Meta Q3 earnings updates: Investors want updates on AI and capex, with the stock up 28% in 2025

Meta CEO Mark Zuckerberg speaks at the 2025 Meta Connect conference in Menlo Park, California, on September 17, 2025.

BENJAMIN LEGENDRE/AFP via Getty Images

It’s earnings day for Meta.

The social media giant is one of “hyperscalers” at the heart of Wall Street’s AI trade, and updates on its AI ambitions will likely be the highlight of its third-quarter report after the bell on Wednesday.

Wall Street expects revenue of $49.5 billion, and investors will be waiting to hear more on its plans for capex and how it will monetize AI. Meta recently invested $14 billion in Scale AI with the goal of reaching AI “superintelligence.”

Overall, Wall Street analysts remain bullish on the social media company, looking for positive updates on the trajectory of AI, but also ad spend, Instagram Reels, and devices.

Meta’s earnings will be released shortly after the closing bell, with the analyst call scheduled for 4:30 p.m. ET.

Wall Street is predicting Q3 revenue of $49.5 billion and EPS of $6.72

THIRD QUARTER

Revenue estimate $49.57 billion
Advertising rev. estimate $48.57 billion
Family of Apps revenue estimate $49.02 billion
Reality Labs revenue estimate $317 million
Other revenue estimate $597 million
Operating income estimate $19.47 billion
Family of Apps operating income estimate $24.77 billion
Reality Labs operating loss estimate $5.18 billion
Operating margin estimate 39.3%
EPS estimate $6.72
Ad impressions estimate +10.8%
Average price per ad estimate +10.5%
Average Family service users per day estimate 3.48 billion
FOURTH QUARTER
Revenue estimate $57.35 billion
Capital expenditure estimate $21.13 billion
YEAR
Total expenses estimate $115.63 billion
Capital expenditure estimate $69.29 billion

Source: Bloomberg

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