olivLaw · US equity research
Meta Platforms, Inc. META
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Meta Platforms, Inc. (META) builds products around human connection and artificial intelligence, with revenue almost entirely from advertising. According to the 2025 annual report, total revenue was 200.97 bn USD, up 22%, and in the third quarter of 2026 revenue reached 64.60 bn USD, up 26%. Recent legal charges and AI investments could pressure margins if current trends continue.
At the close of 03 Nov 2026, Meta Platforms, Inc. (META) stock was 621.03 USD (+2.36% on the day), with P/E 21.2 on diluted EPS of 29.34 USD over the last 12 months, dividend yield 0.34%, beta 1.44, 52-week range 525.72–777.59 USD. Latest reported quarter (Q3 2026): revenue of 64.6 bn USD (+26.1% YoY), net income of 9.9 bn USD (+264.0% YoY), diluted EPS 3.83 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.0
- weak (30–45)
- Bollinger (20, 2)
- 575.27 – 781.64
- in the lower half of the band · %B 0.22 · band width 30.4%
- SMA 50 / 200
- 672.36 / 632.04
- mixed trend
- MACD (12, 26, 9)
- -23.03 / -12.63
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −2.0% | −12.7 pp | — |
| 3 months | +5.6% | −2.2% | +7.8 pp | — |
| 6 months | +2.7% | +4.3% | −1.6 pp | — |
| Year to date | −5.9% | +10.6% | −16.5 pp | — |
| 1 year | −2.6% | +10.5% | −13.1 pp | −21.0% |
| 3 years | +97.4% | +73.7% | +23.7 pp | −22.6% |
| 5 years | +84.9% | +61.7% | +23.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48.4 bn | 42.3 bn | 47.5 bn | 51.2 bn | 59.9 bn | 56.3 bn | 60.8 bn | 64.6 bn |
| Cost of revenue | 8.8 bn | 7.6 bn | 8.5 bn | 9.2 bn | 10.9 bn | 10.2 bn | 11.3 bn | 13.4 bn |
| Research & development | 12.2 bn | 12.2 bn | 12.9 bn | 15.1 bn | 17.1 bn | 17.7 bn | 21.7 bn | 20.1 bn |
| Operating income | 23.4 bn | 17.6 bn | 20.4 bn | 20.5 bn | 24.7 bn | 22.9 bn | 18.8 bn | 13.0 bn |
| Depreciation & amortisation | 4.5 bn | 3.9 bn | 4.3 bn ≈ | 5.0 bn ≈ | 5.4 bn | 6.0 bn | 6.4 bn ≈ | 7.2 bn ≈ |
| Interest expense | 275.0 m | — | 232.0 m | 205.0 m | 497.0 m | — | 754.0 m | 882.0 m |
| Pre-tax income | 23.6 bn | 18.4 bn | 20.5 bn | 21.7 bn | 25.4 bn | 21.8 bn | 18.8 bn | 13.0 bn |
| Income tax | 2.7 bn | 1.7 bn | 2.2 bn | 19.0 bn | 2.6 bn | -5.0 bn | 2.9 bn | 3.1 bn |
| Net income | 20.8 bn | 16.6 bn | 18.3 bn | 2.7 bn | 22.8 bn | 26.8 bn | 15.8 bn | 9.9 bn |
| Diluted EPS | 7.98 ≈ | 6.43 | 7.14 | 1.05 | 8.89 ≈ | 10.44 | 6.18 | 3.83 |
| Operating cash flow | 28.0 bn | 24.0 bn | 25.6 bn ≈ | 30.0 bn ≈ | 36.2 bn | 32.2 bn | 31.9 bn ≈ | 32.8 bn ≈ |
| Capex | 14.4 bn | 12.9 bn | 16.5 bn ≈ | 18.8 bn ≈ | 21.4 bn | 19.0 bn | 30.1 bn ≈ | 33.9 bn ≈ |
| Dividends paid | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn |
| Share repurchases | 0 | 12.8 bn | 10.2 bn ≈ | 3.3 bn ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 14 percentile of its own 44-quarter history (min 12.9, median 26.6, max 81.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55.8 bn | 70.7 bn | 86.0 bn | 117.9 bn | 116.6 bn | 134.9 bn | 164.5 bn | 201.0 bn |
| Revenue YoY | +37.4% | +26.6% | +21.6% | +37.2% | −1.1% | +15.7% | +21.9% | +22.2% |
| Net income | 22.1 bn | 18.5 bn | 29.1 bn | 39.4 bn | 23.2 bn | 39.1 bn | 62.4 bn | 60.5 bn |
| Net income YoY | +38.8% | −16.4% | +57.7% | +35.1% | −41.1% | +68.5% | +59.5% | −3.1% |
| Diluted EPS | 7.57 | 6.43 | 10.09 | 13.77 | 8.59 | 14.87 | 23.86 | 23.49 |
| Diluted EPS YoY | +40.4% | −15.1% | +56.9% | +36.5% | −37.6% | +73.1% | +60.5% | −1.6% |
| net % | 39.6% | 26.1% | 33.9% | 33.4% | 19.9% | 29.0% | 37.9% | 30.1% |
| Free cash flow | 15.4 bn | 21.2 bn | 23.6 bn | 39.0 bn | 19.3 bn | 44.1 bn | 54.1 bn | 46.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.9 bn USD
- Financial debt
- 58.7 bn USD
- Net debt
- 22.9 bn USD
- Equity
- 217.2 bn USD
- Total assets
- 366.0 bn USD
- Debt / equity
- 0.27x
- Current ratio
- 2.60x
- ROE
- 30.2%
- ROA
- 18.8%
- FCF margin
- 22.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 86.0 bn | 117.9 bn | 116.6 bn | 134.9 bn | 164.5 bn | 201.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Cost of revenue | 16.7 bn | 22.6 bn | 25.2 bn | 26.0 bn | 30.2 bn | 36.2 bn | SEC (XBRL)· 29 Jan 2026verified |
| Gross profit | 69.3 bn ≈ | 95.3 bn ≈ | 91.4 bn ≈ | 108.9 bn ≈ | 134.3 bn ≈ | 164.8 bn ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Research & development | 18.4 bn | 24.7 bn | 35.3 bn | 38.5 bn | 43.9 bn | 57.4 bn | SEC (XBRL)· 29 Jan 2026verified |
| Operating income | 32.7 bn | 46.8 bn | 28.9 bn | 46.8 bn | 69.4 bn | 83.3 bn | SEC (XBRL)· 29 Jan 2026verified |
| Depreciation & amortisation | 6.9 bn | 8.0 bn | 8.7 bn | 11.2 bn | 15.5 bn | 18.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| EBITDA | 39.5 bn ≈ | 54.7 bn ≈ | 37.6 bn ≈ | 57.9 bn ≈ | 84.9 bn ≈ | 101.9 bn ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Interest expense | — | 23.0 m | 185.0 m | 446.0 m | 715.0 m | 1.2 bn | SEC (XBRL)· 29 Jan 2026verified |
| Pre-tax income | 33.2 bn | 47.3 bn | 28.8 bn | 47.4 bn | 70.7 bn | 85.9 bn | SEC (XBRL)· 29 Jan 2026verified |
| Income tax | 4.0 bn | 7.9 bn | 5.6 bn | 8.3 bn | 8.3 bn | 25.5 bn | SEC (XBRL)· 29 Jan 2026verified |
| Net income | 29.1 bn | 39.4 bn | 23.2 bn | 39.1 bn | 62.4 bn | 60.5 bn | SEC (XBRL)· 29 Jan 2026verified |
| Diluted EPS | 10.09 | 13.77 | 8.59 | 14.87 | 23.86 | 23.49 | SEC (XBRL)· 29 Jan 2026verified |
| Weighted average diluted shares | 2.9 bn | 2.9 bn | 2.7 bn | 2.6 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 29 Jan 2026verified |
| Dividend per share | — | — | — | — | 2.00 | 2.10 | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.6 bn | 16.6 bn | 14.7 bn | 41.9 bn | 43.9 bn | 35.9 bn | SEC (XBRL)· 29 Jan 2026verified |
| Receivables | 11.3 bn | 14.0 bn | 13.5 bn | 16.2 bn | 17.0 bn | 19.8 bn | SEC (XBRL)· 29 Jan 2026verified |
| Current assets | 75.7 bn | 66.7 bn | 59.5 bn | 85.4 bn | 100.0 bn | 108.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| Goodwill | 19.1 bn | 19.2 bn | 20.3 bn | 20.7 bn | 20.7 bn | 24.5 bn | SEC (XBRL)· 29 Jan 2026verified |
| Intangibles (excl. goodwill) | 623.0 m | 634.0 m | 897.0 m | 788.0 m | 915.0 m | 3.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| Total assets | 159.3 bn | 166.0 bn | 185.7 bn | 229.6 bn | 276.1 bn | 366.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Accounts payable | 1.3 bn | — | — | — | — | 8.9 bn | SEC (XBRL)· 30 Jul 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 22 Oct 2026verified |
| Long-term debt | — | 0 | 9.9 bn | 18.4 bn | 28.8 bn | 58.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| Current liabilities | 15.0 bn | 21.1 bn | 27.0 bn | 32.0 bn | 33.6 bn | 41.8 bn | SEC (XBRL)· 29 Jan 2026verified |
| Total liabilities | 31.0 bn | 41.1 bn | 60.0 bn | 76.5 bn | 93.4 bn | 148.8 bn | SEC (XBRL)· 29 Jan 2026verified |
| Equity | 128.3 bn † | 124.9 bn † | 125.7 bn † | 153.2 bn † | 182.6 bn † | 217.2 bn † | SEC (XBRL)· 29 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 38.7 bn | 57.7 bn | 50.5 bn | 71.1 bn | 91.3 bn | 115.8 bn | SEC (XBRL)· 29 Jan 2026verified |
| Capex | 15.2 bn | 18.7 bn | 31.2 bn | 27.0 bn | 37.3 bn | 69.7 bn | SEC (XBRL)· 29 Jan 2026verified |
| Free cash flow | 23.6 bn ≈ | 39.0 bn ≈ | 19.3 bn ≈ | 44.1 bn ≈ | 54.1 bn ≈ | 46.1 bn ≈ | SEC (XBRL)· 29 Jan 2026derived |
| Investing cash flow | -30.1 bn | -7.6 bn | -29.0 bn | -24.5 bn | -47.2 bn | -102.0 bn | SEC (XBRL)· 29 Jan 2026verified |
| Financing cash flow | -10.3 bn | -50.7 bn | -22.1 bn | -19.5 bn | -40.8 bn | -20.4 bn | SEC (XBRL)· 29 Jan 2026verified |
| Dividends paid | — | — | 0 | 0 | 5.1 bn | 5.3 bn | SEC (XBRL)· 29 Jan 2026verified |
| Share repurchases | 6.3 bn | 44.5 bn | 28.0 bn | 19.8 bn | 30.1 bn | 26.2 bn | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
66% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 81.0% | 100 (on a fixed band) | 16% |
| EBIT margin · Quality | 32.9% | 95 (vs peers) | 13% |
| FCF margin · Quality | 11.9% | 47 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 19.9% | 80 (on a fixed band) | 26% |
| Revenue growth (YoY) · Growth | 22.2% | 78 (vs peers) | 13% |
| Net debt / EBITDA · Balance sheet | 0.7x | 50 (vs peers) | 10% |
| Current ratio · Balance sheet | 1.9x | 65 (on a fixed band) | 10% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet57/100 · 2/2 factors with a value
- Growth79/100 · 2/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Meta Platforms, Inc. (META). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 201.0 bn USD in 2025; YoY growth 22.2%; net margin 31.1%; ROE 32.3%; net debt/EBITDA 0.7x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 81.0%
- EBIT margin: 32.9%
- Revenue CAGR 3Y: 19.9%
- Revenue growth (YoY): 22.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,442.7 bn | 14.6 | 44.3% | 50.0% | +15.1% | −13% / +111% |
| APPAppLovin Corporation | 82.3 bn | 18.9 | 203.7% | 64.6% | +70.0% | −59% / +555% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -9.1% | -5.0% | +16.6% | −61% / −48% |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| TBLATaboola.com Ltd. | 921.2 m | 7.8 | 12.7% | 6.1% | +8.3% | −33% / −21% |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| MFMindForge Inc. | 172.5 m | — | -167.2% | -222.9% | −49.9% | −83% / unavailable |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
1- and 3-year price returns: for META from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Meta Platforms, Inc. (META) builds products around human connection and artificial intelligence, with revenue almost entirely from advertising. According to the 2025 annual report, total revenue was 200.97 bn USD, up 22% 1, and in the third quarter of 2026 revenue reached 64.60 bn USD, up 26% 2. Recent legal charges and AI investments could pressure margins if current trends continue 3.
SWOT
Strengths
- The user base is very large, with billions of daily active people supporting advertising sales 12.
- The company generates solid operating cash flow and has substantial financial resources for investment 3.
- AI investments have already produced incremental advertising revenue through stronger engagement and better recommendations 3.
Weaknesses
- The Reality Labs segment operates at a loss and expects those losses to continue for the foreseeable future 1.
- Revenue depends almost entirely on advertising, which makes the company vulnerable to changes in marketer budgets 1.
- Rising costs, including legal and infrastructure expenses, sharply reduced operating income in the third quarter of 2026 2.
Opportunities
- Reels, business messaging and AI tools could open new advertising revenue sources 1.
- If AI glasses and virtual reality reach broad adoption, the company could monetize hardware, software and digital goods 1.
- Its own AI models could bring new capabilities across products and lower internal costs through efficiency 3.
Threats
- Privacy and data regulation in Europe and the United States may limit personalized advertising and lead to large fines 1.
- Proceedings and agreements over youth mental health could add costs and product restrictions 23.
- Policy changes by mobile operating system providers may restrict the data used to target advertising 1.
Risks
- Dependence on advertisinghigh
Almost all revenue comes from ads, and a withdrawal of marketers or lower budgets could seriously affect financial results 1.
- Youth-related regulationhigh
Proceedings and agreements involving young users could lead to added costs and product changes that affect usage 23.
- Heavy AI and infrastructure spendingmedium
Very large capital expenditures could reduce free cash flow if revenue does not grow as expected 23.
- Limits on ad datamedium
Regulatory and platform changes reduce the effectiveness of ad targeting and measurement, which could lower revenue 1.
Investment thesis
What would need to be true (bull case)
- AI investments already add advertising revenue, and the very large user base could support long-term growth 23.
- Average price per ad is rising, showing that monetization remains strong even as impressions grow more slowly 2.
- If losses in Reality Labs narrow and resources shift toward AI, operating profit could recover to a higher level 3.
What would break the thesis
- Legal and infrastructure costs sharply reduced operating profit in the third quarter of 2026, and pressure could continue if spending stays high 23.
- Privacy regulation and youth-related proceedings could limit advertising and raise compliance costs 12.
- Dependence on advertising and competition from video and AI platforms could reduce user engagement and marketer budgets 1.
What to watch
- Fourth quarter 2026 revenue guidanceQ4 2026
- Evolution of total expenses and capital expenditure guidance for 20262026
- Outcome of youth-related trials scheduled in the United Statesnext 10-K
- Implementation of the Class C stock and its effect on the capital structure2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Meta aims to build the future of human connection and the technology that makes it possible, with products such as Facebook, Instagram, Messenger, WhatsApp, Threads and the Meta AI assistant 1. The company reports two segments: Family of Apps (FoA), which generates substantially all advertising revenue, and Reality Labs (RL), which includes virtual reality hardware and AI glasses 1. In 2025 FoA had investments of 96.29 bn USD and RL of 21.40 bn USD, while the RL segment reduced operating profit by about 19.19 bn USD 1.
The company's AI investments support its content ranking, discovery engine, advertising tools and development of new generative AI experiences, and it is working toward what it defines as superintelligence 1.
Meta also has a history of open-sourcing AI models, including its Llama foundation models, while training a mix of open and closed models going forward 1.
Market context
Online advertising in the United States, Canada and Europe yields higher revenue per user, while impression growth comes mainly from regions such as Asia-Pacific where monetization is lower 1. In the near term advertising demand depends on marketer budgets, and 3.64 bn daily active people in September 2026 give a broad audience base 2.
The advertising market is sensitive to inflation, economic policy and trade uncertainty, which have pressured marketer budgets in the past and could do so again if conditions worsen 1.
Trends
- Limits on ad dataheadwind
Privacy regulation and changes by Apple and Google reduce Meta's ability to target and measure ads, which could shrink marketer budgets 1.
- Rising price per adtailwind
Average price per ad rose 14% in the third quarter of 2026, supporting revenue even as impressions grow more slowly 2.
- Legal costs and youth regulationheadwind
The agreement with state attorneys general and pending youth-related trials can add costs and restrictions with possible impact on the business model 23.
Competitive position
Meta competes with companies offering online connection, sharing and communication services, with firms selling advertising, with developers of frontier AI models, and with makers of AR and VR hardware 1. Competition could affect app usage, especially among younger users, where products such as TikTok have reduced engagement 1.
In advertising and platforms rivalry is intense, and the company has noted that competing products have reduced user engagement, particularly in certain demographics 1.
- TikTok
Competing video platform that the annual report says has reduced Meta user engagement, especially among younger users 1.
- Frontier AI model developers
Firms building advanced AI models that compete with Meta's generative AI efforts 1.
- AR and VR device makers
Companies delivering augmented and virtual reality products that compete directly with the Reality Labs segment 1.
- Digital advertising firms
Companies selling advertising to brands and offering campaign optimization tools that contest marketer budgets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Meta Platforms ( ex Facebook ) Overweight ( Barclays Capital ) 23 . 10 . 2026 | AnalyseSurge — GDELT DOC · 23 Oct 2026 · RO
- Meta Platforms beat the Street. Here's why analysts are bullish on the stockCNBC — Top News · 22 Oct 2026 · EN
- Stocks making the biggest moves after hours: Meta Platforms, Tesla, Lam Research, IBM & moreCNBC — Top News · 21 Oct 2026 · EN
- Stocks making the biggest moves midday: SpaceX, Meta Platforms, Super Micro Computer, Roivant Sciences & moreCNBC — Top News · 21 Oct 2026 · EN
- Meta Platforms and Tesla are among the companies set to report next week. What to expectCNBC — Top News · 18 Oct 2026 · EN
- Stocks making the biggest moves midday: Apple, Meta Platforms, Bumble, Fermi, Goldman Sachs & moreCNBC — Top News · 13 Oct 2026 · EN
- Stocks making the biggest moves midday: eBay, Sandisk, Meta Platforms, IonQ, Lumentum & moreCNBC — Top News · 12 Oct 2026 · EN
- Meta Platforms ( NASDAQ : META ) Shares Unloaded by Rep . Maria Elvira SalazarSurge — GDELT DOC · 10 Oct 2026 · RO
- Muse AI agent led Meta Platforms into the Best Stocks in the Market list. What Josh Brown thinksCNBC — Top News · 28 Sept 2026 · EN
- Stocks making the biggest moves premarket: Meta Platforms, United Airlines, Nvidia & moreCNBC — Top News · 28 Sept 2026 · EN
- Stocks making the biggest moves midday: Oracle, Everpure, Meta Platforms, Nebius, Bloom Energy, MGM & moreCNBC — Top News · 24 Sept 2026 · EN
- Acțiunile Shopify se apreciază — și le datorează asta Meta Platforms - InvezzSurge — Google News · 22 Sept 2026 · RO
- Acțiunile Shopify se apreciază — și le datorează asta Meta Platforms - invezz.comSurge — Google News · 22 Sept 2026 · RO
- Why Meta Platforms Stock Skyrocketed TodayYahoo Finance — News · 21 Sept 2026 · EN
- Dear Meta Platforms Stock Fans, Mark Your Calendars for Sept. 23Yahoo Finance — News · 20 Sept 2026 · EN
- Meta Platforms Stock Signal Says More Gains Are ComingYahoo Finance — News · 17 Sept 2026 · EN
- Reddit Drops 4% Despite User Growth; Meta Platforms Holds Steady, Snap Rises 1%Yahoo Finance — News · 15 Sept 2026 · EN
- Why Cathie Wood Is Selling Google and Buying More Meta Platforms StockYahoo Finance — News · 12 Sept 2026 · EN
- Why Meta Platforms Stock Only Bumped Slightly Higher on FridayYahoo Finance — News · 11 Sept 2026 · EN
- Meta Platforms Agreed to Pay Up to $18 Billion and Set Some Limits for Younger Users. Is the Stock a Buy?Yahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 23 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report22 Oct 2026
- Current report21 Oct 2026Material agreement · Results of operations · Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Current report04 May 2026Other events · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement16 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Meta Platforms, Inc. · 29 Jan 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Meta Platforms, Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Meta Platforms, Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.