Meta Platforms reported Q3 2026 revenue of $64.6 billion, up 26% year-over-year and above consensus, driven by 26% advertising growth and higher ad prices, yet shares fell roughly 7% post-release amid a $9.89 billion legal charge, negative free cash flow from $34.9 billion quarterly capex, and an upward revision to full-year capex guidance of $135–145 billion. The company also announced a new non-voting Class C share class and priced $37.5 billion in equity offerings to fund AI infrastructure, contributing to near-term dilution concerns. At approximately $623, META trades at a forward P/E near 19x with analyst consensus targets around $848 amid strong ad momentum and early Muse AI traction, though heavy spending continues to pressure margins and cash flow as October concludes.