Meta's metaverse bill, priced quarterly
Reality Labs brought in $431M and lost $4.6B doing it last quarter - the metaverse bet, priced quarterly.
Data as of 2026-08-26 · full META report · fact sheet
Apps pay, Reality Labs spends
Reality Labs brought in $431M and lost $4.6B doing it last quarter - the metaverse bet, priced quarterly. Meta reports the two halves separately in every 10-Q, which makes the bet unusually easy to track: one segment funds the other.
MetaMETAWhat does the metaverse bet cost each quarter?
| Period | Family of Apps | Reality Labs |
|---|---|---|
| 2021Q1 | 198.0M | 534.0M |
| 2021Q2 | 192.0M | 305.0M |
| 2021Q3 | 176.0M | 558.0M |
| 2022Q1 | 215.0M | 695.0M |
| 2022Q2 | 218.0M | 452.0M |
| 2022Q3 | 192.0M | 285.0M |
| 2023Q1 | 205.0M | 339.0M |
| 2023Q2 | 225.0M | 276.0M |
| 2023Q3 | 293.0M | 210.0M |
| 2024Q1 | 380.0M | 440.0M |
| 2024Q2 | 389.0M | 353.0M |
| 2024Q3 | 434.0M | 270.0M |
| 2025Q1 | 510.0M | 412.0M |
| 2025Q2 | 583.0M | 370.0M |
| 2025Q3 | 690.0M | 470.0M |
| 2026Q1 | 885.0M | 402.0M |
| 2026Q2 | 1.01B | 431.0M |
→Reality Labs brought in $431M and lost $4.6B doing it last quarter - the metaverse bet, priced quarterly.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26
The burn, isolated
The chart below is Reality Labs' operating income on its own - the cleanest read on what the bet costs each quarter, straight from the segment note.
MetaMETAThe burn, isolated: Reality Labs' operating profit and loss
| Period | Reality Labs |
|---|---|
| 2021Q1 | -1.83B |
| 2021Q2 | -2.43B |
| 2021Q3 | -2.63B |
| 2022Q1 | -2.96B |
| 2022Q2 | -2.81B |
| 2022Q3 | -3.67B |
| 2023Q1 | -3.99B |
| 2023Q2 | -3.74B |
| 2023Q3 | -3.74B |
| 2024Q1 | -3.85B |
| 2024Q2 | -4.49B |
| 2024Q3 | -4.43B |
| 2025Q1 | -4.21B |
| 2025Q2 | -4.53B |
| 2025Q3 | -4.43B |
| 2026Q1 | -4.03B |
| 2026Q2 | -4.62B |
→Reality Labs lost $4.6B in 2026Q2 and $62.4B across the 17 quarters shown, so the burn is still widening rather than tapering.
Source: SEC filings - segment disclosures (XBRL notes) · as at 2026-08-26