Meta Platforms reported on Oct. 21, 2026, that third-quarter revenue rose 26% to $64.60 billion and raised the lower end of its annual capital spending outlook. The results put expanding advertising demand alongside a larger minimum infrastructure commitment.
Advertising growth outpaces audience growth
In its earnings release, Meta said ad impressions increased 10% from a year earlier and the average price per ad rose 14%. Daily users across its family of apps averaged 3.64 billion in September, up 3%.
The company’s July update had forecast third-quarter revenue of $61 billion to $64 billion. The reported result exceeded that range. In the second quarter, impressions grew 14% and average ad prices increased 12%.
Spending guidance narrows upward
Meta now anticipates 2026 capital expenditures, including principal payments on finance leases, of $135 billion to $145 billion, compared with the previous $130 billion to $145 billion range. Third-quarter spending on that measure was $34.91 billion.
It forecast fourth-quarter revenue of $73 billion to $76 billion. That is an outlook, not revenue already earned.
For advertisers, aggregate pricing growth is not a measure of their own campaign returns. For business leaders evaluating AI infrastructure economics, revenue growth and capital commitments answer different questions: demand can expand while the cash required to support the platform also increases.
The change in the spending range raises its floor without increasing its ceiling. Procurement and finance teams should preserve that distinction rather than describing the update as a new maximum budget.