The useful takeawayShow the reported number and any adjusted number together with its adjustment. Revenue growth, operating income and share-price direction are separate questions.
REVENUEEXPENSESOPERATING
A simplified financial statement separates revenue, operating income and reported versus adjusted diluted earnings per share. Original explanatory illustration; not a photograph, live map or product screenshot.

The headline numbers point in different directions

Meta’s 21 October 2026 release reports third-quarter revenue of $64.601 billion, up 26 percent year over year. It also reports total costs and expenses of $51.613 billion, up 68 percent, and operating income of $12.988 billion, down 37 percent.

Net income was $9.860 billion and diluted GAAP earnings per share were $3.83. Those are the reported figures. They should be kept separate from the company’s supplemental explanation excluding a large legal charge.

What the $9.89 billion charge changes

Meta says third-quarter expenses included a $9.89 billion charge related to an agreement with U.S. state attorneys general. The company calculates that, excluding this charge, operating income would have been $22.88 billion and diluted EPS $7.40. That is a company-provided adjusted view, not the GAAP number reported in the income statement.

The distinction helps explain why a headline can say earnings were $3.83 while the release also discusses $7.40. The first is reported GAAP diluted EPS; the second is the company’s result with a specified legal charge excluded. It is better to show both with the adjustment named than to replace one with the other.

Forward guidance is not a price target

For the fourth quarter, Meta guided to revenue of $73–76 billion. It also forecast 2026 capital expenditures, including finance-lease principal payments, of $135–145 billion. These are management’s forward-looking expectations, not observed results and not a forecast of the share price.

This article explains a company filing and does not recommend buying or selling a security. Investors comparing results can check the full release, its non-GAAP reconciliation and the subsequent SEC filing. A single quarter cannot establish whether future growth, spending or valuation will turn out as management expects.

Scope and limits

This is educational reporting on a public company release, not personalized investment advice, a valuation or a stock-price prediction. Figures are as reported for the quarter ended 30 September 2026.

Primary sources and review dates

These links support the factual summary. Read the original announcement separately from our interpretation.