Meta Platforms, Inc. delivered robust Q1 results with 33% YoY revenue growth, strong ad momentum, and resilient user engagement despite mature platforms. EPS was inflated by a one-time $8B tax benefit; underlying performance remains solid, driven by 19% ad impression and 12% price-per-ad growth. CapEx guidance for 2026 increased to $125–$145B, raising near-term FCF concerns but supporting long-term AI and platform investments.