Meta Reports Third Quarter 2025 Results (investor.atmeta.com)

Meta reported strong top-line growth in Q3 2025 — revenue rose 26% year-over-year to $51.24B, driven by ad volume (+14%) and higher ad prices (+10%), and monthly family daily active people reached 3.54B (+8%). However, net income fell 83% to $2.71B and diluted EPS dropped to $1.05 after a one-time, non-cash $15.93B valuation allowance tied to U.S. tax law changes (Corporate AMT impact). Excluding that charge, Meta says Q3 net income would have been $18.64B and EPS $7.25. Cash and equivalents stood at $44.45B, free cash flow was $10.62B, capex for the quarter was $19.37B, and headcount rose 8% to 78,450. For the AI/ML community the key takeaway is Meta’s acceleration of AI investment: CEO Zuckerberg highlighted Meta Superintelligence Labs and AI glasses leadership, and the company warned compute needs have “continued to expand meaningfully.” Guidance shows Q4 revenue of $56–59B and raised full‑year capex to $70–72B, with expectations that 2026 will see even larger capital and operating expense growth driven primarily by infrastructure (own data centers plus third‑party cloud), depreciation, and AI talent hiring. That signals sustained demand for large‑scale training/inference compute, potential cloud/hardware partnerships, and continued productization of foundation models — even as regulatory and legal risks in the EU and U.S. could affect ad revenue and product rollout.