Meta Platforms — Oct 29, 2025 release

____________________________________ (1) For more information on our free cash flow non-GAAP financial measure, see the sections entitled "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Results" in this press release. 1 CFO Outlook Commentary We expect fourth quarter 2025 total revenue to be in the range of $56-59 billion. Our guidance assumes foreign currency is an approximately 1% tailwind to year-over-year total revenue growth, based on current exchange rates. Our outlook reflects an expectation for continued strong ad revenue growth, partially offset by lower year-over-year Reality Labs revenue in the fourth quarter. The anticipated reduction in Reality Labs revenue is due to us lapping the introduction of Quest 3S in the fourth quarter of last year as well as retail partners procuring Quest headsets during the third quarter of this year to prepare for the holiday season, which were recorded as revenue in the third quarter. We expect full year 2025 total expenses to be in the range of $116-118 billion, updated from our prior outlook of $114-118 billion and reflecting a growth rate of 22-24% year-over-year. We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion. Absent any changes to our tax landscape, we expect our fourth quarter 2025 tax rate to be 12-15%. We are at an exciting point for our company, where we have continued runway to improve our core services today as well as the opportunity to build new AI-powered experiences and servi