META · Meta Platforms · Q3 FY2026
Meta Platforms Sees Growth Slow and Margins Narrow
Revenue growth moderated to 26.1% from 28.0%, and operating margin narrowed 1997 basis points to 20.1%.
- Published
- Oct 21, 2026
- Event
- Oct 21, 2026
- Quarter ended
- Sep 30, 2026
- Data as of
- Oct 21, 2026
Published becauseQuarterly results were reported (Oct 21, 2026).
The Blockhaven read
Meta Platforms's quarter softened on the measures that moved: revenue growth moderated to 26.1% from 28.0% and operating margin narrowed 1997 basis points to 20.1%. GAAP operating income fell 36.8% against 26.1% revenue growth, so profit moved by more than sales, with the narrower margin accounting for the gap. A single quarter shows a direction, not yet a trend.
Latest reported quarter
Earnings release filed Oct 21, 2026
RevenueGAAP
- Latest
- $64.6 billion
- Year ago
- $51.2 billion
- Change
- +26.1% (Up year over year)
From the earnings release
Operating incomeGAAP
- Latest
- $13 billion
- Year ago
- $20.5 billion
- Change
- −36.8% (Down year over year)
From the earnings release
Net incomeGAAP
- Latest
- $9.86 billion
- Year ago
- $2.71 billion
- Change
- +264.0% (Up year over year)
From the earnings release
Diluted EPSGAAP
- Latest
- $3.83
- Year ago
- $1.05
- Change
- +264.8% (Up year over year)
From the earnings release
Operating margin (GAAP)Derived
- Latest
- 20.1%
- Year ago
- 40.1%
- Change
- −1997 bp (Down year over year)
| Measure | Basis | Latest quarter | Year ago | Change |
|---|---|---|---|---|
| RevenueFrom the earnings release | GAAP | $64.6 billion | $51.2 billion | +26.1% (Up year over year) |
| Operating incomeFrom the earnings release | GAAP | $13 billion | $20.5 billion | −36.8% (Down year over year) |
| Net incomeFrom the earnings release | GAAP | $9.86 billion | $2.71 billion | +264.0% (Up year over year) |
| Diluted EPSFrom the earnings release | GAAP | $3.83 | $1.05 | +264.8% (Up year over year) |
| Operating margin (GAAP) | Derived | 20.1% | 40.1% | −1997 bp (Down year over year) |
Revenue growth +26.1% against +28.0% in the prior quarter (year over year, GAAP).
Trend: Mixed. Revenue growth slowed, operating margin narrowed, GAAP operating income weakened and management raised its outlook.
Guidance: Raised
- Fiscal Q4 2026 revenue: $73 billion to $76 billion (GAAP)
GAAP unless labelled. Non-GAAP and company-defined measures are labelled.
What changed
- Revenue growth slowed to 26.1% from 28.0%.
- Operating margin narrowed 1997 basis points year over year, to 20.1% from 40.1% (GAAP).
- GAAP operating income fell 36.8% year over year while net income rose 264.0% and diluted EPS rose 264.8%.
Why it matters
Revenue rose 26.1%, but the margin narrowed 1997 basis points, more than offsetting the added sales and leaving operating income 36.8% lower: margin, not volume, set the direction of operating profit this quarter.
Net income rose while operating income fell: the difference sits below the operating line.
What to watch
- Operating margin at the next report against 20.1% this quarter: a further move in the same direction would confirm this reading, and a reversal would weaken it.
- Year-over-year revenue growth against 26.1% now and 28.0% before: a stabilisation would ease the tension with the outlook, and a further slowdown would sharpen it.
- The quarterly report on Form 10-Q for Q3 FY2026, which confirms or revises the figures in the earnings release.
Data and sources
Figures come from the company's SEC filings and its own 8-K earnings release, filed Oct 21, 2026. GAAP figures are labelled as such. Blockhaven used no outside forecasts, so no figure here is measured against market expectations.
Descriptive company facts. Not investment advice, a rating or a recommendation.