META — what changed in the latest 10-Q
A section-by-section comparison of META's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-30 vs the prior 10-Q · 2026-04-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +36 | −26 | ~33 | 32 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | Text added/removed | +21 | −18 | ~2 | 9 |
| Risk factors | Some risk factors updated | +7 | −5 | ~36 | 286 |
| Other information | Text added/removed | +1 | −3 | ~2 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-30
Income from operations for the second quarter of 2026 was $18.78 billion, a decrease of $1.67 billion, or 8%, compared to the second quarter of 2025, driven by higher costs and expenses. The increase in costs and expenses was primarily due to increases in employee compensation, including severance e…
•Effective tax rate was 16% for the three months ended June 30, 2026.
•Headcount was 75,472 as of June 30, 2026, a decrease of 1% year-over-year. Our reported headcount includes approximately 8,000 employees impacted by the May 2026 headcount reduction, the majority of whom will no longer be reflected in our headcount by the end of the third quarter of 2026.
•Family daily active people (DAP) was 3.60 billion on average for June 2026, an increase of 3% year-over-year.
•Ad impressions delivered across our Family of Apps in the second quarter of 2026 increased by 14% year-over-year.
Text removed vs the prior filing · source: 10-Q · 2026-04-30
Income from operations for the first quarter of 2026 was $22.87 billion, an increase of $5.32 billion, or 30%, compared to the first quarter of 2025, driven by an increase in advertising revenue, partially offset by an increase in costs and expenses. The increase in costs and expenses was mainly due…
•Effective tax rate was (23)% for the three months ended March 31, 2026. This rate reflects an income tax benefit of $8.03 billion related to the U.S. Corporate Alternative Minimum Tax transitional relief under Treasury Notice 2026-7. Excluding this tax benefit, the effective tax rate would have bee…
•Family daily active people (DAP) was 3.56 billion on average for March 2026, an increase of 4% year-over-year.
•Ad impressions delivered across our Family of Apps in the first quarter of 2026 increased by 19% year-over-year.
•Average price per ad in the first quarter of 2026 increased by 12% year-over-year.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-07-30
We have identified below certain significant matters, some of which may be material. There can be no assurance that additional material losses or limitations on our activities will not result from claims that have not yet been asserted or are not yet determined to be material.
Beginning on March 20, 2018, multiple putative class actions were filed in state and federal courts in the United States and elsewhere against us and certain of our directors and officers alleging various causes of action in connection with our platform and user data practices as well as the misuse …
several of the cases brought on behalf of consumers in the United States were consolidated in the U.S. District Court for the Northern District of California (In re Facebook, Inc., Consumer Privacy User Profile Litigation). On December 22, 2022, the parties entered into a settlement agreement to res…
On May 3, 2023, the FTC filed a public administrative proceeding (In the Matter of Facebook, Inc.) seeking substantial changes to the modified consent order, which took effect in April 2020 after its entry by the U.S. District Court for the District of Columbia. The changes sought by the FTC are set…
On November 29, 2023, we separately filed a complaint, also in the U.S. District Court for the District of Columbia (Meta Platforms, Inc. v. FTC), asserting constitutional challenges to the structure of the FTC, and seeking to preliminarily enjoin the FTC proceeding during the pendency of the litiga…
Text removed vs the prior filing · source: 10-Q · 2026-04-30
Beginning on March 20, 2018, multiple putative class actions were filed in state and federal courts in the United States and elsewhere against us and certain of our directors and officers alleging various causes of action in connection with our platform and user data practices as well as the misuse …
became final on May 14, 2025. In addition, our platform and user data practices, as well as the events surrounding the misuse of certain data by a developer, became the subject of U.S. Federal Trade Commission (FTC), state attorneys general, and other government inquiries in the United States, Europ…
On May 3, 2023, the FTC filed a public administrative proceeding (In the Matter of Facebook, Inc.) seeking substantial changes to the modified consent order, which took effect in April 2020 after its entry by the U.S. District Court for the District of Columbia. The changes sought by the FTC are set…
On November 29, 2023, we separately filed a complaint, also in the U.S. District Court for the District of Columbia (Meta Platforms, Inc. v. FTC), asserting constitutional challenges to the structure of the FTC, and seeking to preliminarily enjoin the FTC proceeding during the pendency of the litiga…
On April 1, 2024, we filed our response to the FTC's Order to Show Cause, arguing, among other things, that the Order to Show Cause proceeding was legally improper. Per FTC orders, we completed briefing on threshold legal issues on July 18, 2024, and the FTC held oral argument before the Commissione…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-07-30
equipment and components for our technical infrastructure that are manufactured by a small number of third parties, often with significant operations in a single region such as Asia. Any of the foregoing delays or disruptions, including actions by governments or geopolitical events such as internati…
To calculate our estimates of DAP, we currently use a series of machine learning models that are developed based on internal reviews of limited samples of user accounts and calibrated against user survey data. We apply significant judgment in designing these models and calculating these estimates. F…
inaccuracies in our metrics or estimates, we may be subject to liability, our reputation may be harmed, and marketers and developers may be less willing to allocate their budgets or resources to our products that deliver ad impressions, which could negatively affect our business and financial result…
We are exposed to inventory risks with respect to our consumer hardware products as a result of rapid changes in
We are engaged in ongoing privacy compliance and oversight efforts, including in connection with our modified consent order with the FTC, requirements of the GDPR and UK GDPR, and other current and anticipated regulatory and
Text removed vs the prior filing · source: 10-Q · 2026-04-30
manufacturers, or other third-party providers to continue their operations to manufacture, or limit or eliminate our ability to purchase, key components of our technical infrastructure.
To calculate our estimates of DAP, we currently use a series of machine learning models that are developed based on internal reviews of limited samples of user accounts and calibrated against user survey data. We apply significant judgment in designing these models and calculating these estimates. F…
We are exposed to inventory risks with respect to our consumer hardware products as a result of rapid changes in product cycles and pricing, unsafe or defective merchandise, supply chain disruptions, changes in consumer demand and consumer spending patterns, changes in consumer tastes with respect t…
We are engaged in ongoing privacy compliance and oversight efforts, including in connection with our modified consent order with the FTC, requirements of the GDPR and UK GDPR, and other current and anticipated regulatory and legislative requirements around the world, such as U.S. state privacy laws,…
The potential risks relating to any of the foregoing types of claims are currently enhanced in certain jurisdictions outside the United States where our protection from liability for third-party actions may be unclear or where we may be less protected under local laws than we are in the United State…
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-30
On May 29, 2026, Aaron Anderson, our Chief Accounting Officer, modified an existing trading plan (Original Trading Arrangement), which was adopted on February 6, 2026 and scheduled to terminate on January 14, 2028, subject to early termination for certain specified events set forth in the Original T…
Text removed vs the prior filing · source: 10-Q · 2026-04-30
On February 6, 2026, Aaron Anderson, our Chief Accounting Officer, entered into a trading plan that provides for the sale of up to all of the net shares received from two quarterly settlements of the restricted stock units underlying Mr. Anderson's outstanding equity awards and any future equity awa…
On February 25, 2026, Robert M. Kimmitt, a member of our board of directors, entered into a trading plan that provides for the sale of an aggregate of 1,504 shares of our Class A common stock. The plan will terminate on August 3, 2026, subject to early termination for certain specified events set fo…
On February 25, 2026, C.J. Mahoney, our Chief Legal Officer, entered into a trading plan that provides for the sale of 65% of the net shares received during the duration of the plan pursuant to Mr. Mahoney's outstanding equity award and any future equity award grants. The plan will terminate on May …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice