Meta's Q1 2026 earnings are in, and it looks like Zuckerberg's blank check for AI spending is raising some eyebrows

Meta reported Q1 2026 revenue of $56.31 billion, up 33% year over year and driven mainly by its Family of Apps.

Spending climbed to $33 billion, and full-year capex guidance rose to $125 billion-$145 billion as AI infrastructure costs increased.

Reality Labs brought in just $402 million, while Quest and Ray-Ban AI glasses growth appeared slower than investors expected.

Shares fell after the earnings report as the market weighed strong ad growth against rising costs and uncertain hardware execution.