Meta Platforms (META) official guidance

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $135-145 billion, narrowed from our prior outlook of $130-145 billion.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130 billion-$145 billion, narrowed from our prior outlook of $125 billion-$145 billion.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $125 billion-$145 billion, increased from our prior range of $115 billion-$135 billion.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $125-145 billion, increased from our prior range of $115-135 billion. This reflects our expectations for higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115 billion-$135 billion, with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.

We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115-135 billion, with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.

Absent any changes to our tax landscape, we expect our fourth quarter 2026 tax rate to be between 15-17%.

We now expect full year 2026 total expenses to be in the range of $175-179 billion.

We now expect full year 2026 total expenses to be in the range of $165 billion-$169 billion.

We are raising the lower-end of our expense outlook to incorporate the $2.4 billion charges related to legal proceedings recognized in the second quarter. We now expect full year 2026 total expenses to be in the range of $165-169 billion.

We expect full year 2026 total expenses to be in the range of $162 billion-$169 billion, unchanged from our prior outlook.

We expect full year 2026 total expenses to be in the range of $162-169 billion, unchanged from our prior outlook.

Turning to the expense and CapEx outlooks, we expect full year 2026 total expenses to be in the range of $162 billion-$169 billion.

We expect full year 2026 total expenses to be in the range of $162-169 billion.

We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth primarily driven by infrastructure costs, including incremental cloud expenses and depreciation.

We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth driven primarily by infrastructure costs, including incremental cloud expenses and depreciation.

At a segment level, we now expect Reality Labs losses to decline compared to 2025 to a range of $18-19 billion.

For Reality Labs, we are directing most of our investment towards glasses and wearables going forward, while focusing on making Horizon a massive success on mobile and making VR a profitable ecosystem over the coming years. I expect Reality Labs losses this year to be similar to last year, and this will likely be the peak as we start to gradually reduce our losses going forward while continuing to execute on our vision.

At a segment level, we expect expense growth to be driven by the Family of Apps, with Reality Labs operating losses remaining similar to 2025 levels.

Separately, we remain focused on improving Reality Labs profitability and expect losses to narrow next year to around $15 billion as we reallocate investment toward other priority areas, primarily AI.

Excluding the third quarter legal charge, we continue to expect 2026 operating income to be above 2025 operating income.

We continue to expect to deliver operating income this year that is above 2025 operating income.

We continue to expect to deliver operating income this year that is above 2025 operating income.

We continue to expect to deliver operating income this year that is above 2025 operating income.

We continue to expect to deliver operating income this year that is above 2025 operating income.

Despite the meaningful step up in infrastructure investment, in 2026, we expect to deliver operating income that is above 2025 operating income.

Despite the meaningful step up in infrastructure investment, in 2026 we expect to deliver operating income that is above 2025 operating income.

We expect fourth quarter 2026 total revenue to be in the range of $73-76 billion.

Absent any changes to our tax landscape, we expect our tax rate for the remaining quarters of 2026 to be between 15-17%, an increase from our prior outlook of 13-16%.

Absent any changes to our tax landscape, we expect our tax rate for the remaining quarters of 2026 to be between 13% and 16%.

We expect third quarter 2026 total revenue to be in the range of $61-64 billion. Our guidance assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth, based on current exchange rates.

We expect second quarter 2026 total revenue to be in the range of $58-61 billion. Our guidance assumes foreign currency is an approximately 2% tailwind to year-over-year total revenue growth, based on current exchange rates.

Absent any changes to our tax landscape, we expect our full year 2026 tax rate to be 13-16%.

We expect first quarter 2026 total revenue to be in the range of $53.5-56.5 billion. Our guidance assumes foreign currency is an approximately 4% tailwind to year-over-year total revenue growth, based on current exchange rates.

We expect the set of investments we're making within our ads and organic engagement initiatives next year will enable us to continue to deliver strong revenue growth in 2026, while our progress on AI models and products will position us to capitalize on new revenue opportunities in the years to come.

We expect the set of investments we are making within our ads and organic engagement initiatives next year will enable us to continue to deliver strong revenue growth in 2026, while our progress on AI models and products will position us to capitalize on new revenue opportunities in the years to come.

We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion.

As a result, our current expectation is that capital expenditures dollar growth will be notably larger in 2026 than 2025.