What can we learn from Meta’s AI data?

A first look at Meta’s SEC filings. No conclusions yet.

How much is Meta investing in infrastructure?

Capital expenditure and R&D, in billions of dollars. Capex includes principal payments on finance leases, the way Meta reports it. Meta expects $130–145 billion of capex for 2026.

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Capital expenditureR&D

How much operating profit does Meta make?

Revenue minus operating expenses, including depreciation. In billions of dollars.

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How much free cash flow does Meta make?

Operating cash flow minus capital expenditure. In billions of dollars.

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How quickly is Meta’s revenue growing?

Total revenue, in billions of dollars. Almost all of it is advertising.

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How fast is revenue growing?

Change from the same period one year earlier.

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Which part of Meta makes the money?

Operating income by segment, in billions of dollars. Family of Apps is Facebook, Instagram, WhatsApp and Messenger. Reality Labs is headsets, glasses and the metaverse. Meta has reported the two segments since 2022.

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Family of AppsReality Labs

Is Meta making intelligence cheaper?

Meta’s language models, newest first. Score is the Artificial Analysis Intelligence Index as of August 2026, with older models rescored on the same index. Prices are per one million tokens, input / output, as listed by Artificial Analysis. For open-weight models the price is set by whoever hosts the model, not by Meta.

Released	Model	Weights	Size	Score	Price
Aug 2026	Muse Glimmer (high)	Open	30B	35.1	$0.325 / $1.35
Aug 2026	Muse Spark 1.2 (xhigh)	Closed	—	56.8	$1.25 / $4.25
Jul 2026	Muse Spark 1.1 (xhigh)	Closed	—	53.2	$1.25 / $4.25
Apr 2026	Muse Spark	Closed	—	44.3	—
Apr 2025	Llama 4 Scout	Open	109B (17B active)	10.3	$0.18 / $0.66
Apr 2025	Llama 4 Maverick	Open	402B (17B active)	14.5	$0.27 / $0.85
Dec 2024	Llama 3.3 Instruct 70B	Open	70B	9.3	$0.655 / $0.72
Sep 2024	Llama 3.2 Instruct 90B (Vision)	Open	90B	6.0	—
Sep 2024	Llama 3.2 Instruct 1B	Open	1B	1.0	—
Sep 2024	Llama 3.2 Instruct 3B	Open	3B	3.9	—
Sep 2024	Llama 3.2 Instruct 11B (Vision)	Open	11B	3.0	$0.345 / $0.345
Jul 2024	Llama 3.1 Instruct 8B	Open	8B	7.4	$0.02 / $0.05
Jul 2024	Llama 3.1 Instruct 70B	Open	70B	6.5	$0.56 / $0.56
Jul 2024	Llama 3.1 Instruct 405B	Open	405B	8.3	—
Apr 2024	Llama 3 Instruct 70B	Open	70B	3.1	$0.65 / $2.75
Apr 2024	Llama 3 Instruct 8B	Open	8B	1.0	$0.045 / $0.145
Jul 2023	Llama 2 Chat 7B	Open	7B	3.9	$0.05 / $0.25
Jul 2023	Llama 2 Chat 13B	Open	13B	2.6	—
Jul 2023	Llama 2 Chat 70B	Open	70B	2.6	—
Feb 2023	Llama 65B	Open	65B	1.7	—

Llama models were released with open weights. Since Muse Spark in April 2026, Meta’s main models have been closed. Sizes are Meta’s published parameter counts.

Sources: Meta 10-K, 10-Q and 8-K filings filed with the SEC; Artificial Analysis for model scores and prices. Free cash flow is calculated as operating cash flow minus capital expenditure, including principal payments on finance leases. Capital expenditure and R&D include non-AI spending. Segment income for 2020 and 2021 is only reported yearly and is left out.