Over the past four quarters, Meta’s non-US and non-Canada segment has grown to account for 57% of total advertising revenue, up from 52% in Q1 2025. Revenue from Europe increased 18% year-over-year in Q4 2025, driven by higher ad impressions in the U.K. and Germany following product enhancements in Instagram Reels. Asia Pacific delivered the fastest growth, up 24% year-over-year, as improvements in ad delivery algorithms boosted engagement in India by 30% and Southeast Asia by 28%. Latin America saw a more modest 12% gain, hampered by currency headwinds and tighter regulations on data usage. Overall, international sales contributed $34 billion in advertising bookings in 2025, compared with $29 billion the prior year.

Following the release of Q4 results, ten of the fifteen analysts covering Meta raised their 2026 sales estimates for the international segment by an average of 6%. The consensus for full-year international ad revenue now stands at $140 billion, up from $132 billion four months ago. Forecasts for operating margin outside North America were revised higher as well—from 31% to 33%—reflecting improved monetization in Europe and lower infrastructure costs in Asia. However, three analysts lowered their global earnings per share targets by 4% to account for anticipated foreign-exchange volatility, particularly a potential 5% depreciation of the euro versus the dollar.

Investors should note that international growth now underpins the majority of Meta’s topline expansion, reducing dependence on mature North American markets, where ad pricing growth has decelerated to 8% year-over-year. The shift also introduces new risks: regulatory scrutiny in the European Union over privacy reforms could impose fines up to €500 million, while emerging markets expose Meta to higher macroeconomic volatility. On the positive side, management’s plan to deploy 30% of 2026 capital expenditures to data-center capacity in Singapore and Ireland is expected to improve service latency and lower unit costs by at least 12% by 2027. Taken together, the strengthened international revenue base supports current earnings forecasts but warrants close monitoring of regional policy developments and currency movements.