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- **Revenue Growth**: Q3 total revenue up 26% YoY to $50.8 billion, driven by ad revenue and AI-driven engagement improvements.
- **AI Investment Payoff**: Ad performance gains (e.g., 14% conversion lift) and $60 billion in automated ad tools revenue demonstrate AI ROI.
- **CapEx Acceleration**: 2026 CapEx growth expected to support compute needs, with potential for significant expense acceleration.
- **Wearables Momentum**: AI glasses revenue up 74% YoY, with plans to expand AI services for long-term monetization.
- **Regulatory Risks**: EU ad restrictions and US litigation could impact future financials.

**【CEO Summary Section】**
- Meta reported 3.5 billion daily active users across its apps, with Instagram reaching 3 billion monthly actives and Threads surpassing 150 million daily actives.
- The company emphasized its frontier AI strategy, investing in compute infrastructure to prepare for potential superintelligence breakthroughs. Meta Superintelligence Labs is focused on developing next-generation AI models and products.
- AI-driven improvements in recommendation systems led to 5% more time spent on Facebook and 10% on Threads, with Reels generating over $50 billion annually.
- Ad revenue growth was supported by AI ranking systems, with end-to-end automated ad tools now handling $60 billion in annual revenue.

**【CFO Financial Commentary】**
- Q3 total revenue: $50.8 billion (+26% YoY), ad revenue: $50.1 billion (+26% YoY), Reality Labs: $470 million (+74% YoY).
- Total expenses: $30.7 billion (+32% YoY), driven by legal costs, AI talent hiring, and infrastructure expansion.
- Net income: $2.7 billion ($1.05 EPS), adjusted for a one-time tax charge to $18.6 billion ($7.25 EPS).
- 2026 outlook: Aggressive CapEx growth for compute, with potential for significant expense acceleration. Free cash flow: $10.6 billion, with $3.2 billion in share buybacks.

**【Q&A Key Highlights】**
- **CapEx and Compute**: Meta is front-loading infrastructure investments to meet core business demand and prepare for AI advancements, expecting notable 2026 CapEx growth.
- **Wearables Growth**: AI glasses revenue is strong, but long-term monetization will rely on AI services and ecosystem expansion.
- **Regulatory Risks**: EU and US regulatory actions could impact European ad revenue and US litigation outcomes.
- **AI ROI**: CFO highlighted ad performance improvements (e.g., 14% lift in conversions with new models) as evidence of AI-driven ROI.

Meta Platforms, Inc. (META) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

META

META fundamentals

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