Meta's Q3 Was A Great Quarter And The Market Is Getting It Wrong Again

Meta Platforms, Inc. delivered a strong Q3 2026, with 26% YoY revenue growth to $64.60B, beating guidance despite a one-time $9.89B legal charge. Excluding the legal charge, META's operating income rose 11% YoY and EPS would have been $7.40; negative FCF is a timing issue, not structural weakness. Muse adoption is accelerating, with 10M users in 1.5 months; at 1B users, Muse could add $2.97 EPS, a driver not reflected in current valuation.