Meta 三季度业绩超预期，营收 646 亿美元同比增长 26%
Meta Beats Q3 Expectations With Strong Earnings
- 1Meta 三季度营收 646 亿美元、广告收入 631 亿美元，均同比增长 26%
- 299 亿美元青少年心理健康和解税前费用，令三季度 GAAP 营业利润同比降 37% 至 130 亿美元
- 3官方称 GEM 模型使应用广告转化提升 9.6%，近 1000 万广告主使用生成式 AI 创意工具
- 4本季度资本开支 349 亿美元，投向服务器、数据中心与网络基础设施
Meta 财报显示 AI 已从投入叙事变成广告收入的当期驱动，同时 99 亿美元和解费用把平台合规风险一次性计入利润表。
- 影响：对广告主，单次广告均价同比涨 14%，投放成本抬升，但官方称 AI 优化带来的转化改善可部分对冲；生成式创意工具已有近 1000 万广告主使用，营销团队需评估对平台工具链的依赖；青少年和解也提示平台合规成本会继续影响其利润结构。
- 参考：可考虑按 14% 的均价涨幅重算下季度 Meta 投放预算假设；值得用自家素材与平台生成式创意工具做小规模转化对比，再决定绑定深度；涉及青少年或敏感人群的品牌可同步自查投放合规边界。
- 依据：各数字均出自 Meta 财报电话会官方口径，暂无独立验证；GEM 转化提升 1.7% 与 9.6%、99 亿美元和解费用、均价上涨 14% 均为公司披露数据。
The numbers
$64.6 billion — Total Q3 revenue, up 26% year over year.
$63.1 billion — Total advertising revenue, up 26% year over year.
10% — Year-over-year increase in ad impressions delivered across services.
14% — Global average price increase per ad compared to Q3 2025.
$9.9 billion — Pre-tax charge recognized in Q3 total expenses tied to the August 2026 Multi-State Attorneys General Agreement related to the platform’s handling of youth mental health.
$13 billion — Q3 GAAP operating income, down 37% year over year (representing a 20% operating margin).
$34.9 billion — Capital expenditures for the quarter, driven by investments in servers, data centers, and network infrastructure.
The watercooler talk
Meta’s advertising business continued to grow in the third quarter, with ad revenue rising 26% year over year to $63.1 billion. The company said ad impressions increased 10%, driven by user engagement growth and ad load optimizations, while the global average price per ad rose 14% due to ad performance gains and improved macro conditions.
AI was a major theme on the call. Meta said its AI investments are already generating incremental advertising revenue through stronger engagement, improved recommendations, and more efficient monetization. The company highlighted several AI-driven advertising improvements. Its GEM model lifted conversions by 1.7% for off-site conversion campaigns and 9.6% for app ads conversions.
Advertisers are also adopting Meta’s generative AI creative tools, with nearly 10 million using at least one in the third quarter. Meanwhile, partnership ads grew more than 97% year over year and surpassed a $15 billion annual revenue run rate.
However, a legal settlement charge heavily compressed quarterly profitability. Meta recognized a $9.9 billion pre-tax charge in Q3 total expenses tied to the August 2026 Multi-State Attorneys General Agreement related to the company’s settlement of lawsuits over its handling of youth health on the platform. The charge dragged Q3 GAAP operating income down 37% year over year to $13 billion (a 20% operating margin). CFO Susan Li emphasized during the call that excluding this legal settlement charge, operating income would have increased 11% year over year.
Key Quote
Meta is betting that its investments in artificial intelligence will help advertisers get better results and drive further growth in its core business. The company pointed to improvements in ad recommendations, engagement,and conversion rates as evidence that its AI spending is beginning to pay off.
“Our AI investments are already delivering substantial incremental advertising revenue through stronger engagement, better recommendations, and more efficient monetization,” – Susan Li, Meta’s chief financial officer.
The comments show how Meta is positioning AI not just as a long-term investment, but as a way to improve the performance of its advertising business today.
来源：Adweek · adweek.com