Meta reported $47.52 billion in revenue for the second quarter of 2025, reflecting a 22% year-over-year increase. This growth remained consistent across both reported and constant currency metrics, reinforcing the platform’s global momentum. The rise in revenue coincided with a 9% increase in average ad pricing, indicating strong demand.

And both Meta and Microsoft were already on track to spend more than 30% of this year’s revenue on capital expenditures, compared with about 15% to 20% historically. Those outlays were already beginning to look like mere table stakes after Google parent Alphabet used its report last week to bump up its own capex spending plans for this year to $85 billion.