Meta Platforms, Inc. (Nasdaq: META) reported second-quarter 2026 financial results on July 29, 2026, after market close. The META Q2 2026 earnings release showed revenue of $60.80 billion against a LSEG consensus estimate of $60.17 billion, while GAAP diluted EPS of $6.18 missed the LSEG consensus estimate of $7.22. All figures below are sourced from Meta's Q2 2026 earnings press release (investor.atmeta.com, July 29, 2026) unless otherwise noted.

Key Numbers — META Q2 2026

Consensus estimates: LSEG analyst poll as of July 29, 2026. Free cash flow is a non-GAAP measure; see Meta's press release for the GAAP-to-non-GAAP reconciliation. EPS figures are GAAP diluted.

1. Did Meta Beat or Miss in Q2 2026?

Meta reported GAAP revenue of $60.80 billion for Q2 2026, an increase of 28% year-over-year from $47.52 billion in Q2 2025 (Meta Q2 2026 press release, investor.atmeta.com). The LSEG consensus estimate, as reported by CNBC on July 29, 2026, was $60.17 billion. Revenue exceeded the LSEG estimate by $0.63 billion, or approximately 1.0%.

GAAP diluted EPS was $6.18, a decrease of 13% from $7.14 in Q2 2025 (Meta Q2 2026 press release). The LSEG consensus estimate for diluted EPS was $7.22 (CNBC, July 29, 2026). Actual GAAP diluted EPS fell short of the LSEG estimate by $1.04, or approximately 14.4%.

1.1 Revenue Detail

Total costs and expenses were $42.03 billion in Q2 2026, up 55% year-over-year from $27.08 billion. This figure included $2.40 billion of charges related to legal proceedings and $1.18 billion in severance expenses connected to the May 2026 headcount reduction (Meta Q2 2026 press release). GAAP operating income was $18.78 billion, down 8% from $20.44 billion in Q2 2025, with GAAP operating margin at 31%, compared to 43% in the prior-year quarter. Meta CFO Susan Li stated on the July 29, 2026, earnings call that, excluding the legal charges and severance expenses, operating income would have increased 9% year-over-year (Variety, July 29, 2026).

1.2 Earnings Per Share Detail

GAAP net income was $15.85 billion, a decrease of 14% from $18.34 billion in Q2 2025 (Meta Q2 2026 press release). Research and development expenses totaled $21.66 billion, up 67% year-over-year. General and administrative expenses were $5.61 billion, up 111% year-over-year, including the $2.40 billion in legal charges. The GAAP effective tax rate was 16%, compared to 11% in Q2 2025. The weighted-average diluted share count used to compute EPS was 2,566 million shares.

2. How Did META Stock React?

Meta shares fell approximately 10% in after-hours trading on July 29, 2026, to $527.06, a decrease of $58.55 from the prior regular-session close (CNBC, July 29, 2026). As of Wednesday's regular-session close on July 29, 2026, Meta shares were down approximately 11% year-to-date, while the Nasdaq Composite was up approximately 5% over that same period (CNBC, July 29, 2026). A 52-week range for META was not available in the source materials at the time of this recap.

3. What Guidance Did Meta Give?

The following table presents Meta's disclosed forward guidance alongside the corresponding third-party consensus estimates from LSEG, as reported by Variety (July 29, 2026) and CNBC (July 29, 2026). Guidance figures are from Meta's Q2 2026 press release and earnings call (July 29, 2026). Third-party estimates are labeled as such and are not endorsed or evaluated here.

Meta guidance: Meta Q2 2026 press release and CFO outlook commentary, July 29, 2026. LSEG consensus estimate for Q3 revenue: third-party estimate as reported by CNBC (July 29, 2026) and Variety (July 29, 2026). Consensus estimates are third-party figures; they are not Meta's own projections.

Meta stated that its Q3 2026 revenue guidance "assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth, based on current exchange rates" (Meta Q2 2026 press release). The company said it raised the lower end of its full-year 2026 expense outlook to incorporate the $2.40 billion in legal charges recognized in Q2 2026 (Meta Q2 2026 press release). Meta also said it "continues to expect to deliver operating income this year that is above 2025 operating income" and narrowed full-year capital expenditure guidance to $130–$145 billion from the prior range of $125–$145 billion, citing higher component pricing and incremental data center costs (Meta Q2 2026 press release; CNBC, July 29, 2026).

Meta's press release states: "This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors" (Meta Q2 2026 press release, investor.atmeta.com). Factors cited include macroeconomic conditions, user retention, advertising revenue reliance, mobile operating system dependencies, regulatory changes, litigation, and privacy developments. Full details appear under "Risk Factors" in Meta's Quarterly Report on Form 10-Q filed with the SEC.

4. What Did Meta Report by Segment?

Meta reports financial results for two segments: Family of Apps (FoA) and Reality Labs (RL). The table below is drawn directly from Meta's Q2 2026 press release (investor.atmeta.com, July 29, 2026).

4.1 Family of Apps (FoA)

FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services.

Source: Meta Q2 2026 press release, Segment Information table.

Advertising revenue on a constant-currency basis increased 26% year-over-year. Ad impressions delivered across the Family of Apps increased 14% year-over-year, and the average price per ad increased 12% year-over-year (Meta Q2 2026 press release). Family daily active people (DAP) was 3.60 billion on average for June 2026, up 3% year-over-year (Meta Q2 2026 press release).

Mark Zuckerberg, Meta founder and CEO, stated in the Q2 2026 earnings press release: "AI is accelerating our core business today, powering our next generation of products, and opening the door to entirely new enterprise opportunities. The results are already showing, and I'm optimistic about the potential ahead." (Meta Q2 2026 press release, investor.atmeta.com.)

On the earnings call on July 29, 2026, Zuckerberg said: "Overall, we expect that a significant portion of our compute is going to go towards training our models, growing our core business, and delivering personal agents and new products. But we also expect to grow a large business serving large customers as well." (CNBC, July 29, 2026.)

4.2 Reality Labs (RL)

RL includes virtual and augmented reality related consumer hardware, software, and content.

Source: Meta Q2 2026 press release, Segment Information table.

The LSEG-polled consensus estimate for Reality Labs Q2 2026 operating loss was approximately $5.07 billion and for revenue approximately $423.4 million, as reported by CNBC (July 29, 2026).

4.3 Cash Flow and Balance Sheet Highlights

Source: Meta Q2 2026 press release. Free cash flow is a non-GAAP measure reconciled in the press release. Cash and debt figures are as of June 30, 2026.

5. What Risk Factors Did Meta Disclose?

The following risk factors are drawn from Meta's Q2 2026 earnings press release cautionary statements and the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the SEC (investor.atmeta.com; www.sec.gov). These are issuer-disclosed risks, presented here without modification or added consequence.

1. Legal proceedings and youth-related litigation (10-Q, Risk Factors; press release CFO commentary): Meta stated in the Q2 2026 press release that it "continues to monitor active legal and regulatory matters that could significantly impact our business and financial results." CFO Susan Li specifically noted: "We continue to see scrutiny on youth-related issues in several markets and have a number of youth-related trials scheduled for this year in the U.S., which may ultimately result in a material loss." The company's 10-Q filing (as described in Variety, July 29, 2026) also listed "litigation and government investigations related to our alleged role in causing or contributing to various societal harms, including mental and physical health and safety impacts on users, particularly younger users, child and adult sexual exploitation, illegal activity with respect to drugs, fraud, unlawful discrimination, and other harms potentially impacting large numbers of people" as active legal matters. The filing further noted that "the maximum aggregate monetary damages or penalties sought across our various legal proceedings could amount to an aggregate of up to hundreds of billions of dollars."

2. Macroeconomic conditions and advertising revenue reliance (10-Q Risk Factors; press release forward-looking statement legend): Meta's forward-looking statements caution that results "may differ materially from actual results" due to "the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events" and the company's "reliance on advertising revenue" (Meta Q2 2026 press release). Advertising revenue represented approximately 97.6% of total Q2 2026 revenue ($59.36B of $60.80B).

3. Dependency on third-party platforms and regulatory changes (10-Q Risk Factors; press release forward-looking statement legend): The press release cautionary language identifies "our dependency on data signals and mobile operating systems, networks, and standards that we do not control" and "changes to the content or application of third-party policies that impact our advertising practices" as factors that could cause actual results to differ from forward-looking statements (Meta Q2 2026 press release). The company also cited "risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries."

6. When Is Meta's Next Earnings Date?

As of the date of this recap (July 29, 2026), Meta has not published its Q3 2026 earnings date in the source materials available for this article. Investors should check Meta's Investor Relations page at investor.atmeta.com for confirmed future earnings dates, ex-dividend dates, and shareholder meeting schedules, as these are the primary sources for verified calendar information.

Meta paid dividend and dividend equivalent payments of $1.35 billion in Q2 2026 (Meta Q2 2026 press release). No ex-dividend date or next payment date was included in the available source materials.

7. Frequently Asked Questions

Q1: What was Meta's revenue in Q2 2026?
Meta reported GAAP revenue of $60.80 billion in Q2 2026, up 28% year-over-year from $47.52 billion in Q2 2025 (Meta Q2 2026 press release, investor.atmeta.com, July 29, 2026).

Q2: Did Meta beat or miss earnings per share estimates in Q2 2026?
Meta's GAAP diluted EPS of $6.18 missed the LSEG consensus estimate of $7.22 by $1.04, or approximately 14.4%; the LSEG estimate is a third-party figure as reported by CNBC on July 29, 2026 (Meta Q2 2026 press release; CNBC, July 29, 2026).

Q3: What was Meta's Q3 2026 revenue guidance?
Meta said it expects Q3 2026 total revenue in the range of $61.0 billion to $64.0 billion, with an approximately 1% foreign currency headwind to year-over-year growth based on current exchange rates, as stated in the Q2 2026 press release (Meta Q2 2026 press release, investor.atmeta.com, July 29, 2026).

Q4: What caused Meta's EPS to decline in Q2 2026?
Meta's Q2 2026 GAAP total costs and expenses were $42.03 billion, up 55% year-over-year, including $2.40 billion in legal proceeding charges and $1.18 billion in severance expenses from the May 2026 headcount reduction; these items are disclosed in the Q2 2026 press release (Meta Q2 2026 press release, July 29, 2026).

Q5: What was Meta's free cash flow in Q2 2026?
Meta's non-GAAP free cash flow was $784 million in Q2 2026, compared to $8.55 billion in Q2 2025, as capital expenditures including finance lease payments totaled $31.08 billion in the quarter (Meta Q2 2026 press release, Non-GAAP reconciliation table, July 29, 2026).

This article is a factual, educational earnings recap. It is not a research report and does not constitute a recommendation or investment advice. All figures sourced from Meta's Q2 2026 earnings press release (investor.atmeta.com, July 29, 2026), Meta's SEC filings, and news reports cited inline. Consensus estimates are third-party figures from LSEG as reported by CNBC and Variety on July 29, 2026.

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