For five consecutive quarters, Meta Platforms did something that very few companies at its scale manage to pull off. Why Meta's Q2 earnings missed and what it actually meansThe revenue number was fine. Meta posted $60.8 billion in total revenue for Q2 2026, up 28% year on year and ahead of the $60.2 billion Street estimate. Advertising revenue was $59.4 billion, slightly above the $58.9 billion consensus. Full-year 2026 capex guidance was narrowed to $130 billion to $145 billion from a prior range of $125 billion to $145 billion.