Meta Platforms (META)
Market Price (10/24/2026): $640.05 | Market Cap: $1.6 TrilSector: Communication Services | Industry: Interactive Media & Services
Meta Platforms (META)
Market Price (10/24/2026): $640.05Market Cap: $1.6 TrilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 133 Bil, FCF LTM is 29 Bil Stock buyback supportStock Buyback 3Y Total is 62 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Artificial Intelligence, Social Media & Creator Economy, Digital Advertising, and Metaverse & Immersive Technologies. Show more. | Weak multi-year price returns2Y Excs Rtn is -18% | Expensive valuation multiplesP/SPrice/Sales ratio is 6.8x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Key risksMETA key risks include [1] antitrust litigation threatening the forced divestiture of key assets like Instagram and WhatsApp, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 133 Bil, FCF LTM is 29 Bil |
| Stock buyback supportStock Buyback 3Y Total is 62 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Social Media & Creator Economy, Digital Advertising, and Metaverse & Immersive Technologies. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -18% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.8x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Key risksMETA key risks include [1] antitrust litigation threatening the forced divestiture of key assets like Instagram and WhatsApp, Show more. |
Qualitative Assessment
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Meta Platforms (META) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Meta Platforms reported robust fiscal Q3 2026 financial results, surpassing analyst expectations for both revenue and adjusted earnings per share. The company's revenue increased by 26.1% year-over-year to $64.6 billion, exceeding the consensus estimate of $63.34 billion. Adjusted earnings per share (EPS), excluding a one-time legal charge, reached $7.40, significantly beating analyst estimates that ranged from $6.52 to $6.80. This strong performance signaled a healthy underlying business.
2. The company provided optimistic revenue guidance for fiscal Q4 2026, reassuring investors about continued growth. Meta projected fiscal Q4 2026 revenue of $74.5 billion at the midpoint, which was higher than the analyst consensus estimate of $73.61 billion. This positive forward-looking statement instilled confidence in the company's future financial trajectory.
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Meta Platforms (META) stock has gained about 15% since 6/30/2026 because of the following key factors:
1. Meta Platforms reported robust fiscal Q3 2026 financial results, surpassing analyst expectations for both revenue and adjusted earnings per share. The company's revenue increased by 26.1% year-over-year to $64.6 billion, exceeding the consensus estimate of $63.34 billion. Adjusted earnings per share (EPS), excluding a one-time legal charge, reached $7.40, significantly beating analyst estimates that ranged from $6.52 to $6.80. This strong performance signaled a healthy underlying business.
2. The company provided optimistic revenue guidance for fiscal Q4 2026, reassuring investors about continued growth. Meta projected fiscal Q4 2026 revenue of $74.5 billion at the midpoint, which was higher than the analyst consensus estimate of $73.61 billion. This positive forward-looking statement instilled confidence in the company's future financial trajectory.
3. Strong AI-driven engagement across core platforms and rapid adoption of the new Muse AI agent fueled investor optimism. Meta highlighted record engagement levels on Facebook and Instagram, largely attributed to AI-powered features. The rapid early adoption of its new personal AI agent, Muse, which accumulated over 10 million users in the U.S. and Canada, was also a key point, suggesting successful innovation and potential new avenues for monetization through AI.
4. The core advertising business demonstrated substantial growth, driven by increased ad impressions and pricing. Advertising revenue, which constitutes the vast majority of Meta's business, grew to $63.1 billion in fiscal Q3 2026, marking a 26% increase year-over-year. This growth was specifically driven by a 10% increase in ad impressions and a 14% rise in the average price per ad.
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Stock Movement Drivers
Fundamental Drivers
The 14.2% change in META stock from 6/30/2026 to 10/23/2026 was primarily driven by a 12.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 562.85 | 642.62 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 214,962 | 241,606 | 12.4% |
| Net Income Margin (%) | 32.8% | 31.1% | -5.2% |
| P/E Multiple | 20.2 | 21.8 | 7.9% |
| Shares Outstanding (Mil) | 2,534 | 2,552 | -0.7% |
| Cumulative Contribution | 14.2% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| META | 14.2% | |
| Market (SPY) | 1.8% | 35.7% |
| Sector (XLC) | -1.5% | 71.5% |
Fundamental Drivers
The 12.5% change in META stock from 3/31/2026 to 10/23/2026 was primarily driven by a 20.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 571.15 | 642.62 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 200,965 | 241,606 | 20.2% |
| Net Income Margin (%) | 30.1% | 31.1% | 3.5% |
| P/E Multiple | 23.8 | 21.8 | -8.6% |
| Shares Outstanding (Mil) | 2,524 | 2,552 | -1.1% |
| Cumulative Contribution | 12.5% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| META | 12.5% | |
| Market (SPY) | 17.2% | 38.4% |
| Sector (XLC) | -4.6% | 63.0% |
Fundamental Drivers
The -12.2% change in META stock from 9/30/2025 to 10/23/2026 was primarily driven by a -22.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 731.90 | 642.62 | -12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 178,804 | 241,606 | 35.1% |
| Net Income Margin (%) | 40.0% | 31.1% | -22.1% |
| P/E Multiple | 25.8 | 21.8 | -15.4% |
| Shares Outstanding (Mil) | 2,518 | 2,552 | -1.3% |
| Cumulative Contribution | -12.2% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| META | -12.2% | |
| Market (SPY) | 15.0% | 46.1% |
| Sector (XLC) | -10.1% | 67.3% |
Fundamental Drivers
The 116.1% change in META stock from 9/30/2023 to 10/23/2026 was primarily driven by a 100.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 297.36 | 642.62 | 116.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 120,523 | 241,606 | 100.5% |
| Net Income Margin (%) | 18.7% | 31.1% | 66.5% |
| P/E Multiple | 33.9 | 21.8 | -35.7% |
| Shares Outstanding (Mil) | 2,568 | 2,552 | 0.6% |
| Cumulative Contribution | 116.1% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| META | 116.1% | |
| Market (SPY) | 83.9% | 57.4% |
| Sector (XLC) | 66.0% | 73.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| META Return | 23% | -64% | 194% | 66% | 13% | -1% | 140% |
| Peers Return | 19% | -37% | 62% | 59% | 23% | -5% | 125% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| META Win Rate | 67% | 33% | 92% | 67% | 42% | 50% | |
| Peers Win Rate | 58% | 29% | 71% | 60% | 55% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| META Max Drawdown | -20% | -74% | -13% | -18% | -34% | -29% | |
| Peers Max Drawdown | -23% | -46% | -20% | -24% | -36% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GOOGL, AMZN, MSFT, PINS, RDDT. See META Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/23/2026 (YTD)
How Low Can It Go
| Event | META | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.1% | -18.8% |
| % Gain to Breakeven | 45.1% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.2% | -7.8% |
| % Gain to Breakeven | 17.9% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.1% | -24.5% |
| % Gain to Breakeven | 245.7% | 32.4% |
| Time to Breakeven | 389 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.9% | -33.7% |
| % Gain to Breakeven | 49.0% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 38 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.0% | -3.7% |
| % Gain to Breakeven | 12.3% | 3.9% |
| Time to Breakeven | 25 days | 6 days |
In The Past
Meta Platforms's stock fell -31.1% during the 2025 US Tariff Shock. Such a loss loss requires a 45.1% gain to breakeven.
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Asset Allocation
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| Event | META | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.1% | -18.8% |
| % Gain to Breakeven | 45.1% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.1% | -24.5% |
| % Gain to Breakeven | 245.7% | 32.4% |
| Time to Breakeven | 389 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.9% | -33.7% |
| % Gain to Breakeven | 49.0% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 30.9% | 23.8% |
| Time to Breakeven | 38 days | 105 days |
In The Past
Meta Platforms's stock fell -31.1% during the 2025 US Tariff Shock. Such a loss loss requires a 45.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Meta Platforms (META)
Meta Platforms, Inc. (META) is a global technology company dedicated to connecting people worldwide through its suite of digital products. Its core business operates under the Family of Apps segment, which includes highly popular social media and messaging platforms such as Facebook, Instagram, Messenger, and WhatsApp. These applications enable billions of users across mobile devices, personal computers, and in-home devices to share photos and videos, communicate via messages and calls, discover content, and engage with friends, family, and businesses globally.
Beyond its established social networks, Meta is also significantly investing in the future of digital interaction through its Reality Labs segment. This division focuses on developing augmented and virtual reality (AR/VR) related products, encompassing virtual reality hardware, software, and content. The aim of Reality Labs is to create immersive experiences that enhance connection, positioning Meta as a leader in building foundational technologies for the metaverse.
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Here are 1-3 brief analogies for Meta Platforms:
- Meta is like Google for social networking and communication.
- Meta is like Apple for virtual reality hardware and experiences.
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- Facebook: A social networking platform enabling sharing, discovery, and connection among users.
- Instagram: A social media platform primarily for sharing photos, videos, and private messages.
- Messenger: A messaging application facilitating connections with friends, family, groups, and businesses.
- WhatsApp: A secure messaging application used for private communication and transactions by individuals and businesses.
- Augmented and Virtual Reality (AR/VR) Products: Hardware, software, and content designed to create immersive experiences that foster connection.
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Meta Platforms primarily serves individuals and businesses leveraging its platforms to connect with individuals. Based on the provided company description, its major customers can be categorized as follows:
- General Social Media Users: This category includes individuals worldwide who utilize Meta's Family of Apps such as Facebook, Instagram, Messenger, and WhatsApp to connect with friends and family, share content, discover interests, and engage in social interactions.
- Virtual Reality & Augmented Reality Consumers: These are individuals who purchase and engage with products from Meta's Reality Labs segment, including virtual reality hardware (e.g., headsets), software, and content, to experience immersive virtual and augmented environments.
- Small Businesses and Entrepreneurs: This category encompasses businesses and individual entrepreneurs who leverage Meta's platforms, particularly Messenger and WhatsApp, for communication, customer engagement, and private transactions with their own customers. They also utilize features like Instagram Shops to conduct e-commerce.
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- Qualcomm (QCOM)
- Intel (INTC)
- AMD (AMD)
- Nvidia (NVDA)
- Arista Networks (ANET)
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Mark Zuckerberg, Founder, Chairman and Chief Executive Officer
Mark Zuckerberg is the founder, chairman, and CEO of Meta, which he originally founded as Facebook in 2004. He is responsible for setting the company's overall direction and product strategy. Zuckerberg studied computer science at Harvard University before dropping out to focus on the company's growth. In his early life, he developed programs like "ZuckNet" at age twelve and a music player called "Synapse Media Player" in high school, which used machine learning to learn user habits. He is also the co-CEO of the Chan Zuckerberg Initiative, a philanthropic organization.
Susan Li, Chief Financial Officer
Susan Li is the chief financial officer at Meta, a role she assumed in 2022. She leads the finance and facilities teams and is instrumental in developing and implementing Meta's financial strategy. Li joined Facebook (now Meta) in 2008, initially focusing on finance and business planning, and played a significant role in projects including revenue planning and the company's IPO. Before joining Meta, she worked as an investment banking analyst at Morgan Stanley from 2005 to 2008. Born in China, she immigrated to the U.S. at age two, entered high school at 11, and college at 15, starting her professional career at Morgan Stanley at 19.
Javier Olivan, Chief Operating Officer
Javier Olivan serves as Chief Operating Officer at Meta, a position he took in August 2022, succeeding Sheryl Sandberg. He oversees the company's business teams, product infrastructure, and operational strategy across all Meta apps. Olivan joined Facebook's growth team in 2007. Prior to Meta, he worked as a research and development engineer at Siemens and later for NTT Data, and was a product manager at Siemens Mobile. He holds an MBA from Stanford University and master's degrees in electrical and industrial engineering from the University of Navarra.
Andrew Bosworth, Chief Technology Officer
Andrew "Boz" Bosworth is Meta's Chief Technology Officer and leads the Reality Labs division, a role he assumed in January 2022. He joined Facebook in 2006 as one of its first engineers, where he helped develop foundational features like the News Feed and early anti-abuse systems. Bosworth also co-invented Messenger and Groups. He met Mark Zuckerberg at Harvard University, where he was a teaching assistant in an artificial intelligence class, and later worked as a developer for Microsoft Visio before joining Facebook.
Chris Cox, Chief Product Officer
Chris Cox is the Chief Product Officer at Meta, responsible for leading its apps and technologies. He joined Facebook in 2005 as one of its initial software engineers and was instrumental in building the first versions of key Facebook features, including the News Feed. Cox has held various executive roles, including director of human resources and vice president of product, before being promoted to Chief Product Officer in 2014, and again in 2020. He studied symbolic systems with a concentration in artificial intelligence at Stanford University.
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Key Risks to Meta Platforms (META)
- Regulatory and Antitrust Scrutiny: Meta Platforms faces significant and ongoing regulatory pressure and antitrust investigations globally. This risk stems from its market dominance in social networking, its data privacy practices, and its past acquisitions (e.g., Instagram, WhatsApp). Governments and regulatory bodies worldwide are scrutinizing Meta's business practices, content moderation policies, and potential anti-competitive behavior. Such scrutiny could lead to substantial fines, forced divestitures of key assets, restrictions on future acquisitions, or changes to its operating model, all of which could materially impact its financial performance and strategic flexibility.
- Intense Competition for User Engagement and Advertising Revenue: Meta's core business relies heavily on maintaining a large, engaged user base across its Family of Apps (Facebook, Instagram, Messenger, WhatsApp) to attract advertisers. The company faces fierce competition from established social media platforms, emerging rivals, and new digital services, particularly for younger audiences. The rise of platforms like TikTok, which specializes in short-form video content, directly competes for user attention and advertising spending, potentially leading to declining engagement or slower user growth on Meta's platforms.
- Dependence on Advertising Revenue and Impact of Platform Changes: Meta's financial success is overwhelmingly reliant on advertising revenue generated from its Family of Apps segment. This dependence makes the company vulnerable to shifts in advertiser spending, economic downturns, and changes to third-party platform policies. For instance, Apple's App Tracking Transparency (ATT) framework significantly impacted Meta's ability to target ads effectively and measure campaign performance, leading to substantial revenue losses. Similar future policy changes by operating system providers or web browsers could further restrict Meta's data collection and targeting capabilities, directly affecting its primary revenue source. Additionally, the substantial and ongoing investments in the Reality Labs segment, which is currently generating significant operating losses, place further pressure on the profitability of the advertising business.
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1. **Apple's entry into the high-end mixed reality market with Vision Pro:** This directly competes with Meta's Reality Labs segment, particularly its virtual and augmented reality hardware and software initiatives. Apple's strong ecosystem, brand loyalty, and technological capabilities pose a significant threat to Meta's ambitions in the metaverse space, similar to how the iPhone disrupted Research in Motion's BlackBerry.
2. **Continued market share gains and innovation from TikTok:** While not a new entrant, TikTok's sustained and growing dominance in short-form video content and user engagement, especially among younger demographics, continues to pose a significant competitive threat to Meta's Family of Apps, particularly Instagram and Facebook. Its innovative recommendation algorithms and content formats force Meta to constantly adapt and develop competing features like Reels, diverting resources and challenging its core user base and advertising revenue.
3. **Platform policy changes by operating system providers (e.g., Apple's App Tracking Transparency):** Changes to privacy policies and data tracking restrictions imposed by powerful platform owners like Apple (and potentially Google) significantly impact Meta's ability to collect data for targeted advertising across its Family of Apps. This directly threatens its primary revenue model, forcing Meta to re-architect its advertising technology and potentially diminishing its ad effectiveness, which could lead to lower ad spend from advertisers.
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Meta Platforms (symbol: META) operates in several large addressable markets globally through its Family of Apps and Reality Labs segments.
Family of Apps
- The global social media market was valued at approximately USD 238.56 billion in 2024 and is projected to grow to USD 499.04 billion by 2030. Other estimates place the global social media market size at USD 218.03 billion in 2023, anticipated to exceed USD 815.78 billion by 2033. Furthermore, the social networking market is expected to increase from USD 180.5 billion in 2025 to USD 411.27 billion by 2031.
- The global instant messaging app market was valued at USD 28.62 billion in 2024 and is expected to reach USD 47.51 billion by 2034. Another estimate indicates the global instant messaging app market was valued at US$ 28.62 billion in 2025 and is anticipated to reach US$ 40.22 billion by 2032. Separately, the global messaging platform market was estimated at USD 98.7 billion in 2025 and is expected to reach USD 218.4 billion by 2034.
Reality Labs
- The global augmented reality (AR) market was valued at USD 77.30 billion in 2024 and is expected to reach USD 1,127.94 billion by 2032. Other reports show the worldwide Augmented Reality (AR) market size valued at US$35.8 billion in 2024, projected to grow to US$233.3 billion by 2030. Additionally, the global AR market size was estimated at USD 120.21 billion in 2025 and is projected to reach USD 1,050.56 billion by 2033.
- The global virtual reality (VR) market was valued at approximately USD 44.4 billion. It was estimated at USD 36.13 billion in 2024 and is predicted to increase to approximately USD 284.04 billion by 2034. Another source states the global virtual reality (VR) market size was valued at USD 20.83 billion in 2025 and is projected to grow to USD 171.33 billion by 2034.
- The global metaverse market size was valued at USD 1,273.58 billion in 2025 and is projected to grow from USD 2,114.25 billion in 2026 to USD 10,808.57 billion by 2034. Another estimate suggests the global metaverse market size was valued at USD 180.8 billion in 2025 and is estimated to reach USD 2,609.5 billion by 2034. Additionally, the global metaverse market size was estimated at USD 105,396.5 million (approximately USD 105.40 billion) in 2024 and is projected to reach USD 936,574.7 million (approximately USD 936.57 billion) by 2030.
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Expected Drivers of Future Revenue Growth for Meta Platforms (META)
- AI Integration and Enhanced Ad Performance in Family of Apps: Meta is deeply integrating Artificial Intelligence (AI) across its core applications, including Facebook, Instagram, Messenger, and WhatsApp, to improve user experience and create new avenues for monetization. AI-powered ad optimization systems are crucial for driving higher engagement, extending session times, and increasing monetizable content per user by more effectively matching commercial intent with advertising content. This strategy aims to boost both ad impressions and the average price per ad.
- Monetization of WhatsApp and Growth of Threads: The company is actively working to monetize WhatsApp, a platform with significant untapped potential, particularly through its WhatsApp Business services. Additionally, Threads, Meta's newer platform, has rapidly gained a substantial user base and is expanding its advertising offerings, thereby opening up new revenue streams.
- Expansion of Reality Labs with Wearables and Metaverse Advancement: Meta is making substantial long-term investments in its Reality Labs segment, with a strategic focus on advancing the metaverse and developing next-generation virtual reality (VR) and mixed reality (MR) devices and social platforms. While this segment currently incurs significant losses, it is considered a foundational element for Meta's future growth, with a specific emphasis on "glasses and wearables." For instance, sales of Ray-Ban Meta AI glasses have more than tripled.
- International Advertising Revenue Growth and User Base Expansion: Meta continues to see robust growth in advertising revenue from international markets, with notable year-over-year increases in regions such as Rest of World, Asia Pacific, and Europe. The company's strategy involves expanding into new international markets and tailoring its offerings to local preferences, which is expected to broaden its user base and revenue potential. Increasing user engagement across established platforms like Instagram and Facebook, along with the development and scaling of new products like Threads and Meta AI, is vital for attracting new advertisers and maintaining a competitive edge. Instagram is highlighted as a fast-growing revenue driver, benefiting from strong user engagement through features like Reels and improved content recommendations.
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Share Repurchases
- Meta Platforms repurchased $20.03 billion in shares during 2023.
- In February 2024, Meta authorized an additional $50 billion for share repurchases.
- For the full year 2025, Meta Platforms repurchased $26.26 billion of its Class A common stock.
Share Issuance
- Meta's shares outstanding have been declining annually, with a 1.53% decrease in 2025 to 2.574 billion shares, and a 0.57% decrease in 2024 to 2.614 billion shares, reflecting the impact of share repurchases.
Outbound Investments
- Meta has pursued an aggressive acquisition strategy since 2020, focusing on virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) technologies.
- Notable acquisitions include Unit 2 Games in 2021 for game creation, presize.ai and Luxexcel in 2022 for body scanning technology and 3D printing optical components respectively, and Moltbook in 2025 as an AI networking platform.
- Meta's long-term investments increased significantly in 2025, reaching $27.524 billion, a 353.44% increase from 2024.
Capital Expenditures
- Meta's capital expenditures were $27.266 billion in 2023, $37.256 billion in 2024, and $72.22 billion for the full year 2025.
- The company anticipates its 2026 capital expenditures to be in the range of $115-135 billion.
- These capital expenditures are primarily focused on expanding data center and GPU capacity to support Meta Superintelligence Labs efforts and the core business's AI initiatives.
Peer Outperformance in Interactive Media & Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -18.2% | 9.3% | 31.9% | ECHO 269% · TMUS 32% |
| Publishing | 5 | 23.6% | 12.4% | 23.0% | NYT 34% · NWSA 33% |
| Integrated Telecommunication Services | 21 | -12.9% | -3.5% | -21.9% | GSAT 250% · AD 133% · TDS 111% |
| Movies & Entertainment | 24 | 7.7% | 41.4% | -29.6% | IMAX 144% · MSGS 124% · CNK 98% |
| Advertising | 18 | -28.3% | -5.8% | -68.5% | APP 176% · OMC 39% · STGW 0% |
| Alternative Carriers | 4 | -27.0% | 14.3% | -69.4% | IRDM 17% · LUMN -60% |
| Broadcasting | 14 | -18.8% | -18.0% | -70.9% | FOXA 67% · NXST 30% · SIRI -50% |
| Interactive Media & Services ← | 32 | -38.0% | -27.4% | -72.0% | GOOGL 135% · META 100% · CARG -7% |
| Interactive Home Entertainment | 8 | -41.5% | -16.7% | -73.5% | TTWO 13% · RBLX -37% · PINS -62% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 284.95 |
| Mkt Cap | 2,156.4 |
| Rev LTM | 286,722 |
| Op Inc LTM | 86,546 |
| FCF LTM | 14,965 |
| FCF 3Y Avg | 29,334 |
| CFO LTM | 147,245 |
| CFO 3Y Avg | 118,983 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.9% |
| Rev Chg 3Y Avg | 16.4% |
| Rev Chg Q | 21.9% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 22.3% |
| Op Inc Chg 3Y Avg | 57.9% |
| Op Mgn LTM | 30.6% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 39.3% |
| CFO/Rev 3Y Avg | 31.9% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 22.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2,156.4 |
| P/S | 7.8 |
| P/Op Inc | 27.5 |
| P/EBIT | 21.5 |
| P/E | 25.4 |
| P/CFO | 18.8 |
| Total Yield | 4.5% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.5% |
| 3M Rtn | 4.1% |
| 6M Rtn | -5.4% |
| 12M Rtn | -5.5% |
| 3Y Rtn | 100.1% |
| 1M Excs Rtn | -1.7% |
| 3M Excs Rtn | 0.1% |
| 6M Excs Rtn | -11.8% |
| 12M Excs Rtn | -19.2% |
| 3Y Excs Rtn | 22.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Family of Apps | 198,759 | 162,355 | 133,006 | 114,450 | 115,655 |
| Reality Labs | 2,207 | 2,146 | 1,896 | 2,159 | 2,274 |
| Total | 200,966 | 164,501 | 134,902 | 116,609 | 117,929 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Family of Apps | 102,469 | 87,109 | 62,871 | 42,661 | 56,946 |
| Reality Labs | -19,193 | -17,729 | -16,120 | -13,717 | -10,193 |
| Total | 83,276 | 69,380 | 46,751 | 28,944 | 46,753 |
Price Behavior
| Market Price | $642.62 | |
| Market Cap ($ Bil) | 1,640.0 | |
| First Trading Date | 05/18/2012 | |
| Distance from 52W High | -17.4% | |
| 50 Days | 200 Days | |
| DMA Price | $663.58 | $631.66 |
| DMA Trend | up | up |
| Distance from DMA | -3.2% | 1.7% |
| 3M | 1YR | |
| Volatility | 47.7% | 42.6% |
| Downside Capture | 39.07 | 133.93 |
| Upside Capture | 73.88 | 98.26 |
| Correlation (S&P 500) | 31.5% | 45.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.26 | 1.80 | 1.42 | 1.29 | 1.45 | 1.44 |
| Up Beta | 9.35 | 3.43 | 1.16 | 1.80 | 1.72 | 1.55 |
| Down Beta | 1.92 | 2.50 | 2.47 | 2.08 | 1.98 | 1.48 |
| Up Capture | 279% | 206% | 192% | 97% | 108% | 283% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 27 | 35 | 68 | 131 | 397 |
| Down Capture | -135% | -36% | 47% | 74% | 119% | 107% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 15 | 29 | 58 | 121 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with META | |
|---|---|---|---|---|
| META | -12.1% | 42.6% | -0.19 | - |
| Sector ETF (XLC) | -8.0% | 16.2% | -0.70 | 67.5% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 45.6% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 16.3% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -12.8% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 13.0% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with META | |
|---|---|---|---|---|
| META | 14.9% | 45.4% | 0.45 | - |
| Sector ETF (XLC) | 6.7% | 21.0% | 0.23 | 80.5% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 60.5% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 6.5% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 3.0% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 31.5% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 24.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with META | |
|---|---|---|---|---|
| META | 17.6% | 39.6% | 0.54 | - |
| Sector ETF (XLC) | 8.6% | 22.1% | 0.42 | 80.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 60.4% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 6.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 11.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 34.3% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -7.0% | ||
| 7/29/2026 | -8.0% | 0.5% | -2.5% |
| 4/29/2026 | -8.6% | -8.4% | -5.5% |
| 1/28/2026 | -0.6% | 2.8% | -2.4% |
| 10/29/2025 | -11.3% | -15.4% | -14.7% |
| 7/30/2025 | 11.3% | 11.0% | 8.0% |
| 4/30/2025 | 4.2% | 8.7% | 17.9% |
| 1/29/2025 | 0.3% | 4.4% | -2.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 10 |
| # Negative | 14 | 9 | 14 |
| Median Positive | 4.4% | 4.9% | 11.2% |
| Median Negative | -5.8% | -8.4% | -3.5% |
| Max Positive | 17.6% | 28.6% | 28.9% |
| Max Negative | -24.6% | -31.0% | -36.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -7.0% | ||
| 7/29/2026 | -8.0% | 0.5% | -2.5% |
| 4/29/2026 | -8.6% | -8.4% | -5.5% |
| 1/28/2026 | -0.6% | 2.8% | -2.4% |
| 10/29/2025 | -11.3% | -15.4% | -14.7% |
| 7/30/2025 | 11.3% | 11.0% | 8.0% |
| 4/30/2025 | 4.2% | 8.7% | 17.9% |
| 1/29/2025 | 0.3% | 4.4% | -2.4% |
| 10/30/2024 | -4.1% | -3.3% | -3.0% |
| 7/31/2024 | 4.8% | 3.0% | 9.1% |
| 4/24/2024 | -10.6% | -11.0% | -5.6% |
| 2/1/2024 | 1.2% | 20.4% | 28.9% |
| 10/25/2023 | -3.7% | 4.1% | 12.9% |
| 7/26/2023 | 4.4% | 5.3% | -4.0% |
| 4/26/2023 | 13.9% | 13.2% | 20.7% |
| 2/1/2023 | 2.8% | 28.6% | 17.2% |
| 10/26/2022 | -24.6% | -30.3% | -14.2% |
| 7/27/2022 | -5.2% | -0.5% | -0.5% |
| 4/27/2022 | 17.6% | 27.7% | 9.5% |
| 2/2/2022 | 1.3% | -31.0% | -36.4% |
| 10/25/2021 | -3.9% | 0.4% | 2.6% |
| 7/28/2021 | -4.0% | -3.8% | -2.4% |
| 4/28/2021 | 7.3% | 2.6% | 8.4% |
| 1/27/2021 | -3.5% | -5.3% | -9.7% |
| 10/29/2020 | -6.3% | 4.9% | -1.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 15 | 10 |
| # Negative | 14 | 9 | 14 |
| Median Positive | 4.4% | 4.9% | 11.2% |
| Median Negative | -5.8% | -8.4% | -3.5% |
| Max Positive | 17.6% | 28.6% | 28.9% |
| Max Negative | -24.6% | -31.0% | -36.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/22/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/30/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 01/28/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 01/30/2020 | 10-K |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 73.00 Bil | 74.50 Bil | 76.00 Bil | 19.2% | Higher New | Guidance: 62.50 Bil for Q3 2026 | |
| Q4 2026 Foreign Currency Headwind to Revenue Growth | Reported | -1.0% | ||||||
| Q4 2026 Tax Rate | Reported | 15.0% | 16.0% | 17.0% | 0.0% | Same New | Guidance: 16.0% for Q3 2026 | |
| 2026 Total Expenses | Reported | 175.00 Bil | 177.00 Bil | 179.00 Bil | 6.0% | Raised | Guidance: 167.00 Bil for 2026 | |
| 2026 Reality Labs Operating Loss | Reported | -19.00 Bil | -18.50 Bil | -18.00 Bil | ||||
| 2026 Capital Expenditures | Reported | 135.00 Bil | 140.00 Bil | 145.00 Bil | 1.8% | Raised | Guidance: 137.50 Bil for 2026 | |
| 2027 Reality Labs Operating Loss | Reported | -15.00 Bil | ||||||
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 61.00 Bil | 62.50 Bil | 64.00 Bil | ||||
| Q3 2026 Tax Rate | Reported | 15.0% | 16.0% | 17.0% | 1.5% | Raised | Guidance: 14.5% for 2026 | |
| 2026 Total Expenses | Reported | 165.00 Bil | 167.00 Bil | 169.00 Bil | 0.9% | Raised | Guidance: 165.50 Bil for 2026 | |
| 2026 Capital Expenditures | Reported | 130.00 Bil | 137.50 Bil | 145.00 Bil | 1.9% | Raised | Guidance: 135.00 Bil for 2026 | |
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 58.00 Bil | 59.50 Bil | 61.00 Bil | ||||
| 2026 Total Expenses | Reported | 162.00 Bil | 165.50 Bil | 169.00 Bil | 0 | Affirmed | Guidance: 165.50 Bil for 2026 | |
| 2026 Tax Rate | Reported | 13.0% | 14.5% | 16.0% | 0 | Affirmed | Guidance: 14.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 125.00 Bil | 135.00 Bil | 145.00 Bil | 8.0% | Raised | Guidance: 125.00 Bil for 2026 | |
Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 53.50 Bil | 55.00 Bil | 56.50 Bil | -4.3% | Lower New | Guidance: 57.50 Bil for Q4 2025 | |
| 2026 Total Expenses | Reported | 162.00 Bil | 165.50 Bil | 169.00 Bil | 41.5% | Higher New | Guidance: 117.00 Bil for 2025 | |
| 2026 Tax Rate | Reported | 13.0% | 14.5% | 16.0% | ||||
| 2026 Capital Expenditures | Reported | 115.00 Bil | 125.00 Bil | 135.00 Bil | 76.1% | Higher New | Guidance: 71.00 Bil for 2025 | |
Insider Activity
Updated 10/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10212026 | 707.20 | 946 | 669,011 | 4,233,299 | Form |
| 2 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 10212026 | 707.20 | 82 | 57,990 | 4,009,824 | Form |
| 3 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 10212026 | 707.20 | 57 | 40,310 | 669,718 | Form |
| 4 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 10212026 | 707.20 | 82 | 57,990 | 4,009,824 | Form |
| 5 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 10212026 | 707.20 | 408 | 288,538 | 53,609,296 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10212026 | 707.20 | 946 | 669,011 | 4,233,299 | Form |
| 2 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 10212026 | 707.20 | 82 | 57,990 | 4,009,824 | Form |
| 3 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 10212026 | 707.20 | 57 | 40,310 | 669,718 | Form |
| 4 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 10212026 | 707.20 | 82 | 57,990 | 4,009,824 | Form |
| 5 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 10212026 | 707.20 | 408 | 288,538 | 53,609,296 | Form |
| 6 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10142026 | 728.10 | 946 | 688,783 | 5,047,189 | Form |
| 7 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 10142026 | 728.10 | 82 | 59,704 | 4,188,031 | Form |
| 8 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 10142026 | 728.10 | 57 | 41,502 | 731,012 | Form |
| 9 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 10142026 | 728.10 | 82 | 59,704 | 4,188,031 | Form |
| 10 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 10142026 | 728.10 | 408 | 297,065 | 55,490,685 | Form |
| 11 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10072026 | 728.08 | 946 | 688,764 | 5,735,814 | Form |
| 12 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 10072026 | 728.08 | 82 | 59,703 | 4,247,619 | Form |
| 13 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 10072026 | 728.08 | 57 | 41,501 | 772,493 | Form |
| 14 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 10072026 | 728.08 | 82 | 59,703 | 4,247,619 | Form |
| 15 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 10072026 | 728.08 | 408 | 297,057 | 55,786,218 | Form |
| 16 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 9302026 | 750.42 | 946 | 709,902 | 6,621,750 | Form |
| 17 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 9302026 | 748.91 | 82 | 61,411 | 4,430,552 | Form |
| 18 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 9302026 | 748.91 | 57 | 42,688 | 837,281 | Form |
| 19 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 9302026 | 748.91 | 82 | 61,411 | 4,430,552 | Form |
| 20 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 9302026 | 748.91 | 408 | 305,555 | 57,687,788 | Form |
| 21 | Zuckerberg, Mark | COB and CEO | CZI Holdings, LLC | Sell | 9282026 | 777.44 | 17,140 | Form | ||
| 22 | Zuckerberg, Mark | COB and CEO | Chan Zuckerberg Biohub, Inc. | Sell | 9282026 | 777.44 | 10,334 | 8,034,108 | 949,028,372 | Form |
| 23 | Cox, Christopher K | Chief Product Officer | Christopher K. Cox Revocable Trust | Sell | 9232026 | 712.76 | 40,000 | 28,510,260 | 131,514,978 | Form |
| 24 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 9232026 | 680.27 | 946 | 643,535 | 6,646,238 | Form |
| 25 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 9232026 | 680.27 | 82 | 55,782 | 4,080,259 | Form |
| 26 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 9232026 | 680.27 | 57 | 38,775 | 799,317 | Form |
| 27 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 9232026 | 680.27 | 82 | 55,782 | 4,080,259 | Form |
| 28 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 9232026 | 680.27 | 408 | 277,550 | 52,678,068 | Form |
| 29 | Cox, Christopher K | Chief Product Officer | Christopher K. Cox Revocable Trust | Sell | 9172026 | 675.23 | 20,000 | 13,504,556 | 151,599,445 | Form |
| 30 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 9162026 | 657.73 | 946 | 622,213 | 7,048,235 | Form |
| 31 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 9162026 | 657.73 | 82 | 53,934 | 3,998,998 | Form |
| 32 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 9162026 | 657.73 | 57 | 37,491 | 810,323 | Form |
| 33 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 9162026 | 657.73 | 82 | 53,934 | 3,998,998 | Form |
| 34 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 9162026 | 657.73 | 408 | 268,354 | 51,200,992 | Form |
| 35 | Cox, Christopher K | Chief Product Officer | Christopher K. Cox Revocable Trust | Sell | 9112026 | 650.28 | 20,000 | 13,005,575 | 159,003,560 | Form |
| 36 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 9102026 | 616.71 | 2,838 | 1,750,224 | 7,192,077 | Form |
| 37 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 9102026 | 616.06 | 328 | 202,068 | 3,796,162 | Form |
| 38 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 9102026 | 616.06 | 228 | 140,462 | 794,101 | Form |
| 39 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 9102026 | 616.06 | 328 | 202,068 | 3,796,162 | Form |
| 40 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 9102026 | 616.64 | 1,632 | 1,006,354 | 48,253,789 | Form |
| 41 | Anderson, Aaron | Chief Accounting Officer | Direct | Sell | 9082026 | 618.06 | 3,240 | 2,002,508 | 3,875,841 | Form |
| 42 | Mahoney, Curtis J | Chief Legal Officer | Direct | Sell | 8202026 | 558.00 | 1,559 | 869,922 | 1,092,006 | Form |
| 43 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 8202026 | 550.61 | 9,196 | 5,063,389 | 7,260,314 | Form |
| 44 | Bosworth, Andrew | Chief Technology Officer | Direct | Sell | 8202026 | 558.00 | 7,848 | 4,379,184 | 462,024 | Form |
| 45 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 8182026 | 689.85 | 2,127 | 1,467,311 | 10,587,128 | Form |
| 46 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 8122026 | 602.70 | 434 | 261,573 | 3,529,427 | Form |
| 47 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 8122026 | 600.00 | 164 | 98,400 | 3,894,000 | Form |
| 48 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 8122026 | 600.00 | 114 | 68,400 | 910,200 | Form |
| 49 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 8122026 | 600.00 | 164 | 98,400 | 3,894,000 | Form |
| 50 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 8122026 | 600.00 | 816 | 489,600 | 47,931,000 | Form |
| 51 | Andreessen, Marc L | a16z Capital Management, L.L.C. | Sell | 8062026 | 588.98 | 426 | Form | |||
| 52 | Kimmitt, Robert M | Direct | Sell | 8052026 | 561.56 | 500 | 280,780 | 1,652,671 | Form | |
| 53 | Alford, Peggy | Alford Family Revocable Trust | Sell | 8042026 | 543.56 | 464 | 252,212 | 1,543,710 | Form | |
| 54 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 7292026 | 607.85 | 837 | 508,770 | 3,823,376 | Form |
| 55 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 7292026 | 607.85 | 82 | 49,844 | 4,044,634 | Form |
| 56 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 7292026 | 607.85 | 57 | 34,647 | 991,403 | Form |
| 57 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 7292026 | 607.85 | 82 | 49,844 | 4,044,634 | Form |
| 58 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 7292026 | 607.85 | 408 | 248,003 | 49,054,103 | Form |
| 59 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 7222026 | 645.85 | 837 | 540,576 | 4,602,973 | Form |
| 60 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 7222026 | 645.85 | 82 | 52,960 | 4,350,446 | Form |
| 61 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 7222026 | 645.85 | 57 | 36,813 | 1,090,195 | Form |
| 62 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 7222026 | 645.85 | 82 | 52,960 | 4,350,446 | Form |
| 63 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 7222026 | 645.85 | 408 | 263,507 | 52,384,248 | Form |
| 64 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 7152026 | 660.98 | 1,534 | 1,013,936 | 5,264,009 | Form |
| 65 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 7152026 | 661.13 | 82 | 54,213 | 4,507,584 | Form |
| 66 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 7152026 | 661.13 | 57 | 37,684 | 1,153,672 | Form |
| 67 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 7152026 | 661.13 | 82 | 54,213 | 4,507,584 | Form |
| 68 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 7152026 | 661.13 | 408 | 269,741 | 53,893,334 | Form |
| 69 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 7082026 | 600.97 | 3,348 | 2,012,056 | 5,708,038 | Form |
| 70 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 7082026 | 600.00 | 246 | 147,600 | 4,140,000 | Form |
| 71 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 7082026 | 600.00 | 171 | 102,600 | 1,081,200 | Form |
| 72 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 7082026 | 600.00 | 246 | 147,600 | 4,140,000 | Form |
| 73 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 7082026 | 600.95 | 1,224 | 735,566 | 49,233,020 | Form |
| 74 | Kimmitt, Robert M | Direct | Sell | 7062026 | 607.75 | 500 | 303,875 | 2,092,483 | Form | |
| 75 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 6172026 | 600.00 | 140 | 84,000 | 7,707,600 | Form |
| 76 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 6172026 | 600.00 | 164 | 98,400 | 4,287,600 | Form |
| 77 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 6172026 | 600.00 | 114 | 68,400 | 1,183,800 | Form |
| 78 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 6172026 | 600.00 | 164 | 98,400 | 4,287,600 | Form |
| 79 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 6172026 | 600.00 | 816 | 489,600 | 49,889,400 | Form |
| 80 | Kimmitt, Robert M | Direct | Sell | 6032026 | 629.29 | 504 | 317,162 | 2,481,290 | Form | |
| 81 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 6032026 | 629.29 | 837 | 526,716 | 8,171,960 | Form |
| 82 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 6032026 | 629.29 | 82 | 51,602 | 4,600,110 | Form |
| 83 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 6032026 | 629.29 | 57 | 35,870 | 1,313,328 | Form |
| 84 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 6032026 | 629.29 | 82 | 51,602 | 4,600,110 | Form |
| 85 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 6032026 | 629.29 | 408 | 256,750 | 52,838,335 | Form |
| 86 | Mahoney, Curtis J | Chief Legal Officer | Direct | Sell | 5292026 | 609.92 | 2,079 | 1,268,024 | 681,891 | Form |
| 87 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 5282026 | 608.98 | 837 | 509,716 | 8,417,931 | Form |
| 88 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 5282026 | 608.98 | 82 | 49,936 | 4,501,580 | Form |
| 89 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 5282026 | 608.98 | 57 | 34,712 | 1,305,653 | Form |
| 90 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 5282026 | 608.98 | 82 | 49,936 | 4,501,580 | Form |
| 91 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 5282026 | 608.98 | 408 | 248,464 | 51,381,470 | Form |
| 92 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 5192026 | 609.35 | 837 | 510,026 | 8,933,071 | Form |
| 93 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 5192026 | 609.35 | 82 | 49,967 | 4,554,282 | Form |
| 94 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 5192026 | 609.35 | 57 | 34,733 | 1,341,179 | Form |
| 95 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 5192026 | 609.35 | 82 | 49,967 | 4,554,282 | Form |
| 96 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 5192026 | 609.35 | 408 | 248,615 | 51,661,302 | Form |
| 97 | Bosworth, Andrew | Chief Technology Officer | Direct | Sell | 5192026 | 607.83 | 7,847 | 4,769,642 | 251,642 | Form |
| 98 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 5192026 | 607.84 | 9,195 | 5,589,133 | 8,015,041 | Form |
| 99 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 5192026 | 618.43 | 2,127 | 1,315,401 | 9,490,427 | Form |
| 100 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 5132026 | 604.57 | 926 | 559,832 | 4,143,118 | Form |
| 101 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 5132026 | 604.57 | 82 | 49,575 | 4,568,131 | Form |
| 102 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 5132026 | 604.57 | 57 | 34,460 | 1,365,119 | Form |
| 103 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 5132026 | 604.57 | 82 | 49,575 | 4,568,131 | Form |
| 104 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 5132026 | 604.57 | 408 | 246,665 | 51,502,714 | Form |
| 105 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 5062026 | 607.74 | 926 | 562,767 | 4,727,609 | Form |
| 106 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 5062026 | 607.74 | 82 | 49,835 | 4,641,918 | Form |
| 107 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 5062026 | 607.74 | 57 | 34,641 | 1,406,918 | Form |
| 108 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 5062026 | 607.74 | 82 | 49,835 | 4,641,918 | Form |
| 109 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 5062026 | 607.74 | 408 | 247,958 | 52,020,721 | Form |
| 110 | Alford, Peggy | Alford Family Revocable Trust | Sell | 5052026 | 614.53 | 409 | 251,343 | 1,661,689 | Form | |
| 111 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 4292026 | 670.84 | 926 | 621,198 | 5,839,662 | Form |
| 112 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 4292026 | 670.84 | 82 | 55,009 | 5,178,885 | Form |
| 113 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 4292026 | 670.84 | 57 | 38,238 | 1,591,232 | Form |
| 114 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 4292026 | 670.84 | 82 | 55,009 | 5,178,885 | Form |
| 115 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 4292026 | 670.84 | 408 | 273,703 | 57,695,594 | Form |
| 116 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 4222026 | 680.09 | 926 | 629,763 | 6,549,947 | Form |
| 117 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 4222026 | 680.09 | 82 | 55,767 | 5,306,062 | Form |
| 118 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 4222026 | 680.09 | 57 | 38,765 | 1,651,939 | Form |
| 119 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 4222026 | 680.09 | 82 | 55,767 | 5,306,062 | Form |
| 120 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 4222026 | 680.09 | 408 | 277,477 | 58,768,617 | Form |
| 121 | Kimmitt, Robert M | Direct | Sell | 4172026 | 667.00 | 580 | 386,860 | 2,565,949 | Form | |
| 122 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 4152026 | 629.45 | 2,778 | 1,748,599 | 6,645,054 | Form |
| 123 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 4152026 | 629.53 | 246 | 154,864 | 4,963,215 | Form |
| 124 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 4152026 | 629.53 | 171 | 107,650 | 1,565,012 | Form |
| 125 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 4152026 | 629.53 | 246 | 154,864 | 4,963,215 | Form |
| 126 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 4152026 | 629.56 | 1,224 | 770,582 | 54,659,050 | Form |
| 127 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 3252026 | 605.38 | 926 | 560,582 | 8,072,742 | Form |
| 128 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 3252026 | 605.38 | 82 | 49,641 | 4,921,739 | Form |
| 129 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 3252026 | 605.38 | 57 | 34,507 | 1,608,495 | Form |
| 130 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 3252026 | 605.38 | 82 | 49,641 | 4,921,739 | Form |
| 131 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 3252026 | 605.38 | 408 | 246,995 | 53,300,682 | Form |
| 132 | Kimmitt, Robert M | Direct | Sell | 3182026 | 632.02 | 580 | 366,572 | 2,797,953 | Form | |
| 133 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 3182026 | 632.02 | 926 | 585,251 | 9,013,237 | Form |
| 134 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 3182026 | 632.02 | 82 | 51,826 | 5,190,148 | Form |
| 135 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 3182026 | 632.02 | 57 | 36,025 | 1,715,302 | Form |
| 136 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 3182026 | 632.02 | 82 | 51,826 | 5,190,148 | Form |
| 137 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 3182026 | 632.02 | 408 | 257,864 | 55,904,065 | Form |
| 138 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 3112026 | 634.94 | 926 | 587,954 | 9,642,834 | Form |
| 139 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 3112026 | 634.94 | 82 | 52,065 | 5,266,192 | Form |
| 140 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 3112026 | 634.94 | 57 | 36,192 | 1,759,419 | Form |
| 141 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 3112026 | 634.94 | 82 | 52,065 | 5,266,192 | Form |
| 142 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 3112026 | 634.94 | 408 | 259,056 | 56,421,403 | Form |
| 143 | Li, Susan J | Chief Financial Officer | Li-Hegeman Family Foundation | Sell | 3032026 | 644.70 | 56,571 | Form | ||
| 144 | Alford, Peggy | Alford Family Revocable Trust | Sell | 2272026 | 643.00 | 392 | 252,056 | 2,001,659 | Form | |
| 145 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 2262026 | 633.61 | 55,702 | 35,293,175 | 8,354,741 | Form |
| 146 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 2252026 | 652.68 | 926 | 604,382 | 11,121,015 | Form |
| 147 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 2252026 | 652.68 | 82 | 53,520 | 5,520,367 | Form |
| 148 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 2252026 | 652.68 | 57 | 37,203 | 1,882,982 | Form |
| 149 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 2252026 | 652.68 | 82 | 53,520 | 5,520,367 | Form |
| 150 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 2252026 | 652.68 | 408 | 266,293 | 58,530,384 | Form |
| 151 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 2242026 | 650.00 | 18,789 | 12,212,850 | 44,777,200 | Form |
| 152 | Bosworth, Andrew | Chief Technology Officer | Direct | Sell | 2202026 | 631.24 | 8,089 | 5,106,082 | 1,793,346 | Form |
| 153 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 2182026 | 639.18 | 172 | 109,939 | 11,482,869 | Form |
| 154 | Olivan, Javier | Chief Operating Officer | Olivan D LLC | Sell | 2182026 | 639.18 | 82 | 52,413 | 5,458,597 | Form |
| 155 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold D LLC | Sell | 2182026 | 639.18 | 57 | 36,433 | 1,880,468 | Form |
| 156 | Olivan, Javier | Chief Operating Officer | Reinhold D LLC | Sell | 2182026 | 639.18 | 82 | 52,413 | 5,458,597 | Form |
| 157 | Olivan, Javier | Chief Operating Officer | Olivan Reinhold Family Revocable Trust u/a/d 10/16/12 | Sell | 2182026 | 639.18 | 408 | 260,785 | 57,580,530 | Form |
| 158 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 2182026 | 639.77 | 6,418 | 4,106,044 | 46,924,570 | Form |
| 159 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 2182026 | 639.77 | 2,461 | 1,574,474 | 7,746,335 | Form |
| 160 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 2112026 | 663.19 | 517 | 342,869 | 6,033,703 | Form |
| 161 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 2042026 | 714.60 | 517 | 369,448 | 6,870,879 | Form |
| 162 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 1282026 | 665.00 | 517 | 343,805 | 6,737,780 | Form |
| 163 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 1222026 | 608.35 | 517 | 314,517 | 6,478,319 | Form |
| 164 | Kimmitt, Robert M | Direct | Sell | 1202026 | 618.28 | 580 | 358,602 | 3,454,330 | Form | |
| 165 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 1142026 | 653.00 | 517 | 337,601 | 7,291,398 | Form |
| 166 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 12302025 | 658.69 | 519 | 341,860 | 18,876,738 | Form |
| 167 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 12302025 | 658.14 | 517 | 340,258 | 8,029,308 | Form |
| 168 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 12232025 | 659.38 | 519 | 342,218 | 19,238,730 | Form |
| 169 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 12232025 | 661.11 | 517 | 341,794 | 8,407,336 | Form |
| 170 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 12182025 | 643.23 | 519 | 333,836 | 19,101,358 | Form |
| 171 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 12172025 | 646.00 | 517 | 333,982 | 8,549,164 | Form |
| 172 | Kimmitt, Robert M | Direct | Sell | 12172025 | 646.00 | 580 | 374,680 | 3,983,882 | Form | |
| 173 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 12112025 | 664.16 | 519 | 344,699 | 20,067,594 | Form |
| 174 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 12102025 | 669.63 | 517 | 346,199 | 9,208,082 | Form |
| 175 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 12042025 | 642.22 | 519 | 333,312 | 19,737,989 | Form |
| 176 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 12032025 | 639.03 | 517 | 330,379 | 9,117,706 | Form |
| 177 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 11262025 | 624.14 | 519 | 323,929 | 19,506,247 | Form |
| 178 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 11262025 | 598.54 | 517 | 309,445 | 8,849,414 | Form |
| 179 | Bosworth, Andrew | Chief Technology Officer | Direct | Sell | 11202025 | 593.31 | 11,690 | 6,935,743 | 1,432,833 | Form |
| 180 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 11202025 | 591.60 | 519 | 307,040 | 20,487,700 | Form |
| 181 | Anderson, Aaron | Chief Accounting Officer | Direct | Sell | 11202025 | 591.60 | 726 | 429,502 | 3,570,306 | Form |
| 182 | Kimmitt, Robert M | Direct | Sell | 11192025 | 609.35 | 600 | 365,610 | 4,476,894 | Form | |
| 183 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 11182025 | 604.23 | 517 | 312,386 | 9,245,905 | Form |
| 184 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 11182025 | 609.46 | 2,610 | 1,590,691 | 5,962,957 | Form |
| 185 | Li, Susan J | Chief Financial Officer | Susan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012 | Sell | 11182025 | 609.46 | 6,875 | 4,190,038 | 53,857,980 | Form |
| 186 | Bosworth, Andrew | Chief Technology Officer | Direct | Sell | 11182025 | 609.46 | 5,063 | 3,085,696 | 4,227,215 | Form |
| 187 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 11122025 | 631.00 | 517 | 326,227 | 4,369,044 | Form |
| 188 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 11122025 | 631.00 | 516 | 325,596 | 16,860,951 | Form |
| 189 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 11062025 | 628.00 | 519 | 325,932 | 17,104,836 | Form |
| 190 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 11052025 | 656.00 | 517 | 339,152 | 4,881,296 | Form |
| 191 | Alford, Peggy | Alford Family Revocable Trust | Sell | 11042025 | 674.40 | 601 | 405,314 | 2,363,772 | Form | |
| 192 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 10302025 | 753.00 | 519 | 390,807 | 20,900,268 | Form |
| 193 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10292025 | 749.57 | 517 | 387,528 | 5,965,078 | Form |
| 194 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 10232025 | 736.37 | 519 | 382,176 | 20,820,862 | Form |
| 195 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10222025 | 721.30 | 517 | 372,912 | 6,113,018 | Form |
| 196 | Kimmitt, Robert M | Direct | Sell | 10172025 | 716.97 | 465 | 333,391 | 5,697,761 | Form | |
| 197 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 10162025 | 707.85 | 519 | 367,374 | 20,381,833 | Form |
| 198 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10152025 | 713.34 | 517 | 368,797 | 6,414,353 | Form |
| 199 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 10092025 | 716.98 | 519 | 372,113 | 21,016,835 | Form |
| 200 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10082025 | 704.81 | 517 | 364,387 | 6,702,038 | Form |
| 201 | Newstead, Jennifer | Chief Legal Officer | Direct | Sell | 10022025 | 741.50 | 519 | 384,838 | 22,120,428 | Form |
| 202 | Olivan, Javier | Chief Operating Officer | Direct | Sell | 10012025 | 748.72 | 517 | 387,088 | 7,506,667 | Form |
Investor Activity (13F)
Updated Oct 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Newlands Management Operations LLC | $5.6 Bil | 36.3% | 16 | Hold | 13F |
| Gobi Capital LLC | $401.7 Mil | 23.5% | 10 | Hold | 13F |
| Palidye Holdings (Caymans) Ltd | $123.2 Mil | 22.9% | 15 | Hold | 13F |
| RV Capital AG | $83.3 Mil | 21.8% | 13 | ADD +6.8% | 13F |
| 3G Capital Partners LP | $60.1 Mil | 21.3% | 10 | ADD +16.7% | 13F |
| Concentrum Wealth Management | $67.0 Mil | 19.8% | 111 | Hold | 13F |
| Altimeter Capital Management, LP | $1.1 Bil | 19.6% | 13 | ADD +5.9% | 13F |
| BlueSpruce Investments, LP | $111.5 Mil | 17.7% | 10 | TRIM -77.7% | 13F |
| Cat Rock Capital Management LP | $113.6 Mil | 17.6% | 14 | TRIM -7.9% | 13F |
| Greenbrier Partners Capital Management, LLC | $226.0 Mil | 17.4% | 11 | Hold | 13F |
| Headwater Capital Co Ltd | $108.1 Mil | 17.4% | 15 | New | 13F |
| SP Asset Management LLC | $195.3 Mil | 17.2% | 119 | Hold | 13F |
| Theleme Partners LLP | $258.1 Mil | 17.2% | 10 | Hold | 13F |
| Torque Asset Management LLC | $42.8 Mil | 16.8% | 12 | Hold | 13F |
| TB Alternative Assets Ltd. | $77.2 Mil | 16.1% | 36 | TRIM -22.0% | 13F |
| Grace & Mercy Foundation, Inc. | $55.8 Mil | 13.6% | 21 | TRIM -5.8% | 13F |
| Dragoneer Investment Group, LLC | $407.8 Mil | 13.6% | 17 | New | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $44.8 Mil | 13.3% | 20 | ADD +17.9% | 13F |
| Styrax Capital, LP | $176.2 Mil | 12.3% | 17 | ADD +5.7% | 13F |
| Ratan Capital Management LP | $32.4 Mil | 12.0% | 37 | ADD +27.4% | 13F |
| Belvedere Trading LLC | $84.7 Mil | 11.3% | 227 | New | 13F |
| Pershing Square Capital Management, L.P. | $1.5 Bil | 11.1% | 11 | Hold | 13F |
| ADAPT Investment Managers SA | $31.8 Mil | 10.8% | 34 | New | 13F |
| Hoey Investments, Inc | $73.1 Mil | 10.8% | 416 | Hold | 13F |
| Hyperion Asset Management Ltd | $324.4 Mil | 10.3% | 18 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Dragoneer Investment Group, LLC | $407.8 Mil | 13.6% | 17 | New | 13F |
| Hyperion Asset Management Ltd | $324.4 Mil | 10.3% | 18 | New | 13F |
| Bowie Capital Management, LLC | $147.7 Mil | 7.0% | 29 | New | 13F |
| Headwater Capital Co Ltd | $108.1 Mil | 17.4% | 15 | New | 13F |
| Soma Equity Partners LP | $97.5 Mil | 7.2% | 20 | New | 13F |
| Belvedere Trading LLC | $84.7 Mil | 11.3% | 227 | New | 13F |
| Exane Asset Management | $33.9 Mil | 6.9% | 32 | New | 13F |
| ADAPT Investment Managers SA | $31.8 Mil | 10.8% | 34 | New | 13F |
| Long Corridor Asset Management Ltd | $30.3 Mil | 7.4% | 38 | New | 13F |
| Element Capital Management LLC | $22.9 Mil | 9.0% | 34 | New | 13F |
| Ratan Capital Management LP | $32.4 Mil | 12.0% | 37 | ADD +27.4% | 13F |
| Crow's Nest Holdings LP | $36.6 Mil | 8.6% | 11 | ADD +25.2% | 13F |
| Park Presidio Capital LLC | $132.4 Mil | 9.3% | 13 | ADD +20.6% | 13F |
| WIM INVESTMENT MANAGEMENT Ltd | $44.8 Mil | 13.3% | 20 | ADD +17.9% | 13F |
| 3G Capital Partners LP | $60.1 Mil | 21.3% | 10 | ADD +16.7% | 13F |
| Hamilton Capital Partners, LLC | $31.4 Mil | 9.8% | 30 | ADD +15.3% | 13F |
| MFF Capital Investments Ltd | $127.5 Mil | 8.4% | 19 | ADD +10.0% | 13F |
| RV Capital AG | $83.3 Mil | 21.8% | 13 | ADD +6.8% | 13F |
| Altimeter Capital Management, LP | $1.1 Bil | 19.6% | 13 | ADD +5.9% | 13F |
| Styrax Capital, LP | $176.2 Mil | 12.3% | 17 | ADD +5.7% | 13F |
| Sanders Capital, LLC | $6.0 Bil | 7.2% | 44 | ADD +5.2% | 13F |
| Horiko Capital Management LLC | $40.9 Mil | 9.4% | 20 | ADD +5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Giverny Capital Inc. | $206.9 Mil | 6.9% | 50 | Exited | Dec 31, 2025 | 13F |
| Teewinot Capital Advisers, L.L.C. | $120.4 Mil | 8.8% | 31 | Exited | Dec 31, 2025 | 13F |
| MIG Capital, LLC | $52.4 Mil | 8.9% | 43 | Exited | Dec 31, 2025 | 13F |
| Hound Partners, LLC | $50.8 Mil | 7.0% | 36 | Exited | Dec 31, 2025 | 13F |
| Kapitalo Investimentos Ltda | $37.4 Mil | 7.2% | 35 | Exited | Dec 31, 2025 | 13F |
| Venator Management LLC | $33.2 Mil | 7.5% | 27 | Exited | Dec 31, 2025 | 13F |
| BlueSpruce Investments, LP | $111.5 Mil | 17.7% | 10 | TRIM -77.7% | Mar 31, 2026 | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $309.9 Mil | 8.0% | 35 | TRIM -45.7% | Mar 31, 2026 | 13F |
| Columbus Hill Capital Management, L.P. | $40.3 Mil | 6.8% | 21 | TRIM -29.7% | Mar 31, 2026 | 13F |
| TB Alternative Assets Ltd. | $77.2 Mil | 16.1% | 36 | TRIM -22.0% | Mar 31, 2026 | 13F |
| ValueAct Holdings, L.P. | $523.9 Mil | 9.2% | 18 | TRIM -12.6% | Mar 31, 2026 | 13F |
| Cat Rock Capital Management LP | $113.6 Mil | 17.6% | 14 | TRIM -7.9% | Mar 31, 2026 | 13F |
| Grace & Mercy Foundation, Inc. | $55.8 Mil | 13.6% | 21 | TRIM -5.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sanders Capital, LLC | $6.0 Bil | 7.2% | 44 | ADD +5.2% | 13F |
| Newlands Management Operations LLC | $5.6 Bil | 36.3% | 16 | Hold | 13F |
| Pershing Square Capital Management, L.P. | $1.5 Bil | 11.1% | 11 | Hold | 13F |
| Altimeter Capital Management, LP | $1.1 Bil | 19.6% | 13 | ADD +5.9% | 13F |
| ValueAct Holdings, L.P. | $523.9 Mil | 9.2% | 18 | TRIM -12.6% | 13F |
| Dragoneer Investment Group, LLC | $407.8 Mil | 13.6% | 17 | New | 13F |
| Gobi Capital LLC | $401.7 Mil | 23.5% | 10 | Hold | 13F |
| Hyperion Asset Management Ltd | $324.4 Mil | 10.3% | 18 | New | 13F |
| Greenwoods Asset Management Hong Kong Ltd. | $309.9 Mil | 8.0% | 35 | TRIM -45.7% | 13F |
| Theleme Partners LLP | $258.1 Mil | 17.2% | 10 | Hold | 13F |
| Greenbrier Partners Capital Management, LLC | $226.0 Mil | 17.4% | 11 | Hold | 13F |
| SP Asset Management LLC | $195.3 Mil | 17.2% | 119 | Hold | 13F |
| Styrax Capital, LP | $176.2 Mil | 12.3% | 17 | ADD +5.7% | 13F |
| Bowie Capital Management, LLC | $147.7 Mil | 7.0% | 29 | New | 13F |
| Park Presidio Capital LLC | $132.4 Mil | 9.3% | 13 | ADD +20.6% | 13F |
| MFF Capital Investments Ltd | $127.5 Mil | 8.4% | 19 | ADD +10.0% | 13F |
| Palidye Holdings (Caymans) Ltd | $123.2 Mil | 22.9% | 15 | Hold | 13F |
| a16z Capital Management, L.L.C. | $121.6 Mil | 9.4% | 16 | Hold | 13F |
| Cat Rock Capital Management LP | $113.6 Mil | 17.6% | 14 | TRIM -7.9% | 13F |
| BlueSpruce Investments, LP | $111.5 Mil | 17.7% | 10 | TRIM -77.7% | 13F |
| Headwater Capital Co Ltd | $108.1 Mil | 17.4% | 15 | New | 13F |
| Soma Equity Partners LP | $97.5 Mil | 7.2% | 20 | New | 13F |
| Dorsey Asset Management, LLC | $92.5 Mil | 7.4% | 11 | Hold | 13F |
| Strategy Capital LLC | $85.6 Mil | 7.0% | 11 | Hold | 13F |
| Belvedere Trading LLC | $84.7 Mil | 11.3% | 227 | New | 13F |
META Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive because the core advertising business is strengthening, evidenced by accelerating price-per-ad growth and revenue growth of 27.5% that is outpacing its largest peer. This profitable engine is funding a strategic pivot to AI. The market's focus on rising costs creates an opportunity, as current operational success is being undervalued.
STOCK ARCHETYPE
Transactional Advertising(Ad Impressions Delivered) x (Average Price Per Ad) The primary driver of profit is the Average Price Per Ad, which reflects advertiser demand and the effectiveness of Meta's AI-driven targeting, and operating leverage on the massive fixed cost base of its data centers and platforms.
INVESTMENT THESIS
Evidence suggests AI investments are already boosting the core ad business, allowing it to take market share and generate cash for new ventures.
- Trailing-twelve-month revenue growth of 27.5% outpaces Alphabet's.
- The new 'Muse' AI agent saw over 10 million setups in its first month and a half.
- Company guidance for Q4 2026 revenue was raised, implying a 19.2% change.
- Family of Apps daily active people reached 3.64 billion in September 2026.
PRIMARY RISK
Massive spending on AI and Reality Labs is compressing margins, with TTM operating margin falling 10.3 percentage points, while the business faces unprecedented multi-billion dollar legal and regulatory threats.
- Operating expenses grew 58.5% YoY, more than double revenue growth of 27.5%.
- TTM operating margin fell to 32.9% from 43.2% a year prior.
- A New Mexico court ordered a $25 billion civil penalty on October 21, 2026.
- The FTC is seeking to ban the use of minors' data for commercial purposes.
- Capital expenditures for 2026 are guided to be as high as $145 billion.
| KPI | Status | Rationale |
|---|---|---|
| Ad Impressions Delivered | 10% year-over-year growth in Q3 2026 - Decelerating | The volume of ads delivered continues to show healthy growth across all regions, driven by increases in users, engagement, and ad load optimizations. However, the year-over-year growth rate has moderated over the past three quarters. |
| Average Price Per Ad | 14% year-over-year growth in Q3 2026 - Accelerating | Management attributes the accelerating price growth to an increase in advertising demand, driven by ongoing improvements to ad performance from the company's targeting and measurement tools, as well as improved macroeconomic conditions compared to the prior year. |
| Family daily active people (DAP) | 3.64 billion (September 2026) | Measures the size of the engaged user base across the company's main applications, which is the foundation of its advertising inventory. |
| Average Revenue Per Person (ARPP) | $17.72 (Q3 2026) | Measures the monetization efficiency per daily active user in the Family of Apps segment. |
Productive Investment Cycle or Value-Destructive Arms Race?
BULL VIEW
Bulls believe the 27.5% revenue growth, which outpaces peers, proves the AI spending is already yielding a superior ad product. This justifies the investment and will fund the next wave of growth from new AI agents.
CORE TENSION
Can accelerating ad pricing and share gains offset the market's reaction to massive spending, which drove a -7.0% stock decline after the last report?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The accelerating pricing power and market share gains are tangible results, while the bear case is a projection of future capital misallocation.
BEAR VIEW
Bears see the 10.3 percentage point drop in operating margin and raised expense guidance as proof of an uncontrolled capex cycle with no guaranteed return, punished by three consecutive post-earnings selloffs.
| Timeline | Event & Metric To Watch |
|---|---|
October 28, 2026 | Youth Litigation Bellwether Trial Watch: The jury verdict and the size of any damages awarded, which would set a precedent for numerous other cases. |
October 28, 2026 | Youth Litigation Bellwether Trial Watch: A consolidated trial for two user bellwether plaintiffs in the youth mental health litigation is scheduled to begin. |
November 12, 2026 | FTC Consent Order Modification Watch: The outcome of the hearing and any subsequent court order regarding the FTC's proposed business restrictions. |
November 12, 2026 | FTC Consent Order Hearing Watch: A court hearing is scheduled on the FTC's motion to modify the company's 2020 consent order. |
December 7, 2026 | FTC Case Status Report Due Watch: A status report is due to the district court regarding the FTC consent order jurisdiction case. |
1/26/2027 | Q4 Earnings and 2027 Outlook Watch: The initial full-year 2027 guidance for capital expenditures and total expenses versus revenue growth expectations. |
1/26/2027 | Q4 2026 Earnings Report Watch: Company to report Q4 and full-year 2026 results and provide its outlook for 2027. |
2/2/2027 | Alphabet Peer Earnings Watch: Peer Alphabet (GOOGL) is scheduled to report earnings, providing a read on the digital advertising market. |
March 16, 2027 | Personal Injury Bellwether Trials Watch: The next set of personal injury bellwether trials in the youth mental health litigation is scheduled to begin. |
No set date | New Mexico Billion Dollar Penalty Watch: Filings related to the appeal, specifically any requirement to post a multi-billion dollar bond or collateral. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-22 | Historic Teen Safety Settlement Details: The company reached an agreement with 52 attorneys general to resolve litigation, providing for payments up to approximately $18.59 billion and changes to product features for users under 18. | -7.0% $697.52 -> $648.85 |
2026-10-21 | Q3 Earnings and Guidance Update Details: The company reported Q3 results, raised Q4 revenue guidance, but also raised full-year 2026 guidance for total expenses and capital expenditures. The stock reacted negatively by -7.0%. | -6.5% $694.25 -> $648.85 |
2026-10-21 | Muse AI Agent Launched Details: The company launched its new personal AI agent, Muse, which was downloaded 10.9 million times in its first six weeks. Management highlighted shopping as its most common use case. | -6.5% $694.25 -> $648.85 |
2026-10-14 | Muse Wonder Model Shows AI Progress Details: The new Muse Wonder AI model was released and ranked #2 on an accounting benchmark, scoring 83.2% and outperforming models from OpenAI and Google. | -3.4% $762.50 -> $736.72 |
2026-07-29 | Q2 Earnings Disappoints Market Details: Following the Q2 earnings report, the stock had a two-day reaction of -9.0%. This marked the second consecutive negative reaction of this magnitude to an earnings release. | -9.2% $592.94 -> $538.60 |
2026-04-29 | Q1 Earnings Misses Expectations Details: The company reported first-quarter results that beat estimates, but a steep increase in the capital expenditure outlook rattled investors. The stock had a two-day reaction of -9.0%. | -8.9% $670.19 -> $610.86 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: META trades at roughly 45% annualized realized (three-month) volatility versus about 11% for the S&P 500 (4.2x the market). A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
GOOGL - Alphabet
Diversified Ad ExposureAlphabet offers exposure to the digital ad market through its dominant Search business, which grew 17% recently, and a more established position in enterprise cloud AI.
MSFT - Microsoft
Enterprise AI PlayMicrosoft provides AI exposure primarily through its enterprise and cloud channels, with a significantly higher operating margin of 46.8% compared to Meta's 32.9%.
An AI-powered advertising juggernaut using its immense profitability to self-fund a high-risk, long-duration venture into the next generation of computing.
Meta's core is a highly profitable advertising business built on an unparalleled global user base, with growth now being supercharged by AI-driven enhancements to engagement and ad performance. This cash-generating engine is funding a massive, speculative investment in the Reality Labs segment, which is building future platforms like AI glasses and VR. Investors are essentially buying a mature, high-quality advertising business and getting a venture-style bet on the future of human-computer interaction, which currently acts as a major drag on consolidated profitability.
Sustained double-digit growth in advertising revenue, continued increases in average price per ad, successful scaling and monetization of new AI products like the Muse agent, and a reduction in Reality Labs' operating losses.
A slowdown in user growth (DAP), declining ad prices, failure of new AI products to gain traction, or significant regulatory actions that fundamentally impair the data-driven advertising model.
Short-term stock volatility, competitor AI model announcements without evidence of user migration, and quarterly fluctuations in Reality Labs revenue.
Repricing Catalyst
The successful launch and rapid early adoption of the 'Muse' personal AI agent, which has seen over 10 million setups in its first month and a half and is showing strong early engagement in high-value areas like commerce.
Family of Apps (FoA)
$226.0B TTM (99% of Total) · 80% MarginWhat It Is
This segment sells advertising placements on its products (Facebook, Instagram, Messenger, Threads, WhatsApp) to marketers. It also generates 'Other revenue' from sources like paid messaging on WhatsApp and subscriptions.
Who Pays & How
Marketers, ranging from small businesses to large corporations, pay to reach Meta's vast and engaged user base. They use a self-service ad platform or a global sales force to launch campaigns that target specific demographics and interests, which are made more effective by Meta's AI-driven recommendation and ad systems.
Competition
Reality Labs (RL)
$2.3B TTM (1% of Total) · -1411% MarginWhat It Is
This segment sells consumer hardware products, including Meta Quest virtual reality (VR) headsets and AI glasses, as well as related software and content to consumers and enterprises.
Who Pays & How
Consumers and enterprises pay for hardware and software to access immersive experiences in gaming, fitness, and entertainment, and to utilize emerging AI and augmented reality technologies. Sales are made through third-party retailers, resellers, and Meta's direct-to-consumer channels.
Competition
Meta Platforms — Investor Video Playlist






Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Interactive Media & Services Resources |
| Social Media Today |
| Search Engine Land |
| Nieman Journalism Lab |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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