META 8-K — Smart Summary

Meta Platforms reported first quarter 2026 financial results on April 29, 2026, for the quarter ended March 31, 2026. Revenue grew 33% year-over-year to $56.31 billion, while net income surged 61% to $26.77 billion, significantly boosted by an $8.03 billion income tax benefit related to U.S. Treasury Notice 2026-7. The filing also provides updated full-year 2026 expense and capital expenditure guidance.

• Revenue: $56,311 million, up 33% YoY (up 29% on a constant currency basis)
• Total costs and expenses: $33,439 million, up 35% YoY
• Income from operations: $22,872 million, up 30% YoY
• Operating margin: 41%, unchanged YoY
• Net income: $26,773 million, up 61% YoY (includes $8.03 billion income tax benefit; excluding benefit, diluted EPS would have been $3.13 lower)
• Diluted EPS: $10.44, up 62% YoY
• Cash flow from operating activities: $32,226 million vs. $24,026 million in Q1 2025
• Free cash flow: $12,386 million vs. $10,334 million in Q1 2025
• Ad impressions increased 19% YoY; average price per ad increased 12% YoY

• Family of Apps (FoA) revenue: $55,909 million vs. $41,902 million in Q1 2025 (increase of ~33% YoY)
• Reality Labs (RL) revenue: $402 million vs. $412 million in Q1 2025 (slight decline YoY)
• Family daily active people (DAP): 3.56 billion on average for March 2026, up 4% YoY

• Cash, cash equivalents, and marketable securities: $81,180 million as of March 31, 2026
• Capital expenditures (including principal payments on finance leases): $19,840 million in Q1 2026
• Dividend and dividend equivalent payments: $1,346 million in Q1 2026 (vs. $1,329 million in Q1 2025)
• Share repurchases: $0 in Q1 2026 (vs. $12,754 million in Q1 2025)
• Long-term debt: $58,748 million as of March 31, 2026
• Headcount: 77,986 as of March 31, 2026, up 1% YoY

• "We had a milestone quarter with strong momentum across our apps and the release of our first model from Meta Superintelligence Labs," said Mark Zuckerberg, Meta founder and CEO.
• "We're on track to deliver personal superintelligence to billions of people," said Mark Zuckerberg, Meta founder and CEO.

• Q2 2026 total revenue expected in the range of $58–61 billion
• Foreign currency assumed to be an approximately 2% tailwind to YoY total revenue growth based on current exchange rates
• Full year 2026 total expenses expected in the range of $162–169 billion, unchanged from prior outlook
• 2026 capital expenditures (including principal payments on finance leases) anticipated to be in the range of $125–145 billion, increased from prior range of $115–135 billion, reflecting higher component pricing and additional data center costs
• Full year 2026 operating income expected to be above 2025 operating income
• Tax rate for remaining quarters of 2026 expected to be between 13–16% (absent any changes to tax landscape)