Meta Platforms is set to report first-quarter results for 2026 on Wednesday, April 29, and investors are heading into the update with a split screen in mind: the company’s growth is still strong, but its spending plans are getting bigger fast.
The meta stock price has already shown how quickly sentiment can change. It fell sharply at one point this year before recovering more recently, and the next earnings report will likely test whether the rebound has room to run. Meta, which reaches more than 3.5 billion people across its apps, trades at about 29 times earnings as it leans deeper into artificial intelligence and infrastructure.
The numbers from the last report were strong enough to justify the optimism. Fourth-quarter revenue surged 24% from a year earlier to $59.9 billion, full-year 2025 revenue rose 22% to more than $200 billion, and net income climbed 9%. Earnings per share increased 11% to $8.88, while operating income rose 6% to $24.7 billion.
Mark Zuckerberg told investors the company was seeing a major AI acceleration and said he expected 2026 to be a year in which that wave accelerates even further on several fronts. He also said Meta would continue to invest very significantly in infrastructure to train leading models and deliver personal superintelligence to billions of people and businesses around the world.
That promise comes with a price. Meta set 2026 capital expenditures at $115 billion to $135 billion, a steep increase from the $72.2 billion it spent in 2025. Management has also said it expects 2026 operating income to be only above 2025 levels, a signal that earnings growth could lag the company’s revenue momentum if the spending cycle stays this heavy.
That is the pressure point for April 29. Meta has shown it can still grow fast at huge scale, but investors now want proof that the AI buildout will not swallow the payoff. The share price has already recovered once this year; the question is whether the numbers can keep it there.
