Meta Platforms, Inc. · 2026 Q2
ReportedJul 29, 2026
Period endedJun 30, 2026
Rule of 40+31
Consensus vs reported
EPS
MISS -13%
$6.18
vs $7.10 expected
QoQ-40.8%
YoY-13.4%
Revenue
BEAT +1%
$60.80B
vs $60.21B expected
QoQ+8.0%
YoY+28.0%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$60.80B
QoQ +8.0%
YoY +28.0%
EPS
$6.18
QoQ -40.8%
YoY -13.4%
Free Cash Flow
$1.75B
QoQ -86.8%
YoY -80.6%
Gross Margin
81.4%
QoQ -0.5 pp
YoY -0.8 pp
FCF Margin
2.9%
QoQ -20.6 pp
YoY -16.1 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Revenue grew 28% and net income fell 14%. $60.8B against $47.5B, with net income of $15.8B against $18.3B and operating margin down 1,214 basis points to 30.9% . Demand was never the issue.
- Free cash flow went to a rounding error. $784M against $8,549M a year ago on Meta's own basis, as $31.1B of quarterly capex consumed almost all of $31.9B of operating cash flow.
- The buyback stopped and the borrowing started. $24.9B of new long-term debt issued and zero stock repurchased , against $10.2B of buybacks a year earlier.
- The depreciation drag has barely started. D&A already rose 46% to $6.4B — and that is before this quarter's $31.1B of spending begins depreciating.
- There is no 2027 capex number, and that is the disclosure gap. Li declined to give one, saying only that Meta expects to stay "demand constrained," while Wolfe models $233B .
Coverage around this release
R40
Alphabet's Rule of 40 Moved Six Hundredths of a Point in a Year. Both Halves Moved More Than Ten.
News · Aug 2, 2026
R40
Meta Fell Below 40 for the First Time in Three Years — Because It Stopped Being the Kind of Company the Rule of 40 Describes
News · Aug 2, 2026
R40
The AI Capex Bet, Six Months In: What the Mag 7 Actually Spent (and What the Market Learned)
News · Jul 30, 2026
R40
Meta Q2 2026: Revenue Beat, Profit Fell 14%, Free Cash Flow Cratered — Stock Down 9%
News · Jul 29, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $6.03 | — |
| 2024 Q4 | — | $8.02 | — |
| 2025 Q1 | — | $6.43 | — |
| 2025 Q2 | — | $7.14 | — |
| 2025 Q3 | — | $1.05 | — |
| 2025 Q4 | — | $8.88 | — |
| 2026 Q1 | — | $10.44 | — |
| 2026 Q2 | $7.10 | $6.18 | -13% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1326801.
HTML
8-K results announcement
Filed Jul 29, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
267 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 30, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure META has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings