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): $640.05
Market Cap: $1.6 Tril
Sector: Communication Services
Industry: Interactive Media & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%

Attractive cash flow generation
CFO/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 support
Stock Buyback 3Y Total is 62 Bil

Low stock price volatility
Vol 12M is 43%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Social Media & Creator Economy, Digital Advertising, and Metaverse & Immersive Technologies. Show more.

Weak multi-year price returns
2Y Excs Rtn is -18%

Expensive valuation multiples
P/SPrice/Sales ratio is 6.8x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Key risks
META key risks include [1] antitrust litigation threatening the forced divestiture of key assets like Instagram and WhatsApp, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%
2 Attractive cash flow generation
CFO/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
3 Stock buyback support
Stock Buyback 3Y Total is 62 Bil
4 Low stock price volatility
Vol 12M is 43%
5 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Social Media & Creator Economy, Digital Advertising, and Metaverse & Immersive Technologies. Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -18%
7 Expensive valuation multiples
P/SPrice/Sales ratio is 6.8x
8 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
9 Key risks
META key risks include [1] antitrust litigation threatening the forced divestiture of key assets like Instagram and WhatsApp, Show more.

META in ETFs

Weight = META's share of each fund

SPY2.3%
VOO2.4%
IVV2.4%
VTI2.2%
ITOT1.9%
QQQ3.2%
QQQM3.3%
IWB2.2%
+41 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/22/2026

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.

Show more
Updated on 10/22/2026

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)630202610232026Change
Stock Price ($)562.85642.6214.2%
Change Contribution By: 
Total Revenues ($ Mil)214,962241,60612.4%
Net Income Margin (%)32.8%31.1%-5.2%
P/E Multiple20.221.87.9%
Shares Outstanding (Mil)2,5342,552-0.7%
Cumulative Contribution14.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/23/2026
ReturnCorrelation
META14.2% 
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)331202610232026Change
Stock Price ($)571.15642.6212.5%
Change Contribution By: 
Total Revenues ($ Mil)200,965241,60620.2%
Net Income Margin (%)30.1%31.1%3.5%
P/E Multiple23.821.8-8.6%
Shares Outstanding (Mil)2,5242,552-1.1%
Cumulative Contribution12.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/23/2026
ReturnCorrelation
META12.5% 
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)930202510232026Change
Stock Price ($)731.90642.62-12.2%
Change Contribution By: 
Total Revenues ($ Mil)178,804241,60635.1%
Net Income Margin (%)40.0%31.1%-22.1%
P/E Multiple25.821.8-15.4%
Shares Outstanding (Mil)2,5182,552-1.3%
Cumulative Contribution-12.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/23/2026
ReturnCorrelation
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)930202310232026Change
Stock Price ($)297.36642.62116.1%
Change Contribution By: 
Total Revenues ($ Mil)120,523241,606100.5%
Net Income Margin (%)18.7%31.1%66.5%
P/E Multiple33.921.8-35.7%
Shares Outstanding (Mil)2,5682,5520.6%
Cumulative Contribution116.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/23/2026
ReturnCorrelation
META116.1% 
Market (SPY)83.9%57.4%
Sector (XLC)66.0%73.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
META Return23%-64%194%66%13%-1%140%
Peers Return19%-37%62%59%23%-5%125%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
META Win Rate67%33%92%67%42%50% 
Peers Win Rate58%29%71%60%55%48% 
S&P 500 Win Rate75%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

EventMETAS&P 500
2025 US Tariff Shock
  % Loss-31.1%-18.8%
  % Gain to Breakeven45.1%23.1%
  Time to Breakeven64 days79 days
2024 Yen Carry Trade Unwind
  % Loss-15.2%-7.8%
  % Gain to Breakeven17.9%8.5%
  Time to Breakeven21 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-71.1%-24.5%
  % Gain to Breakeven245.7%32.4%
  Time to Breakeven389 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.0%50.9%
  Time to Breakeven65 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.6%-19.2%
  % Gain to Breakeven30.9%23.8%
  Time to Breakeven38 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-11.0%-3.7%
  % Gain to Breakeven12.3%3.9%
  Time to Breakeven25 days6 days

Compare to GOOGL, AMZN, MSFT, PINS, RDDT

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.

EventMETAS&P 500
2025 US Tariff Shock
  % Loss-31.1%-18.8%
  % Gain to Breakeven45.1%23.1%
  Time to Breakeven64 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-71.1%-24.5%
  % Gain to Breakeven245.7%32.4%
  Time to Breakeven389 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.0%50.9%
  Time to Breakeven65 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.6%-19.2%
  % Gain to Breakeven30.9%23.8%
  Time to Breakeven38 days105 days

Compare to GOOGL, AMZN, MSFT, PINS, RDDT

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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:

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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Key Risks to Meta Platforms (META)

  1. 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.
  2. 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.
  3. 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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AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Meta Platforms (META) over the next 2-3 years:

Expected Drivers of Future Revenue Growth for Meta Platforms (META)

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Better Bets vs. Meta Platforms (META)

Peer Outperformance in Interactive Media & Services

META has outperformed 97% of its 31 Interactive Media & Services peers over 5Y. Interactive Media & Services ranks 8th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Interactive Media & Services constituents that META has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 40 industry peers · -12.2% return
3Y
94%
of 35 industry peers · 107.6% return
5Y
97%
of 31 industry peers · 99.9% return
No Interactive Media & Services peer with a comparable growth profile has beaten META by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Interactive Media & Services is META's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y 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%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

METAGOOGLAMZNMSFTPINSRDDTMedian
NameMeta Pla.Alphabet Amazon.c.MicrosoftPinterestReddit  
Mkt Price640.05321.11248.80524.5422.37144.64284.95
Mkt Cap1,633.43,901.82,679.33,895.212.627.82,156.4
Rev LTM241,606445,867775,680331,8394,5562,779286,722
Op Inc LTM79,380147,62893,712155,23728678586,546
FCF LTM28,64953,273-11,62566,9871,2801,01914,965
FCF 3Y Avg41,93760,26316,73270,8901,04547929,334
CFO LTM133,087185,675161,403182,9351,3341,026147,245
CFO 3Y Avg107,802141,481130,164145,8821,079487118,983

Growth & Margins

METAGOOGLAMZNMSFTPINSRDDTMedian
NameMeta Pla.Alphabet Amazon.c.MicrosoftPinterestReddit  
Rev Chg LTM27.5%20.1%15.8%17.8%16.6%66.6%18.9%
Rev Chg 3Y Avg24.0%15.5%13.0%16.1%16.6%57.7%16.4%
Rev Chg Q26.1%24.2%19.6%17.7%18.2%61.1%21.9%
QoQ Delta Rev Chg LTM5.9%5.5%4.4%4.3%4.1%12.3%5.0%
Op Inc Chg LTM-3.1%21.6%23.0%20.8%32.3%497.7%22.3%
Op Inc Chg 3Y Avg32.6%25.6%90.0%20.6%83.2%135.5%57.9%
Op Mgn LTM32.9%33.1%12.1%46.8%6.3%28.2%30.6%
Op Mgn 3Y Avg38.7%31.9%10.8%45.7%5.1%-9.6%21.3%
QoQ Delta Op Mgn LTM-5.2%0.4%0.6%-0.0%-1.1%3.1%0.2%
CFO/Rev LTM55.1%41.6%20.8%55.1%29.3%36.9%39.3%
CFO/Rev 3Y Avg54.9%36.5%18.9%50.6%27.2%21.5%31.9%
FCF/Rev LTM11.9%11.9%-1.5%20.2%28.1%36.7%16.1%
FCF/Rev 3Y Avg23.0%16.1%2.8%25.3%26.4%20.9%22.0%

Valuation

METAGOOGLAMZNMSFTPINSRDDTMedian
NameMeta Pla.Alphabet Amazon.c.MicrosoftPinterestReddit  
Mkt Cap1,633.43,901.82,679.33,895.212.627.82,156.4
P/S6.88.83.511.72.810.07.8
P/Op Inc20.626.428.625.144.135.427.5
P/EBIT20.012.915.023.144.135.421.5
P/E21.716.019.829.150.631.925.4
P/CFO12.321.016.621.39.427.118.8
Total Yield4.9%6.5%5.1%4.1%2.0%3.1%4.5%
Dividend Yield0.3%0.3%0.0%0.7%0.0%0.0%0.1%
FCF Yield 3Y Avg2.5%2.4%0.9%2.2%5.9%1.6%2.3%
D/E0.10.00.10.00.10.00.0
Net D/E0.0-0.00.0-0.0-0.0-0.1-0.0

Returns

METAGOOGLAMZNMSFTPINSRDDTMedian
NameMeta Pla.Alphabet Amazon.c.MicrosoftPinterestReddit  
1M Rtn-14.0%-4.9%-0.2%4.8%21.2%-4.8%-2.5%
3M Rtn7.6%0.5%7.2%37.7%1.1%-14.3%4.1%
6M Rtn-5.0%-6.6%-5.8%24.0%12.3%-6.6%-5.4%
12M Rtn-12.5%27.2%12.5%1.6%-33.1%-28.0%-5.5%
3Y Rtn106.7%133.5%93.5%62.4%-16.5%186.8%100.1%
1M Excs Rtn-16.6%-5.2%0.8%6.4%20.5%-4.2%-1.7%
3M Excs Rtn5.0%-4.5%4.7%32.2%-7.7%-22.1%0.1%
6M Excs Rtn-11.4%-13.1%-12.2%17.6%5.9%-13.0%-11.8%
12M Excs Rtn-26.2%14.1%0.3%-12.2%-46.0%-40.4%-19.2%
3Y Excs Rtn27.5%58.1%17.2%-14.1%-93.5%109.9%22.4%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Family of Apps198,759162,355133,006114,450115,655
Reality Labs2,2072,1461,8962,1592,274
Total200,966164,501134,902116,609117,929


Operating Income by Segment
$ Mil20252024202320222021
Family of Apps102,46987,10962,87142,66156,946
Reality Labs-19,193-17,729-16,120-13,717-10,193
Total83,27669,38046,75128,94446,753


Price Behavior

Price Behavior
Market Price$642.62 
Market Cap ($ Bil)1,640.0 
First Trading Date05/18/2012 
Distance from 52W High-17.4% 
   50 Days200 Days
DMA Price$663.58$631.66
DMA Trendupup
Distance from DMA-3.2%1.7%
 3M1YR
Volatility47.7%42.6%
Downside Capture39.07133.93
Upside Capture73.8898.26
Correlation (S&P 500)31.5%45.3%
META Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.261.801.421.291.451.44
Up Beta9.353.431.161.801.721.55
Down Beta1.922.502.472.081.981.48
Up Capture279%206%192%97%108%283%
Bmk +ve Days6162766132424
Stock +ve Days14273568131397
Down Capture-135%-36%47%74%119%107%
Bmk -ve Days16263760120328
Stock -ve Days8152958121354

[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%-0.7067.5%
Equity (SPY)14.8%12.7%0.8045.6%
Gold (GLD)-2.8%28.5%-0.1116.3%
Commodities (DBC)52.1%20.7%1.91-12.8%
Real Estate (VNQ)4.3%13.9%0.0613.0%
Bitcoin (BTCUSD)-24.8%43.5%-0.5419.9%

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
META14.9%45.4%0.45-
Sector ETF (XLC)6.7%21.0%0.2380.5%
Equity (SPY)12.7%17.1%0.5660.5%
Gold (GLD)17.3%18.9%0.736.5%
Commodities (DBC)9.5%19.5%0.373.0%
Real Estate (VNQ)1.1%18.9%-0.0531.5%
Bitcoin (BTCUSD)5.7%51.7%0.2924.0%

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
META17.6%39.6%0.54-
Sector ETF (XLC)8.6%22.1%0.4280.7%
Equity (SPY)15.3%17.9%0.7260.4%
Gold (GLD)11.8%16.4%0.596.6%
Commodities (DBC)8.4%18.1%0.3811.8%
Real Estate (VNQ)5.2%20.7%0.2134.3%
Bitcoin (BTCUSD)62.4%66.2%1.0217.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity33.6 Mil
Short Interest: % Change Since 91520268.3%
Average Daily Volume26.9 Mil
Days-to-Cover Short Interest1.2 days
Basic Shares Quantity2,552.0 Mil
Short % of Basic Shares1.3%

Earnings Returns History

Updated 10/24/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D 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%
7/30/202511.3%11.0%8.0%
4/30/20254.2%8.7%17.9%
1/29/20250.3%4.4%-2.4%
...
SUMMARY STATS   
# Positive111510
# Negative14914
Median Positive4.4%4.9%11.2%
Median Negative-5.8%-8.4%-3.5%
Max Positive17.6%28.6%28.9%
Max Negative-24.6%-31.0%-36.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D 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%
7/30/202511.3%11.0%8.0%
4/30/20254.2%8.7%17.9%
1/29/20250.3%4.4%-2.4%
10/30/2024-4.1%-3.3%-3.0%
7/31/20244.8%3.0%9.1%
4/24/2024-10.6%-11.0%-5.6%
2/1/20241.2%20.4%28.9%
10/25/2023-3.7%4.1%12.9%
7/26/20234.4%5.3%-4.0%
4/26/202313.9%13.2%20.7%
2/1/20232.8%28.6%17.2%
10/26/2022-24.6%-30.3%-14.2%
7/27/2022-5.2%-0.5%-0.5%
4/27/202217.6%27.7%9.5%
2/2/20221.3%-31.0%-36.4%
10/25/2021-3.9%0.4%2.6%
7/28/2021-4.0%-3.8%-2.4%
4/28/20217.3%2.6%8.4%
1/27/2021-3.5%-5.3%-9.7%
10/29/2020-6.3%4.9%-1.4%
SUMMARY STATS   
# Positive111510
# Negative14914
Median Positive4.4%4.9%11.2%
Median Negative-5.8%-8.4%-3.5%
Max Positive17.6%28.6%28.9%
Max Negative-24.6%-31.0%-36.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/22/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202501/29/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202401/30/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/25/202410-Q
12/31/202302/02/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/02/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/22/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202501/29/202610-K
09/30/202510/30/202510-Q
06/30/202507/31/202510-Q
03/31/202505/01/202510-Q
12/31/202401/30/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202404/25/202410-Q
12/31/202302/02/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/02/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/03/202210-K
09/30/202110/26/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202001/28/202110-K
09/30/202010/30/202010-Q
06/30/202007/31/202010-Q
03/31/202004/30/202010-Q
12/31/201901/30/202010-K

Recent Forward Guidance

Updated 10/22/2026

Latest: Q3 2026 Earnings Reported 10/21/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 RevenueReported73.00 Bil74.50 Bil76.00 Bil19.2% Higher NewGuidance: 62.50 Bil for Q3 2026
Q4 2026 Foreign Currency Headwind to Revenue GrowthReported -1.0%    
Q4 2026 Tax RateReported15.0%16.0%17.0% 0.0%Same NewGuidance: 16.0% for Q3 2026
2026 Total ExpensesReported175.00 Bil177.00 Bil179.00 Bil6.0% RaisedGuidance: 167.00 Bil for 2026
2026 Reality Labs Operating LossReported-19.00 Bil-18.50 Bil-18.00 Bil   
2026 Capital ExpendituresReported135.00 Bil140.00 Bil145.00 Bil1.8% RaisedGuidance: 137.50 Bil for 2026
2027 Reality Labs Operating LossReported -15.00 Bil    


Prior: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported61.00 Bil62.50 Bil64.00 Bil   
Q3 2026 Tax RateReported15.0%16.0%17.0% 1.5%RaisedGuidance: 14.5% for 2026
2026 Total ExpensesReported165.00 Bil167.00 Bil169.00 Bil0.9% RaisedGuidance: 165.50 Bil for 2026
2026 Capital ExpendituresReported130.00 Bil137.50 Bil145.00 Bil1.9% RaisedGuidance: 135.00 Bil for 2026

Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported58.00 Bil59.50 Bil61.00 Bil   
2026 Total ExpensesReported162.00 Bil165.50 Bil169.00 Bil0 AffirmedGuidance: 165.50 Bil for 2026
2026 Tax RateReported13.0%14.5%16.0% 0AffirmedGuidance: 14.5% for 2026
2026 Capital ExpendituresReported125.00 Bil135.00 Bil145.00 Bil8.0% RaisedGuidance: 125.00 Bil for 2026

Q4 2025 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported53.50 Bil55.00 Bil56.50 Bil-4.3% Lower NewGuidance: 57.50 Bil for Q4 2025
2026 Total ExpensesReported162.00 Bil165.50 Bil169.00 Bil41.5% Higher NewGuidance: 117.00 Bil for 2025
2026 Tax RateReported13.0%14.5%16.0%   
2026 Capital ExpendituresReported115.00 Bil125.00 Bil135.00 Bil76.1% Higher NewGuidance: 71.00 Bil for 2025

Insider Activity

Updated 10/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Olivan, JavierChief Operating OfficerDirectSell10212026707.20946669,0114,233,299Form
2Olivan, JavierChief Operating OfficerOlivan D LLCSell10212026707.208257,9904,009,824Form
3Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell10212026707.205740,310669,718Form
4Olivan, JavierChief Operating OfficerReinhold D LLCSell10212026707.208257,9904,009,824Form
5Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell10212026707.20408288,53853,609,296Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Olivan, JavierChief Operating OfficerDirectSell10212026707.20946669,0114,233,299Form
2Olivan, JavierChief Operating OfficerOlivan D LLCSell10212026707.208257,9904,009,824Form
3Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell10212026707.205740,310669,718Form
4Olivan, JavierChief Operating OfficerReinhold D LLCSell10212026707.208257,9904,009,824Form
5Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell10212026707.20408288,53853,609,296Form
6Olivan, JavierChief Operating OfficerDirectSell10142026728.10946688,7835,047,189Form
7Olivan, JavierChief Operating OfficerOlivan D LLCSell10142026728.108259,7044,188,031Form
8Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell10142026728.105741,502731,012Form
9Olivan, JavierChief Operating OfficerReinhold D LLCSell10142026728.108259,7044,188,031Form
10Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell10142026728.10408297,06555,490,685Form
11Olivan, JavierChief Operating OfficerDirectSell10072026728.08946688,7645,735,814Form
12Olivan, JavierChief Operating OfficerOlivan D LLCSell10072026728.088259,7034,247,619Form
13Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell10072026728.085741,501772,493Form
14Olivan, JavierChief Operating OfficerReinhold D LLCSell10072026728.088259,7034,247,619Form
15Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell10072026728.08408297,05755,786,218Form
16Olivan, JavierChief Operating OfficerDirectSell9302026750.42946709,9026,621,750Form
17Olivan, JavierChief Operating OfficerOlivan D LLCSell9302026748.918261,4114,430,552Form
18Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell9302026748.915742,688837,281Form
19Olivan, JavierChief Operating OfficerReinhold D LLCSell9302026748.918261,4114,430,552Form
20Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell9302026748.91408305,55557,687,788Form
21Zuckerberg, MarkCOB and CEOCZI Holdings, LLCSell9282026777.4417,140  Form
22Zuckerberg, MarkCOB and CEOChan Zuckerberg Biohub, Inc.Sell9282026777.4410,3348,034,108949,028,372Form
23Cox, Christopher KChief Product OfficerChristopher K. Cox Revocable TrustSell9232026712.7640,00028,510,260131,514,978Form
24Olivan, JavierChief Operating OfficerDirectSell9232026680.27946643,5356,646,238Form
25Olivan, JavierChief Operating OfficerOlivan D LLCSell9232026680.278255,7824,080,259Form
26Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell9232026680.275738,775799,317Form
27Olivan, JavierChief Operating OfficerReinhold D LLCSell9232026680.278255,7824,080,259Form
28Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell9232026680.27408277,55052,678,068Form
29Cox, Christopher KChief Product OfficerChristopher K. Cox Revocable TrustSell9172026675.2320,00013,504,556151,599,445Form
30Olivan, JavierChief Operating OfficerDirectSell9162026657.73946622,2137,048,235Form
31Olivan, JavierChief Operating OfficerOlivan D LLCSell9162026657.738253,9343,998,998Form
32Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell9162026657.735737,491810,323Form
33Olivan, JavierChief Operating OfficerReinhold D LLCSell9162026657.738253,9343,998,998Form
34Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell9162026657.73408268,35451,200,992Form
35Cox, Christopher KChief Product OfficerChristopher K. Cox Revocable TrustSell9112026650.2820,00013,005,575159,003,560Form
36Olivan, JavierChief Operating OfficerDirectSell9102026616.712,8381,750,2247,192,077Form
37Olivan, JavierChief Operating OfficerOlivan D LLCSell9102026616.06328202,0683,796,162Form
38Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell9102026616.06228140,462794,101Form
39Olivan, JavierChief Operating OfficerReinhold D LLCSell9102026616.06328202,0683,796,162Form
40Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell9102026616.641,6321,006,35448,253,789Form
41Anderson, AaronChief Accounting OfficerDirectSell9082026618.063,2402,002,5083,875,841Form
42Mahoney, Curtis JChief Legal OfficerDirectSell8202026558.001,559869,9221,092,006Form
43Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell8202026550.619,1965,063,3897,260,314Form
44Bosworth, AndrewChief Technology OfficerDirectSell8202026558.007,8484,379,184462,024Form
45Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell8182026689.852,1271,467,31110,587,128Form
46Olivan, JavierChief Operating OfficerDirectSell8122026602.70434261,5733,529,427Form
47Olivan, JavierChief Operating OfficerOlivan D LLCSell8122026600.0016498,4003,894,000Form
48Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell8122026600.0011468,400910,200Form
49Olivan, JavierChief Operating OfficerReinhold D LLCSell8122026600.0016498,4003,894,000Form
50Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell8122026600.00816489,60047,931,000Form
51Andreessen, Marc La16z Capital Management, L.L.C.Sell8062026588.98426  Form
52Kimmitt, Robert MDirectSell8052026561.56500280,7801,652,671Form
53Alford, PeggyAlford Family Revocable TrustSell8042026543.56464252,2121,543,710Form
54Olivan, JavierChief Operating OfficerDirectSell7292026607.85837508,7703,823,376Form
55Olivan, JavierChief Operating OfficerOlivan D LLCSell7292026607.858249,8444,044,634Form
56Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell7292026607.855734,647991,403Form
57Olivan, JavierChief Operating OfficerReinhold D LLCSell7292026607.858249,8444,044,634Form
58Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell7292026607.85408248,00349,054,103Form
59Olivan, JavierChief Operating OfficerDirectSell7222026645.85837540,5764,602,973Form
60Olivan, JavierChief Operating OfficerOlivan D LLCSell7222026645.858252,9604,350,446Form
61Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell7222026645.855736,8131,090,195Form
62Olivan, JavierChief Operating OfficerReinhold D LLCSell7222026645.858252,9604,350,446Form
63Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell7222026645.85408263,50752,384,248Form
64Olivan, JavierChief Operating OfficerDirectSell7152026660.981,5341,013,9365,264,009Form
65Olivan, JavierChief Operating OfficerOlivan D LLCSell7152026661.138254,2134,507,584Form
66Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell7152026661.135737,6841,153,672Form
67Olivan, JavierChief Operating OfficerReinhold D LLCSell7152026661.138254,2134,507,584Form
68Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell7152026661.13408269,74153,893,334Form
69Olivan, JavierChief Operating OfficerDirectSell7082026600.973,3482,012,0565,708,038Form
70Olivan, JavierChief Operating OfficerOlivan D LLCSell7082026600.00246147,6004,140,000Form
71Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell7082026600.00171102,6001,081,200Form
72Olivan, JavierChief Operating OfficerReinhold D LLCSell7082026600.00246147,6004,140,000Form
73Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell7082026600.951,224735,56649,233,020Form
74Kimmitt, Robert MDirectSell7062026607.75500303,8752,092,483Form
75Olivan, JavierChief Operating OfficerDirectSell6172026600.0014084,0007,707,600Form
76Olivan, JavierChief Operating OfficerOlivan D LLCSell6172026600.0016498,4004,287,600Form
77Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell6172026600.0011468,4001,183,800Form
78Olivan, JavierChief Operating OfficerReinhold D LLCSell6172026600.0016498,4004,287,600Form
79Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell6172026600.00816489,60049,889,400Form
80Kimmitt, Robert MDirectSell6032026629.29504317,1622,481,290Form
81Olivan, JavierChief Operating OfficerDirectSell6032026629.29837526,7168,171,960Form
82Olivan, JavierChief Operating OfficerOlivan D LLCSell6032026629.298251,6024,600,110Form
83Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell6032026629.295735,8701,313,328Form
84Olivan, JavierChief Operating OfficerReinhold D LLCSell6032026629.298251,6024,600,110Form
85Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell6032026629.29408256,75052,838,335Form
86Mahoney, Curtis JChief Legal OfficerDirectSell5292026609.922,0791,268,024681,891Form
87Olivan, JavierChief Operating OfficerDirectSell5282026608.98837509,7168,417,931Form
88Olivan, JavierChief Operating OfficerOlivan D LLCSell5282026608.988249,9364,501,580Form
89Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell5282026608.985734,7121,305,653Form
90Olivan, JavierChief Operating OfficerReinhold D LLCSell5282026608.988249,9364,501,580Form
91Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell5282026608.98408248,46451,381,470Form
92Olivan, JavierChief Operating OfficerDirectSell5192026609.35837510,0268,933,071Form
93Olivan, JavierChief Operating OfficerOlivan D LLCSell5192026609.358249,9674,554,282Form
94Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell5192026609.355734,7331,341,179Form
95Olivan, JavierChief Operating OfficerReinhold D LLCSell5192026609.358249,9674,554,282Form
96Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell5192026609.35408248,61551,661,302Form
97Bosworth, AndrewChief Technology OfficerDirectSell5192026607.837,8474,769,642251,642Form
98Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell5192026607.849,1955,589,1338,015,041Form
99Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell5192026618.432,1271,315,4019,490,427Form
100Olivan, JavierChief Operating OfficerDirectSell5132026604.57926559,8324,143,118Form
101Olivan, JavierChief Operating OfficerOlivan D LLCSell5132026604.578249,5754,568,131Form
102Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell5132026604.575734,4601,365,119Form
103Olivan, JavierChief Operating OfficerReinhold D LLCSell5132026604.578249,5754,568,131Form
104Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell5132026604.57408246,66551,502,714Form
105Olivan, JavierChief Operating OfficerDirectSell5062026607.74926562,7674,727,609Form
106Olivan, JavierChief Operating OfficerOlivan D LLCSell5062026607.748249,8354,641,918Form
107Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell5062026607.745734,6411,406,918Form
108Olivan, JavierChief Operating OfficerReinhold D LLCSell5062026607.748249,8354,641,918Form
109Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell5062026607.74408247,95852,020,721Form
110Alford, PeggyAlford Family Revocable TrustSell5052026614.53409251,3431,661,689Form
111Olivan, JavierChief Operating OfficerDirectSell4292026670.84926621,1985,839,662Form
112Olivan, JavierChief Operating OfficerOlivan D LLCSell4292026670.848255,0095,178,885Form
113Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell4292026670.845738,2381,591,232Form
114Olivan, JavierChief Operating OfficerReinhold D LLCSell4292026670.848255,0095,178,885Form
115Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell4292026670.84408273,70357,695,594Form
116Olivan, JavierChief Operating OfficerDirectSell4222026680.09926629,7636,549,947Form
117Olivan, JavierChief Operating OfficerOlivan D LLCSell4222026680.098255,7675,306,062Form
118Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell4222026680.095738,7651,651,939Form
119Olivan, JavierChief Operating OfficerReinhold D LLCSell4222026680.098255,7675,306,062Form
120Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell4222026680.09408277,47758,768,617Form
121Kimmitt, Robert MDirectSell4172026667.00580386,8602,565,949Form
122Olivan, JavierChief Operating OfficerDirectSell4152026629.452,7781,748,5996,645,054Form
123Olivan, JavierChief Operating OfficerOlivan D LLCSell4152026629.53246154,8644,963,215Form
124Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell4152026629.53171107,6501,565,012Form
125Olivan, JavierChief Operating OfficerReinhold D LLCSell4152026629.53246154,8644,963,215Form
126Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell4152026629.561,224770,58254,659,050Form
127Olivan, JavierChief Operating OfficerDirectSell3252026605.38926560,5828,072,742Form
128Olivan, JavierChief Operating OfficerOlivan D LLCSell3252026605.388249,6414,921,739Form
129Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell3252026605.385734,5071,608,495Form
130Olivan, JavierChief Operating OfficerReinhold D LLCSell3252026605.388249,6414,921,739Form
131Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell3252026605.38408246,99553,300,682Form
132Kimmitt, Robert MDirectSell3182026632.02580366,5722,797,953Form
133Olivan, JavierChief Operating OfficerDirectSell3182026632.02926585,2519,013,237Form
134Olivan, JavierChief Operating OfficerOlivan D LLCSell3182026632.028251,8265,190,148Form
135Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell3182026632.025736,0251,715,302Form
136Olivan, JavierChief Operating OfficerReinhold D LLCSell3182026632.028251,8265,190,148Form
137Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell3182026632.02408257,86455,904,065Form
138Olivan, JavierChief Operating OfficerDirectSell3112026634.94926587,9549,642,834Form
139Olivan, JavierChief Operating OfficerOlivan D LLCSell3112026634.948252,0655,266,192Form
140Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell3112026634.945736,1921,759,419Form
141Olivan, JavierChief Operating OfficerReinhold D LLCSell3112026634.948252,0655,266,192Form
142Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell3112026634.94408259,05656,421,403Form
143Li, Susan JChief Financial OfficerLi-Hegeman Family FoundationSell3032026644.7056,571  Form
144Alford, PeggyAlford Family Revocable TrustSell2272026643.00392252,0562,001,659Form
145Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell2262026633.6155,70235,293,1758,354,741Form
146Olivan, JavierChief Operating OfficerDirectSell2252026652.68926604,38211,121,015Form
147Olivan, JavierChief Operating OfficerOlivan D LLCSell2252026652.688253,5205,520,367Form
148Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell2252026652.685737,2031,882,982Form
149Olivan, JavierChief Operating OfficerReinhold D LLCSell2252026652.688253,5205,520,367Form
150Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell2252026652.68408266,29358,530,384Form
151Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell2242026650.0018,78912,212,85044,777,200Form
152Bosworth, AndrewChief Technology OfficerDirectSell2202026631.248,0895,106,0821,793,346Form
153Olivan, JavierChief Operating OfficerDirectSell2182026639.18172109,93911,482,869Form
154Olivan, JavierChief Operating OfficerOlivan D LLCSell2182026639.188252,4135,458,597Form
155Olivan, JavierChief Operating OfficerOlivan Reinhold D LLCSell2182026639.185736,4331,880,468Form
156Olivan, JavierChief Operating OfficerReinhold D LLCSell2182026639.188252,4135,458,597Form
157Olivan, JavierChief Operating OfficerOlivan Reinhold Family Revocable Trust u/a/d 10/16/12Sell2182026639.18408260,78557,580,530Form
158Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell2182026639.776,4184,106,04446,924,570Form
159Olivan, JavierChief Operating OfficerDirectSell2182026639.772,4611,574,4747,746,335Form
160Olivan, JavierChief Operating OfficerDirectSell2112026663.19517342,8696,033,703Form
161Olivan, JavierChief Operating OfficerDirectSell2042026714.60517369,4486,870,879Form
162Olivan, JavierChief Operating OfficerDirectSell1282026665.00517343,8056,737,780Form
163Olivan, JavierChief Operating OfficerDirectSell1222026608.35517314,5176,478,319Form
164Kimmitt, Robert MDirectSell1202026618.28580358,6023,454,330Form
165Olivan, JavierChief Operating OfficerDirectSell1142026653.00517337,6017,291,398Form
166Newstead, JenniferChief Legal OfficerDirectSell12302025658.69519341,86018,876,738Form
167Olivan, JavierChief Operating OfficerDirectSell12302025658.14517340,2588,029,308Form
168Newstead, JenniferChief Legal OfficerDirectSell12232025659.38519342,21819,238,730Form
169Olivan, JavierChief Operating OfficerDirectSell12232025661.11517341,7948,407,336Form
170Newstead, JenniferChief Legal OfficerDirectSell12182025643.23519333,83619,101,358Form
171Olivan, JavierChief Operating OfficerDirectSell12172025646.00517333,9828,549,164Form
172Kimmitt, Robert MDirectSell12172025646.00580374,6803,983,882Form
173Newstead, JenniferChief Legal OfficerDirectSell12112025664.16519344,69920,067,594Form
174Olivan, JavierChief Operating OfficerDirectSell12102025669.63517346,1999,208,082Form
175Newstead, JenniferChief Legal OfficerDirectSell12042025642.22519333,31219,737,989Form
176Olivan, JavierChief Operating OfficerDirectSell12032025639.03517330,3799,117,706Form
177Newstead, JenniferChief Legal OfficerDirectSell11262025624.14519323,92919,506,247Form
178Olivan, JavierChief Operating OfficerDirectSell11262025598.54517309,4458,849,414Form
179Bosworth, AndrewChief Technology OfficerDirectSell11202025593.3111,6906,935,7431,432,833Form
180Newstead, JenniferChief Legal OfficerDirectSell11202025591.60519307,04020,487,700Form
181Anderson, AaronChief Accounting OfficerDirectSell11202025591.60726429,5023,570,306Form
182Kimmitt, Robert MDirectSell11192025609.35600365,6104,476,894Form
183Olivan, JavierChief Operating OfficerDirectSell11182025604.23517312,3869,245,905Form
184Olivan, JavierChief Operating OfficerDirectSell11182025609.462,6101,590,6915,962,957Form
185Li, Susan JChief Financial OfficerSusan Li and John Hegeman, Co-Trustees of The Li-Hegeman Living Trust u/t/a dated November 30, 2012Sell11182025609.466,8754,190,03853,857,980Form
186Bosworth, AndrewChief Technology OfficerDirectSell11182025609.465,0633,085,6964,227,215Form
187Olivan, JavierChief Operating OfficerDirectSell11122025631.00517326,2274,369,044Form
188Newstead, JenniferChief Legal OfficerDirectSell11122025631.00516325,59616,860,951Form
189Newstead, JenniferChief Legal OfficerDirectSell11062025628.00519325,93217,104,836Form
190Olivan, JavierChief Operating OfficerDirectSell11052025656.00517339,1524,881,296Form
191Alford, PeggyAlford Family Revocable TrustSell11042025674.40601405,3142,363,772Form
192Newstead, JenniferChief Legal OfficerDirectSell10302025753.00519390,80720,900,268Form
193Olivan, JavierChief Operating OfficerDirectSell10292025749.57517387,5285,965,078Form
194Newstead, JenniferChief Legal OfficerDirectSell10232025736.37519382,17620,820,862Form
195Olivan, JavierChief Operating OfficerDirectSell10222025721.30517372,9126,113,018Form
196Kimmitt, Robert MDirectSell10172025716.97465333,3915,697,761Form
197Newstead, JenniferChief Legal OfficerDirectSell10162025707.85519367,37420,381,833Form
198Olivan, JavierChief Operating OfficerDirectSell10152025713.34517368,7976,414,353Form
199Newstead, JenniferChief Legal OfficerDirectSell10092025716.98519372,11321,016,835Form
200Olivan, JavierChief Operating OfficerDirectSell10082025704.81517364,3876,702,038Form
201Newstead, JenniferChief Legal OfficerDirectSell10022025741.50519384,83822,120,428Form
202Olivan, JavierChief Operating OfficerDirectSell10012025748.72517387,0887,506,667Form

Investor Activity (13F)

Updated Oct 24, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Newlands Management Operations LLC$5.6 Bil36.3%16Hold13F
Gobi Capital LLC$401.7 Mil23.5%10Hold13F
Palidye Holdings (Caymans) Ltd$123.2 Mil22.9%15Hold13F
RV Capital AG$83.3 Mil21.8%13ADD +6.8%13F
3G Capital Partners LP$60.1 Mil21.3%10ADD +16.7%13F
Concentrum Wealth Management$67.0 Mil19.8%111Hold13F
Altimeter Capital Management, LP$1.1 Bil19.6%13ADD +5.9%13F
BlueSpruce Investments, LP$111.5 Mil17.7%10TRIM -77.7%13F
Cat Rock Capital Management LP$113.6 Mil17.6%14TRIM -7.9%13F
Greenbrier Partners Capital Management, LLC$226.0 Mil17.4%11Hold13F
Headwater Capital Co Ltd$108.1 Mil17.4%15New13F
SP Asset Management LLC$195.3 Mil17.2%119Hold13F
Theleme Partners LLP$258.1 Mil17.2%10Hold13F
Torque Asset Management LLC$42.8 Mil16.8%12Hold13F
TB Alternative Assets Ltd.$77.2 Mil16.1%36TRIM -22.0%13F
Grace & Mercy Foundation, Inc.$55.8 Mil13.6%21TRIM -5.8%13F
Dragoneer Investment Group, LLC $407.8 Mil13.6%17New13F
WIM INVESTMENT MANAGEMENT Ltd$44.8 Mil13.3%20ADD +17.9%13F
Styrax Capital, LP$176.2 Mil12.3%17ADD +5.7%13F
Ratan Capital Management LP$32.4 Mil12.0%37ADD +27.4%13F
Belvedere Trading LLC$84.7 Mil11.3%227New13F
Pershing Square Capital Management, L.P.$1.5 Bil11.1%11Hold13F
ADAPT Investment Managers SA$31.8 Mil10.8%34New13F
Hoey Investments, Inc$73.1 Mil10.8%416Hold13F
Hyperion Asset Management Ltd$324.4 Mil10.3%18New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Dragoneer Investment Group, LLC $407.8 Mil13.6%17New13F
Hyperion Asset Management Ltd$324.4 Mil10.3%18New13F
Bowie Capital Management, LLC$147.7 Mil7.0%29New13F
Headwater Capital Co Ltd$108.1 Mil17.4%15New13F
Soma Equity Partners LP$97.5 Mil7.2%20New13F
Belvedere Trading LLC$84.7 Mil11.3%227New13F
Exane Asset Management$33.9 Mil6.9%32New13F
ADAPT Investment Managers SA$31.8 Mil10.8%34New13F
Long Corridor Asset Management Ltd$30.3 Mil7.4%38New13F
Element Capital Management LLC$22.9 Mil9.0%34New13F
Ratan Capital Management LP$32.4 Mil12.0%37ADD +27.4%13F
Crow's Nest Holdings LP$36.6 Mil8.6%11ADD +25.2%13F
Park Presidio Capital LLC$132.4 Mil9.3%13ADD +20.6%13F
WIM INVESTMENT MANAGEMENT Ltd$44.8 Mil13.3%20ADD +17.9%13F
3G Capital Partners LP$60.1 Mil21.3%10ADD +16.7%13F
Hamilton Capital Partners, LLC$31.4 Mil9.8%30ADD +15.3%13F
MFF Capital Investments Ltd$127.5 Mil8.4%19ADD +10.0%13F
RV Capital AG$83.3 Mil21.8%13ADD +6.8%13F
Altimeter Capital Management, LP$1.1 Bil19.6%13ADD +5.9%13F
Styrax Capital, LP$176.2 Mil12.3%17ADD +5.7%13F
Sanders Capital, LLC$6.0 Bil7.2%44ADD +5.2%13F
Horiko Capital Management LLC$40.9 Mil9.4%20ADD +5.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Giverny Capital Inc.$206.9 Mil6.9%50ExitedDec 31, 202513F
Teewinot Capital Advisers, L.L.C.$120.4 Mil8.8%31ExitedDec 31, 202513F
MIG Capital, LLC$52.4 Mil8.9%43ExitedDec 31, 202513F
Hound Partners, LLC$50.8 Mil7.0%36ExitedDec 31, 202513F
Kapitalo Investimentos Ltda$37.4 Mil7.2%35ExitedDec 31, 202513F
Venator Management LLC$33.2 Mil7.5%27ExitedDec 31, 202513F
BlueSpruce Investments, LP$111.5 Mil17.7%10TRIM -77.7%Mar 31, 202613F
Greenwoods Asset Management Hong Kong Ltd.$309.9 Mil8.0%35TRIM -45.7%Mar 31, 202613F
Columbus Hill Capital Management, L.P.$40.3 Mil6.8%21TRIM -29.7%Mar 31, 202613F
TB Alternative Assets Ltd.$77.2 Mil16.1%36TRIM -22.0%Mar 31, 202613F
ValueAct Holdings, L.P.$523.9 Mil9.2%18TRIM -12.6%Mar 31, 202613F
Cat Rock Capital Management LP$113.6 Mil17.6%14TRIM -7.9%Mar 31, 202613F
Grace & Mercy Foundation, Inc.$55.8 Mil13.6%21TRIM -5.8%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sanders Capital, LLC$6.0 Bil7.2%44ADD +5.2%13F
Newlands Management Operations LLC$5.6 Bil36.3%16Hold13F
Pershing Square Capital Management, L.P.$1.5 Bil11.1%11Hold13F
Altimeter Capital Management, LP$1.1 Bil19.6%13ADD +5.9%13F
ValueAct Holdings, L.P.$523.9 Mil9.2%18TRIM -12.6%13F
Dragoneer Investment Group, LLC $407.8 Mil13.6%17New13F
Gobi Capital LLC$401.7 Mil23.5%10Hold13F
Hyperion Asset Management Ltd$324.4 Mil10.3%18New13F
Greenwoods Asset Management Hong Kong Ltd.$309.9 Mil8.0%35TRIM -45.7%13F
Theleme Partners LLP$258.1 Mil17.2%10Hold13F
Greenbrier Partners Capital Management, LLC$226.0 Mil17.4%11Hold13F
SP Asset Management LLC$195.3 Mil17.2%119Hold13F
Styrax Capital, LP$176.2 Mil12.3%17ADD +5.7%13F
Bowie Capital Management, LLC$147.7 Mil7.0%29New13F
Park Presidio Capital LLC$132.4 Mil9.3%13ADD +20.6%13F
MFF Capital Investments Ltd$127.5 Mil8.4%19ADD +10.0%13F
Palidye Holdings (Caymans) Ltd$123.2 Mil22.9%15Hold13F
a16z Capital Management, L.L.C.$121.6 Mil9.4%16Hold13F
Cat Rock Capital Management LP$113.6 Mil17.6%14TRIM -7.9%13F
BlueSpruce Investments, LP$111.5 Mil17.7%10TRIM -77.7%13F
Headwater Capital Co Ltd$108.1 Mil17.4%15New13F
Soma Equity Partners LP$97.5 Mil7.2%20New13F
Dorsey Asset Management, LLC$92.5 Mil7.4%11Hold13F
Strategy Capital LLC$85.6 Mil7.0%11Hold13F
Belvedere Trading LLC$84.7 Mil11.3%227New13F

META Trade Sentinel


Stock Conviction

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.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Can AI-driven ad dominance fund the next growth platform?

Evidence suggests AI investments are already boosting the core ad business, allowing it to take market share and generate cash for new ventures.

Mechanism: AI-powered ad tools improve advertiser ROI, driving ad price growth. This funds capex for new AI products like Muse, creating a new growth layer on a revitalized, cash-generating core.
Supporting Evidence:
  • 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
An expensive AI pivot under regulatory siege.

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.

Mechanism: A failure of new AI products to gain traction or a major regulatory loss would prove the current investment cycle is value-destructive.
Supporting Evidence:
  • 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.
Key KPI Watchlist
KPI Status Rationale
Ad Impressions Delivered10% year-over-year growth in Q3 2026 - DeceleratingThe 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 Ad14% year-over-year growth in Q3 2026 - AcceleratingManagement 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.
Core Investment Debate

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
CAUTIOUSLY BULLISH

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.

Next 6 months: Risks and Catalysts
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.
Key Events in Last 6 Months
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
Risk Management
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 Exposure

Alphabet 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.

Core Thesis: An investment in a scaled AI leader with multiple monetization paths across search, cloud, and autonomous technology.
MSFT - Microsoft
Enterprise AI Play

Microsoft 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%.

Core Thesis: A bet on the enterprise adoption of AI through a highly profitable and dominant software and cloud platform.
How Is The Market Pricing META?

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.

What will confirm the thesis

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.

What will damage the thesis

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.

Noise: Real but irrelevant to thesis

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.

What META Makes & Who Pays
TTM figures based on the twelve months through fiscal Q2 2026
Family of Apps (FoA)
$226.0B TTM (99% of Total) · 80% Margin
What 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.

Advertising is priced based on impressions delivered or actions (like clicks) taken by users. Other revenue includes subscriptions and paid messaging fees.
Competition
TikTok is named as a competitive product that has reduced some users' engagement.
The segment's moat is its massive network effect, with 3.64 billion daily active people across its apps, and its proprietary data and AI systems that power its advertising and content recommendation engines.
Reality Labs (RL)
$2.3B TTM (1% of Total) · -1411% Margin
What 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.

Unit sales for hardware products, software, and content.
Competition
The sources note that Meta has relatively limited experience with consumer hardware and VR technology, which may enable other companies to compete more effectively.
The company's moat is its significant, long-term capital investment in foundational R&D for technologies that may only be realized in the next decade, funded by the profits from the Family of Apps segment.
META Evolution: Price Return by Era
2021-2025 · The Advertising Engine
+147%
Based on segment data from 2021 to 2025, the Family of Apps segment has been the consistent and powerful growth engine, with revenue growing substantially from $115,655 million. This segment's operating income also grew substantially, cementing its role as the company's profit center.
2021-2025 · The Reality Labs Investment
+147%
Over the same period, the Reality Labs segment was established and scaled as a major investment area.
Market Appears To Be Skeptical Of Core Thesis
Price structure is mildly positive. The trend shows early signs of health but hasn't fully committed. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is a strong counter-signal. The market has consistently rejected the narrative. This is not noise, but institutional disagreement.
① Structure
+1
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
-1
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-3
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-3 / 12
1 Price Structure & Trend Potential Bottoming · Golden Cross ▾
2 Momentum Pausing ▾
3 Relative Strength vs. SPY Facing Relative Strength ▾
4 Institutional Footprint & Volume Neutral / Mixed ▾
5 Volatility Normal ▾
6 Key Price Levels Range · Vol Rising ▾
7 Earnings Reaction History Inconsistent ▾
8 How the Verdict Is Derived Three Pillars ▾
Core Cache Last Updated: 10/23/2026