Meta Platforms, Inc. (META) · Oct 21, 2026 · Earnings

Meta earnings beat revenue as Class C plan locks in Zuck control

In line — Revenue $64.6B vs ~$63.3B consensus; $9.89B legal charge distorts EPS

Meta earnings beat revenue expectations, but a legal charge crushed margins as its new Class C shares reinforce Zuckerberg’s control.

Meta is still using its advertising engine to fund an unusually aggressive AI infrastructure and superintelligence buildout; its prior disclosures called for roughly $130–145 billion of 2026 capital spending, while AI was already being positioned as a way to improve ad targeting and engagement.

Metric	Q3 2026	Q3 2025 / expectation	Read
Revenue	$64.6B	$51.2B; consensus ~$63.3B	Beat revenue expectations
Diluted EPS	$3.83	$1.05 reported; consensus estimates around $6.5 adjusted	Not cleanly comparable because of legal charge
Operating margin	20%	40%	Sharp compression
Advertising revenue	$63.1B	$50.1B	Core engine remained strong
Q4 revenue guidance	$73–76B	No reliable published benchmark supplied	Continued high growth
Full-year 2026 expense outlook	$175–179B	Previously lower	Raised for legal charge
Q3 free cash flow	$(2.1)B	$10.6B	Heavy infrastructure investment

The core business beat, but profitability was the real giveback. Revenue rose 26% to $64.6 billion, ahead of the roughly $63.3 billion published consensus, and advertising revenue also grew 26% to $63.1 billion. But operating income fell 37% and margin halved to 20% as costs rose 68%. The quarter included a $9.89 billion charge tied to the previously announced teen-mental-health settlement.

The headline EPS miss is less informative than the underlying cost reset. GAAP diluted EPS was $3.83, but the legal charge was already disclosed in August, so this is not a wholly new operating shock. The more durable signal is that Meta raised full-year expenses to $175–179 billion while continuing to spend heavily on AI infrastructure; Q3 free cash flow turned negative as property and equipment purchases reached $33.9 billion.

AI is producing revenue benefits, but the return is arriving before the spending burden clears. Meta says AI is improving recommendations, engagement, and ad monetization, while its new models and infrastructure are intended to create additional products and efficiencies. That fits the revenue performance, but the 20% margin and negative quarterly free cash flow show the transition is materially changing the economics of the business rather than being a costless product upgrade. 〔0〕

The new Class C structure is a major governance and financing move, not a routine stock split. Meta will issue one non-voting Class C share for every outstanding Class A and Class B share, creating the economic appearance of a two-for-one split without changing voting power. The structure gives Meta a new share class for future capital raising, employee compensation, and acquisitions while allowing Zuckerberg to retain voting control. 〔1〕

The founder agreement makes control durable but restricts Zuckerberg’s liquidity. Eighty percent of his new Class C shares will initially be “stapled” to sales or conversions of voting shares, while 2.5% is released each quarter if he remains in full-time leadership, potentially over 32 qualifying quarters. That aligns his continued leadership with gradual liquidity, but it also formalizes a long-duration founder-control arrangement rather than merely confirming existing governance.

Bottom line: Meta’s advertising business is beating expectations and AI is supporting growth, but the payoff is being offset by legal costs, sharply higher expenses, and heavy infrastructure spending. The Class C recapitalization adds strategic funding flexibility while cementing Zuckerberg’s control, making this a substantial business-and-governance reset rather than a clean earnings beat.

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Charter effective January 19, 2027; stock dividend follows

Original filing on SEC EDGAR

More Meta Platforms, Inc. news

Meta share issuance locks in $12.5B, adds Class C flexibility

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Meta earnings beat revenue as Class C plan locks in Zuck control

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