Meta Platforms reported fourth-quarter revenue of $59.9 billion, a 24% year-over-year increase that exceeded the consensus estimate of $58.4 billion. Adjusted earnings per share rose 11% to $8.88, topping the street’s $8.16 forecast. Ad impressions grew 28% globally, driven by renewed advertiser demand in North America and double-digit growth in Asia Pacific, while ad pricing held relatively steady despite tougher comps in the United States.

For full-year 2026, Meta guided GAAP operating expenses of $162 billion to $169 billion—38% to 44% growth—alongside capital expenditures of $115 billion to $135 billion, up 65% to 94% year-over-year. At December 2025, net property, plant and equipment tied to servers and networking assets reached $98 billion, up 45% from a year earlier. Management emphasized that these investments will support large-language-model deployment across Facebook, Instagram and WhatsApp, with the goal of sustaining operating income above 2025 levels despite the infrastructure spend.

The Reality Labs division recorded a $2.207 billion loss in 2025, roughly flat with the $2.146 billion deficit in 2024. In response, Meta announced a headcount reduction of 1,500 employees within Reality Labs and the closure of three virtual-reality game studios. Going forward, roughly 70% of the segment’s operating budget will be allocated to smart-glasses and wearable devices, while the remaining 30% supports Horizon and VR platform development. Management expects Reality Labs losses to peak in 2026 before declining in 2027 as new hardware products launch.

Overseas sales accounted for approximately 58% of Meta’s total revenue in 2025, up from 55% in 2024, with international ad revenue growing 27% year-over-year. Emerging markets—particularly India and Latin America—delivered ad growth of over 30%, offsetting moderating demand in Europe. Currency translation effects, however, trimmed overall top-line growth by about 2 percentage points. Wall Street models now factor in a slightly higher dollar exposure and forecast international revenue to contribute 60% of group sales by end-2026.