“Meta owns Facebook, Instagram, WhatsApp and Messenger and earns almost all its revenue from targeted ads.”
🐂 Bull
- Ad engine scales with AI-driven targeting
- 31% GAAP operating margin last quarter
- Revenue grew +28% YoY last quarter ($47.5B → $60.8B)
🐻 Bear
- Reality Labs and AI capex are open-ended spending
- Operating income -8.2% YoY vs revenue +28%: margins compressing
- Capex $69.7B ate 60% of FY operating cash flow
What changed
Quarter revenue $60.8B, +28% YoY; operating income $18.8B vs $20.4B a year ago (-8.2%).
META · Meta Platforms, Inc.
Software & Internet · ★ Legendary · Power 97/100 · CIK 0001326801
What it does
Meta owns Facebook, Instagram, WhatsApp and Messenger and earns almost all its revenue from targeted ads. It is spending heavily on AI infrastructure and on Reality Labs (VR/AR glasses).
What changed
10-Q for the period ending 2026-06-30, filed 2026-07-30 0001628280-26-050705
Quarter revenue $60.8B, +28% YoY; operating income $18.8B vs $20.4B a year ago (-8.2%).
- Revenue (qtr to 2026-06-30): $60.8B (+28% YoY) 0001628280-26-050705
- Operating income (qtr to 2026-06-30): $18.8B (-8.2% YoY) 0001628280-26-050705
- Operating cash flow (FY to 2025-12-31): $115.8B (+27% YoY) 0001628280-26-003942
🐂 Bull case
- Ad engine scales with AI-driven targeting
- 31% GAAP operating margin last quarter 0001628280-26-050705
- Revenue grew +28% YoY last quarter ($47.5B → $60.8B) 0001628280-26-050705
🐻 Bear case
- Reality Labs and AI capex are open-ended spending
- Operating income -8.2% YoY vs revenue +28%: margins compressing 0001628280-26-050705
- Capex $69.7B ate 60% of FY operating cash flow 0001628280-26-003942
🚩 Red flags
- 💸 Insider selling: ~$85M of open-market sales in 10 of 78 Form 4s since 2026-04-18 0000950103-26-013794, 0000950103-26-013860, 0000950103-26-014061
10-year history PRO
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How the power level is computed
Power (0–100) = Growth 25 × clip(quarter revenue YoY ÷ 30%) + Profit 25 × clip(quarter GAAP operating margin ÷ 30%) + Cash 20 × clip(FY free cash flow ÷ FY revenue ÷ 25%) + Fortress 15 (full if cash + short-term investments ≥ debt, else 15 × clip(1 − net debt ÷ FY revenue); half if debt isn't tagged) + Dilution 15 (full if diluted shares flat/down YoY, 0 at +5%). Missing inputs get half credit. Banks and insurers get a Financials frame: their score isn't comparable.
Not investment advice. Ticker Card summarizes public SEC EDGAR filings, which can be restated or late. No stock prices. Every number cites the filing's accession number. Source: SEC EDGAR.