Core Insights - Meta Platforms (META) reported Q3 2025 non-GAAP earnings of $7.25 per share, exceeding Zacks Consensus Estimate by 9.68%, while GAAP earnings fell 82.6% year over year to $1.05 per share [1] - Revenues reached $51.24 billion, surpassing Zacks Consensus Estimate by 3.63% and increasing 26.2% year over year [1] - At constant currency, revenues grew 25% year over year [1] Revenue Breakdown - Revenues from the Family of Apps, which constitutes 99.1% of total revenues, rose 26% year over year to $50.77 billion [2] - Daily Active People (DAP) across Family of Apps reached 3.54 billion, marking a 7.6% increase year over year [2] - Geographically, revenues surged 23.5% in the U.S. & Canada, 25% in Asia-Pacific, 29.2% in Europe, and 31.9% in the Rest of the World [3] Advertising Performance - Advertising revenues, making up 98.6% of Family of Apps revenues, increased 25.6% year over year to $50.08 billion [4] - Ad impressions across Family of Apps grew 14% year over year, with the average price per ad rising 10% [5] - Advertising revenues from the U.S. & Canada, Asia-Pacific, Europe, and the Rest of the World increased by 22.7%, 24.5%, 29%, and 30.9% year over year, respectively [4] Operating Metrics - Total costs and expenses rose 32.1% year over year to $30.71 billion, accounting for 59.9% of revenues [6] - Operating income increased 18.4% year over year to $20.54 billion, with an operating margin of 40.1%, down 270 basis points year over year [9] - Family of Apps' operating income grew 14.6% year over year to $25 billion, while Reality Labs reported a loss of $4.43 billion, unchanged year over year [9] Financial Position - As of September 30, 2025, cash and cash equivalents along with marketable securities totaled $44.45 billion, down from $47.07 billion as of June 30, 2025 [10] - Long-term debt remained stable at $28.83 billion [10] - Capital expenditures for Q3 were $19.37 billion, with free cash flow at $10.63 billion [10] Future Guidance - Meta expects total revenues for Q4 2025 to be between $56 billion and $59 billion, with a 1% tailwind from favorable foreign exchange [11] - For 2025, total expenses are anticipated to be between $116 billion and $118 billion, indicating a growth rate of 22-24% year over year [11] - Capital expenditures for 2025 are projected to be in the range of $70-$72 billion, an increase from previous guidance [12]