Is Meta a Buy Now – forecast for META shares in 2026

Meta is increasing revenue and strengthening its position in digital advertising, but rising expenses are weighing on the shares. Provided the 580 USD level holds, the potential for further upside towards 785 USD remains.

Meta Platforms, Inc. (NASDAQ: META) reported strong results for Q4 2025. Revenue reached 59.9 billion USD (+24% year-on-year), reflecting sustained growth and exceeding analysts’ consensus estimates. The company also reported earnings per share of 8.88 USD, significantly surpassing market expectations (around 8.2 USD). Net income increased by 9% compared with Q4 2024, rising to 22.8 billion USD, largely driven by robust advertising monetisation. Meta highlighted that advertising revenue growth was supported by AI-driven product improvements, more precise targeting, and the expansion of its advertising audience across platforms, including Facebook, Instagram, and Reels.

For Q1 2026, the company expects revenue in the 53.5–56.5 billion USD range, reflecting seasonal moderation while maintaining a positive growth trajectory. Management also outlined plans for substantial investment in infrastructure and AI development, which are expected to result in higher expenses but, in management’s view, will strengthen the company’s long-term competitive position.

This article reviews Meta Platforms’ business model and revenue structure, presents its recent quarterly results, and provides a fundamental analysis of META. It also outlines expert forecasts for Meta shares in 2026 and examines recent Meta share price performance, forming the basis for the Meta Platforms stock forecast for 2026.

About Meta Platforms, Inc.

Meta Platforms, formerly known as Facebook, was founded in 2004 by Mark Zuckerberg and his Harvard classmates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. It was initially a social network for Harvard students, but soon expanded to become one of the world’s largest communication platforms. Meta’s core operations include developing social networks such as Facebook, Instagram, and WhatsApp, as well as advancing virtual and augmented reality technologies through its Reality Labs division. The company puts a significant focus on developing the metaverse, as reflected in its 2021 rebranding. Meta went public on 18 May 2012, and its IPO ranked among the most prominent tech IPOs in history.

Meta Platforms, Inc.’s main financial flows

Meta Platforms’ revenue mainly comes from the following sources:

• Advertising: this segment accounts for approximately 98.5% of the company’s total revenue. Meta generates advertising revenue through its platforms (Facebook, Instagram, Messenger, and WhatsApp), allowing advertisers to target audiences based on various criteria, including demographic data, user interests, and behaviour.
• Reality Labs: this division generates a smaller portion of the company’s revenue through hardware sales under the Meta Quest (previously Oculus VR) brand and related software products, including content.
• Other revenue: this comprises fees for using Meta’s payment systems (for example, on Marketplace platforms or apps), paid subscriptions for special features or products, and income from other services. While these sources are less significant than advertising, they still contribute to the company’s financial performance.

Thus, Meta Platforms’ primary source of revenue is advertising on its social platforms, followed by income from virtual reality sales and services, as well as additional proceeds from other sources.

Meta Platforms, Inc. Q2 2024 financial results

Meta announced solid financial results for Q2 2024. Below are the figures compared with the same period in 2023:

• Revenue: 39.74 billion USD (+22%)
• Net income: 13.46 billion USD (+73%)
• Earnings per share: 5.16 USD (+73%)
• Operating margin: 38%​ (+900 basis points)
• Advertising revenue: 38.20 billion USD (+21%)
• Revenue from Reality Labs: 353 million USD (+27%)
• Loss from Reality Labs: 4.50 billion USD (+21%)
• Number of daily active users: 3.27 billion (+7%)
• Costs and expenses: 24.22 billion USD (+7%)

Advertising remains the primary revenue stream, contributing 96% of the company’s total revenue. The Reality Labs division, which specialises in developing virtual and augmented reality (VR and AR) technologies, has so far only generated losses. By the end of Q2 2024 results, Reality Labs’ loss reached 4.50 billion USD, a 21% increase.

Meta Platforms, Inc. Q3 2024 financial results

On 30 October, Meta released its Q3 2023 financial results. Below are the key figures compared with the same period in 2023:

• Revenue: 40.58 billion USD (+19%)
• Net income: 15.68 billion USD (+35%)
• Earnings per share: 6.03 USD (+37%)
• Operating margin: 43%​ (+300 basis points)
• Advertising revenue: 39.88 billion USD (+18%)
• Reality Labs revenue: 270 million USD (+28%)
• Reality Labs loss: 4.40 billion USD (+20%)
• Number of daily active users: 3.279 billion (+5%)
• Costs and expenses: 23.24 billion USD (+14%)

CEO Mark Zuckerberg explained that revenue growth was driven by advancements in artificial intelligence (AI), which are actively integrated into the company’s applications and business processes. He highlighted Meta AI’s notable success, the rollout of the Llama AI model, and the development of AI-powered smart glasses.

CFO Susan Li shared the company’s forecast, expecting Q4 2024 revenue to range between 45.00 billion and 48.00 billion USD. She also revised the company’s total expense forecast for 2024, lowering it to the 96.00–98.00 billion USD range, down from the previous estimate of 96.00–99.00 billion USD. Li emphasised that the operating losses of the Reality Labs division, which focuses on virtual and augmented reality (VR and AR), would significantly increase year-on-year due to ongoing development and investments aimed at scaling the ecosystem. Additionally, Li mentioned that Meta expects substantial capital expenditure growth in 2025, including increased spending on infrastructure.

Both Zuckerberg and Li also noted the growing number of legal and regulatory challenges, particularly in the European Union and the US, which could significantly affect Meta’s business and financial results.

Overall, Meta’s management expressed optimism about the company’s current performance, driven by progress in AI technologies and strategic investments. However, they also pointed out that external factors could affect future results.

Meta Platforms, Inc. Q4 2024 financial results

On 29 January 2025, Meta published its Q4 2024 financial results. Below are the key figures compared with the same period in 2023:

• Revenue: 48.38 billion USD (+21%)
• Net income: 20.83 billion USD (+49%)
• Earnings per share: 8.02 USD (+50%)
• Operating margin: 48%​ (+700 basis points)
• Advertising revenue: 46.78 billion USD (+20%)
• Reality Labs revenue: 1.08 billion USD (+1%)
• Reality Labs loss: 4.96 billion USD (+6%)
• Number of daily active users: 3.35 billion (+5%)
• Costs and expenses: 25.02 billion USD (+5%)

In his comments on the report, Zuckerberg highlighted advancements in Artificial Intelligence (AI) and expressed optimism about scaling these technologies in 2025, including the introduction of personalised AI assistants. He emphasised the company’s commitment to building an “extensive computing infrastructure,” which implies significant investments in AI. His vision includes creating AI that can write and deploy code, unlocking new opportunities for business and the market.

Zuckerberg also pointed to progress in the development of computerised smart glasses, suggesting that 2025 could be a key year for understanding the market potential of AI-powered glasses.

Regarding DeepSeek, he acknowledged the “groundbreaking” developments that Meta is still trying to comprehend, with plans to integrate some of these innovations into its products. Despite DeepSeek’s achievements, Zuckerberg stated that “it is too early to form a definitive opinion” on how these developments may impact Meta’s infrastructure and capital investment plans. He emphasised that the company’s commitment to large-scale AI infrastructure investment will remain unchanged, viewing it as a long-term strategic advantage.

Zuckerberg noted that DeepSeek is a new competitor in this market. At the same time, the decline in demand for computing resources (GPUs) is by no means certain, as running AI models still requires substantial computing power, especially given the scale of Meta’s operations.

Meta Platforms, Inc. Q1 2025 financial results

On 30 April, Meta published its Q1 2025 financial report for the quarter ended 31 March. Key figures compared with the same period in 2024 are as follows:

• Revenue: 42.31 billion USD (+16%)
• Net income: 16.64 billion USD (+35%)
• Earnings per share: 6.43 USD (+37%)
• Operating margin: 41%​ (+300 basis points)
• Advertising revenue: 41.39 billion USD (+16%)
• Reality Labs revenue: 0.41 billion USD (-9%)
• Reality Labs loss: 4.21 billion USD (+16%)
• Family daily active people (DAP): 3.43 billion (+6%)
• Costs and expenses: 24.76 billion USD (+9%)

Meta made a confident start to 2025, delivering strong results that surpassed analysts’ expectations. Revenue rose by 16%, while earnings per share increased by 35%, significantly exceeding market forecasts. Advertising remains the primary growth driver, with ad revenue rising by 16.2% due to higher prices and an increase in impressions. Meanwhile, the user base for Meta’s products continues to expand, with daily active users reaching 3.43 billion, up 6% year-on-year.

The company also placed a major focus on artificial intelligence. Meta raised its capital expenditure forecast for 2025 to a 64–72 billion USD range (up from a previous estimate of 60-65 billion USD), allocating investment towards developing data centres and acquiring infrastructure to support its AI initiatives.

For Q2 2025, Meta expected revenue in the range of 42.5–45.5 billion USD, which was in line with analysts’ expectations. However, management highlighted potential short-term risks, including a decline in advertising activity from Asian companies and broader economic uncertainty.

For investors, Meta remains one of the most promising companies in the technology sector. Its strong operational base, growing user base and significant investments in AI make the stock an attractive option for those seeking exposure to innovation and long-term growth.

Meta Platforms, Inc. Q2 2025 financial results

On 30 July, Meta released its Q2 2025 financial results for the quarter ended 30 June. Below are the key figures compared with the same period in 2024:

• Revenue: 47.52 billion USD (+22%)
• Net income: 18.34 billion USD (+36%)
• Earnings per share: 7.14 USD (+38%)
• Operating margin: 43% (+500 basis points)
• Advertising revenue: 46.56 billion USD (+16%)
• Revenue from Reality Labs: 0.37 billion USD (+5%)
• Loss from Reality Labs: 4.53 billion USD (–1%)
• Family daily active people (DAP): 3.48 billion (+6%)
• Costs and expenses: 27.07 billion USD (+12%)

Meta Platforms reported revenue of 47.52 billion USD in Q2 2025, up 22% year-on-year, while adjusted earnings per share came in at 7.14 USD – 38% higher than the same period last year and well above analyst expectations of 5.85–5.89 USD. Operating profit rose to 20.44 billion USD, with an operating margin of approximately 43%, up five percentage points from 38% a year earlier.

Meta issued revenue guidance for Q3 2025 in the 47.5–50.5 billion USD range, anticipating a slowdown in growth in Q4 due to a high base of comparison. At the same time, it raised its full-year capital expenditure forecast to 66–72 billion USD, hinting at even higher investment in 2026 to support the expansion of its AI infrastructure and the hiring of specialised talent.

Meta Platforms, Inc. Q3 2025 financial results

On 29 October 2025, Meta published its Q3 2025 financial results for the quarter ended 30 September. The key figures, compared with the same period in 2024, are as follows:

• Revenue: 51.24 billion USD (+26%)
• Net income: 2.71 billion USD (–83%)
• Earnings per share: 1.05 USD (–83%)
• Operating margin: 40% (–300 basis points)
• Advertising revenue: 50.08 billion USD (+26%)
• Reality Labs revenue: 0.47 billion USD (+74%)
• Reality Labs loss: 4.43 billion USD (0%)
• Family daily active people (DAP): 3.54 billion (+8%)
• Costs and expenses: 30.71 billion USD (+32%)

Meta reported Q3 2025 results with record revenue of 51.2 billion USD (+26% year-on-year), exceeding market expectations. Operating profit increased by 18%, while the operating margin remained high at 40%. GAAP net income declined due to a one-off tax charge of nearly 16 billion USD. Excluding this effect, the underlying net income would have amounted to 18.6 billion USD, with EPS of 7.25 USD. Therefore, the decline in profit was a technical effect linked to changes in tax legislation, while operationally, Meta delivered one of the strongest quarters in its history.

Meta’s core business – Family of Apps – delivered excellent performance, with revenue and advertising income rising by 26%. Ad impressions increased by 14%, while the average price per ad rose by 10%. Daily active users across the company’s apps reached 3.54 billion (+8%), setting a new record. AI-driven recommendations, including Reels and content algorithms, continue to boost user engagement, particularly in video formats.

The Reality Labs division (AR/VR and AI devices) also increased revenue by 74% to 470 million USD, but remains loss-making. The segment continues to be funded by profits from the advertising business.

Meta raised its full-year expense guidance to 116–118 billion USD and capital expenditure to 70–72 billion USD, which has become the primary source of investor concern. The company is investing aggressively in AI infrastructure and data centres, making the business more capital-intensive.

Management provided a relatively confident outlook for Q4 2025, implying continued strong business momentum. The company expects revenue in the 56–59 billion USD range, representing year-on-year growth of 18–22%. Such a pace suggests ongoing recovery in the advertising market and resilient demand from both large brands and small businesses.

At the same time, Reality Labs is expected to report a slight decline in revenue in Q4 compared with Q3. This is explained by the fact that Quest headset sales peaked in Q3 due to channel stocking and the launch of new models. Meta anticipates that Q4 sales will stabilise but will not act as a key growth driver.

Meta Platforms, Inc. Q4 2025 financial results

On 28 January, Meta released its Q4 2025 results for the quarter ended 31 December. Below are the key figures compared with the same period in 2024:

• Revenue: 59.89 billion USD (+24%)
• Net income: 22.76 billion USD (+9%)
• Earnings per share: 8.88 USD (+11%)
• Operating margin: 41% (–700 basis points)
• Advertising revenue: 58.14 billion USD (+24%)
• Reality Labs revenue: 0.96 billion USD (+%)
• Reality Labs loss: 6.21 billion USD (–12%)
• Family daily active people (DAP): 3.58 billion (+7%)
• Costs and expenses: 35.15 billion USD (+40%)

Meta Platforms’ Q4 2025 report exceeded analysts’ expectations. Revenue reached 59.89 billion USD, up 24% year-on-year. One of the key drivers of such strong growth was enhanced monetisation through the expansion and improvement of advertising products. In particular, Reels and Instagram continued to strengthen their market positions, leading to higher engagement metrics and, consequently, increased advertising revenue.

The integration of AI into advertising algorithms improved targeting precision, boosting returns on ad spend and enabling the company to generate more revenue per advertising dollar, thereby supporting further growth in profitability. Earnings per share came in at 8.88 USD, significantly above the expected 8.2 USD, while net income rose 9% year-on-year to 22.8 billion USD.

Management’s guidance for Q1 2026 was for revenue in the range of 53.5–56.5 billion USD. Total expenses for 2026 were projected at 162–169 billion USD. The main drivers of cost growth were expected to be higher infrastructure spending, including cloud services and depreciation, as well as increased employee compensation, particularly to support priority areas such as artificial intelligence. Despite rising infrastructure investment, operating income was forecast to exceed the level recorded in 2025.

The company also began implementing changes to its offering of less personalised advertising, in line with agreements reached with the European Commission, while continuing to monitor potential legal risks in the EU and the US that could materially affect its business and financial results.

Meta Platforms, Inc. Q1 2026 financial results

On 29 April, Meta published its Q1 2026 results for the quarter ended 31 March. The key figures compared with the same period in 2025 are as follows:

• Revenue: 56.31 billion USD (+33%)
• Net income: 26.77 billion USD (+61%)
• Earnings per share: 10.44 USD (+62%)
• Operating margin: 41%​ (0 basis points)
• Advertising revenue: 55.02 billion USD (+33%)
• Revenue Reality Labs: 0.40 billion USD (-2%)
• Loss Reality Labs: 4.03 billion USD (compared with a 4.21 billion USD loss a year earlier)
• Family daily active people (DAP): 3.56 billion (+4%)
• Costs and expenses: 33.44 billion USD (+35%)

Meta Platforms’ Q1 2026 results came in stronger than expected. Revenue reached 56.31 billion USD, up 33% year-on-year and above the average analyst forecast of 55.45 billion USD. The primary growth driver once again was the advertising business. Advertising revenue increased to 55.02 billion USD, ad impressions rose by 19%, and the average price per ad increased by 12%. These figures indicate that Meta continues to improve monetisation across its platforms, maintaining a high level of efficiency in its core business.

Additional support came from artificial intelligence. Management reported that more than 8 million advertisers now use at least one of Meta’s AI tools to create advertising content. In addition, in a large-scale test, a video-generation tool delivered a 3% increase in conversion rates compared with advertisers who did not use it. However, it is essential to note that net income and earnings per share in Q1 2026 were significantly boosted by a one-time tax benefit of 8.03 billion USD. Excluding this effect, diluted EPS would have been 3.13 USD lower, meaning the underlying operating performance appears strong, but the tax factor partially inflated reported net income growth.

Management provided guidance for Q2 2026, expecting revenue in the range of 58–61 billion USD. The full-year 2026 outlook for total expenses was maintained at 162–169 billion USD. However, capital expenditure guidance was raised to 125–145 billion USD, compared with the previous range of 115–135 billion USD. The primary reason cited was higher component costs and additional spending on data centres to support future capacity expansion.

Analysis of key valuation multiples for Meta Platforms, Inc.

Below are the key valuation multiples for Meta based on the Q1 2026 results, calculated at a share price of 614 USD.

Conclusion of the valuation multiples analysis for Meta

For a conservative investor with an investment horizon of at least 12 months, Meta shares appear to represent a high-quality asset, although they are not trading at a clear valuation discount. The company remains a large and resilient business with strong profitability, a powerful advertising platform, and a very solid balance sheet – factors that justify a premium valuation. For investors seeking exposure to one of the leading technology companies with high margins and a strong net cash position, Meta appears to be a reasonable allocation.

Expert forecasts for Meta Platforms, Inc. stock for 2026

• Barchart: 43 out of 55 analysts assigned a Strong Buy rating to Meta Platforms shares, 3 rated them Buy, 9 recommended Hold, and 1 assigned a Strong Sell rating. The upper price target is 1015 USD, and the lower bound is 676 USD.
• MarketBeat: 38 out of 47 analysts assigned a Buy rating to the shares, and 9 recommended Hold. The upper price target is 1010 USD, and the lower bound is 700 USD.
• TipRanks: 31 out of 38 analysts assigned a Buy rating to the shares, and 7 recommended Hold. The upper price target is 1010 USD, and the lower bound is 622 USD.
• Stock Analysis: 19 out of 38 analysts assigned a Strong Buy rating to the shares, 14 rated them Buy, and 5 recommended Hold. The upper price target is 1015 USD, and the lower bound is 614 USD.

A notable situation has emerged on the Meta share chart: the lower bound of analysts’ forecasts stands at 614 USD, while the share price as of 21 May is 605 USD.

Meta Platforms, Inc. stock price forecast for 2026

On the weekly chart, Meta Platforms shares are trading above the 200-period Moving Average, indicating that the broader uptrend remains intact. At the same time, the stock has been in a corrective phase since September 2025, and the Stochastic indicator points to the possibility of a further minor decline. Based on the current price dynamics of Meta Platforms shares, the potential scenarios for 2026 are as follows:

The baseline forecast for Meta Platforms shares suggests a test of support at 580 USD, followed by a rebound and a move higher towards resistance at 785 USD.

The alternative forecast for Meta Platforms stock assumes a break below the 580 USD support level. In this scenario, META shares may decline towards 480 USD, where the correction is expected to conclude before the broader uptrend resumes. The recovery target would be resistance at 785 USD.

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