Meta: A Business Far More Profitable Than It Looks

Meta Platforms, Inc. remains a Strong Buy as core business strength and robust ad growth outweigh near-term spending and legal charges. META's 2026 operating income is set to exceed 2025, excluding a $9.89B legal charge, with underlying margins near 35%. Muse, Meta's AI assistant, shows early monetization potential, but any material fee contribution likely begins in 2027.