Meta Platforms, Inc.

Company facts

Industry

Services-Computer Programming, Data Processing, Etc.

Headquarters

Menlo Park, California

Most recent report

10-Q, filed Jul 30, 2026

Incorporated

Delaware

Filings on record

1,003+ filings

On EDGAR

CIK 1326801

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 4 of 11 sections worth reading, with 4 positive, 11 notable, and 19 negative flags.

• Financial Statements (Item 1)

  Financial statements: revenue up 28%, but costs surge 55%, net income down 13.6%. Massive contractual and legal exposures.
  Notable

  • Issued $25B in new senior notes in May 2026, pushing total long-term debt to $83.7B.
  • No share repurchases in H1 2026 vs $23.2B in H1 2025; $25B authorization remains unused.
  • Recorded a $1.18B severance charge in Q2 2026 related to an 8,000-employee headcount reduction.
  Negative

  • Uncommenced lease obligations totaled $279B as of June 30, 2026, with an additional $68B in July.
  • Non-cancelable contractual commitments were $349.3B as of June 30, 2026, mostly for infrastructure.
  • New Mexico AG seeks up to $62.85B in penalties in a privacy case; trial in September 2026.
  • IRS asserted an additional $15.89B in tax for 2017-2019 in a September 2025 notice.

• Management's Discussion (Item 2)

  MD&A with revenue up 28% but operating income down 8% on huge cost surge.
  Positive

  • Revenue $60.80B up 28%, ad impressions +14%, price +12%, Q2 2026.
  • Daily active people 3.60B, +3% YoY; average revenue per person $16.86, +24% YoY, Q2 2026.
  Notable

  • Headcount 75,472, -1% YoY, with ~8,000 reduction in May 2026, Q2 2026.
  • $10.80B reclassified to restricted cash for infrastructure escrow, Q2 2026.
  • No share repurchases in H1 2026; $25.03B authorization remains, Q2 2026.
  Negative

  • Operating income $18.78B, down 8% YoY, Q2 2026, despite revenue growth.
  • Net income $15.85B, down from $18.34B in Q2 2025 (-14%), Q2 2026.
  • Capital expenditures $31.08B in Q2 alone; full-year guidance raised to $130-$145B, Q2 2026.
  • Long-term debt $83.66B, up from $59B in Q1 2026 after $24.91B new issuance, Q2 2026.
  • R&D expenses $21.66B, up 67% YoY, driven by compensation, infrastructure, and AI token costs, Q2 2026.
  • $2.40B legal charges drove G&A up 111% YoY, Q2 2026.

• Legal Proceedings (Item 1)

  Multiple new verdicts and penalties: NM $375M, AMI €542M, and huge exposure.
  Positive

  • FTC antitrust trial won in Nov 2025; court granted judgment in Meta's favor, though FTC appealed Jan 2026.
  • Court granted fair-use summary judgment on AI training data for named plaintiffs in Kadrey (June 2025).
  Notable

  • SEC securities class action partially revived; district court denied motion to dismiss in part (Feb 2026).
  Negative

  • Flo Health jury verdict on California wiretap claim; up to ~1.25M class members at $5,000 each.
  • Spanish court awarded €542M to 87 media companies for unfair competition (Nov 2025); appeal pending.
  • EC opened antitrust investigation into WhatsApp API access for AI chatbots; interim measure imposed June 2026.
  • New Mexico jury ordered $375M civil penalty in youth case (Mar 2026); state seeks additional $953M abatement.
  • Youth cases: damages sought 'up to more than a trillion dollars'; over 200,000 mass arbitration demands sent since Nov 2024.

• Risk Factors (Item 1A)

  Massive $111.6B surge in infra commitments, Reality Labs losses, FTC/Europe legal risks.
  Notable

  • European Commission ruled subscription-for-no-ads model non-compliant in April 2025; appeal pending.
  • CEO Mark Zuckerberg controls majority voting power; could influence corporate outcomes independently.
  • Australia enacted social media ban for under-16s; similar laws in multiple U.S. states.
  • FTC seeks prohibition on use of minors' data for commercial purposes, board changes, and limits on new product launches.
  Negative

  • Q1 2026 Family DAP slightly declined quarter-over-quarter due to Iran internet disruptions and Russia WhatsApp restrictions.
  • Juries have returned liability verdicts in two U.S. youth-related litigation trials; more bellwether trials in 2026+.
  • Reality Labs reduced FY2025 operating profit by $19.19 billion; 2026 losses expected to be similar.
  • Infrastructure commitments jumped $111.6B to $349.31B as of June 30, 2026, up from $237.67B at March 31, 2026.

What changed: Jun 2026 vs. Mar 2026

About 5% of META's Jun 2026 10-Q is new information. 37 paragraphs were added, 198 changed, and 51 removed. Below are the most important lines SECSift identified.

• Item 1 81
• Item 2 71
• Item 1A 38
• Item 6 4
• Item 5 3
• Item 3 1
• Item 4 1