Meta Platforms reported Q3 2026 revenue of $64.6 billion, up 26% year-over-year and above consensus, driven by 26% advertising growth from higher impressions and average prices per ad. However, shares fell nearly 7% following the release amid negative free cash flow of $2.1 billion, driven by elevated AI-related capital expenditures now guided at $135–145 billion for the full year, plus a $9.89 billion legal charge that pressured operating margins. At approximately $642 as of October 24, the stock trades well below its September 2026 peak near $780. Traders are weighing sustained core-business momentum and Q4 revenue guidance of $73–76 billion against rising infrastructure costs and the planned January 2027 Class C share distribution.