Meta Platforms (META.US) today announced Q3 2025 earnings. Shares are up more than 6% over the course of two weeks, trading flat today. Since the beginning of the year, the company's shares have increased by 27.41% and even by 54.80% since the April lows. The company's advertising business is the main driver of growth. The market experienced double-digit growth in both volume and advertising revenue. The consensus, according to FactSet and Bloomberg, estimates quarterly revenue at $49.5 billion. Investors will thus closely monitor the capital expenditure (capex). Meta tradition in Q3 updates the capex insight, and this time the market expects a 40% increase in investment for the fifth year, due to high spending on data centers and AI infrastructure.
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Revenues (Q3): $49.5 billion, +22% among fastest growing rates this year. Earnings per share (EPS): $6.72, +11% YoY. Ads viewed: +10.8%; average price for advertising: +10.5%. Operating margin: estimate 39%. Capex 2025: piblin USD 69 billion; oekvan insight for 2026: USD 97103 billion. Daily active users within the entire Meta ecosystem: 3.48 billion.
Investing in AI under the microscope
Meta's ongoing transformation towards artificial intelligence may therefore have an impact on its balance sheet. This year, it will raise USD 70 billion in new capital, and together with private financing of more than USD 2730 billion from Blue Owl Capital and PIMCO, this underlines the scope of the company's ambitions. Means to support various Hyperion data centers and long-term AI projects. Unlike Microsoft or Amazon, Meta builds computing capacity exclusively for its own ecosystem, making these investments strategic, but equally risky in the event of a slowdown in advertising revenue growth.
What is the market looking for?
Investments at this time accept the growing capital of data and consider it to be justified by the potential benefits in the form of an engaged user and the effectiveness of advertising. Looking ahead to the year 2026, however, this optimism will make me happy. Analysts estimate capital gains in the pipeline to reach $72 billion in 2025 and potentially $100 billion in 2026.
Insight
Meta's results are likely to confirm strong ad-driven cash flow, but the key will be the balance between aggressive AI investment and profitability growth. If the company announces higher sales in 2026 or slowing growth of advertising revenue, a correction should follow the recent earnings. On the contrary, the progress in AI projects or the growth of engaged users could send the market position of the company and justify it outside the awards.
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