Meta: The Price Of Staying Ahead Of Its Ambitions

Meta Platforms is rated Buy, with shares ~20% below peak and long-term pricing power supporting heavy spending. Meta posted negative free cash flow of $2.12 billion in Q3 2026, but price per ad rose 14% and outgrew impressions for the first time since early 2025. Excluding the $9.89 billion legal charge, the operating margin was 35%, and costs have now outpaced revenue for five straight quarters.