Meta Platforms, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Highlights

  • Daily active users across Meta’s family of apps reached an estimated 3.56 billion in March 2026, essentially flat quarter-over-quarter due to external disruptions (Iran outages and WhatsApp blocks in Russia). Excluding these, DAUs would have grown.
  • Total Q1 2026 revenue was $56.3 billion, up 33% year-over-year (29% on a constant currency basis).
  • Family of Apps (FoA) ad revenue was $55 billion, up 33% year-over-year.
  • Ad impressions increased 19% year-over-year, with average price per ad rising 12%.
  • Reality Labs revenue was $402 million, down 2% year-over-year due to softer Quest sales but offset by strong AI glasses growth.
  • Net income was $26.8 billion ($10.44 EPS). Excluding an $8.03 billion tax benefit tied to prior R&D capitalization rules, adjusted EPS would be $7.31.

Engagement & Product Trends

  • Instagram Reels time spent increased 10% quarter-over-quarter due to ranking improvements.
  • Facebook global video watch time increased more than 8%—largest quarterly increase in four years.
  • AI-translated video consumption exceeds 500 million weekly viewers on both Facebook and Instagram.
  • Meta AI interactions have increased by double‑digit percentages after launching the MuSpark-powered version.

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Operator: Good afternoon. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to Meta's First Quarter 2026 Earnings Conference Call. [Operator Instructions] And this call will be recorded. Thank you very much. Kenneth Dorell, Meta's Director of Investor Relations. You may begin. Kenneth Dorell: Thank you. Good afternoon, and welcome to Meta Platform's First Quarter 2026 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our annual report on Form 10-K filed with the SEC. We undertake no obligation to update any forward-looking statement. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investor.atmeta.com. And now I'd like to turn the call over to Mark. Mark Zuckerberg: All right. Hey, everyone. Thanks for joining today. We had a strong quarter for our community, our business and our progress towards AI. More than 3.5 billion people use at least one of our apps every day. We saw a small decrease in

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