Meta Q2 2025 Earnings Preview: AI Spend in Focus

Meta reports after the bell on July 30, 2025. Consensus implies gains of roughly 15% in revenue versus last year's $39.07 billion and 14% in EPS versus $5.16. Shares are up 21% year-to-date and 5% below the Jun 30 intraday record $747.90.

Investors will watch CapEx discipline, with guidance now sitting between $64 to $72 billion for 2025, an increase from the prior outlook. Holding that range or outlining offsetting OpEx cuts would ease FCF worries. Still, Meta's aggressive hiring packages aimed at top AI talent could inflate expenses and offset any savings.

Investors will also focus on the core ad engine. Maintaining ad-impression growth near Q1's 5% and price-per-ad gains around 10% YoY is critical to validating the nearly $44 billion ad-sales target and protecting Family-of-Apps margins. Reality Labs' losses of about $4 billion are expected, and any traction from smart-glasses or mixed-reality headsets could temper the bleed.

A beat combined with positive commentary from CEO Mark Zuckerberg on AI trends would support the stock's 28 forward P/E, but another spending hike or signs of ad-demand fatigue may outweigh earnings upside.