VALUFOUR
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Source ↗
NASDAQ · META

Meta Platforms

Global digital advertising platform

Earnings release date
2026.07.29
Market data date
2026.10.13
Last checked
2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$60.801B
YoY+$13.285B · +28%
QoQ+$4.490B · +8.0%
Advertising Revenue$59.363B
YoY+$12.800B · +27%
QoQ+$4.339B · +7.9%
GAAP Operating Income$18.775B
YoY−$1.666B · −8%
QoQ−$4.097B · −17.9%
CAPEX incl. finance leases$31.078B
YoY+$14.066B · +82.7%
QoQ+$11.238B · +56.6%
02

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Advertising Continued to Drive Growth at Scale

Advertising remained the main driver of Meta’s revenue growth even from a much larger base. The ability to generate more revenue from its existing user base remains central to Meta’s operating economics.

Advertising Revenue

Ad Monetization Outpaced New-User Growth

Advertising growth is being driven much more by higher impressions and ad pricing than by user growth alone. Increasing engagement and monetization across the existing user base are increasingly important drivers of growth.

GAAP Operating Income

Revenue Rose, but Operating Profit Fell

Advertising revenue increased, but higher infrastructure and personnel costs weighed on operating profit. How effectively Meta manages those costs matters alongside revenue growth.

CAPEX incl. finance leases

AI Infrastructure Investment Expanded Sharply

Capital spending on data centers and AI infrastructure rose sharply. The larger investment base will also bring depreciation and other costs over time, making cash generation from the core advertising business more important.

03

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$1.94T

$762.50 × 2.55B

TTM revenue$228.247B
See calculation

FY2025 Q3 revenue $51.242B
+ FY2025 Q4 revenue $59.894B
+ FY2026 Q1 revenue $56.310B
+ FY2026 Q2 revenue $60.801B
= TTM $228.247B

Current P/S8.5x
Current market cap
$1.94T
TTM revenue
$228.247B

$1.94T ÷ $228.247B = 8.5x

Current P/E28.5x
Current market cap
$1.94T
GAAP TTM net income
$68.098B

$1.94T ÷ $68.098B = 28.5x

GAAP TTM net margin 29.8%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$228.247B
FY2026 Q2Annualized latest-quarter revenue$243.204BQuarter revenue $60.801B ×4
FY2026 Q3Annualized Revenue Guidance$250.000BGuidance revenue midpoint $62.500B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2025-08-15
Sources and calculations checked
Peak close$796.25
Market cap at peak$2.00T
P/S at peak11.2x
P/E at peak28.0x
Trailing twelve months at the peakTTM revenue at the peak$178.804B

Q2 2025Annualized latest quarter at the peak$190.064B

Quarter revenue $47.516B ×4

Q3 2025Annualized public guidance at the peak$199.000B

Guidance revenue midpoint $49.750B ×4

At peakCurrentChange
TTM revenue$178.804B$228.247B+27.7%
Latest quarter$47.516B$60.801B+28.0%
Public guidance$49.750B$62.500B+25.6%

Uses only information available as of the peak date. The comparison uses Q2 2025 results and share-count information available before the August 15, 2025 peak.

Key Variables at the Peak

The key variables were Family of Apps user growth, ad impressions and price per ad, and the durability of profitability alongside AI infrastructure investment.

Growth and Profitability Conditions Implied by the Peak Multiple

The multiple required strong advertising growth and profitability to persist alongside large-scale infrastructure investment.

Close $796.25 × 2.51B shares outstanding = approximately $2.00T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis
Implied 2030 Revenue CAGR21.0% annuallyTTM revenue growth +27.7% YoY
Current market cap$1.94T
Assumed 2030 P/S4.0x23.3% assumed net margin × 17.0x assumed P/E
Required 2030 revenue$489.9B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic
META conditional assumptions
Current TTM$228.247B
Latest-quarter annualized$243.204B
Guidance-midpoint annualized$250.000B
Conservative
Assumed 2030 revenue$416.70BRevenue CAGR from TTM 16.2%
CAGR from annualized latest-quarter revenue 14.4%CAGR from annualized guidance midpoint 13.6%
Assumed 2030 net margin
23.3%Current 29.8%
Assumed 2030 P/E
17.0xCurrent 28.5x
Converted P/S
4.0x
Conditional Shareholder Return Bridge
Conditional Market Cap$1.65TVs. current -14.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.60BVs. current +1.9%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$636.61Current $762.50 · -16.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-15.4%Implied Share Value Change -16.5% · Dividend Contribution +1.1 ppAnnualized -4.1%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.94T$1.65T
Shares
2.55B2.60B
Implied Share Value Change
-16.5%
Shareholder Return Components
Implied Share Value Change
-16.5%
Dividend Contribution
+1.1 pp
Conditional Total Shareholder Return
-15.4%

Advertising growth remains strong, but user and ad-impression growth normalize more quickly. AI-driven advertising efficiency supports monetization while the burden of large-scale AI infrastructure, CAPEX and depreciation remains significant.

Base
Assumed 2030 revenue$436.10BRevenue CAGR from TTM 17.6%
CAGR from annualized latest-quarter revenue 15.7%CAGR from annualized guidance midpoint 14.9%
Assumed 2030 net margin
26.0%Current 29.8%
Assumed 2030 P/E
19.0xCurrent 28.5x
Converted P/S
4.9x
Conditional Shareholder Return Bridge
Conditional Market Cap$2.16TVs. current +11.0%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.58BVs. current +1.4%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$834.57Current $762.50 · +9.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+10.6%Implied Share Value Change +9.5% · Dividend Contribution +1.1 ppAnnualized +2.5%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.94T$2.16T
Shares
2.55B2.58B
Implied Share Value Change
+9.5%
Shareholder Return Components
Implied Share Value Change
+9.5%
Dividend Contribution
+1.1 pp
Conditional Total Shareholder Return
+10.6%

User and advertising-inventory growth normalize gradually, AI-driven advertising efficiency continues to support monetization, and the core advertising business absorbs large infrastructure investment. No unconfirmed new AI revenue stream is required.

Optimistic
Assumed 2030 revenue$455.80BRevenue CAGR from TTM 18.9%
CAGR from annualized latest-quarter revenue 17.0%CAGR from annualized guidance midpoint 16.2%
Assumed 2030 net margin
28.5%Current 29.8%
Assumed 2030 P/E
21.0xCurrent 28.5x
Converted P/S
6.0x
Conditional Shareholder Return Bridge
Conditional Market Cap$2.73TVs. current +40.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.58BVs. current +1.2%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$1058.99Current $762.50 · +38.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+40.0%Implied Share Value Change +38.9% · Dividend Contribution +1.1 ppAnnualized +8.8%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.94T$2.73T
Shares
2.55B2.58B
Implied Share Value Change
+38.9%
Shareholder Return Components
Implied Share Value Change
+38.9%
Dividend Contribution
+1.1 pp
Conditional Total Shareholder Return
+40.0%

Advertising efficiency and monetization remain stronger for longer while user and ad-impression growth normalize more gradually. The core advertising business absorbs large AI infrastructure costs more effectively without relying on unconfirmed optionality revenue.

The conditional warrants granted by AMD represent potential non-operating economic value and are excluded from the core operating profitability assumptions in the future scenarios.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Conditional Shareholder Return Bridge
Conditional Market Cap$2.16TVs. current +11.0%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.58BVs. current +1.4%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$834.57Current $762.50 · +9.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+10.6%Implied Share Value Change +9.5% · Dividend Contribution +1.1 ppAnnualized +2.5%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.94T$2.16T
Shares
2.55B2.58B
Implied Share Value Change
+9.5%
Shareholder Return Components
Implied Share Value Change
+9.5%
Dividend Contribution
+1.1 pp
Conditional Total Shareholder Return
+10.6%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Meta Q2 2026 results ↗

Official Meta Platforms IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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Advertising revenue

Core revenue generated from ad impressions and pricing across the Family of Apps.

Family DAP

The de-duplicated number of people who use at least one Family of Apps product on a given day.

CAPEX

Capital spending on long-lived assets such as data centers, servers and network infrastructure.