Q2 26 EPS
$6.18
MISS 14.37%
Est. $7.22
Q2 26 Revenue
$60.80B
BEAT +0.85%
Est. $60.29B
vs S&P Since Q2 26
-11.2%
TRAILING MARKET
META -7.9% vs S&P +3.2%
Market Reaction
Did META Beat Earnings? Q2 2026 Results
Meta Platforms delivered a mixed second quarter, with revenue clearing the bar but earnings falling well short as a surge in costs weighed heavily on the bottom line. The social media giant posted Q2 2026 revenue of $60.80 billion, up 28% year-over-y… Read more Meta Platforms delivered a mixed second quarter, with revenue clearing the bar but earnings falling well short as a surge in costs weighed heavily on the bottom line. The social media giant posted Q2 2026 revenue of $60.80 billion, up 28% year-over-year and slightly ahead of the $60.29 billion consensus, yet diluted EPS of $6.18 missed the $7.22 estimate by 14.42%, snapping a six-consecutive-quarter streak of beating EPS expectations. The culprit was a 55% spike in total costs and expenses to $42.03 billion, amplified by $2.40 billion in legal charges and $1.18 billion in severance tied to an 8,000-employee headcount reduction, compressing operating margin to 31% from 43% a year ago. Advertising revenue grew 27% to $59.36 billion as daily active people across the Family of Apps climbed 3% to 3.60 billion. Already under pressure heading into earnings, the company guided Q3 revenue to $61.00-$64.00 billion while raising full-year expense guidance to $165.00-$169.00 billion and narrowing capital expenditure guidance to $130.00-$145.00 billion as its AI infrastructure buildout accelerates.
Key Takeaways
- • Ad impressions delivered across Family of Apps increased 14% year-over-year
- • Average price per ad increased 12% year-over-year
- • Family daily active people reached 3.60 billion, up 3% year-over-year
- • Advertising revenue grew 27% year-over-year to $59.36 billion
META Forward Guidance & Outlook
Meta expects Q3 2026 total revenue of $61-64 billion, with foreign currency as an approximately 1% headwind to year-over-year growth. Full-year 2026 total expenses are expected at $165-169 billion, raised at the lower end to incorporate $2.4 billion in legal charges from Q2. The company expects to deliver operating income above 2025 levels. Capital expenditures including finance lease payments are expected at $130-145 billion, narrowed from a prior range of $125-145 billion. Tax rate for remaining quarters is expected at 15-17%, up from prior guidance of 13-16%. Management flagged ongoing youth-related legal and regulatory matters, including several U.S. trials scheduled for the year that may result in material losses.
META YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
META Revenue by Segment
With YoY comparisons, source: SEC Filings
“AI is accelerating our core business today, powering our next generation of products, and opening the door to entirely new enterprise opportunities. The results are already showing, and I'm optimistic about the potential ahead.”
— Mark Zuckerberg, Q2 2026 Earnings Press Release
META Earnings Trends
META vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
META EPS Trend
Earnings per share: estimate vs actual
META Revenue Trend
Quarterly revenue: estimate vs actual
META Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $7.22 | $6.18 | -14.37% | $60.80B | +0.85% |
| Q1 26 BEAT | $6.66 | $10.44 | +56.79% | $56.31B | +1.38% |
| Q4 25 BEAT FY | $8.22 | $8.88 | +8.00% | $59.89B | +2.43% |
| FY Full Year | — | $23.49 | — | $200.97B | — |
| Q3 25 BEAT | $6.70 | $7.25 | +8.20% | $51.24B | +3.75% |
| Q2 25 BEAT | $5.90 | $7.14 | +20.97% | $47.52B | +5.98% |
| Q1 25 BEAT | $5.22 | $6.43 | +23.11% | $42.31B | +2.30% |
| Q4 24 BEAT FY | $6.76 | $8.02 | +18.67% | $48.39B | +2.96% |
| FY Full Year | — | $23.86 | — | $164.50B | — |
| Q3 22 MISS | $1.89 | $1.64 | -13.23% | $27.71B | +1.12% |