Reality LabsThin moat

Meta Platforms (META) — moat facet

Revenue the same as in 2021, losses nine times revenue, and a guidance record of saying so in advance: a research budget with a sales line attached.

Reality Labs is the part of Meta that loses money on purpose. It brought in $2,207 million in 2025 and lost $19,193 million from operations, an operating margin the 10-K prints as minus 870%.1 That is about $8.70 lost for every dollar of revenue, and the loss alone was larger than Meta's entire net income in 2019, $18,485 million.23 In the first half of 2026 it brought in $833 million and lost $8,647 million, and Meta expects the full-year loss to be similar to 2025's.45

Reality Labs loss per dollar of revenue ($)$4.482021$6.352022$8.502023$8.262024$8.702025Segment loss / segment revenue; Meta Forms 10-K FY2023 and FY2025
The loss per dollar of sales has nearly doubled since 2021, because spending grew and revenue did not.

What is inside the line is hardware and what runs on it: Meta Quest headsets, AI glasses, and the software and content sold for them; its revenue comes from delivering that hardware and the related software and content.6 The most visible product is Ray-Ban Display, glasses with a built-in screen sold with the Neural Band wristband from September 2025 at $799.7 The case for that product, and for the category, is made under The Future Bets in AI Glasses & the Neural Band; this page is about the segment as a line of business.

The history is a decade of rising losses. Meta has reported the segment separately since the fourth quarter of 2021, with figures going back to 2019.8 Its loss grew $2.12 billion in 2020 and $3.57 billion in 2021, to $10,193 million, then to $13,717 million in 2022, $16,120 million in 2023, $17,729 million in 2024 and $19,193 million in 2025.91011 From 2021 to 2025 alone the losses came to $77.0 billion, against revenue of $10.7 billion over the same five years.12 None of it was a surprise: the 2023 annual report said Meta expected the losses to increase meaningfully in 2024, the 2024 report that they would increase in 2025, and the 2025 report that 2026 would be similar to 2025.131415 Management guided the loss up and then delivered it in 2024 and 2025, and now expects to hold it level.

Revenue has not grown at all. It was $2,274 million in 2021, $2,159 million in 2022, $1,896 million in 2023, $2,146 million in 2024 and $2,207 million in 2025: lower at the end of five years than at the start, with the 2023 dip the only change of note.1617 The latest two quarters were a little better. Revenue was $402 million in the March 2026 quarter against $412 million a year earlier, and $431 million in June against $370 million, up 16%.1819 The losses barely moved: $4,028 million in March against $4,209 million, and $4,619 million in June against $4,530 million.2021 In June the segment still lost more than ten dollars for every dollar it sold.22

Is it profitable? No, and it has never been close. The losses are the cost of building headsets, glasses and their software years ahead of a market for them; besides staff, the 10-Q lists the segment's costs as inventory, professional services, marketing, infrastructure and facilities.23 Every dollar of revenue carries roughly nine dollars of loss, a ratio that has worsened from about $4.50 in 2021 as spending grew and revenue did not.24

The outlook depends on whether glasses become what headsets did not. Meta has said it expects full-year 2026 Reality Labs losses to remain similar to 2025, which means another roughly $19 billion; the first half, at $8,647 million, was running slightly below that pace.2526 The segment also absorbed part of the May 2026 headcount reduction of about 8,000 people, which touched both segments.27 Apple is reported to be preparing its own glasses for 2027 and a display model for 2028, which is the competitive clock this segment is racing.28

The verdict on the segment itself is simple: it has no moat, because it has no profitable business to protect yet. What could change that is revenue, not the loss. Reality Labs revenue growing faster than 50% a year for two years running would say glasses are becoming a real product line; revenue still near $2 billion in 2027 would say the loss is buying research, not a business.

Moat trajectory: Holding steady

Revenue rose 16% in the June 2026 quarter from a flat five-year base, and the loss held near $4.6 billion a quarter; nothing yet points to a business forming.

The number that tests this moat
Moat Explorer calc
Reality Labs loss per dollar of revenue, first half
$10.38 in H1 2026 ($8,647M on $833M), against $11.18 a year earlier

Revenue growing faster than the loss would be the first sign of a business. Below $5 would mean glasses are selling at scale; above $10 means the segment is still mostly research.

How it's calculated: 8,647 / 833 (H1 2026); 8,739 / 782 (H1 2025).
Source: Meta Q2 2026 results release (Moat Explorer calc) ↗
References
  1. ReportedIt brought in $2,207 million in 2025 and lost $19,193 million from operations, an operating margin the 10-K prints as minus 870%.
    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 calcThat is about $8.70 lost for every dollar of revenue, and the loss alone was larger than Meta's entire net income in 2019, $18,485 million.
    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. ReportedThat is about $8.70 lost for every dollar of revenue, and the loss alone was larger than Meta's entire net income in 2019, $18,485 million.
    Facebook Form 10-K, FY2019 - net income $18.48 billion — FY2019 · publ. January 30, 2020 · source ↗
  4. ReportedIn the first half of 2026 it brought in $833 million and lost $8,647 million, and Meta expects the full-year loss to be similar to 2025's.
    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. ReportedIn the first half of 2026 it brought in $833 million and lost $8,647 million, and Meta expects the full-year loss to be similar to 2025's.
    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 ↗
  6. ReportedWhat is inside the line is hardware and what runs on it: Meta Quest headsets, AI glasses, and the software and content sold for them; its revenue comes from delivering that hardware and the related software and content.
    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 most visible product is Ray-Ban Display, glasses with a built-in screen sold with the Neural Band wristband from September 2025 at $799.
    Meta Newsroom - Meta Ray-Ban Display AI glasses with the Meta Neural Band, $799, from September 2025 — September 2025 · publ. September 17, 2025 · source ↗
  8. ReportedMeta has reported the segment separately since the fourth quarter of 2021, with figures going back to 2019.
    Meta Platforms (Facebook) Form 10-K, FY2021 - segment reporting (Family of Apps and Reality Labs) beginning in the fourth quarter of 2021; Reality Labs loss from operations increased $3.57B (54%) in 2021 and $2.12B (47%) in 2020 — FY2019-FY2021 · publ. February 3, 2022 · source ↗
  9. ReportedIts loss grew $2.12 billion in 2020 and $3.57 billion in 2021, to $10,193 million, then to $13,717 million in 2022, $16,120 million in 2023, $17,729 million in 2024 and $19,193 million in 2025.
    Meta Platforms (Facebook) Form 10-K, FY2021 - segment reporting (Family of Apps and Reality Labs) beginning in the fourth quarter of 2021; Reality Labs loss from operations increased $3.57B (54%) in 2021 and $2.12B (47%) in 2020 — FY2019-FY2021 · publ. February 3, 2022 · source ↗
  10. ReportedIts loss grew $2.12 billion in 2020 and $3.57 billion in 2021, to $10,193 million, then to $13,717 million in 2022, $16,120 million in 2023, $17,729 million in 2024 and $19,193 million 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 ↗
  11. ReportedIts loss grew $2.12 billion in 2020 and $3.57 billion in 2021, to $10,193 million, then to $13,717 million in 2022, $16,120 million in 2023, $17,729 million in 2024 and $19,193 million 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 ↗
  12. Moat Explorer calcFrom 2021 to 2025 alone the losses came to $77.0 billion, against revenue of $10.7 billion over the same five years.
    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 ↗
  13. ReportedNone of it was a surprise: the 2023 annual report said Meta expected the losses to increase meaningfully in 2024, the 2024 report that they would increase in 2025, and the 2025 report that 2026 would be similar to 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 ↗
  14. ReportedNone of it was a surprise: the 2023 annual report said Meta expected the losses to increase meaningfully in 2024, the 2024 report that they would increase in 2025, and the 2025 report that 2026 would be similar to 2025.
    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 ↗
  15. ReportedNone of it was a surprise: the 2023 annual report said Meta expected the losses to increase meaningfully in 2024, the 2024 report that they would increase in 2025, and the 2025 report that 2026 would be similar to 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 ↗
  16. ReportedIt was $2,274 million in 2021, $2,159 million in 2022, $1,896 million in 2023, $2,146 million in 2024 and $2,207 million in 2025: lower at the end of five years than at the start, with the 2023 dip the only change of note.
    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 ↗
  17. ReportedIt was $2,274 million in 2021, $2,159 million in 2022, $1,896 million in 2023, $2,146 million in 2024 and $2,207 million in 2025: lower at the end of five years than at the start, with the 2023 dip the only change of note.
    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 ↗
  18. ReportedRevenue was $402 million in the March 2026 quarter against $412 million a year earlier, and $431 million in June against $370 million, up 16%.
    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 ↗
  19. Moat Explorer calcRevenue was $402 million in the March 2026 quarter against $412 million a year earlier, and $431 million in June against $370 million, up 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. ReportedThe losses barely moved: $4,028 million in March against $4,209 million, and $4,619 million in June against $4,530 million.
    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 ↗
  21. Moat Explorer calcThe losses barely moved: $4,028 million in March against $4,209 million, and $4,619 million in June against $4,530 million.
    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 ↗
  22. Moat Explorer calcIn June the segment still lost more than ten dollars for every dollar it sold.
    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 losses are the cost of building headsets, glasses and their software years ahead of a market for them; besides staff, the 10-Q lists the segment's costs as inventory, professional services, marketing, infrastructure and facilities.
    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 ↗
  24. Moat Explorer calcEvery dollar of revenue carries roughly nine dollars of loss, a ratio that has worsened from about $4.50 in 2021 as spending grew and revenue did 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 ↗
  25. ReportedMeta has said it expects full-year 2026 Reality Labs losses to remain similar to 2025, which means another roughly $19 billion; the first half, at $8,647 million, was running slightly below that pace.
    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. ReportedMeta has said it expects full-year 2026 Reality Labs losses to remain similar to 2025, which means another roughly $19 billion; the first half, at $8,647 million, was running slightly below that pace.
    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 ↗
  27. ReportedThe segment also absorbed part of the May 2026 headcount reduction of about 8,000 people, which touched both segments.
    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. Third-party estimateApple is reported to be preparing its own glasses for 2027 and a display model for 2028, which is the competitive clock this segment is racing.
    Reported Apple smart-glasses roadmap (Tom's Guide) - iPhone-paired glasses reported for about 2027 and a display model for about 2028 — 2026 · publ. 2026 · source ↗
Sources
Generated September 23, 2026