MENLO PARK, Calif., Oct. 22, 2026 | Meta Platforms reported third-quarter revenue of $64.60 billion, up 26% from a year earlier, and raised the low end of its 2026 capital spending outlook to $135 billion from $130 billion, according to Stocktwits. Meta's board also approved a new class of nonvoting Class C shares, disclosed in a filing Wednesday, that the company could use to help pay for its AI spending, Quartz reports.
What Meta Reported
Revenue topped analyst estimates of about $63.34 billion, per Stocktwits. Earnings per share were $3.83, which includes a $9.89 billion legal settlement charge. Excluding that charge and its tax impact, Stocktwits puts EPS at $7.40. Meta guided fourth-quarter revenue to $73 billion to $76 billion. Raising the low end of capital spending to $135 billion puts the midpoint of the range at $140 billion, according to Stocktwits. Our AI spending statistics page tracks how the big technology companies' budgets compare.
Meta shares were nearly 2% lower in premarket trading Thursday and were up more than 7% for the year, per Stocktwits. A CNBC headline from Thursday put the drop at 6%.
Per Quartz, Meta plans to pay a dividend of one Class C share for each existing share, which the company expects to work like a two-for-one split for Class A stock. Class C shares carry no voting rights. The article gives no dollar figures or share counts, and says only that Meta "could" use the stock to fund AI spending, so no financing plan has been stated.
Semafor first reported the plan on Wednesday, citing people familiar with the matter. It said the aim was to raise equity without diluting CEO Mark Zuckerberg's voting control, and that Meta declined to comment at that time. Semafor also noted that Alphabet introduced nonvoting shares in 2014 and issued $85 billion in new stock earlier this year to support its AI investments. Issuing more shares could dilute existing shareholders' economic interests, Investing.com notes in its report of the Semafor story. Our guide to Meta AI covers the products the spending supports.
Analysis: What the Quarter Shows
The revenue beat was about 2% ($64.60 billion against $63.34 billion), and the settlement charge accounts for $3.57 of the gap between reported and adjusted EPS ($7.40 minus $3.83). The capital spending change is smaller than the headline suggests: moving the low end from $130 billion to $135 billion is a 3.8% increase to that end of the range.
Analyst reactions split on financing. TD Cowen expects Meta to issue equity or debt to fund AI infrastructure over the coming years and cut its price target to $850 from $865, per Stocktwits. Barclays, on the other hand, called Meta's Muse AI a "game changer" for its investment narrative.
Frequently Asked Questions
What are Meta's new Class C shares?
Meta's board approved a new class of nonvoting Class C shares, disclosed in a filing on October 21, 2026. Meta plans to pay one Class C share for each existing share, and the company could use the shares to help fund AI spending.
How much will Meta spend on AI infrastructure in 2026?
Meta raised the low end of its 2026 capital expenditure outlook to $135 billion from $130 billion, which Stocktwits reports puts the midpoint at $140 billion.