Key Highlights

  • Meta Platforms (NASDAQ:META) reported third quarter 2026 Revenue of USD 64.60 billion, up 26.1%, with Net Income of USD 9.86 billion and Diluted Earnings per Share of USD 3.83 against USD 1.05 a year earlier, per published coverage of the filing.
  • Operating income of USD 12.99 billion included a USD 9.89 billion legal charge. Excluding it, Operating Income was about USD 22.9 billion and earnings per share would have been USD 7.40, according to the same coverage.
  • Capital spending was USD 34.9 billion in the quarter and free Cash Flow turned negative at USD 2.12 billion. Full year 2026 Capital spending guidance is USD 135 billion to USD 145 billion.
  • Published market data show META at USD 606.73, down 1.34% in the latest session, with trailing net income of USD 60.46 billion and a price to earnings ratio of 20.69. These screener figures are unverified.

Strong Sales, Heavy Charge

Meta Platforms reported third quarter 2026 results for the period ended September 30, 2026, and the figures here come from published coverage of its quarterly filing, so we treat them as approximate. Revenue of USD 64.60 billion rose 26.1% from USD 51.24 billion. Operating income fell 36.8% to USD 12.99 billion because of a USD 9.89 billion legal charge, which is not tax deductible. Net income of USD 9.86 billion compares with USD 2.71 billion a year earlier, when a one-time tax charge of USD 15.93 billion depressed results. Meta (NASDAQ:META) therefore has two distorted comparisons, and the coverage we relied on is a single published view that should be checked against the filing before any figure is reused.

Reading Profit Through One-Offs

A net income ranking can hide timing items on both sides. The legal charge lowered this quarter's profit, while a large tax charge lowered last year's. Adjusting for the legal charge, the coverage puts earnings per share at USD 7.40, about double the reported USD 3.83, our own arithmetic on two published numbers. The trailing net income of USD 60.46 billion on published market data is an unverified screener figure. Cash is the other lens: Operating Cash Flow was USD 32.78 billion, but capital spending of USD 34.9 billion exceeded it, leaving free cash flow negative. Meta also cut headcount about 15% year over year to 66,775, which helps explain operating costs outside the legal charge, although coverage reports a reduction of roughly 8,000 employees in May 2026 that we have not confirmed independently.

Risks and What to Watch

Meta narrowed 2026 capital spending guidance to USD 135 billion to USD 145 billion, raised from USD 115 billion to USD 135 billion earlier in the year. Heavy spending on artificial intelligence infrastructure only pays off if Advertising and new products grow fast enough to cover it. Further legal costs are possible, and the fourth quarter tax rate guide is 15% to 17%, lower than the rate of about 24% this quarter because the legal charge is not deductible. A lower tax rate in the fourth quarter could lift net income relative to operating income. On screener data META fell 1.34% in the latest session, and the next Quarterly Report is expected in early 2027, a date not confirmed.

Where Things Stand

A USD 9.89 billion legal charge cut operating income, yet Meta still produced USD 9.86 billion of net income because revenue grew 26.1% and last year's tax charge was absent. The underlying Business looks stronger than the headline suggests, but cash flow is the concern: spending outran operating cash by USD 2.12 billion. Meta Platforms (NASDAQ:META) is a very large earner, and its profit quality depends on whether its capital spending converts into revenue.