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Meta Platforms reported Q2 2026 financial results on July 29, 2026, missing earnings expectations despite a revenue beat. Total revenue rose 28% year--over--year to $60.80 billion, but diluted earnings per share (EPS) of $6.18 fell short of the $7.17 consensus. The company's operating margin contracted to 31% as total expenses surged 55% to $42.03 billion, driven by $31.1 billion in AI--related capital expenditures and $2.4 billion in legal charges. Free cash flow declined 91% to $784 million. Shares fell approximately 9.6% following the announcement as the company narrowed its full--year 2026 capex guidance to $130–$145 billion, highlighting the intensive investment required for its "personal superintelligence" ecosystem.