six months ended June 30, 2026 less the first-quarter 2026 amounts reported in the condensed consolidated statement of cash flows for the three months ended March 31, 2026, printed in Exhibit 99.1 to the Form 8-K filed April 29, 2026 (accession 0001628280-26-028364). The second-quarter 2025 figures are the six months ended June 30, 2025 less the first-quarter 2025 amounts reported in the condensed consolidated statement of cash flows for the three months ended March 31, 2025, printed in Exhibit 99.1 to the Form 8-K filed April 30, 2025 (accession 0001326801-25-000050). Both of those filings are among the sources listed for this record. Three figures on the face of the June 2026 filing confirm the result. Management states capital expenditures including principal payments on finance leases of $31.08 billion for the three months ended June 30, 2026, against $30.116 billion plus $0.962 billion derived here; dividend and dividend equivalent payments of $1.35 billion, against $1.353 billion derived here; and the statement of stockholders' equity shows share-based compensation of $7.658 billion for the quarter and $4.834 billion for the year-ago quarter, both matching the derived amounts exactly. Income statement, per-share, segment and balance sheet figures for the quarters are printed columns and are not derived.",
"Revenue grew 28% year over year in the second quarter of 2026, to $60.80 billion, but operating income fell 8% to $18.78 billion and net income fell 14% to $15.85 billion. Total costs and expenses rose 55%, with research and development up 67% and general and administrative up 111%. Two items account for much of the step-up: $2.40 billion of charges related to legal proceedings recorded in general and administrative, and $1.18 billion of severance expense tied to the May 2026 headcount reduction of approximately 8,000 employees. The operating margin was 31%, against 43% a year earlier. Headcount was 75,472 at June 30, 2026.",
"Long-term debt more than doubled over six months. Meta issued $25.00 billion of fixed-rate senior unsecured notes in six series in May 2026, taking the aggregate principal amount outstanding to $84.00 billion at June 30, 2026 from $59.00 billion at December 31, 2025; the carrying value of $83.664 billion differs from principal because of unamortized discount and issuance costs. The June 2026 balance sheet does not break out finance lease liabilities, so total debt at that date equals long-term debt alone. Operating lease liabilities of $28.654 billion (current plus non-current) are reported separately and are not included in total debt.",
"Capital intensity keeps rising. Purchases of property and equipment were $49.11 billion in the first six months of 2026 against $29.48 billion a year earlier, and on a trailing twelve month basis capital expenditure of $89.33 billion consumed most of $130.30 billion of operating cash flow, leaving $37.87 billion of free cash flow after finance lease principal. Meta says it anticipates capital expenditures of approximately $130 billion to $145 billion for 2026.",
"Off-balance-sheet infrastructure commitments have grown very quickly. At June 30, 2026 operating and finance leases signed but not yet commenced were approximately $278.99 billion, against approximately $103.77 billion at December 31, 2025, with a further approximately $68 billion of data center leases entered into in July 2026. Non-cancelable contractual commitments were $349.31 billion, mostly third-party cloud capacity and infrastructure, of which approximately $53.52 billion falls due in 2026 and $81.65 billion in 2027, and there are contingent obligations to purchase up to $14.72 billion of cloud capacity over five years. Separately, $10.80 billion of money market funds was reclassified as restricted cash equivalents during the period to meet escrow requirements under multi-year infrastructure purchase agreements, expected to be released between 2028 and 2030.",
"Tax remains volatile. Fiscal 2025 carried a 29.6% effective rate because of a $15.93 billion discrete charge on enactment of the One Big Beautiful Bill Act; the first quarter of 2026 carried an $8.03 billion discrete benefit that partly reversed it. The second quarter of 2026 was closer to normal, with a 16% effective rate and a $2.908 billion provision, but the six-month period still shows a net benefit of $2.113 billion because of that first-quarter item. Meta says it expects an effective tax rate of 15% to 17% for the remaining quarters of 2026.",
"The Reality Labs segment continues to lose money at scale: a $4.62 billion operating loss in the second quarter of 2026 on $431 million of revenue, and $19.10 billion of losses on $2.26 billion of revenue over the trailing twelve months. Family of Apps produced $23.39 billion of operating income in the quarter, down 6% year over year, and $106.03 billion over the trailing twelve months on $225.99 billion of revenue.",
"Meta repurchased no Class A shares in the first six months of 2026, against $22.92 billion of cash repurchases in the same period of 2025; $25.03 billion remained authorized at June 30, 2026. The dividend was $0.525 per share in each quarter shown, or $1.05 declared per share for each six-month period.",
"Goodwill fell from $24.534 billion to $23.406 billion during the six months because $1.27 billion was reclassified to held-for-sale within prepaid expenses and other current assets in the second quarter of 2026. No impairment loss was recognized on that reclassification.",
"In July 2026, after the balance sheet date, Meta entered into an exclusivity agreement to co-develop a data center campus in El Paso, Texas through a venture in which it would hold a 20% interest. On closing, expected in the third quarter of 2026, Meta estimates it would contribute approximately $2.3 billion of held-for-sale assets net of liabilities, receive a one-time distribution of approximately $1 billion, enter into leases for the properties, and provide residual value guarantees with maximum aggregate exposure of approximately $13 billion.",
"The trailing twelve month block covers July 1, 2025 through June 30, 2026 and is arithmetic on the filed periods: fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. It is not a figure either filing states directly.",
"The annual periods (2025, 2024 and 2023) were confirmed line by line against the columns printed in the fiscal 2025 10-K before being carried into this record, and are cited to that filing."
],
"uncertainties": [
"The cash flow figures shown for the three months ended June 30, 2026 and June 30, 2025 are derived by difference, because the quarterly report presents cash flows for the six-month period only. Both quarters are derived the same way, each against a first-quarter source: the second quarter of 2026 as the six months ended June 30, 2026 less the first quarter of 2026 reported in Exhibit 99.1 to the Form 8-K filed April 29, 2026 (accession 0001628280-26-028364), and the second quarter of 2025 as the six months ended June 30, 2025 less the first quarter of 2025 reported in Exhibit 99.1 to the Form 8-K filed April 30, 2025 (accession 0001326801-25-000050). Three independent figures on the face of the quarterly report tie to the derived second-quarter 2026 amounts, and the year-ago quarter's derived share-based compensation ties to the equity statement, but neither quarter is a filed figure; both are computed. The six-month and trailing twelve month cash flow figures in this record are unaffected: they come from the filed statement.",
"Total debt at June 30, 2026 and at December 31, 2024 excludes finance lease liabilities, because those dates are not broken out in the filings used. The December 31, 2025 finance lease liability was $1.184 billion, so the omission is small against $83.7 billion and $28.8 billion of long-term debt respectively, but the dates are not strictly comparable to December 31, 2025.",
"No balance sheet is reported for June 30, 2025 or December 31, 2023. The quarterly report's balance sheet presents June 30, 2026 and December 31, 2025 only, and the 10-K's presents 2025 and 2024 only. The two 2023 balance sheet items included (cash and cash equivalents of $41.862 billion and total stockholders' equity of $153.168 billion) were taken from the cash flow statement's restricted-cash reconciliation and the statements of stockholders' equity respectively, both on the face of the fiscal 2025 10-K.",
"Gross profit and gross margin are derived, not reported. Meta presents no gross profit line, and companies differ in what they place in cost of revenue, so these figures are not directly comparable across companies.",
"The trailing twelve month diluted earnings per share of $26.55 is the same arithmetic applied to the filed per-share figures (fiscal 2025 plus the six months to June 30, 2026 less the six months to June 30, 2025). It is not a weighted-average recomputation, and no trailing twelve month share count is stated, so it should be treated as an approximation.",
"Effective tax rates across these periods are distorted by one-time legislative items in opposite directions and should not be read as a run rate: fiscal 2025 includes a $15.93 billion discrete charge and the first quarter of 2026 an $8.03 billion discrete benefit that flows through the six-month figures.",
"Meta's tax position carries unresolved exposure that the filings quantify but do not resolve: a September 2025 IRS Statutory Notice of Deficiency asserting an additional $15.89 billion in tax plus interest and penalties for the 2017 through 2019 tax years, which Meta is challenging in Tax Court, and a pending Tax Court decision on the 2010 tax year following a May 2025 opinion that valued transferred intellectual property $1.48 billion above what Meta reported. Meta states its accrual for unrecognized tax benefits is adequate as of June 30, 2026; the outcomes are not determinable from the filings.",
"The $2.40 billion of legal-related charges in the second quarter of 2026 is disclosed as an amount recorded in general and administrative expense. The filings do not attribute it to a single matter, and further legal contingencies are described without a quantified range.",
"The infrastructure commitments described above -- leases not yet commenced, non-cancelable contractual commitments and residual value guarantees -- are not liabilities on the balance sheet and are not included in total debt or in any total in this record."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
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{
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{
"label": "Diluted EPS",
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{
"label": "Operating income",
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"yoy": "down 8.2%",
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},
{
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"text": "$30.12 billion",
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"abs": "$30.12 billion",
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"prior": "$16.54 billion",
"priorabs": "$16.54 billion",
"yoy": "up 82.1%",
"source": {
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"field": "cash_flow.capex",
"index": 0,
"period_label": "Q2 FY2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
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"prior_period_start": "2025-04-01",
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"gap_days": 365
}
},
{
"label": "Free cash flow",
"format": "usd",
"value": 784000000,
"text": "$784.00 million",
"exact": "$784,000,000",
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"abs": "$784.00 million",
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"prior": "$8.55 billion",
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"yoy": "down 90.8%",
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],
"summary": "Meta Platforms reported $60.80 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026, up 28.0% from a year earlier, but earnings moved the other way: operating income of $18.77 billion was down 8.2% and net income of $15.85 billion was down 13.6%, as charges for legal proceedings and severance tied to a May 2026 headcount reduction more than accounted for the decline, with costs and expenses growing faster than sales. Purchases of property and equipment reached $30.12 billion, up 82.1%, as Meta built out AI and data center capacity, and free cash flow fell to $784.00 million from $8.55 billion a year earlier. Diluted EPS was $6.18, against $7.14 a year earlier.",
"qa": [
{
"q": "How much revenue did Meta report in Q2 FY2026?",
"a": "Meta Platforms reported $60.80 billion in revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 28.0% from $47.52 billion in the same quarter a year earlier."
},
{
"q": "Why did Meta's profit fall in Q2 FY2026?",
"a": "Meta Platforms' operating income came in at $18.77 billion for Q2 FY2026, down 8.2% from $20.44 billion a year earlier, and net income at $15.85 billion, down 13.6%, chiefly because the quarter absorbed charges for legal proceedings and severance tied to a May 2026 headcount reduction that together exceeded the fall in profit. Behind those charges, revenue was up 28.0% while costs and expenses grew faster still, led by spending on AI infrastructure."
},
{
"q": "What was Meta's earnings per share in Q2 FY2026?",
"a": "Meta Platforms reported diluted earnings per share of $6.18 for Q2 FY2026, the quarter ended June 30, 2026, compared with $7.14 a year earlier. Net income for the quarter was $15.85 billion, down 13.6%."
},
{
"q": "How much is Meta spending on AI and data centers?",
"a": "Meta Platforms spent $30.12 billion on property and equipment in Q2 FY2026, up 82.1% from $16.54 billion a year earlier, as it added AI and data center capacity. That build left free cash flow of $784.00 million for the quarter, against $8.55 billion a year earlier."
}
]
},
"company_details": {
"Name": "Meta Platforms, Inc.",
"Ticker": "META",
"CIK": "0001326801",
"Exchange": "Nasdaq",
"State": "California",
"Incorporation": "Delaware",
"SIC": "7370",
"Office": "Technology",
"Industry": "Services-Computer Programming, Data Processing, Etc."
},
"next_filing": {
"predicted_date": "2026-10-29",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0001628280-26-050705",
"fiscal_year_end": "1231",
"source": "facts"
}
}