Feed · 12 new today
META · 8-K
Reality Labs restructuring; FY26 capex unchanged at $62–68B. Horizon Worlds folded under FoA.
Filed 4:07 PM ETSmart Summary · 40s read
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10-K · NVIDIA · FY2025
Management's Discussion & Analysis
Data center revenue grew 71% year-over-year, with gross margin expanding to 75.8%. Blackwell shipments began in Q1 and are expected to scale materially in Q2 as CoWoS capacity comes online.
247 pages3 highlights · 1 note
Your note · 3m ago
Capex guidance is the headline.
“Weighted toward 1H” implies a Q1/Q2 print bigger than street expects. Watch the RL footnote on p. 84.
Readers covering
AAPLPMMRLNGOOGMSFTMETASHWV…and more
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portolio.app/read/META/10-K/2025
PortolioMETA10-K · FY 2025MD&A
Management's Discussion & Analysis
Filed Feb 14, 2026 · 247 pp · 1h 42m read
In 2025, total revenue grew 16% to $174.3 billion, driven by strength in Family of Apps advertising and continued monetization of Reels. Operating income rose to $72.1 billion, producing an operating margin of 42%.
Capital expenditures totaled $38.9 billion, a 22% increase, reflecting investment in infrastructure, data center capacity and network build-out to support inference workloads across Llama-based products.
“We expect 2026 capex to be in the range of $62–$68 billion, weighted toward the first half as Blackwell deliveries accelerate.”
The Company continues to invest in Reality Labs. Operating losses in the segment narrowed to $14.1 billion from $16.0 billion, reflecting disciplined spend on operating expenses while hardware volumes grew.
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8-KMETA · Reality Labs restructuring.12m
10-KNVDA · Annual report, FY 2025.2h
4COST · Insider purchase, $2.1M.1d
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NVDA Q1 beat on data center; Blackwell ramp on schedule.
- Rev $28.0B, +71% YoY
- Data center gross margin 75.8%
- Guidance $29.5B, above street $28.1B
- New mention: “sovereign compute” × 14
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…operating income rose to $72.1 billion, producing an operating margin of 42%.
You · 3m agoMargin 42% vs 35% LY — the ad op leverage is doing the work, not RL.
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The Portolio Dispatchportolio04.21.2026 · 04:07 ET
New filing · 8-K · METAMeta restructures Reality Labs, reaffirms 2026 capex.
Filed 12m ago · Item 2.05, Item 7.01 · 14 pp
Smart Summary · 40-second read
Meta is trimming Reality Labs by ~8% and folding two product lines into Family of Apps. Guidance unchanged: $62–68B FY26 capex.
- ~8% RL headcount reduction, ~$1.1B severance in Q2
- FY26 capex unchanged at $62–68B
- Horizon Worlds + Quest software folded under FoA
- No change to FY26 revenue outlook
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portolio.app/s/dividendsolo/meta-10k-2025Public · 2,431 reads
DividendSolo · Apr 21
The one chart in META's 10-K
that matters in 2026.
Reality Labs isn't the story. Advertising operating leverage is.
Most coverage of Meta's annual report led with the 8% Reality Labs cut. Read the MD&A and a different picture emerges: op margin went from 35% to 42% without meaningful top-line help from RL. The RL narrative is a distraction — the ads business is accelerating margin faster than capex is expanding.
“We expect 2026 capex to be in the range of $62–$68 billion, weighted toward the first half…”
Watch Q1/Q2. If capex prints above $35B in H1, it's the first real tell that Blackwell is arriving faster than scheduled — and that RL severance is just paying for more Hopper racks.
↑ 412↳ 38Published with Portolio · subscribe at @dividendsolo
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