Meta Platforms filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $241.61 billion, which rose 27.5% on the year before. That growth rate was down 0.1 percentage points on the rate a quarter earlier.

What stands out

Net income rose 28.6% over the year while free cash flow fell 36.1%. Reported profit and cash are moving at different speeds.

Capital spending rose 66.5%, faster than operating cash flow’s 23.7%. Less of the cash generated was left over.

Revenue grew 27.5% but the operating margin fell 10.4 percentage points. Sales are rising faster than profit.

Growth and profit

The trailing gross margin was 81.0%. The trailing operating margin was 32.9%, down 10.4 percentage points from a year earlier. The trailing net margin was 31.1%. Net income over the twelve months was $75.25 billion, which rose 28.6% on the year before.

Cash flow

Operating cash flow over the twelve months was $133.09 billion, up 23.7% on the year before. Capital spending was $104.44 billion, or 43.2% of revenue. Free cash flow, operating cash flow less capital spending, was $28.65 billion, down 36.1% on the year before. Free cash flow was 11.9% of revenue, down 11.8 percentage points from a year earlier. The average diluted share count fell 0.8% over the year.

In context

Today’s free-cash-flow margin of 11.9% is higher than 4% of the company’s own past quarterly readings, which have ranged from 4.7% to 47.9%. Today’s operating margin of 32.9% is higher than 22% of the company’s own past quarterly readings, which have ranged from 9.7% to 50.1%. Today’s twelve-month revenue growth rate of 27.5% is higher than 41% of the company’s own past quarterly readings, which have ranged from −1.9% to 63.7%.

Guidance

The company gave its fourth quarter 2026 guidance for total revenue: $73.0 billion to $76.0 billion. The company raised its full year 2026 guidance for total expenses: $175.0 billion to $179.0 billion. The company gave its 2026 guidance for Reality Labs losses for Reality Labs: $18.0 billion to $19.0 billion. The company gave its 2026 guidance for capital expenditures: $135.0 billion to $145.0 billion.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 23.8%, and 5 percentage points higher would raise it by 30.4%. A free-cash-flow margin 1 percentage point lower would lower it by 8.4%.

What to watch

The next filing will show whether the gap between rising net income and falling free cash flow continues to widen. It will reveal if capital spending remains the primary driver of the reduced cash leftover. Investors will see if the operating margin stabilizes or continues its downward trend relative to revenue growth.