The Ledger

METAMeta Platforms, Inc.

Industry Megacap tech Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

$643 → $757

What the podcasts say

10 bullish · 5 bearish · 12 speakers · 6 shows

What investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.

  1. Bullish
    Of the ad giants, Meta is the one safe from AI shopping agentsDaniel Mahncke · The Investor's Podcast · 25 Oct 2026
  2. Bullish
    Bullish Meta: Muse plus its user data could quadruple ARPU by 2030Citrini · Monetary Matters with Jack Farley · 25 Oct 2026
  3. Bullish
  4. Bearish
  5. Bullish
    Meta is one of the few AI names Moses wants to own, on pullbacksDanny Moses · The Real Eisman Playbook · 19 Oct 2026
  6. Bullish
    Bought Meta at $560 when the market punished it for renting data centresEd Elson · The Compound and Friends · 2 Oct 2026
  7. Bearish
  8. Bullish

All 15 statements on the Podcast Heatmap

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$643 → $757

Show the math

today's multiple of 5× on the guided quarter's revenue at an annual rate, held flat, with revenue compounding at the 22-27% growth the Q4 '26 guide implies. No margin is applied: management has never guided one. Company value plus net cash, divided by a share count that grows with stock pay. Each figure management gave as a range is taken at its middle.

0$250$500$750$1,000$1,250Today (Oct 2026): $643, the market price$643TodayOct 202612 months (Oct 2027): $757 a share if management delivers$75712 monthsOct 202724 months (Oct 2028): $927 a share if management delivers$92724 monthsOct 202836 months (Oct 2029): $1,137 a share if management delivers$1,13736 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharesthe count grows about 1.4% a year as in the half to Jul '26 — stock pay with the buyback stopped$643$7572593M sh$9272630M sh$1,1372667M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The multiple. Enterprise value today — $643 times 2547.5M Class A and B shares, plus long-term debt, less cash and marketable securities — over the Q4 '26 revenue guide of $73-76B at an annual rate: 5×. Held, so none of the rise is a re-rating. A fourth quarter carries the holiday season, so this annual rate is above what a full year of quarters would bring.
  2. The growth. The Q4 '26 guide of $73-76B against $59.89B a year earlier is 22-27% growth, the only rate management puts on revenue. It is carried through 2027-29; for 2027 management says only "strong overall revenue growth", with no number.
  3. The margin. None is assumed. Meta guides expenses for the year and revenue for one quarter, so a margin would be ours, not management's; holding price-to-sales holds today's margin implicitly, while the cost guide says it is falling in 2026 (Q3 '26: 20% after a $9.9B legal charge, from 40%).
  4. The shares. No stock is sold and none is bought back. The count grows at the pace of the half to 24 Jul 2026, stock pay with no buyback since Q3 '25. Meta holds slightly more cash than debt at Sep '26; the notes it sells from here are not in the figure. A Class C share for each Class A and B share comes in January 2027, which Meta says should act on the price like a two-for-one split; every figure here is on today's share count.

Promises vs. what happened

15 claims · 8 releases

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
2025 costs $114-119BQ4 '24$117.7BHeld
Strong growth through 2025Q4 '24+22%Held
Q4 '25 growth below Q3'sQ2 '2524% after 26%Held
2026 cost growth above 2025's 24%Q2 '25guided 49-52%Held
Q3 '26 revenue $61-64BQ2 '26$64.6BHeld
2025 tax rate 12-15%Q4 '2430% reported, 13% before a $15.9B chargeLate
Most 2025 capex to the core businessQ4 '24sentence gone from Jul '25Dropped
2026 operating income above 2025's $83.3BQ4 '259 months $54.6B; now before a $9.9B chargeOpen
Reality Labs losses flat on 2025Q4 '25now guided down to $18-19BOpen
Q4 '26 revenue $73-76BQ3 '26reports late Jan '27Open
Strong revenue growth through 2027Q3 '26no number givenOpen
Reality Labs losses about $15B in 2027Q3 '262027 not begunOpen
2025 capex $60-65BQ4 '24$72.2B after three raisesMissed
2026 capex $115-135BQ4 '25$135-145B by OctoberMissed
2026 costs $162-169BQ4 '25raised to $175-179B for legal chargesMissed

What they’re pitching

the headline page, release by release

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q4
'24
Q1
'25
Q2
'25
Q3
'25
Q4
'25
Q1
'26
Q2
'26
Q3
'26

CEO linePage one since Q4 '24

RevenuePage one since Q4 '24

CostsPage one since Q4 '24

CapexPage one since Q4 '24

BuybacksPage one since Q4 '24

FCFPage one since Q4 '24

UsersPage one since Q4 '24

One-offsPage one since Q3 '26

Class CPage one since Q3 '26

on the headline page further in the release not in the release▲ onto page one▼ off page one● first mentionTap a mark for the quote.

The chief executive's line

Q4 '24 · headline page

“"We continue to make good progress on AI, glasses, and the future of social media," said Mark Zuckerberg, Meta founder and CEO. "I'm excited to see these efforts scale further in 2025."”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q1 '25 · headline page

“"We're making good progress on AI glasses and Meta AI, which now has almost 1 billion monthly actives."”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q2 '25 · headline page

“"We've had a strong quarter both in terms of our business and community," said Mark Zuckerberg, Meta founder and CEO. "I'm excited to build personal superintelligence for everyone in the world."”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q3 '25 · headline page

“Superintelligence Labs is off to a great start and we continue to lead the industry in AI glasses. If we deliver even a fraction of the opportunity ahead, then the next few years will be the most exciting period in our history."”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q4 '25 · headline page

“"We had strong business performance in 2025," said Mark Zuckerberg, Meta founder and CEO. "I'm looking forward to advancing personal superintelligence for people around the world in 2026."”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q1 '26 · headline page

“Superintelligence Labs," said Mark Zuckerberg, Meta founder and CEO. "We're on track to deliver personal superintelligence to billions of people."”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q2 '26 · headline page

“"AI is accelerating our core business today, powering our next generation of products, and opening the door to entirely new enterprise opportunities," said Mark Zuckerberg, Meta founder and CEO.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

The chief executive's line

Q3 '26 · headline page

“"We hit major milestones this quarter toward delivering personal superintelligence for everyone - including launching Muse and Muse Wonder, our first frontier model," said Mark Zuckerberg, Meta founder and CEO.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Revenue growth

Q4 '24 · headline page

“Revenue – Revenue was $48.39 billion and $164.50 billion, representing increases of 21% and 22% year-over-year for the fourth quarter and full year 2024, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q1 '25 · headline page

“Revenue – Revenue was $42.31 billion, an increase of 16% year-over-year. Revenue on a constant currency basis would have increased 19% year-over-year.”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q2 '25 · headline page

“Revenue – Revenue was $47.52 billion , which increased by 22% year-over-year on both a reported and constant currency basis.”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q3 '25 · headline page

“Revenue – Revenue was $51.24 billion, an increase of 26% year-over-year. Revenue on a constant currency basis would have increased 25% year-over-year.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q4 '25 · headline page

“Revenue – Revenue was $59.89 billion and $200.97 billion, representing increases of 24% and 22% year-over-year for the fourth quarter and full year 2025, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q1 '26 · headline page

“Revenue – Revenue was $56.31 billion, an increase of 33% year-over-year. Revenue on a constant currency basis would have increased by 29% year-over-year.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q2 '26 · headline page

“Revenue – 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.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Revenue growth

Q3 '26 · headline page

“Revenue – Revenue was $64.60 billion, an increase of 26% year-over-year on both a reported and constant currency basis.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Costs growing faster than revenue

Q4 '24 · headline page

“Costs and expenses – Total costs and expenses were $25.02 billion and $95.12 billion, representing increases of 5% and 8% year-over-year for the fourth quarter and full year 2024, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q1 '25 · headline page

“Costs and expenses – Total costs and expenses were $24.76 billion, an increase of 9% year-over-year.”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q2 '25 · headline page

“Costs and expenses – Total costs and expenses were $27.07 billion, an increase of 12% year-over-year.”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q3 '25 · headline page

“Costs and expenses – Total costs and expenses were $30.71 billion, an increase of 32% year-over-year.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q4 '25 · headline page

“Costs and expenses – Total costs and expenses were $35.15 billion and $117.69 billion, representing increases of 40% and 24% year-over-year for the fourth quarter and full year 2025, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q1 '26 · headline page

“Costs and expenses – Total costs and expenses were $33.44 billion, an increase of 35% year-over-year.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q2 '26 · headline page

“Costs and expenses – Total costs and expenses were $42.03 billion, an increase of 55% year-over-year. This includes”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Costs growing faster than revenue

Q3 '26 · headline page

“Costs and expenses – Total costs and expenses were $51.61 billion, an increase of 68% year-over-year. This includes the litigation charge as discussed above.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Capital expenditures

Q4 '24 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $14.84 billion and $39.23 billion for the fourth quarter and full year 2024, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q1 '25 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $13.69 billion.”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q2 '25 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $17.01 billion.”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q3 '25 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $19.37 billion.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q4 '25 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $22.14 billion and $72.22 billion for the fourth quarter and full year 2025, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q1 '26 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $19.84 billion.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q2 '26 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $31.08 billion.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Capital expenditures

Q3 '26 · headline page

“Capital expenditures – Capital expenditures, including principal payments on finance leases, were $34.91 billion.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Buybacks, then none

Q4 '24 · headline page

“Capital return program – Share repurchases of our Class A common stock were nil and $29.75 billion, and total dividend and dividend equivalent payments were $1.27 billion and $5.07 billion for the fourth quarter and full year 2024, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q1 '25 · headline page

“Capital return program – Share repurchases of our Class A common stock were $13.40 billion and total dividend and dividend equivalent payments were $1.33 billion.”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q2 '25 · headline page

“Capital return program – Share repurchases of our Class A common stock were $9.76 billion and total dividend and dividend equivalent payments were $1.33 billion.”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q3 '25 · headline page

“Capital return program – Share repurchases of our Class A common stock were $3.16 billion and total dividend and dividend equivalent payments were $1.33 billion.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q4 '25 · headline page

“Capital return program – Share repurchases of our Class A common stock were nil and $26.26 billion , and total dividend and dividend equivalent payments were $1.34 billion and $5.32 billion for the fourth quarter and full year 2025, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q1 '26 · headline page

“Capital return program – Dividend and dividend equivalent payments were $1.35 billion.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q2 '26 · headline page

“Capital return program – Dividend and dividend equivalent payments were $1.35 billion.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Buybacks, then none

Q3 '26 · headline page

“Capital return program – Dividend and dividend equivalent payments were $1.36 billion.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Free cash flow

Q4 '24 · headline page

“$77.81 billion as of December 31, 2024. Free cash flow was $13.15 billion and $52.10 billion for the fourth quarter and full year 2024, respectively.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q1 '25 · headline page

“$70.23 billion as of March 31, 2025. Cash flow from operating activities was $24.03 billion and free cash flow was $10.33 billion.(1)”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q2 '25 · headline page

“$47.07 billion as of June 30, 2025 . Cash flow from operating activities was $25.56 billion and free cash flow was $8.55 billion.(1)”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q3 '25 · headline page

“$44.45 billion as of September 30, 2025 . Cash flow from operating activities was $30.0 billion and free cash flow was $10.62 billion.(1)”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q4 '25 · headline page

“Cash flow – Cash flow from operating activities was $36.21 billion and $115.80 billion, and free cash flow was $14.08 billion and $43.59 billion for the fourth quarter and full year 2025, respectively.(1)”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q1 '26 · headline page

“Cash flow – Cash flow from operating activities was $32.23 billion, and free cash flow was $12.39 billion.(1)”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q2 '26 · headline page

“Cash flow – Cash flow from operating activities was $31.86 billion, and free cash flow was $784 million.(1)”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Free cash flow

Q3 '26 · headline page

“Cash flow – Cash flow from operating activities was $32.79 billion, and free cash flow was negative $2.12 billion. (1)”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Family daily active people

Q4 '24 · headline page

“Family daily active people (DAP) – DAP was 3.35 billion on average for December 2024, an increase of 5% year-over-year.”

Deck Meta Reports Fourth Quarter and Full Year 2024 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q1 '25 · headline page

“Family daily active people (DAP) – DAP was 3.43 billion on average for March 2025, an increase of 6% year-over-year.”

Deck Meta Reports First Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q2 '25 · headline page

“Family daily active people (DAP) – DAP was 3.48 billion on average for June 2025, an increase of 6% year-over-year.”

Deck Meta Reports Second Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q3 '25 · headline page

“Family daily active people (DAP) – DAP was 3.54 billion on average for September 2025, an increase of 8% year-over-year.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q4 '25 · headline page

“Family daily active people (DAP) – DAP was 3.58 billion on average for December 2025, an increase of 7% year-over-year.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q1 '26 · headline page

“The slight decline in DAP on a quarter-over-quarter basis was driven by internet disruptions in Iran, as well as a restriction on access to WhatsApp in Russia.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q2 '26 · headline page

“Family daily active people (DAP) – DAP was 3.60 billion on average for June 2026, an increase of 3% year-over-year.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

Family daily active people

Q3 '26 · headline page

“Family daily active people (DAP) – DAP was 3.64 billion on average for September 2026, an increase of 3% year-over-year.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

One-offs: tax and legal

Q3 '25 · headline page

“Net income would have increased by $15.93 billion to $18.64 billion, compared to the report ed net income of $2.71 billion.”

Deck Meta Reports Third Quarter 2025 Results (release, Ex. 99.1) · p. 1 ·

One-offs: tax and legal

Q4 '25 · headline page

“Absent the valuation allowance charge as of the enactment date, our full year 2025 effective tax rate would have decreased by 17 percentage points to 13%, compared to the reported effective tax rate of 30%.”

Deck Meta Reports Fourth Quarter and Full Year 2025 Results (release, Ex. 99.1) · p. 1 ·

One-offs: tax and legal

Q1 '26 · headline page

“(1) Includes an $8.03 billion income tax benefit recognized in the first quarter of 2026 , which partially offsets the $15.93 billion non-cash tax charge recorded in the third quarter of 2025 upon enactment of the One Big Beautiful Bill Act.”

Deck Meta Reports First Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

One-offs: tax and legal

Q2 '26 · further in the release

“$2.40 billion of charges related to legal proceedings and $1.18 billion of severance expenses in connection with the May 2026 headcount reduction.”

Deck Meta Reports Second Quarter 2026 Results (release, Ex. 99.1) · p. 1 ·

One-offs: tax and legal

Q3 '26 · headline page

“Third quarter 2026 costs and expenses includes a $9.89 billion charge related to this agreement.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) ·

Non-voting Class C stock

Q3 '26 · headline page

“The Board of Directors has approved the establishment of a new class of publicly listed, non-voting Class C common stock, with an effective date in January 2027.”

Deck Meta Reports Third Quarter 2026 Results (release, Ex. 99.1) · CFO Outlook Commentary ·

What they keep talking about · 11

The themes that show up deck after deck, and the ones that disappear.

CEO line
AI in every quote; 'personal superintelligence' from Q2 '25; the core business in Q2 '26; a first frontier model, Muse, in Q3 '26.
Revenue
16-33% growth every quarter, and above the guided range five times in seven, Q3 '26 included.
Costs
9% growth in Q1 '25 against 16% revenue; 68% in Q3 '26 against 26%, with a $9.9B legal charge.
Capex
$14.8B a quarter to $34.9B; the year's range is raised more often than it holds.
Buybacks
$13.4B, $9.8B and $3.2B in the first three quarters of 2025, none since; from Q1 '26 the capital return line names only the dividend.
FCF
$13.2B in Q4 '24, $0.8B in Q2 '26, -$2.1B in Q3 '26.
Users
3.35B to 3.64B daily people; growth 8% to 3%, with a first quarter-on-quarter dip in Q1 '26 blamed on Iran and Russia.
One-offs
A $15.9B tax charge in Q3 '25 and an $8.0B benefit in Q1 '26, then legal charges of $2.4B in Q2 '26 and $9.9B in Q3 '26.
Class C
New in Q3 '26, in the release's title: a non-voting share, one per existing share from Jan '27, for raising capital, pay and acquisitions.
New
Q2 '25: a first look at the next year's costs. Q4 '25: the only profit promise. Q3 '26: Reality Labs loss guides for 2026 and 2027.
Quiet
Gone after Q1 '25: 'the majority of our capital expenditures ... directed to our core business'. Never given: a margin, a year's revenue or an AI return.
Every quarterly report we’ve saved · 18

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers11%25%11%12%40%11%11%57%
Growth & sales22%25%11%38%40%22%22%14%
Pricing & margins22%25%22%12%10%··14%
Guidance & outlook22%25%44%12%60%22%11%·
Capacity & supply·12%44%12%20%33%11%43%
Capital & financing22%38%44%62%30%33%33%29%
Competition·12%33%·20%·11%29%
Products & technology78%38%·50%70%67%89%71%
Macro & regulation··11%··11%··
Other11%····11%··
Questions989810997
How much the CEO talked99%61%98%61%66%44%99%80%

Who’s in charge, who’s selling

read from the filings · 23 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · stable

    One shareholder holds 60.8% of the votes

    Zuckerberg holds 99.8% of the ten-vote Class B. One share one vote drew about 26% of votes cast in 2025 and 2026; since his bloc is about 3.42B votes, that is most of everyone else's. Meta is a controlled company under Nasdaq rules.

  2. Tier 2 · worsening

    Capex guide raised five times in two years; buybacks stopped; debt tripled

    2025 capex $60-65B guided, $72.2B spent. 2026 went $115-135B to $135-145B. Q3 '26 free cash flow -$2.12B. No buyback after Q3 '25. Long-term debt $28.8B to $83.7B, with $349B of commitments off the balance sheet.

  3. Tier 2 · worsening

    $2.4B of legal charges in a quarter, and youth trials that 'may ultimately result in a material loss'

    Q2 '26 carried $2.40B of legal charges and $1.18B of severance. The releases warn of material losses from youth-related trials; the EU issued preliminary DSA findings in April and July '26; the FTC is appealing the case Meta won.

  4. Tier 2 · stable

    The founder may pledge; a director's company sold Meta $2.3B

    Pledging is allowed within caps (20% of his holding, loans up to 5% of its value). Meta paid Broadcom, run by director Hock Tan, about $2.3B in 2025; Tan left the board in May '26.

  5. Tier 3 · stable

    Officers' bonus target raised to 200%; say on pay every three years

    Named officers' target bonus went from 75% to 200% of salary in 2025, on a committee-judged company percentage (115%). Say on pay drew 10.5% against in 2025 and is next held in 2028. Insiders sold $391.5M and bought nothing.

Accounting rule changes 1 in 1 quarters

  1. Q4 '24Server and network asset lives extended to 5.5 years from 2025, about $2.9B less 2025 depreciation

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
ElkannA board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.527.5M858.6M17.3%
Alford (compensation chair)A board seat.699.8M677.5M13.6%
HoustonA board seat.487.6M443.6M8.9%
WhiteA board seat.19.6M426.6M8.6%
Zuckerberg (chairman and CEO)A board seat.366.6M318.5M6.4%
AndreessenA board seat.694.4M201.9M4.1%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
Zuckerberg, CEO$132.5M167 sales, all planned
Li, CFO$118.6M47 sales
Cox, product$58.1M13 sales
Olivan, COO$33.0M129 sales
Bosworth, CTO$32.9M21 sales