Family of AppsWide moat

Meta Platforms (META) — moat facet

$198.8 billion of revenue at a 52% margin in 2025, growing faster in 2026 — while the cost of AI took the June quarter's margin to 39%.

The Family of Apps is Meta for almost every purpose that matters to an owner. It brought in $198,759 million in 2025, 99% of the company's revenue, and earned $102,469 million from operations, a 52% margin.12 In the June 2026 quarter it brought in $60,370 million, up 28%, but earned $23,394 million against $24,971 million a year earlier, because the costs of AI, legal charges and severance landed in the same three months.3

Family of Apps revenue by quarter ($B)$41.9BQ1 25$47.1BQ2 25$55.9BQ1 26$60.4BQ2 26Meta Q2 2026 results release (Q1 figures derived from the half-year)
Up 33% and 28% on a year earlier in the first two quarters of 2026.

What is inside the line is four apps and the services around them: Facebook, Instagram, Messenger, WhatsApp and other services.4 Facebook launched in 2004; Instagram was bought in 2012 and WhatsApp in 2014, the two acquisitions the FTC later sued to unwind and lost.56 Advertising is nearly all of the money: $196,175 million of the segment's revenue in 2025. The rest, $2,584 million, is other revenue from paid WhatsApp messaging, subscriptions and various smaller sources, and it has more than trebled since 2021.78910

How the money is made is an auction. Marketers pay for ads either directly or through agencies and resellers, according to the impressions delivered or the actions, such as clicks, that users take.11 Revenue therefore moves with two numbers Meta reports every year: impressions and the average price per ad. In 2025 impressions rose 12% and price 9%; in 2024 11% and 10%; in the June 2026 quarter 14% and 12%.1213 Meta also reports revenue per daily user, $16.86 in the June 2026 quarter, up 24% on a year earlier.14

The line is highly profitable and cyclical at once. Operating income was $56,946 million in 2021, fell to $42,661 million in 2022, then rose to $62,871 million, $87,109 million and $102,469 million.1516 The margin moved from 49% to 37% and back to between 47% and 54%.17 The 2022 fall is the one weak year in the series: revenue slipped 1%, and the 10-K put the damage down to limits on ad targeting and measurement from changes to iOS and the regulatory environment, which pushed the average price per ad down 16%.1819

Growth since then has been strong and consistent. Revenue compounded at about 14.5% a year from $115,655 million in 2021 to $198,759 million in 2025, rising 16% in 2023, 22% in 2024 and 22% in 2025.202122 The latest two quarters were faster still: $55,908 million in the March 2026 quarter, up 33%, and $60,370 million in June, up 28%.2324 Daily users grew far more slowly, 3% to 3.60 billion in June, so the growth is coming from each user being worth more.25

The regions tell the same story in money. By customer address, the United States and Canada supplied $78.9 billion of 2025 revenue, Asia-Pacific $53.8 billion, Europe $46.6 billion and the rest of the world $21.7 billion; in the June 2026 quarter every region grew by a quarter or more.2627 The one concentration inside those numbers, advertisers based in China buying through a small number of resellers, is covered under Major Clients; Meta's own footnote put China revenue at $18.35 billion in 2024, 11% of the total, before the 2025 annual report dropped the figure.2829

The outlook turns on cost rather than demand. Meta guided third-quarter revenue to $61-64 billion and full-year 2026 expenses to $165-169 billion, and it flagged youth-related trials scheduled this year that may result in a material loss.30 Its research and development rose 67% in the June quarter, including third-party AI token costs.31 Across the first half the segment's revenue grew 31% and its operating income 8%.3233 The FTC's appeal of the breakup ruling, filed on 20 January 2026, is the one legal matter that could change the line's shape rather than its costs.34

The moat here is wide and the business is excellent; the unsettled part is how much of its margin the next phase of AI will absorb. The number to follow is the segment's operating margin, 38.8% in the June 2026 quarter against 53.0% a year earlier: a margin that recovers toward 50% once the one-off charges pass would say the AI spending is paying for itself, and one that stays near 40% would say it is not.35

Moat trajectory: Widening

Revenue growth accelerated to 33% and 28% in the first two quarters of 2026 on more impressions at higher prices; the margin dipped on AI, legal and severance costs.

The number that tests this moat
Moat Explorer calc
Family of Apps operating margin, latest quarter
38.8% in Q2 2026, against 53.0% a year earlier

The June quarter carried $2.4B of legal charges and $1.2B of severance on top of AI costs. A margin back toward 50% once those pass says the AI spending is paying; one near 40% says it is not.

How it's calculated: 23,394 / 60,370 (Q2 2026); 24,971 / 47,146 (Q2 2025).
Source: Meta Q2 2026 results release (Moat Explorer calc) ↗
References
  1. ReportedIt brought in $198,759 million in 2025, 99% of the company's revenue, and earned $102,469 million from operations, a 52% margin.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  2. Moat Explorer calcIt brought in $198,759 million in 2025, 99% of the company's revenue, and earned $102,469 million from operations, a 52% margin.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIn the June 2026 quarter it brought in $60,370 million, up 28%, but earned $23,394 million against $24,971 million a year earlier, because the costs of AI, legal charges and severance landed in the same three months.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  4. ReportedWhat is inside the line is four apps and the services around them: Facebook, Instagram, Messenger, WhatsApp and other services.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  5. ReportedFacebook launched in 2004; Instagram was bought in 2012 and WhatsApp in 2014, the two acquisitions the FTC later sued to unwind and lost.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  6. ReportedFacebook launched in 2004; Instagram was bought in 2012 and WhatsApp in 2014, the two acquisitions the FTC later sued to unwind and lost.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  7. ReportedThe rest, $2,584 million, is other revenue from paid WhatsApp messaging, subscriptions and various smaller sources, and it has more than trebled since 2021.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  8. ReportedThe rest, $2,584 million, is other revenue from paid WhatsApp messaging, subscriptions and various smaller sources, and it has more than trebled since 2021.
    Meta Platforms Form 10-K, FY2023 - Family of Apps revenue $133,006M, $114,450M and $115,655M (other revenue $1,058M, $808M, $721M) and income from operations $62,871M, $42,661M and $56,946M for 2023-2021; Reality Labs revenue $1,896M, $2,159M and $2,274M and loss $16,120M, $13,717M and $10,193M; Reality Labs operating losses expected to increase meaningfully in 2024 — FY2021-FY2023 · publ. February 2, 2024 · source ↗
  9. ReportedThe rest, $2,584 million, is other revenue from paid WhatsApp messaging, subscriptions and various smaller sources, and it has more than trebled since 2021.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  10. Moat Explorer calcThe rest, $2,584 million, is other revenue from paid WhatsApp messaging, subscriptions and various smaller sources, and it has more than trebled since 2021.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  11. ReportedMarketers pay for ads either directly or through agencies and resellers, according to the impressions delivered or the actions, such as clicks, that users take.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  12. ReportedIn 2025 impressions rose 12% and price 9%; in 2024 11% and 10%; in the June 2026 quarter 14% and 12%.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  13. ReportedIn 2025 impressions rose 12% and price 9%; in 2024 11% and 10%; in the June 2026 quarter 14% and 12%.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  14. ReportedMeta also reports revenue per daily user, $16.86 in the June 2026 quarter, up 24% on a year earlier.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  15. ReportedOperating income was $56,946 million in 2021, fell to $42,661 million in 2022, then rose to $62,871 million, $87,109 million and $102,469 million.
    Meta Platforms Form 10-K, FY2023 - Family of Apps revenue $133,006M, $114,450M and $115,655M (other revenue $1,058M, $808M, $721M) and income from operations $62,871M, $42,661M and $56,946M for 2023-2021; Reality Labs revenue $1,896M, $2,159M and $2,274M and loss $16,120M, $13,717M and $10,193M; Reality Labs operating losses expected to increase meaningfully in 2024 — FY2021-FY2023 · publ. February 2, 2024 · source ↗
  16. ReportedOperating income was $56,946 million in 2021, fell to $42,661 million in 2022, then rose to $62,871 million, $87,109 million and $102,469 million.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  17. Moat Explorer calcThe margin moved from 49% to 37% and back to between 47% and 54%.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  18. ReportedThe 2022 fall is the one weak year in the series: revenue slipped 1%, and the 10-K put the damage down to limits on ad targeting and measurement from changes to iOS and the regulatory environment, which pushed the average price per ad down 16%.
    Meta Platforms Form 10-K, FY2022 - average price per ad down 16% in 2022, partially offset by an 18% increase in ad impressions, reflecting limitations on ad targeting and measurement tools arising from changes to iOS and the regulatory environment — FY2022 · publ. February 2, 2023 · source ↗
  19. Moat Explorer calcThe 2022 fall is the one weak year in the series: revenue slipped 1%, and the 10-K put the damage down to limits on ad targeting and measurement from changes to iOS and the regulatory environment, which pushed the average price per ad down 16%.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  20. ReportedRevenue compounded at about 14.5% a year from $115,655 million in 2021 to $198,759 million in 2025, rising 16% in 2023, 22% in 2024 and 22% in 2025.
    Meta Platforms Form 10-K, FY2023 - Family of Apps revenue $133,006M, $114,450M and $115,655M (other revenue $1,058M, $808M, $721M) and income from operations $62,871M, $42,661M and $56,946M for 2023-2021; Reality Labs revenue $1,896M, $2,159M and $2,274M and loss $16,120M, $13,717M and $10,193M; Reality Labs operating losses expected to increase meaningfully in 2024 — FY2021-FY2023 · publ. February 2, 2024 · source ↗
  21. ReportedRevenue compounded at about 14.5% a year from $115,655 million in 2021 to $198,759 million in 2025, rising 16% in 2023, 22% in 2024 and 22% in 2025.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  22. Moat Explorer calcRevenue compounded at about 14.5% a year from $115,655 million in 2021 to $198,759 million in 2025, rising 16% in 2023, 22% in 2024 and 22% in 2025.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  23. ReportedThe latest two quarters were faster still: $55,908 million in the March 2026 quarter, up 33%, and $60,370 million in June, up 28%.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  24. Moat Explorer calcThe latest two quarters were faster still: $55,908 million in the March 2026 quarter, up 33%, and $60,370 million in June, up 28%.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  25. ReportedDaily users grew far more slowly, 3% to 3.60 billion in June, so the growth is coming from each user being worth more.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  26. ReportedBy customer address, the United States and Canada supplied $78.9 billion of 2025 revenue, Asia-Pacific $53.8 billion, Europe $46.6 billion and the rest of the world $21.7 billion; in the June 2026 quarter every region grew by a quarter or more.
    Meta Platforms Form 10-K, FY2025 - Family of Apps revenue $198,759M (advertising $196,175M, other revenue $2,584M) and income from operations $102,469M ($87,109M in 2024); Reality Labs revenue $2,207M ($2,146M) and loss $19,193M ($17,729M), operating margin (870)%; ad impressions +12% and price per ad +9% (2024: +11% and +10%); revenue by customer address US & Canada $78,866M, Asia-Pacific $53,817M, Europe $46,569M, Rest of World $21,714M; 2026 Reality Labs losses expected to remain similar to 2025 — FY2023-FY2025 · publ. January 29, 2026 · source ↗
  27. ReportedBy customer address, the United States and Canada supplied $78.9 billion of 2025 revenue, Asia-Pacific $53.8 billion, Europe $46.6 billion and the rest of the world $21.7 billion; in the June 2026 quarter every region grew by a quarter or more.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  28. ReportedThe one concentration inside those numbers, advertisers based in China buying through a small number of resellers, is covered under Major Clients; Meta's own footnote put China revenue at $18.35 billion in 2024, 11% of the total, before the 2025 annual report dropped the figure.
    Meta Platforms Form 10-K, FY2024 - China revenue $18.35B, $13.69B and $7.40B for 2024, 2023 and 2022; Reality Labs investments and operating losses expected to increase in 2025 — FY2022-FY2024 · publ. January 30, 2025 · source ↗
  29. Moat Explorer calcThe one concentration inside those numbers, advertisers based in China buying through a small number of resellers, is covered under Major Clients; Meta's own footnote put China revenue at $18.35 billion in 2024, 11% of the total, before the 2025 annual report dropped the figure.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  30. ReportedMeta guided third-quarter revenue to $61-64 billion and full-year 2026 expenses to $165-169 billion, and it flagged youth-related trials scheduled this year that may result in a material loss.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  31. ReportedIts research and development rose 67% in the June quarter, including third-party AI token costs.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  32. ReportedAcross the first half the segment's revenue grew 31% and its operating income 8%.
    Meta Q2 2026 results release (Form 8-K exhibit 99.1, 29 July 2026) - Family of Apps includes Facebook, Instagram, Messenger, WhatsApp and other services; Facebook launched in 2004; Family of Apps revenue $60,370M ($47,146M) and income from operations $23,394M ($24,971M); six months $116,278M ($89,048M) and $50,294M ($46,736M); Reality Labs revenue $431M ($370M), loss $4,619M ($4,530M); six months revenue $833M ($782M), loss $8,647M ($8,739M); ad impressions +14%, price per ad +12%; costs include $2.40B of legal charges and $1.18B of severance; Q3 revenue guided $61-64B; 2026 total expenses guided $165-169B; youth-related trials scheduled this year that may result in a material loss — Q2 2026 · publ. July 29, 2026 · source ↗
  33. Moat Explorer calcAcross the first half the segment's revenue grew 31% and its operating income 8%.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
  34. ReportedThe FTC's appeal of the breakup ruling, filed on 20 January 2026, is the one legal matter that could change the line's shape rather than its costs.
    Meta Form 10-Q, quarter ended 30 June 2026 - marketers pay for ad products directly or through advertising agencies or resellers, based on impressions delivered or actions taken; other revenue consists of paid messaging from WhatsApp, subscriptions and other sources; RL revenue is generated from the delivery of consumer hardware such as Meta Quest and AI glasses and related software and content; RL segment costs include inventory, professional services, marketing, infrastructure and facilities; the May 2026 headcount reduction of about 8,000 employees affected both segments; DAP 3.60B (+3%); ARPP $16.86 (+24%); R&D +67% including third-party AI token costs; full-year 2026 Reality Labs losses expected to remain similar to 2025; FTC v. Meta (Instagram 2012, WhatsApp 2014): judgment for Meta 18 November 2025, FTC notice of appeal 20 January 2026; revenue by customer address in every region up 25% or more — Q2 2026 · publ. July 30, 2026 · source ↗
  35. Moat Explorer calcThe number to follow is the segment's operating margin, 38.8% in the June 2026 quarter against 53.0% a year earlier: a margin that recovers toward 50% once the one-off charges pass would say the AI spending is paying for itself, and one that stays near 40% would say it is not.
    Moat Explorer calculation from Meta's Forms 10-K FY2019-FY2025 and Q2 2026 filings: Family of Apps income from operations 2021-2025 $352.1B against Reality Labs losses $77.0B (21.9%); RL loss as share of FoA income 17.9%, 32.2%, 25.6%, 20.4%, 18.7% (2021-2025) and 17.2% (H1 2026); FoA revenue CAGR 2021-2025 14.5%; FoA margin 52% (2025), 38.8% (Q2 2026) against 53.0% (Q2 2025), 52.5% and 43.3% for the halves; FoA Q1 2026 revenue $55,908M (+33%); RL Q1 revenue $402M ($412M), Q1 loss $4,028M ($4,209M); RL loss per revenue dollar about $4.50 (2021) and $8.70 (2025), over $10 in Q2 2026; RL revenue 2021-2025 $10.7B; FoA other revenue up 3.6x since 2021; FoA revenue 140 times RL revenue in Q2 2026; China 11.2% of 2024 revenue; FoA revenue +31% and income +8% in H1 2026 — 2019 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026