Meta Platforms reported strong Q3 2026 results on October 21, with revenue rising 26% year-over-year to $64.6 billion and beating consensus, driven by 26% advertising growth and initial traction for the Muse AI agent. Adjusted EPS reached $7.40 after excluding a $9.89 billion legal settlement charge that weighed on GAAP figures. Management guided Q4 revenue to $73–76 billion while narrowing full-year capex to $135–145 billion, reflecting sustained AI infrastructure spending that pressured free cash flow. Shares fell roughly 7% post-earnings to trade near $615 by late October, trading at about 19–20 times 2027 earnings estimates despite analyst consensus targets averaging around $830–850. Traders are weighing resilient ad momentum and AI milestones against margin compression and execution risks heading into the final weeks of November.