Meta Q4 Revenue Up 24% as AI Capex Guided to $115‑135B in 2026

**TL;DR**: Meta's Q4 2025 revenue rose 24% to $59.9 billion, and the company guided 2026 capital expenditures to $115‑135 billion to fund AI infrastructure. CEO Mark Zuckerberg said the firm is witnessing a major AI acceleration.

Meta reported strong advertising demand across its apps in the fourth quarter, driving the revenue increase. The result came despite a broader market pullback that had earlier weighed on tech shares. Analysts noted the contrast between top‑line strength and rising costs.

For the full year 2025, Meta’s revenue exceeded $200 billion, marking a 22% annual gain. Net income grew only 9% in Q4, and operating income rose just 6%, showing profit pressure from higher spending. The company holds about $82 billion in cash and marketable securities, giving it flexibility to fund large investments.

Meta’s Q4 revenue of $59.9 billion represents a 24% year‑over‑year increase. The full‑year 2025 figure of over $200 billion reflects a 22% rise. For 2026, the firm expects to spend between $115 billion and $135 billion on capital expenditures, up from $72.2 billion in 2025. This range covers data centers, servers, and other hardware needed for AI workloads.

During the earnings call, CEO Mark Zuckerberg stated, "We are now seeing a major AI (artificial intelligence) acceleration." He added that Meta will continue to invest heavily in infrastructure to train leading models and deliver personal superintelligence to billions of users. The term "capital expenditures" refers to money spent on physical assets such as buildings and equipment.

The revenue surge shows that Meta’s core advertising business remains robust, but the massive capex plan signals a shift toward a more capital‑intensive model centered on AI. Higher spending on data centers and research could keep operating income growth modest in the near term. Management warned that 2026 operating income will only be "above" 2025 levels, suggesting limited profit expansion this year.

Investors must weigh the potential long‑term payoff of AI against short‑term profit pressure. Meta’s price‑to‑earnings ratio sits around 29, which is not cheap but not extreme given its 3.5 billion daily active users. The firm’s strong cash position allows it to sustain several years of heavy investment if needed.

Watch Meta’s first‑quarter 2026 earnings release on April 29 for updates on revenue trends and any changes to its capital‑expenditure outlook.