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Why did Meta's profit fall 37%?
Meta's operating profit (what the business earns before interest and tax) was $13.0B in July to September, down from $20.5B a year earlier.
But that includes a one-time $9.9B charge. It's part of a deal with 52 state attorneys general over teen mental health and social media.
Take the bill out and profit was $22.9B. That's up 11% on last year.
Revenue grew 26% to $64.6B.
The catch: - The bill is real money, and the full deal is worth up to about $18.6B over time. - Net profit jumped 264%, but mostly because last year had a huge tax bill (an 87% tax rate). - The bigger squeeze is cash. Meta spent $34.9B on data centres and equipment this quarter, more than its business brought in, so free cash flow was −$2.1B.
Source: Meta Q3 2026 results, 21 Oct 2026.
