Meta Platforms Inc (META) 2025 Q4 法說會逐字稿

Good afternoon. My name is [Krista], and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta fourth quarter in full year 2025 earnings conference call. (Operator Instructions)

午安.我叫克麗斯塔，今天我將擔任你們的會議接線生。在此，我謹代表 Meta 公司歡迎各位參加 2025 年第四季及全年業績電話會議。（操作說明）

We ask that you limit yourself to one question, and this call will be recorded. Thank you very much. Kenneth Dorrell, Meta's Director of Investor Relations. You may begin.

請您只提一個問題，本次通話將會被錄音。非常感謝。Kenneth Dorrell，Meta 投資者關係總監。你可以開始了。

Thank you. Good afternoon and welcome to Meta Platform's fourth quarter in full year 2025 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li , CFO. Our remarks today will include forward-looking statements, which are based on assumptions as of today.

謝謝。下午好，歡迎參加 Meta Platform 2025 年第四季及全年業績電話會議。今天與我一起討論我們業績的有執行長馬克·祖克柏和財務長蘇珊·李。我們今天的發言將包含一些前瞻性陳述，這些陳述是基於截至今日的假設而作出的。

Actual results may differ materially as a result of various factors, including those set forth in today's earnings press release and in our quarterly report on Form 10-Q filed with the SEC. We undertake no obligation to update any forward-looking statement.

實際結果可能因各種因素而與預期有重大差異，包括今天發布的獲利新聞稿和我們向美國證券交易委員會提交的 10-Q 表格季度報告中所述的因素。我們不承擔更新任何前瞻性聲明的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investor.atmeta.com.

在本次電話會議中，我們將介紹 GAAP 財務指標和某些非 GAAP 財務指標。今天的獲利新聞稿中包含了GAAP與非GAAP指標的調節表。獲利新聞稿和隨附的投資者簡報可在我們的網站 investor.atmeta.com 上查閱。

And now, I'd like to turn the call over to Mark.

現在，我想把電話交給馬克。

All right. Hey everyone. Thanks for joining us. We ended 2025 strong with more than 3.5 billion people, now using at least one of our apps every day. That includes more than 2 billion daily activities each on Facebook and WhatsApp and just shy of that on Instagram. Our business also performed very well, thanks to record-breaking holiday demand, and AI-driven performance gains.

好的。大家好。謝謝您的參與。2025 年底，我們擁有超過 35 億用戶，他們現在每天至少使用我們的一款應用程式。這其中包括Facebook和WhatsApp上每天超過20億次的活動，以及Instagram上接近這個數字的活動。由於假日需求創下歷史新高，以及人工智慧帶來的效能提升，我們的業務也表現得非常出色。

We are now seeing a major AI acceleration. I expect 2026 to be a year where this wave accelerates even further on several fronts. We're starting to see agents really work. This will unlock the ability to build completely new products and transform how we work.

我們現在正目睹人工智慧的快速發展。我預計2026年這股浪潮將在許多方面進一步加速發展。我們開始看到一些經紀人真正發揮作用了。這將使我們能夠打造全新的產品，並徹底改變我們的工作方式。

In '25, we rebuilt the foundations of our AI program. Over the coming months, we're going to start shipping our new models and products. I expect our first models will be good, but more importantly, we'll show the rapid trajectory that we're on. And then I expect us to steadily push the frontier over the course of the year as we continue to release new models.

2025年，我們重建了人工智慧計畫的基礎。在接下來的幾個月裡，我們將開始出貨我們的新型號和產品。我預計我們的第一批模型會很好，但更重要的是，我們將展示我們正在走的快速發展軌跡。然後，我預計我們將在今年穩步推進技術進步，並不斷推出新車型。

I'm very excited about the products that we're building. Our vision is building personal superintelligence. We're starting to see the promise of AI that understands our personal context, including our his -- our history, our interests, our content and our relationships. A lot of what makes agents valuable is the unique context that they can see.

我為我們正在開發的產品感到非常興奮。我們的願景是打造個人超級智慧。我們開始看到人工智慧的潛力，它能夠理解我們的個人背景，包括我們的過去、興趣、內容和人際關係。經紀人的價值很大程度上在於他們能夠看到獨特的背景資訊。

And we believe that meta will be able to provide a uniquely personal experience. We're also working on merging LLMs with the recommendation systems that power Facebook, Instagram, Threads, and our ad system.

我們相信，meta 將能夠提供獨一無二的個人化體驗。我們也正在努力將LLM與Facebook、Instagram、Threads和我們的廣告系統所使用的推薦系統結合。

Our world-class recommendation systems are already driving meaningful growth across our apps and ads business, but we think that the current systems are primitive compared to what will be possible soon. Today, our systems help people stay in touch with friends, understand the world, and find interesting and entertaining content.

我們世界一流的推薦系統已經推動了我們的應用程式和廣告業務的顯著成長，但我們認為，與即將實現的系統相比，目前的系統還很原始。如今，我們的系統幫助人們與朋友保持聯繫，了解世界，並找到有趣的娛樂內容。

But soon, we'll be able to understand people's unique personal goals, and tailor feeds to show each person content that helps them improve their lives in the ways that they want. This also has implications for commerce. Our ads today help businesses find just the right, very specific people who are interested in their products.

但很快，我們將能夠了解人們獨特的個人目標，並客製化資訊流，向每個人展示有助於他們以自己想要的方式改善生活的內容。這對商業也有影響。如今，我們的廣告可以幫助企業找到真正對他們的產品感興趣的目標客戶。

New agentic shopping tools will allow people to find just the right very specific set of products from the businesses in our catalog. We're focused on making these experiences work across both our feeds and across business messaging, significantly increasing the capabilities of WhatsApp over time.

全新的智慧購物工具將使用戶能夠從我們目錄中的商家中找到最合適的特定產品組合。我們致力於讓這些體驗在我們的訊息流和企業訊息中都能發揮作用，從而隨著時間的推移顯著提升 WhatsApp 的功能。

New kinds of content will soon be possible as well. People want to express themselves and experience the world in the most immersive and interactive way as possible. We started with text and then moved to photos when we got phones with cameras, and then moved to video when mobile networks got fast enough.

不久之後，新型內容也會出現。人們希望以最具沉浸感和互動性的方式表達自我並體驗世界。我們最初使用文字，後來有了帶相機的手機，就開始使用照片，後來移動網路速度夠快，就發展到了影片。

Soon, we'll see an explosion of new media formats that are more immersive and interactive, and only possible because of advances in AI. Our feeds will become more interactive overall. Today, our apps feel like algorithms that recommend content.

不久之後，我們將看到更多更具沉浸感和互動性的新媒體形式湧現，而這一切只有人工智慧的進步才有可能實現。我們的資訊流將變得更具互動性。如今，我們的應用程式感覺就像是推薦內容的演算法。

Soon, you'll open our apps and you'll have an AI that understands you and also happens to be able to show you great content or even generate great personalized content for you. Glasses are the ultimate incarnation of this vision. They're going to be able to see what you see, hear what you hear, talk to you and help you as you go about your day, and even show you information or generate custom UI right there in your vision.

不久之後，你打開我們的應用程序，你會發現人工智慧不僅能理解你，還能為你展示優質內容，甚至為你產生優質的個人化內容。眼鏡是這種理念的終極體現。他們將能夠看到你所看到的，聽到你所聽到的，與你交談，並在你日常生活中幫助你，甚至可以直接在你的視野中顯示資訊或產生自訂使用者介面。

Sales of our glasses more than tripled last year, and we think that they're some of the fastest growing consumer electronics in history. Billions of people wear glasses or contacts for vision correction. And I think that we're at a moment similar to when smartphones arrived, and it was clearly only a matter of time until all those flip phones became smartphones.

去年我們的眼鏡銷售量成長了兩倍多，我們認為它們是史上成長最快的消費性電子產品之一。數十億人配戴眼鏡或隱形眼鏡來矯正視力。我認為我們現在所處的階段與智慧型手機出現時類似，顯然，所有翻蓋手機變成智慧型手機只是時間問題。

It's hard to imagine a world in several years where most glasses that people wear aren't AI glasses. For Reality Labs, we're directing most of our investment towards glasses and wearables going forward, while focusing on making Horizon a massive success on mobile, and making VR a profitable ecosystem over the coming years.

很難想像幾年後人們戴的眼鏡大多不是人工智慧眼鏡。對於 Reality Labs 而言，我們未來將把大部分投資投入到眼鏡和穿戴式裝置領域，同時專注於讓 Horizo​​n 在行動裝置上取得巨大成功，並在未來幾年內將 VR 打造成一個獲利的生態系統。

I expect Reality Lab's losses this year to be similar to last year, and this will likely be the peak as we start to gradually reduce our losses going forward while continuing to execute on our vision. As we plan for the future, we will continue to invest very significantly in infrastructure to train leading models and deliver personal superintelligence to billions of people and businesses around the world.

我預計 Reality Lab 今年的虧損將與去年類似，這很可能是虧損的頂峰，因為我們將開始逐步減少未來的虧損，同時繼續執行我們的願景。展望未來，我們將繼續大力投資基礎設施，以訓練領先模型，並為全球數十億人和企業提供個人超級智慧。

I recently announced Meta Compute with the belief that being the most efficient at how we engineer, invest, and partner to build our infrastructure will become a strategic advantage. Dina Powell McCormick also joined us as President and Vice Chairman, and she will lead our efforts to partner with governments, sovereigns, and strategic capital partners to expand our long-term capacity, including ensuring positive economic impact in the communities that we operate in around the world.

我最近宣布推出 Meta Compute，因為我相信，在建立基礎設施的過程中，我們能夠以最高效的方式進行工程設計、投資和合作，這將成為一個戰略優勢。迪娜·鮑威爾·麥考密克也加入我們，擔任總裁兼副董事長，她將領導我們與各國政府、主權國家和戰略資本夥伴合作，以擴大我們的長期能力，包括確保對我們在全球各地運營的社區產生積極的經濟影響。

An important part of Meta Compute will be making long-term investments in silicon and energy. We will continue working with key partners while advancing our own silicon program. We're architecting our systems that we can be flexible in the systems that we use, and we expect the cost per gigawatt to decrease significantly over time through optimizing both our technology and supply chain.

Meta Compute 的一個重要組成部分是對矽和能源進行長期投資。我們將繼續與主要合作夥伴攜手合作，同時推進我們自身的晶片研發專案。我們正在建立能夠靈活運用各種系統的系統架構，我們預期透過優化技術和供應鏈，每吉瓦的成本將隨著時間的推移而大幅下降。

The last thing that I want to mention is that I think that 2026 is going to be the year that AI starts to dramatically change the way that we work. As we navigate this, our North Star is building the best place for individuals to make a massive impact. So to do this, we're investing in AI native tooling, so individuals at Meta can get more done. We're elevating individual contributors and flattening teams.

最後我想說的是，我認為 2026 年將是人工智慧開始徹底改變我們工作方式的一年。在探索這條路的過程中，我們的北極星目標是打造一個讓個人發揮巨大影響力的最佳地點。因此，為了實現這一目標，我們正在投資人工智慧原生工具，以便 Meta 的員工能夠完成更多工作。我們正在提升個人貢獻者的地位，並扁平化團隊結構。

We're starting to see projects that used to require big teams now be accomplished by a single, very talented person. I want to make sure that as many of these very talented people as possible, choose meta as the place that they can make the greatest impact to deliver personalized products to billions of people around the world.

我們開始看到，以前需要大型團隊才能完成的項目，現在可以由一個非常有才華的人單獨完成。我希望確保盡可能多的優秀人才選擇 Meta 作為他們能夠發揮最大影響力、為全球數十億人提供個人化產品的地方。

And if we do this, then I think that we're going to get a lot more done, and I think it's going to be a lot more fun. All right. That's everything I wanted to cover. This is going to be a big year for delivering personal super intelligence, accelerating our business, building infrastructure for the future, and shaping how our company will work going forward.

如果我們這樣做，我認為我們會完成更多的工作，而且也會更有趣。好的。這就是我想講的全部內容。這將是交付個人超級智慧、加速業務發展、建立未來基礎設施以及塑造公司未來運作方式的重要一年。

As always, I am grateful for all of the hard work of our teams and to all of you for being on this journey with us. And now, here's Susan.

一如既往，我感謝我們團隊的辛勤付出，也感謝大家與我們一路同行。現在，請看蘇珊。

Thanks, Mark, and good afternoon, everyone. Let's begin with our segment results. All comparisons are on a year-over-year basis unless otherwise noted. Our community across the Family of Apps continues to grow, and we estimate more than 3.5 billion people used at least one of our Family of Apps on a daily basis in December.

謝謝馬克，大家下午好。讓我們先來看看細分市場的結果。除非另有說明，所有比較均以同比為基礎。我們的應用程式家族用戶群持續成長，據估計，12 月每天至少有 35 億人使用過我們應用家族中的一款產品。

Q4 total Family of Apps revenue was $58.9 billion, up 25% year-over-year. Q4 Family of Apps ad revenue was $58.1 billion, up 24% or 23% on a constant currency basis. In Q4, the total number of ad impressions served across our services increased 18%.

第四季應用家族總營收為 589 億美元，較去年同期成長 25%。第四季應用程式家族廣告營收為 581 億美元，年增 24%，以固定匯率計算成長 23%。第四季度，我們各項服務的廣告展示總次數增加了 18%。

Impression growth was healthy across all regions, driven primarily by engagement and user growth and, to a lesser degree, ad load optimizations. The average price per ad increased 6% year-over-year, benefiting from increased advertiser demand, largely driven by improved ad performance.

所有地區的廣告展示量成長勢頭良好，主要得益於用戶參與度和用戶成長，其次是廣告載入優化。受廣告效果提升推動，廣告主需求增加，平均每則廣告的價格較去年同期成長 6%。

Family of Apps other revenue was $801 million, up 54%, driven by WhatsApp paid messaging revenue growth as well as Meta Verified subscriptions. Within our Reality Labs segment, Q4 revenue was $955 million, down 12% year-over-year.

Family of Apps 的其他收入為 8.01 億美元，成長 54%，主要得益於 WhatsApp 付費訊息收入的成長以及 Meta Verified 訂閱的成長。在我們的 Reality Labs 部門，第四季營收為 9.55 億美元，年減 12%。

As we noted on the last call, the year-over-year decline in Reality Labs revenue is due to us lapping the introduction of Quest 3S in Q4 of 2024 as well as retail partners procuring Quest headsets during the third quarter of 2025 to prepare for the holiday season, which was recorded as revenue in Q3.

正如我們在上次電話會議上提到的，Reality Labs 收入同比下降的原因是，我們在 2024 年第四季度推出了 Quest 3S，以及零售合作夥伴在 2025 年第三季度採購 Quest 頭顯以備戰假日季，而這些採購收入被計入了第三季度。

Moving now to our consolidated results. Q4 total revenue was $59.9 billion, up 24% or 23% on a constant currency basis. Q4 total expenses were $35.1 billion, up 40% compared to last year. Year-over-year growth was driven primarily by employee compensation expenses, legal expenses and infrastructure costs. Growth in employee compensation expenses reflects the technical hires we've added this year, particularly AI talent.

接下來來看我們的綜合業績。第四季總營收為 599 億美元，年增 24%，以固定匯率計算成長 23%。第四季總支出為 351 億美元，比去年同期成長 40%。年比成長主要由員工薪資支出、法律支出和基礎設施成本推動。員工薪資支出成長反映了我們今年新增的技術人才，特別是人工智慧人才。

Legal expense growth was due to both lapping legal accrual reversals in Q4 of '24 and charges recorded in Q4 '25. Infrastructure expense growth was driven by higher depreciation; cloud spend and other operating expenses. We ended Q4 with over 78,800 employees, up 6% year-over-year, driven by hiring in priority areas of monetization, infrastructure, Meta Superintelligence Labs as well as regulation and compliance.

法律費用成長是由於 2024 年第四季法律費用衝回以及 2025 年第四季記錄的費用所致。基礎設施支出成長主要受折舊增加、雲端支出和其他營運費用的影響。截至第四季末，我們擁有超過 78,800 名員工，年增 6%，這主要得益於在貨幣化、基礎設施、元超級智慧實驗室以及監管和合規等優先領域的招聘。

Fourth quarter operating income was $24.7 billion, representing a 41% operating margin. Q4 interest and other income was $609 million, driven primarily by unrealized gains on our equity investments. Our tax rate for the quarter was 10%, slightly lower than our outlook of 12% to 15% due to the settlement of matters with tax authorities. Net income was $22.8 billion or $8.88 per share.

第四季營業收入為 247 億美元，營業利益率為 41%。第四季利息和其他收入為 6.09 億美元，主要得益於我們股權投資的未實現收益。由於與稅務機關達成和解，本季我們的稅率為 10%，略低於我們先前預期的 12% 至 15%。淨利為228億美元，即每股8.88美元。

Capital expenditures, including principal payments on finance leases, were $22.1 billion, driven by investments in data centers, servers and network infrastructure. Free cash flow was $14.1 billion. We ended the quarter with $81.6 billion in cash and marketable securities, and $58.7 billion in debt. Turning now to the business performance.

資本支出（包括融資租賃的本金支付）為 221 億美元，主要投資於資料中心、伺服器和網路基礎設施。自由現金流為141億美元。本季末，我們持有現金及有價證券816億美元，負債587億美元。現在來看業務表現。

There are two primary factors that drive our revenue performance: our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, we're continuing to drive incremental engagement from ranking and product improvements. Instagram Reels had another strong quarter with watch time up more than 30% year-over-year in the U.S.

影響我們收入表現的兩個主要因素是：我們為社區提供引人入勝的體驗的能力，以及我們隨著時間的推移將這種參與度變現的有效性。首先，我們將繼續透過排名和產品改進來推動用戶參與度的逐步提升。Instagram Reels 在美國的觀看時間較去年同期成長超過 30%，本季表現強勁。

Engagement is benefiting from several optimizations we made to improve the quality of recommendations including simplifying our ranking architecture to enable more efficient model scaling. This unlocks the ability for our systems to consider longer interaction histories to better identify a person's interests.

我們進行了多項優化，以提高推薦質量，包括簡化排名架構，從而實現更有效率的模型擴展，用戶參與度也因此受益。這使得我們的系統能夠考慮更長的互動歷史，以便更好地識別一個人的興趣。

On Facebook, video time continued to grow double digits year-over-year in the U.S., and we're seeing strong results from our ranking and product efforts on both feed and video surfaces. The optimizations we made in Q4 drove a 7% lift in views of organic feed and video posts on Facebook, resulting in the largest quarterly revenue impact from Facebook product launches in the past two years.

在美國，Facebook 上的影片觀看時間持續保持兩位數的同比增長，我們在資訊流和視訊平台上的排名和產品努力都取得了顯著成效。我們在第四季度進行的優化使 Facebook 上的自然動態和影片貼文的瀏覽量提高了 7%，從而帶來了過去兩年 Facebook 產品發布以來最大的季度收入影響。

We're continuing to increase the freshness and originality of content recommendations as well. On Facebook, our systems are surfacing over 25% more reels published that day than the prior quarter. On Instagram, we grew the prevalence of original content in the U.S. by 10 percentage points in Q4 with 75% of recommendations now coming from original posts.

我們也不斷提高內容推薦的新鮮度和原創性。在 Facebook 上，我們的系統發現當天發布的短影片比上一季增加了 25% 以上。在 Instagram 上，我們第四季將美國原創內容的普及率提高了 10 個百分點，目前 75% 的推薦內容都來自原創貼文。

Threads is also seeing strong momentum again, benefiting from recommendation improvements. The optimizations we made in Q4 drove a 20% lift in threads time spent. Turning to 2026. We see a lot of opportunity to drive additional gains. This includes scaling the complexity and amount of training data we use in our models while continuing to make our systems more responsive to people's real-time interest.

Threads 也再次展現出強勁的發展勢頭，這得益於推薦功能的改進。我們在第四季度進行的優化使線程使用時間提高了 20%。展望2026年。我們看到了很多實現額外成長的機會。這包括擴大我們模型中使用的訓練資料的複雜性和數量，同時不斷使我們的系統對人們的即時興趣做出更快速的反應。

We're also focused on incorporating LLMs to understand content more deeply across our platform, which will enable more personalized recommendations. Another big area of investment this year is developing the next generation of our recommendation systems.

我們也致力於整合 LLM，以便更深入地了解我們平台上的內容，從而實現更個人化的推薦。今年另一個重要的投資領域是開發下一代推薦系統。

We have several big bets on this front, including building new model architectures from the ground up that will work on top of LLMs, leveraging the world knowledge and reasoning capabilities of an LLM to better infer people's interests. Beyond improvements to our recommendation systems, we expect to use the models developed by Meta Superintelligence Labs to deliver compelling and differentiated AI products.

我們在這方面投入了多項重金，包括從零開始建立新的模型架構，使其能夠在 LLM 之上運行，利用 LLM 的世界知識和推理能力來更好地推斷人們的興趣。除了改進我們的推薦系統之外，我們還希望利用 Meta Superintelligence Labs 開發的模型來提供引人注目且與眾不同的 AI 產品。

One area we're already seeing promise is with AI dubbing of videos into local languages. We are now supporting nine different languages with hundreds of millions of people watching AI translated videos every day. This is already driving incremental time spent on Instagram, and we plan to launch support for more languages over the course of this year.

我們已經看到人工智慧在視訊本地語言配音方面展現出巨大潛力。我們目前支援九種不同的語言，每天有數億人觀看人工智慧翻譯的影片。這已經促使用戶在 Instagram 上花費的時間增加，我們計劃在今年內推出更多語言的支援。

We are also seeing strong traction with our media creation tools. Nearly 10% of the reels people view each day are now created in our Edits app, almost tripling from last quarter. Within Meta AI, the number of daily actives generating media tripled year-over-year in Q4.

我們的媒體創作工具也獲得了強勁的用戶成長。現在，人們每天觀看的短影片中，近 10% 是在我們的 Edits 應用中創建的，比上一季增長了近三倍。在 Meta AI 中，第四季每日活躍用戶生成媒體內容的數量年增了兩倍。

This year, we expect to advance the capabilities of our underlying media generation models and ship new features to further enhance the product experience. Another area we're focused on for Meta AI is personalization. We're seeing in our early testing that personalized responses drive higher levels of engagement, and we expect to significantly advance the personalization of Meta AI this year.

今年，我們預計將提升底層媒體生成模型的功能，並推出新功能，以進一步增強產品體驗。Meta AI的另一個重點領域是個人化。我們在早期測試中發現，個人化回覆能夠提高用戶參與度，我們預計今年將大幅推進 Meta AI 的個人化功能。

This dovetails with our investments in content understanding, which will enable our systems to develop a deeper understanding of each person's interests and preferences while also identifying the most relevant content across our platform to pull into responses. Turning to the second driver of our revenue performance: increasing monetization efficiency.

這與我們加大對內容理解的投入不謀而合，這將使我們的系統能夠更深入地了解每個人的興趣和偏好，同時還能識別我們平台上最相關的內容，並將其提取到回復中。接下來談談影響我們收入績效的第二個因素：提高貨幣化效率。

The first part of this work is optimizing the level of ads within organic engagement. Here, our focus remains on tuning our systems to identify the right time and place to deliver ads. In some cases, this enables us to grow the overall level of ad load while preserving the user experience.

這項工作的第一部分是優化自然互動中的廣告投放水準。在這裡，我們的重點仍然是調整我們的系統，以確定廣告投放的最佳時間和地點。在某些情況下，這使我們能夠在保持用戶體驗的同時，提高廣告的整體載入量。

However, an increasingly important part of this work is finding opportunities to drive incremental conversions within the same overall level of ad load by determining when a person is more interested in seeing an ad. In fact, in the second half of 2025, our initiatives on Facebook to redistribute ads across users and sessions delivered a nearly four times larger revenue impact than Facebook ad load increases.

然而，這項工作中越來越重要的部分是，透過確定用戶何時更有興趣觀看廣告，在廣告總量不變的情況下，尋找機會推動轉換率的提升。事實上，在 2025 年下半年，我們在 Facebook 上推行的將廣告重新分配到用戶和會話中的舉措，其帶來的收入影響幾乎是 Facebook 廣告加載量增加的四倍。

We also continue to make progress on bringing ads to our newer services. Within threads, we're beginning to expand ads to all remaining countries this month, including the U.K., European Union and Brazil. On WhatsApp, we expect to complete the rollout of ads in status throughout the year with the level of ads remaining low in the near term while we follow our standard approach of optimizing ad formats and performance before ramping inventory.

我們在將廣告引入新服務方面也持續取得進展。本月，我們將開始在Threads平台上向所有剩餘國家投放廣告，包括英國、歐盟和巴西。在 WhatsApp 上，我們預計將在今年內完成狀態廣告的推出，短期內廣告投放量將保持較低水平，同時我們將遵循標準做法，在增加廣告庫存之前優化廣告格式和效果。

Moving to the second part of increasing monetization efficiency: improving performance for the businesses who use our tools. We're seeing very strong results from the ad performance investments we made throughout 2025 with year-over-year conversion growth accelerating through the fourth quarter.

接下來進入提高獲利效率的第二部分：提高使用我們工具的企業的績效。我們看到，我們在 2025 年進行的廣告成效投資取得了非常強勁的成效，年比轉換率成長在第四季加速。

We expect the set of investments we're making in 2026 will enable us to drive further gains as we continue to integrate AI across all layers of the marketing and customer engagement funnel. The first area is our ad system where we're continuing to scale the complexity and size of our models to better select which ads to ship.

我們預計，2026 年的一系列投資將使我們能夠繼續推動人工智慧在行銷和客戶互動管道各個層面的整合，從而取得更大的收益。第一個面向是我們的廣告系統，我們正在不斷擴展模型的複雜性和規模，以便更好地選擇要投放哪些廣告。

In Q4, we doubled the number of GPUs we used to train our GEM model for ads ranking. We also adopted a new sequence learning model architecture, which is capable of using longer sequences of user behavior and processing much richer information about each piece of content. The GEM and sequence learning improvements together grow a 3.5% lift in ad clicks on Facebook and a more than 1% gain in conversions on Instagram in Q4.

第四季度，我們將用於訓練 GEM 廣告排名模型的 GPU 數量增加了一倍。我們還採用了新的序列學習模型架構，該架構能夠使用更長的使用者行為序列，並處理有關每條內容的更豐富的資訊。GEM 和序列學習的改進共同使 Facebook 上的廣告點擊量在第四季度提升了 3.5%，Instagram 上的轉換率提升了 1% 以上。

This new sequence learning architecture is significantly more efficient than our prior architectures which should enable us to further scale up the data, complexity and compute we use in our future ranking models to deliver performance gains. As we scale up our foundational ads models like GEM, we are also developing more advanced models to use downstream of them at run time for ads inference.

這種新的序列學習架構比我們先前的架構效率要高得多，這將使我們能夠進一步擴展未來排名模型中使用的資料、複雜性和運算能力，從而提高效能。隨著我們擴大 GEM 等基礎廣告模型的規模，我們也在開發更高級的模型，以便在運行時下游用於廣告推理。

In Q4, we launched a new run time model across Instagram Feed stories and reels, resulting in a 3% increase in conversion rates in Q4. We continue to progress on our model unification efforts under Lattice as well. After seeing strong success with the consolidation of Facebook feed and video models in the first half of 2025.

第四季度，我們在 Instagram Feed Stories 和 Reels 中推出了新的運行時模型，使得第四季度的轉換率提高了 3%。我們在 Lattice 框架下繼續推進模型統一工作。在 2025 年上半年 Facebook 動態和視訊模式整合取得巨大成功之後。

In Q4, we consolidated models for Facebook Stories and other services into the overall Facebook model. This, along with a series of back-end improvements, drove a 12% increase in ads quality. And in 2026, we expect to consolidate more models than we had in the prior two years as we continue to evolve our systems towards running a smaller number of highly capable models.

第四季度，我們將 Facebook Stories 和其他服務的模式整合到 Facebook 整體模型中。這一點，再加上一系列後端改進，使得廣告品質提高了 12%。預計到 2026 年，我們將整合比前兩年更多的模型，因為我們將繼續改進我們的系統，使其運行數量更少但更強大的模型。

Moving to the next area: ads products. We continue investing in ways to help businesses leverage AI to reduce the friction of setting up and optimizing an ad campaign. In Q4, we started testing our Meta AI business assistant with advertisers which helps with tasks like campaign optimization and account support.

接下來進入下一個領域：廣告產品。我們將繼續投資，幫助企業利用人工智慧減少設定和優化廣告活動的阻力。第四季度，我們開始與廣告商測試我們的 Meta AI 商業助手，它可以幫助完成廣告系列優化和帳戶支援等任務。

In the coming months, we'll make it available to more advertisers, so each business has an AI assistant they can chat with that remembers their businesses' goals and provides personalized recommendations on how to improve performance. Another area we're deploying AI to improve performance is ad creative.

在接下來的幾個月裡，我們將向更多廣告商開放這項服務，讓每個企業都能擁有一個可以與之聊天的 AI 助手，該助手會記住企業的目標，並提供個性化的建議來提高業績。我們正在利用人工智慧來提升廣告創意效果的另一個領域。

The combined revenue run rate of video generation tools hit $10 billion in Q4, with quarter-over-quarter growth outpacing the increase in overall ads revenue by nearly three times. We are also seeing very good results from our incremental attribution feature, which optimizes for incremental conversions in real time.

第四季的視訊產生工具總收入達到 100 億美元，環比成長速度比整體廣告收入的成長速度快近三倍。我們的增量歸因功能也取得了非常好的效果，該功能可以即時優化增量轉換。

Our latest model rollout in Q4 is driving a 24% increase in incremental conversions versus our standard attribution model, and this product has already achieved a multibillion-dollar annual run rate just seven months since launching. The last area of our monetization work I'll cover is business messaging, where we're seeing strong momentum across our portfolio of solutions.

我們在第四季度推出的最新模型，與標準歸因模型相比，轉換率提高了 24%，而且該產品自推出以來僅七個月，年收入就已達到數十億美元。我要介紹的最後一個獲利領域是企業訊息傳遞，我們看到，在我們的解決方案組合中，企業訊息傳遞正呈現出強勁的發展勢頭。

Click to message ads revenue growth accelerated in Q4 with the U.S. up more than 50% year-over-year, driven by strong adoption of our website to message ads which direct people to a business's website for more information before choosing to launch a chat. Paid messaging within WhatsApp continues to scale as well, crossing a $2 billion annual run rate in Q4.

第四季度，點擊訊息廣告收入成長加速，其中美國同比增長超過 50%，這主要得益於用戶對我們網站訊息廣告的大力推廣，該廣告會將用戶引導至企業網站以獲取更多信息，然後再選擇發起聊天。WhatsApp 內的付費訊息服務也持續成長，第四季年營收突破 20 億美元。

Finally, we're seeing good early traction with our business AIs in Mexico and the Philippines, with over 1 million weekly conversations between people and business AI is now happening on our messaging platforms.

最後，我們看到我們的商業人工智慧在墨西哥和菲律賓取得了良好的早期進展，每周有超過 100 萬次的人與商業人工智慧之間的對話發生在我們的訊息平台上。

This year, we will expand availability of our business AIs to more markets, while also extending their capabilities so they not only answer questions on topics like product availability, but can help people get things done right within WhatsApp. We speak a lot about how AI is improving our products, but I'd like to take a moment to give an update on how it's changing the way we work.

今年，我們將把業務人工智慧推廣到更多市場，同時擴展其功能，使其不僅可以回答產品可用性等問題，還可以幫助人們在 WhatsApp 內正確完成任務。我們經常談到人工智慧如何改進我們的產品，但我想花點時間介紹它如何改變我們的工作方式。

Mark mentioned our focus on making Meta a place where individuals can have significant impact. A big focus of this is to enable the adoption and advancement of our AI coding tools where we're seeing strong momentum.

Mark提到我們致力於將Meta打造成一個個人可以發揮重大影響力的地方。這項工作的重點是促進我們人工智慧編碼工具的採用和發展，目前我們看到這方面發展勢頭強勁。

Since the beginning of 2025, we've seen a 30% increase in output per engineer with the majority of that growth coming from the adoption of agenetic coding, which saw a big jump in Q4. We're seeing even stronger gains with power users of AI coding tools, whose output has increased 80% year-over-year. We expect this growth to accelerate through the next half.

自 2025 年初以來，我們看到每位工程師的產出增加了 30%，其中大部分成長來自基因編碼的採用，而基因編碼在第四季度實現了大幅成長。我們看到，人工智慧編碼工具的高級用戶取得了更顯著的成長，他們的產出年增了 80%。我們預計這一成長動能將在未來半年加速。

Next, I would like to discuss our approach to capital allocation. We have significant opportunities to improve our core business in 2026. We plan to continue to prioritize investing in the business to support these opportunities while also positioning us for an entirely new and exciting product cycle over the coming years, powered by our AI models.

接下來，我想談談我們的資本配置方法。2026年，我們有很大的機會來改善我們的核心業務。我們計劃繼續優先投資於業務，以支援這些機遇，同時為未來幾年由我們的人工智慧模型驅動的全新令人興奮的產品週期做好準備。

Procuring sufficient infrastructure capacity is central to these initiatives, and we're working to meet our silicon needs by deploying a variety of chips that optimally support each of our different workloads. To that end, in Q4, we extended our Andromeda ads retrievable engine, so it can now run on NVIDIA, AMD and MTIA.

獲得足夠的基礎設施容量是這些舉​​措的核心，我們正在努力透過部署各種晶片來滿足我們的矽需求，這些晶片能夠最佳地支援我們不同的工作負載。為此，在第四季度，我們擴展了 Andromeda 廣告檢索引擎，使其現在可以在 NVIDIA、AMD 和 MTIA 上運行。

This, along with model innovations, enabled us to nearly triple Andromeda's compute efficiency. In Q1, we will extend our MTIA program to support our core ranking and recommendation training workloads in addition to the inference workloads it currently runs.

這一點，再加上模型創新，使我們得以將 Andromeda 的運算效率提高近三倍。第一季度，我們將擴展 MTIA 計劃，使其除了目前運行的推理工作負載外，還能支援我們的核心排名和推薦訓練工作負載。

More broadly, as we invest in infrastructure to meet our business needs, we continue to prioritize maintaining long-term flexibility so we can adapt to how the market develops. We're doing so in several ways, including changing how we develop data center sites, establishing strategic partnerships, contracting cloud capacity and establishing new ownership structures for some of our large data center sites.

更廣泛地說，隨著我們投資基礎設施以滿足業務需求，我們將繼續優先考慮保持長期靈活性，以便能夠適應市場的發展。我們正在透過多種方式來實現這一目標，包括改變資料中心站點的開發方式、建立策略合作夥伴關係、簽訂雲端容量合約以及為一些大型資料中心站點建立新的所有權結構。

We have a strong net cash balance and expect our business will continue to generate sufficient cash to fund our infrastructure investments in 2026, which is reflected in our expectations. Nonetheless, we will continue to look for opportunities to periodically supplement our strong operating cash flow with prudent amounts of cost-efficient external financing, which may lead us to eventually maintain a positive net debt balance. Moving to our financial outlook.

我們擁有強勁的淨現金餘額，並預計我們的業務將繼續產生足夠的現金，為 2026 年的基礎設施投資提供資金，這已反映在我們的預期中。儘管如此，我們仍將繼續尋找機會，定期透過審慎的、具有成本效益的外部融資來補充我們強勁的經營現金流，這最終可能會使我們保持正的淨債務餘額。接下來談談我們的財務展望。

We expect our first quarter 2026 total revenue to be in the range of $53.5 billion to $56.5 billion. Our guidance assumes foreign currency is an approximately 4% tailwind to year-over-year total revenue growth based on current exchange rates. Turning to the expense and CapEx outlook.

我們預計 2026 年第一季總營收將在 535 億美元至 565 億美元之間。根據目前的匯率，我們的預測認為外匯因素將對年度總收入成長起到約 4% 的推動作用。接下來談談費用和資本支出前景。

We expect full year 2026 total expenses to be in the range of $162 billion to $169 billion. The majority of expense growth will be driven by infrastructure costs which includes third-party cloud spend, higher depreciation and higher infrastructure operating expenses.

我們預計 2026 年全年總支出將在 1,620 億美元至 1,690 億美元之間。大部分支出成長將由基礎設施成本驅動，其中包括第三方雲端支出、更高的折舊和更高的基礎設施營運費用。

The second largest contributor to total expense growth is employee compensation driven by investments in technical talent. This includes 2026 hires to support our priority areas, particularly AI as well as a full year of expenses from 2025 hires.

導致總支出成長的第二大因素是員工薪酬，而員工薪酬的成長主要源自於對技術人才的投資。這包括 2026 年招募人員以支援我們的優先領域，特別是人工智慧，以及 2025 年招募人員的全年費用。

At a segment level, we expect expense growth to be driven by the Family of Apps with Reality Labs' operating losses remaining similar to 2025 levels. We anticipate 2026 capital expenditures, including principal payments on finance leases to be in the range of $115 billion to $135 billion, with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.

從業務部門來看，我們預計支出成長將主要由應用程式家族推動，而 Reality Labs 的營運虧損將與 2025 年的水平相近。我們預計 2026 年資本支出（包括融資租賃的本金支付）將在 1,150 億美元至 1,350 億美元之間，年成長主要得益於為支持我們的元超級智慧實驗室工作和核心業務而增加的投資。

Despite the meaningful step-up in infrastructure investment, in 2026, we expect to deliver operating income that is above 2025 operating income. Absent any changes to our tax landscape, we expect our full year 2026 tax rate to be 13% to 16%. Finally, we recently aligned with the European Commission on further changes to our less personalized ads offering, which we will begin rolling out this quarter.

儘管基礎建設投資大幅增加，但我們預計 2026 年的營業收入將高於 2025 年的營業收入。在稅收環境沒有變化的情況下，我們預計 2026 年全年稅率為 13% 至 16%。最後，我們最近與歐盟委員會就進一步改善我們個人化程度較低的廣告服務達成一致，我們將在本季開始推出這些改進措施。

However, we continue to monitor legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and financial results. For example, we continue to see scrutiny on youth-related issues and have a number of trials scheduled for this year in the U.S., which may ultimately result in a material loss.

然而，我們將繼續關注歐盟和美國可能對我們的業務和財務表現產生重大影響的法律和監管方面的不利因素。例如，我們繼續看到對青少年相關問題的審查，並且今年在美國安排了多起審判，最終可能會導致實質損失。

In closing, 2025 was another strong year for our company. The investments we've made to improve our business are continuing to drive strong growth, and we have an exciting road map this year to deliver new experiences and services for our global community. As always, thank you to our teams for their hard work and commitment to our mission. With that, [Christa], let's open up the call for questions.

總之，2025年對我們公司來說又是強勁的一年。我們為改善業務所做的投資正在持續推動強勁成長，今年我們制定了令人振奮的路線圖，為我們的全球社區提供新的體驗和服務。一如既往，感謝我們的團隊為實現我們的使命所付出的辛勤努力和奉獻精神。那麼，克麗斯塔，讓我們開始提問環節吧。

(Operator Instructions)

（操作說明）

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. I have one for Mark, one for Susan. Mark, one is a long-term question. As you think about ramping all this investment and the personal intelligence opportunity, the Meta compute opportunity.

謝謝您回答我的問題。我為馬克準備了一份，也為蘇珊準備了一份。馬克，這是一個長期問題。當你考慮加大對所有這些投資和個人智慧機會以及元計算機遇的投入。

Can you walk us through a little bit how you think about the largest revenue or ROIC long-term opportunities you're trying to unlock with those over the next, call it, three, five, 10 years through all the investment? And then Susan, a little more near term, more like '26.

您能否簡要介紹一下，您是如何看待未來三、五、十年內，透過所有投資，試圖實現的最大收入或長期投資回報率 (ROIC) 機會的？然後是蘇珊，時間更近一些，大概是 2026 年。

I think the guide is the fastest growth you've had in almost five years. I know you have a lot of improvements on recommendations and monetization efficiency. But can you just sort of help us a little bit understand two or three of the biggest drivers of this inflection you're seeing on revenue in '26?

我認為這份指南是你們近五年來發展最快的成果。我知道你們在推薦系統和獲利效率方面還有很多需要改進的地方。您能否幫我們稍微了解一下，您認為 2026 年收入出現拐點的兩三個最大驅動因素是什麼？

Yeah. I guess I can start with the first one. Although I have to say upfront that I think my answers to a lot of your questions on this particular call, maybe somewhat unfulfilling because we're in this interesting period where we've been rebuilding our AI effort, and we're six months into that, and I'm happy with how it's going. But we are going to be rolling out our initial set of models and products and businesses around that over the coming months.

是的。我想我可以從第一個開始。雖然我必須先說明，我認為我在這次電話會議上對您提出的許多問題的回答可能有點不夠令人滿意，因為我們正處於一個有趣的時期，我們一直在重建我們的人工智慧工作，我們已經進行了六個月，我對目前的進展感到滿意。但在接下來的幾個月裡，我們將圍繞這些推出我們的首批模型、產品和業務。

And I will have a lot more to share on all of those fronts at that point. So I'm happy to offer kind of a high-level view of some of the stuff, but I apologize in advance that not much of this is going to be particularly detailed, but it will be exciting as we roll it out. I think the theme on the business, I mean, this is -- I don't think I'm going to break any new ground here, but there are several major business opportunities that we're focused on.

屆時，我將就所有這些方面分享更多資訊。所以我很高興能為大家提供一個概覽，但事先我要道歉，因為其中很多內容不會特別詳細，但隨著我們逐步推出，一定會令人興奮。我認為關於業務的主題是——我的意思是，我並不認為我會在這裡提出任何新的見解，但是我們專注於幾個重要的商業機會。

I think that -- one is just going to be improving the core products and accelerating the current business. I talked about that in terms of the connecting of the recommendation systems and the LLMs, which I think will both improve the quality of the organic experience and of advertising.

我認為，一方面要改進核心產品，另一方面要加速現有業務的發展。我從推薦系統和LLM的連接角度談到了這一點，我認為這將同時提高自然體驗和廣告的品質。

We're going to see the generation of media improve the quality of content, which, coupled with the improvements in the recommendation systems, we expect to generally accelerate the quality and effectiveness of the core business, both for people who use it organically and for businesses.

我們將看到媒體的生成提高內容質量，再加上推薦系統的改進，我們預計這將普遍加快核心業務的品質和效率，無論是對自然用戶還是對企業而言。

So I think that will have a compounding effect. And then there's going to be several, many, I think, new business opportunities that come up. I mean, we have been working on Meta AI for a while. I think you're starting to see some of the way that products like that get monetized across the industry when we get that to a scale and depth that we want.

所以我認為這會產生疊加效應。我認為，接下來會湧現許多新的商業機會。我的意思是，我們已經研究元人工智慧一段時間了。我認為，當我們把這類產品發展到我們想要的規模和深度時，你會開始看到這類產品在整個產業中是如何獲利的。

We think that there are going to be opportunities, both in terms of subscriptions and advertising and all of the different things that you see on that. And I mean, yes, I think -- there's a number of things on shopping and commerce that I'm quite excited about that I alluded to in the comments upfront.

我們認為，無論是在訂閱、廣告或其他方面，都會有很多機會。是的，我認為——關於購物和商業，有很多事情讓我感到非常興奮，我在前面的評論中已經提到過。

And as the models launch and we demonstrate some of the capabilities, both in the first set of models and over the year, I think the models are going to be a lot better, too. We'll be able to have different products paired with those that I think will facilitate different businesses for businesses who use us and our platforms as well as direct-to-consumer businesses.

隨著新車型的推出，以及我們在首批車型和未來一年中展示的一些功能，我認為這些車型也會變得更好。我們將能夠把不同的產品與我認為能夠促進不同業務發展的產品搭配使用，這些業務既適用於使用我們和我們平台的企業，也適用於直接面向消費者的企業。

I guess it's probably also worth flagging because I don't think either of us mentioned that the Manus acquisition in the upfront comments, I mean that is going to -- is a good example of -- you have a significant number of businesses that already pay a subscription to basically use their tool to accelerate their business results and integrating that kind of thing into our ads and business managers, so that way we can just offer more integrated solutions for the many, many millions of businesses that use and rely on our platforms is going to be really powerful, both for accelerating their results using the existing products that we have and I think adding new lines as well.

我想這一點也值得一提，因為我覺得我們兩個在之前的演講中都沒有提到收購 Manus。我的意思是，這是一個很好的例子，說明有很多企業已經付費訂閱他們的工具來加速業務增長，而將這類工具整合到我們的廣告和商務管理平台中，就能為數百萬使用和依賴我們平台的企業提供更全面的解決方案，這將非常強大，既能利用我們現有的產品加速業務增長，也能通過增加新產品線來提升業績。

So a somewhat high-level answer and the -- I think the picture will become clearer. And I think more exciting if we do our jobs well over the course of the year.

所以，我給的答案比較概括，我想──情況會逐漸明朗起來。我認為，如果我們能在一年中出色地完成工作，那將會更加令人興奮。

Brian, on your second question, there's obviously a range of outcomes captured in the Q1 '26 revenue outlook. It overall reflects our expectation for a strong quarter of growth. The range embeds an outlook for accelerated growth, and that's really underpinned by the strong demand that we saw through the end of Q4 and continuing into the start of 2026.

Brian，關於你的第二個問題，顯然 2026 年第一季的營收展望涵蓋了一系列結果。總體而言，這反映了我們對本季強勁成長的預期。該系列產品體現了加速成長的前景，而這確實得益於我們在第四季末以及 2026 年初所看到的強勁需求。

Now I will say we also expect foreign currency to be a four-point benefit to year-over-year growth. So that is a three-point larger tailwind than it was in Q4 '25 as we lap the strengthening of the U.S. dollar a year ago. But overall, we see that advertisers are responding to a performance improvements that we made. They're driving strong conversion growth.

現在我還要說，我們預期外匯將對年增率產生 4 個百分點的利好作用。因此，與 2025 年第四季相比，這帶來了 3 個百分點的順風，因為我們已經趕上了一年前美元走強的趨勢。但總體而言，我們看到廣告商對我們所做的效能改進做出了積極回應。它們正在推動強勁的轉換率成長。

We've made a lot of these investments over the course of 2025, including advances to our ads ranking and delivery systems, the more effective redistribution of ad load, new features and ad products like Advantage+, better measurement and just a lot of great work that has helped to drive the continued performance of our ads.

2025 年，我們進行了許多此類投資，包括改善廣告排名和投放系統、更有效地重新分配廣告負載、推出 Advantage+ 等新功能和廣告產品、改進衡量方法，以及開展大量其他出色工作，這些都有助於推動我們廣告的持續表現。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Maybe two, if I could. In prior periods, you've talked about being capacity constrained internally and not having enough compute to sort of achieve the goals you have on the platform on a product standpoint. I want to know if we can get any update on currently how you think about your own internal needs for compute against that road map?

非常感謝您回答這個問題。如果可以的話，也許兩個。在之前的時期，您曾談到內部產能受限，運算能力不足，無法從產品角度實現您在平台上設定的目標。我想了解一下，您目前是如何根據該路線圖來考慮您內部的計算需求的？

And the second part of the question would be, as we continue to see the ads business sort of scale, especially in terms of dollar growth year-on-year. Have we yet seen the full first order effects of scaling the business against applying more compute to it?

問題的第二部分是，隨著我們看到廣告業務規模不斷擴大，尤其是在逐年美元成長方面。我們是否已經看到了業務規模擴大與運算能力提升之間直接產生的全部影響？

Or how should investors think about the direction of relationship between applying more compute and rate of change in terms of outcomes on the monetization side? Thank you.

或者，投資人應該如何看待運算能力提升與貨幣化結果變化率之間的關係方向？謝謝。

On your first question, we do continue to be capacity constrained. Our teams have done a great job ramping up our infrastructure through the course of 2025. But demands for compute resources across the company have increased even faster than our supply. So we expect over the course of 2026 to have significantly more capacity this year as we add cloud.

關於你的第一個問題，我們確實仍然面臨產能限制。我們的團隊在 2025 年期間出色地完成了基礎設施的升級改造工作。但公司對運算資源的需求成長速度甚至超過了我們的供應速度。因此，我們預計到 2026 年，隨著雲端業務的增加，我們的容量將顯著增加。

But we'll likely still be constrained through much of 2026 until additional capacity from our own facilities comes online later in the year. With that said, I think we have done a good job internally mitigating the impact of compute constraints on our business. I expect that will continue to be the case in 2026.

但直到今年稍後我們自己的設施新增產能投入使用之前，2026 年的大部分時間裡，我們可能仍將受到產能限制。綜上所述，我認為我們在內部已經很好地減輕了計算資源限制對我們業務的影響。我預計這種情況在2026年仍將持續。

We're continuing to focus on increasing our infrastructure efficiency in several ways, including by optimizing workloads, improving infrastructure utilization, diversifying our chip supply and just investing in efficiency improvements as part of our core technology development efforts in areas like content and ads ranking. So that was your first question. The second question about how the ads business scales.

我們將繼續從多個方面提高基礎設施效率，包括優化工作負載、提高基礎設施利用率、實現晶片供應多元化，以及在內容和廣告排名等領域的核心技術開發工作中加大對效率提升的投資。這就是你的第一個問題。第二個問題是關於廣告業務如何規模化。

I think we don't -- I don't have an extremely precise answer to this question. What I'd say is one of the ways that we are working to drive ads performance improvements is by improving our larger scale models along with our lighter weight ones that we use for ads and for instance, run time.

我認為我們沒有——我對這個問題沒有非常精確的答案。我認為，我們提高廣告效果的方法之一是改進我們的大型模型以及我們用於廣告的輕量級模型，例如，改進廣告投放時間模型。

We don't typically use our larger model architectures like GEM for inference because their size and complexity would make it too cost prohibitive. So the way that we drive performance from those models is by using them to transfer knowledge to smaller lightweight models used at run time. But I would say that we think that there is room for our larger models to benefit from having more compute.

我們通常不會使用像 GEM 這樣的大型模型架構進行推理，因為它們的規模和複雜性會導致成本過高。因此，我們提高這些模型效能的方法是利用它們將知識傳遞給運行時使用的較小的輕量級模型。但我認為，對於我們規模更大的模型來說，擁有更多的運算能力將大有裨益。

And I think as we scale up the compute available to those models, and the foundational models in different areas that power the different stages of ads ranking and recommendation, we expect that we will see gains coming from that.

我認為，隨著我們擴大這些模型可用的運算能力，以及為廣告排名和推薦的不同階段提供支援的各個領域的基礎模型，我們預計我們將從中受益。

Mark Shmulik, Bernstein.

馬克舒穆利克，伯恩斯坦。

Yes. Thanks for taking the questions. Two if I may. Mark, kind of with your comments that you kind of expect to see some meaningful changes and how work and things are done this year. I guess would you be surprised just kind of by the end of the year, we've yet to see meaningful progress and adoption on some of the newer products and initiatives that you're launching?

是的。謝謝您回答問題。如果可以的話，我想選兩個。馬克，根據你的評論，你似乎期待今年工作和做事方式會發生一些有意義的變化。我想，到了年底，我們仍然沒有看到你們推出的一些新產品和新舉措取得實質進展和廣泛應用，你會不會感到驚訝？

Or should we just be a bit more patient on the time line here? And then, Susan, kind of with the guidance provided on OI still expected to grow kind of faster this year than last year?

或者我們應該在時間安排上再耐心等待一段時間？那麼，蘇珊，根據目前提供的指導意見，預計今年的 OI 成長速度仍然會比去年更快嗎？

Let's say in a few months, we realize we need more investment and resources to continue to go after the AI opportunity, but perhaps macro might be a bit weaker. How hard of a line is there in terms of this high of investment levels to core performance? Thank you.

假設幾個月後，我們意識到我們需要更多的投資和資源來繼續抓住人工智慧的機遇，但宏觀經濟可能略顯疲軟。在如此高的投資水準與核心績效之間，存在著怎樣的分水嶺？謝謝。

I think the first question was asking about kind of when do I expect the product impact to be. I mean we're going to roll out new products over the course of the year. I think the important thing is we're not just launching one thing, and we're building a lot of things. I think they're -- like AI is going to enable a lot of new experiences.

我認為第一個問題是問我預計產品何時會產生影響。我的意思是，我們將在今年陸續推出新產品。我認為重要的是，我們不只是推出一個產品，而是在開發很多產品。我認為人工智慧將會帶來許多全新的體驗。

I outlined thematically a bunch of these in the upfront comments around personal AI around LLMs combining with the recommendation systems. I think that's a somewhat longer-term research project that I think will yield dividends over a long period of time, but we're already definitely seeing optimizations of the recommendation systems as we're including more of the AI research improvements and advances into that.

我在前期評論中，圍繞LLM的個人AI與推薦系統相結合，從主題上概述了其中的一些內容。我認為這是一個比較長期的研究項目，我認為它會在很長一段時間內產生回報，但隨著我們將更多的人工智慧研究改進和進步納入其中，我們已經明顯地看到了推薦系統的最佳化。

The content is going to improve. There are going to be new formats. There are going to be improvements on the glasses. There are all these different things as well as several things that we think are new that we're going to try that are not just extensions of the current things that we're doing.

內容將會改進。將會推出新的形式。眼鏡將會進行改良。除了這些不同的事物之外，我們還有一些我們認為是新的事物要嘗試，這些事物不僅僅是我們目前正在做的事情的延伸。

So yes, I mean, I would expect that we'll roll these out over the course of the year and that sometimes it takes a few iterations for things to really hit and reach the kind of product market fit that you need. But I think we have enough time, hopefully to -- we're starting off early enough in the year that I would expect that we'll see some successes by the end of the year on this as well as on the work side, what we were talking about is.

所以，是的，我的意思是，我預計我們會在一年內推出這些產品，而且有時需要幾次迭代才能真正達到所需的市場契合度。但我認為我們有足夠的時間，希望——我們今年開始得足夠早，所以我預計到年底我們會在這一方面以及工作方面看到一些成功，我們剛才談到的就是這一點。

I think it's very hard for anyone exactly to predict what the shape of how organizations working is going to feel. But it I just think the fact that agents are really starting to work now is quite profound. And I think it is going to allow -- we're already starting to see the people who adopt them are just being significantly more productive.

我認為任何人都很難準確預測組織運作方式的未來方向。但我認為，經紀人現在真正開始發揮作用這一事實意義非常重大。我認為這將會帶來改變——我們已經開始看到，採用這些改變的人的生產力明顯更高。

And there's a big delta between the people who do it and do it well and the people who don't. And I think that's going to just be a very profound dynamic for, I think, across the whole sector and probably the whole economy going forward in terms of the productivity and efficiency with which we can run these companies, which I think -- my hope is that we can use that to just get a lot more done than we were able to before.

能做好這件事的人和做不好這件事的人之間有著很大的差距。我認為這將對整個產業乃至整個經濟產生非常深遠的影響，影響我們經營這些公司的生產力和效率。我希望我們能夠利用這一點，完成比以前多得多的事情。

And I'm most focused on making sure that Meta is a great company to have a big impact, where you'll be able to use these kind of agentic tools anywhere, but you will only be able to come and ship things to billions of people if you join a company like Meta and there aren't that many companies like Meta.

我最關注的是確保 Meta 成為一家能夠產生巨大影響的偉大公司，在這裡，你可以在任何地方使用這些代理工具，但只有加入像 Meta 這樣的公司，你才能將產品交付給數十億人，而像 Meta 這樣的公司並不多。

So I think if we make it so that we can harness these kind of tools, then I think that we should, over some period of time, start to see a real acceleration in the amount of output that we could have. Now how to predict exactly the time frame for adopting that is somewhat hard, right?

所以我認為，如果我們能夠利用這些工具，那麼我認為，經過一段時間，我們應該會看到產量真正加速成長。現在，如何準確預測採用這種方法所需的時間框架有點困難，對吧？

I'm not going to predict a specific quarter or something like that. But the trend seems like unmistakably like this is going to happen. And that, to me, assuming that is very exciting. And like I said in my comments upfront, also, look, honestly, kind of fun, right? I think it just makes it more fun to be able to build a lot of things. And that's what we're here to do.

我不會預測具體的季度或其他類似情況。但目前的趨勢似乎表明，這種情況必定會發生。對我來說，如果真是這樣的話，那就太令人興奮了。正如我之前所說，說實話，看起來也挺有意思的，對吧？我認為能夠建造很多東西會讓事情變得更有趣。這就是我們來這裡的目的。

Mark, on your second question, I want to make sure and clarify something. So I think in the question, you had said that operating income growth in '26 would be higher than '25. And I want to make sure my comments were super clear. In 2026, we expect to deliver operating income above 2025 operating income.

馬克，關於你的第二個問題，我想確認並澄清一些事情。所以我覺得你在問題中說過，2026 年的營業收入成長將高於 2025 年。我想確保我的評論表達得非常清楚。我們預計 2026 年的營業收入將高於 2025 年的營業收入。

So this is comparing absolute dollars, not year-over-year growth. So to give some context on that, we are going into 2026 with strong revenue growth at the start. Of course, we are just a few weeks in set against a healthy macro backdrop. So obviously, hard to extrapolate the current trends to the full year, and there are many moving variables in the current landscape.

所以這裡比較的是絕對金額，而不是年比成長率。為了更好地說明這一點，我們預計在 2026 年伊始就能實現強勁的營收成長。當然，目前我們才剛開始幾週，而且是在整體狀況良好的背景下進行的。因此，顯然很難將目前的趨勢推斷到全年，而且當前情況中有很多變數。

We're really taking advantage of the current business strength to reinvest a lot of the revenue into what we see as very attractive investment opportunities in AI infrastructure and talent. It's hard to assess what all of those investment opportunities will be over the course of the year as we continue to work through our capacity options.

我們正在充分利用當前的業務優勢，將大量收入再投資於我們認為極具吸引力的人工智慧基礎設施和人才投資機會。由於我們仍在研究產能選擇方案，因此很難評估今年所有這些投資機會的具體情況。

And of course, it remains a very competitive hiring market. But we'd like to invest aggressively where we can. We continue to use our framework that we shared at this point several years ago of growing consolidated operating profit over time to guide those investments and based on where our plans are rolling up today, again, in '26, we expect to deliver more operating income than we did in 2025.

當然，招募市場競爭依然非常激烈。但我們希望在力所能及的領域進行積極投資。我們繼續沿用幾年前在這個階段分享的框架，即隨著時間的推移提高合併營業利潤，以此來引導這些投資。根據我們目前的計畫進度，我們預計 2026 年的營業收入將比 2025 年更高。

Doug Anmuth, JPMorgan Chase & Co

道格安穆斯，摩根大通公司

Thanks so much for taking the questions. One for Mark and one for Susan. Mark, could you just provide more detail on the progress of the MSL team several months in? And more on your view on the path to a frontier model this year?

非常感謝您回答這些問題。一份給馬克，一份給蘇珊。馬克，你能否詳細介紹MSL團隊幾個月以來的進展？您能否進一步闡述您對今年邁向前沿車款之路的看法？

And then, Susan, I know you expect to grow operating income in '26. Do you also expect to have positive free cash flow? Just how should we think about the current and any future JVs for data center and compute build-out?

蘇珊，我知道你希望在 2026 年實現營業收入成長。您是否也預期會有正的自由現金流？我們應該如何看待目前以及未來在資料中心和計算建設方面的合資企業？

I'm not sure I have anything else to add on the current progress on this. I mean I -- that's why I said upfront that I think this is somewhat of an unfulfilling time to be answering some of these questions. We're about six months into building MSL. I'm very pleased with the quality of the team. I think we have the most talent-dense research effort in the industry and some of the early indicators look positive.

關於目前的進展，我暫時沒有什麼要補充的了。我的意思是——這就是為什麼我一開始就說，我認為現在回答這些問題有點不太合適。我們已經投入大約六個月的時間來建立MSL。我對團隊的素質非常滿意。我認為我們擁有業界最密集的人才研發團隊，一些早期指標看起來也比較樂觀。

But look, I think that this is going to -- is a long-term effort, right? We're not here to do this to ship like one model or one product. We're doing a lot of models over time and a lot of different products. And I want to make sure that the work can speak for itself, and also that we all internalize that this is a journey that we're on.

但是，我認為這將會是一項長期的努力，對吧？我們做這件事的目的不是為了像生產單一型號或單一產品那樣生產單一型號或單一產品。隨著時間的推移，我們開發了許多模型和許多不同的產品。我希望確保作品本身能夠說明一切，同時也希望我們所有人都能明白，這是我們正在經歷的旅程。

And the first set of things that we put out, I think, are going to be more about showing the trajectory that we're on rather than being a single moment in time. So yes, I'm quite optimistic, but don't have anything else particularly concrete to share.

我認為，我們推出的第一批內容將更展現我們所處的發展軌跡，而不是某個特定時刻。所以，是的，我相當樂觀，但除此之外沒有什麼特別具體的消息可以分享。

Doug, on the first part of your question, we are making very significant investments in infrastructure capacity this year to support our AI efforts. And we believe we're in a strong position to support them with the cash generation of the -- of our business this year.

道格，關於你問題的第一部分，我們今年在基礎設施能力方面進行了大量投資，以支持我們的人工智慧工作。我們相信，憑藉我們今年的業務現金流，我們有能力為他們提供支援。

And at the same time, we'll continue to explore different paths as we build out our infrastructure capacity that help us provide -- that help provide us the long-term flexibility and option value that we look for as we support our future capacity needs against the backdrop of a very wide range of possible capacity demand over the years to come.

同時，我們將繼續探索不同的路徑，以發展我們的基礎設施能力，從而為我們提供我們所尋求的長期靈活性和選擇價值，以支持我們未來幾年可能出現的各種能力需求。

So, we don't have anything additional to announce at this point. We are looking at all of the different opportunities to stand up capacity across kind of the different time frames that we need them.

所以，目前我們沒有其他消息要宣布。我們正在研究各種不同的機會，以便在我們需要的各種時間範圍內建立起相應的能力。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great. A couple, maybe one for Mark and one for Susan. It just seems like you're going to have a tremendous amount of capacity. How do you think about expanding your opportunities beyond ads, things like subscriptions or licensing cloud models?

偉大的。一對，也許一對給馬克，一對給蘇珊。看起來你將會擁有龐大的容量。您如何考慮拓展廣告以外的業務機會，例如訂閱或雲端授權模式？

Just with all the interesting things you're building, I don't expect any product announcements, but can you do things beyond ads? And then for Susan, it's really interesting to see the acceleration, even [XFX] in advertising.

鑑於你們正在開發的所有有趣的東西，我不期待任何產品發布，但是除了廣告之外，你們還能做些什麼呢？對蘇珊來說，看到廣告業的加速發展，甚至包括 XFX，真的很有意思。

I'm just wondering if you're seeing a general acceleration in e-commerce activity, where do you think the dollars are coming from? And is the entire Internet ecosystem accelerating? I'm just wondering your thoughts on that.

我只是想知道，如果您觀察到電子商務活動普遍加速成長，您認為這些資金來自哪裡？整個網路生態係是否正在加速發展？我只是想聽聽你的看法。

So yes, we are focused on things beyond ads. I think the numbers make it so that for the next couple of years, ads are going to be, by far, the most important driver of growth in our business. So that's why, as we're working on this, we have a balance of new things that we're trying to do, while also investing very heavily and making sure that all of the work that we're doing in AI improves both the quality and business performance of the core apps and businesses that we run there.

是的，我們關注的重點不僅限於廣告。我認為，從數據上看，在接下來的幾年裡，廣告將成為我們業務成長的最重要驅動力。所以，正因如此，我們在進行這項工作時，力求在嘗試新事物的同時，加大投入，確保我們在人工智慧領域所做的所有工作都能提高我們運營的核心應用程式和業務的品質和績效。

But yeah, I mean, we'll have more to share on that. But I mean all these things, even if they scale very quickly, are going to take some time to be meaningful at the scale of what the ads business is. And while we're doing that, we're just very focused on also delivering more value to businesses and more quality in the apps that we run ads in.

是的，我們之後會有更多相關資訊分享。但我的意思是，所有這些事情，即使它們發展得非常迅速，也需要一些時間才能在廣告業務的規模上產生意義。同時，我們也非常專注於為企業提供更多價值，並提高我們投放廣告的應用程式的品質。

Justin, on your second question, we saw healthy year-over-year growth across all verticals in Q4 with the exception of politics as we lapped the U.S. presidential election last year. The online commerce vertical was the largest contributor to year-over-year growth. That was followed by professional services and technology. So in online commerce, year-over-year growth was strong.

賈斯汀，關於你的第二個問題，我們在第四季度所有垂直領域都實現了健康的同比增長，但政治領域除外，因為我們錯過了去年的美國總統大選。線上商務領域是年成長的最大貢獻者。隨後是專業服務和技術。因此，線上商務的年成長勢頭強勁。

It was actually relatively consistent with Q3 levels and that was broad-based across advertiser regions and sizes. In general, we saw that the demand leading up to the holiday shopping period that's sustained through Cyber 5 and into the end of the year was very healthy for us.

實際上，它與第三季度的水平相對一致，而且這種一致情況在各個地區和規模的廣告主中普遍存在。總的來說，我們看到，從假日購物季開始到網路星期五以及年底，市場需求一直保持良好勢頭，這對我們來說非常有利。

Professional services in this category, we saw a strong broad-based growth of nice contributions from lead generation ads due to product improvements we've made, including from Advantage+ lead campaigns that we fully rolled out at the start of Q4, and the tech vertical continues to be strong for us, too, again, broad-based across advertiser regions and sizes. So in general, I would say it was very healthy, broadly growing growth.

在這一類別中，專業服務領域由於我們進行了產品改進，包括我們在第四季度初全面推出的 Advantage+ 潛在客戶開發活動，我們看到潛在客戶開發廣告的貢獻實現了強勁而廣泛的增長；科技垂直領域也繼續保持強勁勢頭，同樣在各個廣告主地區和規模上都取得了廣泛的增長。所以總的來說，我認為這是一個非常健康、全面成長的成長。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Yeah. Mark, you mentioned bringing Horizon Worlds into mobile. We haven't heard much from the Horizon Worlds squad on these calls. So interesting that that's making it in. It seems like the combo of AI and what you guys have built with Horizon might open up the door to a bunch of new potential areas in gaming or new forms of kind of communication. So could you just elaborate on what the plan is there? Thank you.

是的。馬克，你之前提到要把《地平線世界》移植到行動平台。我們還沒有聽到 Horizo​​​​n Worlds 團隊對這些呼籲做出太多回應。真有意思，居然能入選。人工智慧與你們在《地平線》中開發的技術相結合，似乎會為遊戲領域或新的溝通方式開闢許多新的潛在領域。那麼，您能否詳細說明一下具體的計劃是什麼？謝謝。

Yeah. So let me talk about the basic theme here. One core idea that I've talked about on some of these calls over the years is that people always want to express themselves and experience the world in whatever the richest format is that they can. So I talked about the upfront today. It's when we started a lot of this was text, right?

是的。那麼，讓我來談談這裡的基本主題。多年來，我在一些電話會議上談到的一個核心觀點是，人們總是希望以最豐富的形式表達自己和體驗世界。今天我談了預付款方面的事情。那時候我們開始做很多文字工作，對吧？

That was the kind of the best we could do. Then we all got phones, then cameras, like a lot of this medium became visual but with photos, we went through a period where the mobile networks were kind of weak and every time you wanted to watch a video, it would buffer. And once that got worked out, now the majority of the content is video.

那已經是我們能做到的最好結果了。然後我們都用上了手機，然後又用上了相機，就像很多媒體都變成了視覺化的，但就照片而言，我們經歷了一段移動網絡不太好的時期，每次你想看視頻，都會緩衝。一旦這個問題得到解決，現在大部分內容都是影片。

And one of the core ideas that we have had for a while is that, that is not the end of the line, right? Video will continue to be here for a long time. It's going to continue growing, it's not going anywhere, just like photos and text in many ways, continue to grow even as the market continues to grow beyond that.

我們一直以來秉持的核心理念之一就是，這並非終點，對吧？視訊技術將在很長一段時間內繼續存在。它將繼續增長，不會消失，就像照片和文字在許多方面一樣，即使市場繼續增長，它也會繼續增長。

But I don't think that video is the ultimate kind of final format. I just -- I think that this is going to get -- we're going to get more formats that are more interactive and immersive and you're going to get them in your feeds.

但我認為影片並不是最終的最終格式。我只是覺得——我認為這將會——我們將會看到更多更具互動性和沈浸感的內容形式，你會在你的動態中看到它們。

So you can imagine this -- I mean there's obviously a lot of details to fill in on this, but you can imagine people being able to, easily through a prompt, create a world or create a game and be able to share that with people who they care about and you see it in your feet, and you can jump right into it and you can engage in it.

所以你可以想像一下——我的意思是，這方面顯然有很多細節需要補充，但你可以想像人們能夠通過提示輕鬆地創造一個世界或創造一個遊戲，並能夠與他們關心的人分享，你親眼所見，你可以立刻投入其中並參與其中。

And there are 3D versions of that, and there are 2D versions of that and Horizon, I think, fits very well with the kind of immersive 3D version of that. But there's definitely a version of the future where any video that you see, you can like tap on and jump into it, and like engage and like and be kind of like experience in it in a more meaningful way.

而且還有 3D 版本，也有 2D 版本，我認為 Horizo​​n 非常適合那種沉浸式 3D 版本。但未來肯定會出現這樣一種景象：你看到的任何視頻，都可以點擊進入，參與其中，以更有意義的方式獲得體驗。

And I think that the investments that we've done in both a lot of the virtual reality software, and Horizon as well as a number of other areas around the company are actually going to pair well with these AI advances to be able to bring some of those experiences to hundreds of millions and billions of people through mobile.

我認為，我們在虛擬實境軟體、Horizo​​​​n 以及公司其他許多領域所做的投資，實際上將與這些人工智慧的進步很好地結合起來，從而能夠透過行動裝置將這些體驗帶給數億甚至數十億人。

So anyway, that's a thing that I'm quite excited about, but it's just sort of one flavor of a theme that I think is going to be very interesting. I think there are going to be lots of different types of interactive and immersive content that become possible. And I think Horizon is going to be one very interesting example that I'm quite excited to see how this unfolds.

總之，我對此感到非常興奮，但這只是我認為會非常有趣的一個主題的其中一種風格。我認為未來會湧現出許多不同類型的互動式和沈浸式內容。我認為《地平線》將會是一個非常有趣的例子，我很期待看到它如何發展。

Ronald Josey, Citi.

羅納德‧喬西，花旗銀行。

Great. Thanks for taking the question. I wanted to drill down, maybe, Susan, on your comments around ranking recommendation model changes. Clearly, lots of tailwinds here given the results from GEM, Andromeda, Lattice, consolidation of models, et cetera. So can you help us understand a little bit more just about the road map and where we stand within ranking recommendation model changes.

偉大的。感謝您回答這個問題。蘇珊，我想就你關於排名推薦模型變更的評論進行更深入的探討。顯然，鑑於 GEM、Andromeda、Lattice 的結果、模型整合等等，這裡有許多有利因素。所以，您能否幫助我們更深入地了解路線圖以及我們在排名推薦模型變更方面的位置？

There's a thesis out there that maybe where -- there's a limiting factor, maybe we're waiting on newer models, but any insights there would be very helpful as we think about the next -- as the future going forward.

有一種觀點認為，或許存在某種限制因素，或許我們正在等待更新的模型，但任何相關的見解都將對我們思考未來發展大有裨益。

Yeah. Thanks for the question, Ron. We have -- I just -- I was sort of sorting out if your question was more specific to ads or if it was more specific to kind of the engagement side, but I'll try to talk a little bit about both. So on the sort of core engagement piece, we launched several ranking improvements in Q4 on Facebook and Instagram that drove incremental engagement.

是的。謝謝你的提問，羅恩。我們有——我只是——我正在弄清楚你的問題更側重於廣告方面，還是更側重於互動方面，但我會盡量就這兩方面都談談。因此，在核心互動方面，我們在第四季度針對 Facebook 和 Instagram 推出了一些排名改進措施，從而推動了互動量的增加。

And there isn't really one single launch that is driving most of the gains. It's multiple optimizations to our recommendation systems that are helping us make more accurate predictions about what will be interesting to each person. And I talked a little bit about some of these -- the specific instantiations on both Facebook and on Instagram.

而且，並沒有哪一款產品的發布真正推動了大部分的成長。我們對推薦系統進行了多項最佳化，從而能夠更準確地預測每個人感興趣的內容。我稍微談到了其中的一些例子——Facebook 和 Instagram 上的具體實例。

And we see a lot of headroom to improve recommendations in 2026 which we expect will drive additional engagement growth on both apps. First, we plan to continue scaling up our models and increase the amount of data we use, including a longer history of content interactions to further improve the overall quality of recommendations.

我們認為，到 2026 年，推薦功能還有很大的提升空間，我們預計這將推動這兩個應用程式的用戶參與度進一步成長。首先，我們計劃繼續擴大模型規模，增加我們使用的資料量，包括更長的內容互動歷史記錄，以進一步提高建議的整體品質。

We're also going to start validating the use of ad signals and organic content recommendations as we continue to work towards having a more shared platform for organic and ads recommendations over time. Second, we're going to continue to make recommendations even more adaptive to what a person is engaging with during their session.

隨著我們不斷努力，逐步建立一個更共享的自然內容和廣告推薦平台，我們也將開始驗證廣告訊號和自然內容推薦的使用情況。其次，我們將繼續提出更具適應性的建議，以適應使用者在會話期間的互動內容。

So the recommendations we surface are more relevant to what they're interested in at that moment. And finally, we will work on more deeply incorporating LLMs into our existing recommendation systems, given their capability to more deeply understand content. And so this will, I think, in particular, be useful for content that has been more recently posted since there's less engagement data to base recommendations off of.

因此，我們提供的推薦內容與他們當時的興趣更相關。最後，鑑於 LLM 能夠更深入地理解內容，我們將致力於將其更深入地融入我們現有的推薦系統中。因此，我認為這對於最近發布的內容尤其有用，因為可用於建立推薦的互動數據較少。

On the ad side, again, we have -- we've talked about a lot of the sort of model work in the ads world across Andromeda and Lattice and GEM. I'll touch maybe specifically on GEM, in Q4, we extended GEM to cover Facebook reels. Now it covers all major surfaces across Facebook and Instagram. We also doubled the size of the GPU cluster we used to train it.

在廣告方面，我們再次談到了 Andromeda、Lattice 和 GEM 在廣告界的許多模型工作。我可能會特別談談 GEM，在第四季度，我們將 GEM 擴展到了 Facebook Reels。現在它已覆蓋 Facebook 和 Instagram 的所有主要平台。我們也把用於訓練的 GPU 叢集規模擴大了一倍。

And in 2026, we're expecting to meaningfully scale up GEM training to an even larger cluster, increasing the complexity of the model, expanding the data that we trained it on, leveraging new sequence, learning architecture that we had begun deploying in Q4. And we're also going to further improve how we transfer the learnings from our GEM foundation models to the runtime models that we're using.

2026 年，我們預計將把 GEM 訓練規模擴大到更大的集群，增加模型的複雜性，擴展我們訓練模型的數據，利用我們在第四季度開始部署的新序列學習架構。我們還將進一步改進如何將 GEM 基礎模型中的經驗教訓轉移到我們正在使用的運行時模型中。

So there are -- there's a lot more headroom, I think, across many, many components of the stack. This is the first time we have found a recommendation model architecture that can scale with similar efficiency as LLMs. And we're hoping that this will unlock the ability for us to significantly scale up the size of our ranking models while preserving an attractive ROI.

所以，我認為，在堆疊的許多元件中，還有很大的提升空間。這是我們首次發現推薦模型架構，其擴展效率可與 LLM 相媲美。我們希望這將使我們能夠在保持可觀投資回報率的同時，大幅擴大排名模型的規模。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Thank you very much. Two, if I may, please. First, for Mark, how critical is it for Meta to have a leading general purpose model or is there a sufficient capability in a model that really excels at specific use cases, maybe similar to what you see at Anthropic in coding today? We'd love if you could opine on that.

非常感謝。如果可以的話，請給我兩個。首先，對 Mark 來說，Meta 擁有一個領先的通用模型有多重要？或者，在特定用例中表現卓越的模型是否就足夠了，也許類似於你今天在 Anthropic 的程式設計工作中看到的那樣？我們非常希望您能就此發表意見。

And then second, maybe I just want to push again, maybe on this last question, Susan. On the visibility you have, you talked about the improvements you're making in '26 on the models, the fine-tuning of the core, both in engagement and ad relevance.

其次，蘇珊，我可能還想再追問最後一個問題。關於您所擁有的可見性，您談到了您在 2026 年對模型所做的改進，以及對核心的微調，包括參與度和廣告相關性。

Could you talk about -- are you seeing any signs of diminishing returns to those investments? And do you think -- do you have visibility beyond '26 into further opportunities there? Thank you.

您能否談談—您是否看到這些投資出現任何收益遞減的跡象？你認為－你對2026年以後的發展機會有什麼展望嗎？謝謝。

I think the question was around how important is it for us to have a general model. The way that I think about Meta is we're like a deep technology company. Some people think about us as we build these apps and experiences, but the thing that allows us to build all these things is that we build and control the underlying technology that allows us to integrate and design the experiences that we want and not just be constrained to what others in the ecosystem are building or allow us to build.

我認為問題在於，擁有一個通用模型對我們來說有多重要。我認為 Meta 是一家深度科技公司。有些人會想到我們是如何構建這些應用程式和體驗的，但讓我們能夠構建所有這些東西的原因是，我們構建並控制了底層技術，這使我們能夠整合和設計我們想要的體驗，而不僅僅受限於生態系統中的其他人正在構建或允許我們構建的東西。

So, I think that this is a really fundamental thing where my guess is that Frontier AI for many reasons. Some competitive, some safety oriented are not going to always be available through an API to everyone. So I think like it's very important, I think, to be able to have the capability to build the experiences that you want if you want to be one of the major companies in the world that helps to shape the future of these products.

所以，我認為這是一個非常根本性的問題，我的猜測是，Frontier AI 是出於多種原因。有些競技類應用程式和一些安全類應用程式並非總是能透過 API 向所有人開放。所以我認為，如果你想成為世界上塑造這些產品未來的主要公司之一，那麼擁有打造你想要的體驗的能力就非常重要。

So, that I think is -- it's going to be, I think, important from a business perspective. And I think it's just important from like a creative and mission perspective to be able to actually design and build the experiences that we believe that we should be building for people. But yes, I mean I think it's quite important. Otherwise, we wouldn't be so focused on this. We're clearly extremely focused on this.

所以，我認為這——從商業角度來看，這將非常重要。我認為從創意和使命的角度來看，能夠真正設計和建構我們認為應該為人們建構的體驗，是非常重要的。是的，我的意思是，我認為這非常重要。否則，我們就不會如此關注這件事了。我們顯然非常重視這件事。

On your second question, interestingly, a year ago on this call, I think I talked about the set of investments we were making in 2025. as part of our 2025 budgeting process across our ads performance and organic engagement initiatives.

關於你的第二個問題，有趣的是，一年前的這次電話會議上，我想我談到了我們在 2025 年進行的一系列投資，這是我們 2025 年預算流程的一部分，涵蓋了我們的廣告效果和自然互動計劃。

And those investments have generally paid off, and we feel really good about kind of the -- the process we ran in terms of using projected ROI to stack rank investments, make sure that we had a robust measurement system funded things that were positive ROI and then tracking how they performed over the course of the year.

這些投資總體上都獲得了回報，我們對我們採用的流程感到非常滿意——即使用預計的投資回報率對投資進行排名，確保我們有一個強大的衡量系統，為那些投資回報率為正的項目提供資金，然後跟踪它們在一年中的表現。

And we are -- we've just finished running our 2026 budgeting process, and we have funded a similar set of investments, which we expect will enable us to continue delivering strong revenue growth in 2026. Having said that, I expect both full year reported and constant currency revenue growth to be below the levels in Q1 for a few reasons.

我們已經完成了 2026 年的預算編制工作，並為類似的投資項目提供了資金，我們預計這將使我們能夠在 2026 年繼續實現強勁的收入成長。話雖如此，由於以下幾個原因，我預計全年報告收入和以固定匯率計算的收入成長都將低於第一季的水平。

First, we would expect that currency tailwinds will dissipate later in the year based on current rates. Second, we'll be lapping stronger periods of growth later in the year that benefited from our 2025 ad performance investments and the strong macro landscape. And finally, we expect there could be some headwinds from our introduction of the revised less personalized ads offering in the EU that begins rolling out later in Q1.

首先，根據目前的匯率，我們預期貨幣利好因素將在今年稍後消退。其次，今年稍後我們將迎來更強勁的成長期，這得益於我們對 2025 年廣告成效的投資和強勁的宏觀經濟環境。最後，我們預計，我們即將於第一季稍後在歐盟推出的修訂版個人化程度較低的廣告服務可能會帶來一些不利影響。

But again, similar to '25, we feel good about the process by which we identified investment opportunities with attractive ROIs and funded them as part of our budget to support key initiatives across our ranking and recommendation systems and to increase the capacity efficiency of our models, all of which are key to driving growth for us.

但與 2025 年類似，我們對透過識別具有吸引力的投資回報率的投資機會並將其納入預算以支持排名和推薦系統中的關鍵舉措以及提高模型的容量效率的過程感到滿意，所有這些都是推動我們成長的關鍵。

Mark Mahaney, Evercore Inc.

Mark Mahaney，Evercore 公司

Okay. Two questions, please. Meta AI. Any update on what you're seeing there in terms of engagement and usage? And do you think you're just starting to be able to apply improvements to that specific functionality? And then just real quickly on share repurchases, Susan, I don't think you bought any stock back in the quarter.

好的。請問兩個問題。元人工智慧。關於用戶參與度和使用情況，您那邊有什麼最新進展嗎？你認為你現在才剛開始能夠對這項特定功能進行改進嗎？然後，關於股票回購，蘇珊，我想你這個季度沒有回購任何股票。

It's been a while, maybe a year since you haven't bought anything back, you talked about capital allocation a little bit into the year. It didn't sound like you're going to be buying back stock anytime soon, but just do you want to clarify that? Thanks a lot.

已經有一段時間了，可能一年了，你沒有回購任何東西，你在今年年初的時候也談到資本配置的問題。聽起來你近期並沒有回購股票的打算，但你想澄清一下嗎？多謝。

Yes. I'm happy to take both of those. So Meta AI, the quick update there is it's now available in over 200 markets. the largest daily active user markets for Meta AI align with our app -- we're aligned with where our apps are also very popular. Though the apps people engage most with Meta AI differ in some places, it's primarily WhatsApp driven, for example, India or Indonesia, in the U.S., Facebook is a stronger driver of engagement.

是的。我樂意接受這兩個。Meta AI 的最新進展是，現在它已在超過 200 個市場上線。 Meta AI 日活躍用戶最多的市場與我們的應用程式市場重疊——我們的應用程式在這些市場也非常受歡迎。雖然人們與 Meta AI 互動最多的應用程式在某些地方有所不同，例如在印度或印度尼西亞，WhatsApp 是主要驅動力；而在美國，Facebook 是更強大的互動驅動力。

And in general, we see a lot of opportunity to make it easier for people to accomplish the tasks that they already come to our services for every day. And if we do that well, then the way people use our products will continue to expand.

總的來說，我們看到了很多機會，可以讓人們更容易完成他們每天都來尋求我們服務的任務。如果我們能做好這一點，那麼人們使用我們產品的方式就會不斷擴展。

So we're focused on making Meta AI the most personalized assistant while tapping into the vast amount of information, trends, content from our platform to offer differentiated insights and we think we have a very strong track record in building highly personalized experiences, and we're bringing that into Meta AI, so that we can tailor responses to each person's personal interest and preferences.

因此，我們專注於將 Meta AI 打造成最個性化的助手，同時利用我們平台上的大量資訊、趨勢和內容，提供差異化的見解。我們認為我們在建立高度個人化的體驗方面有著非常強大的記錄，我們將這些經驗融入 Meta AI 中，以便我們能夠根據每個人的個人興趣和偏好來客製化回應。

On your second question, which is about share repurchase. Share repurchase levels will vary from time to time for a lot of reasons, including whether we believe there are areas that have a greater near-term need for capital. Right now, we think the highest order priority for the company is investing our resources to position ourselves as a leader in AI.

關於你的第二個問題，也就是關於股票回購的問題。股票回購水準會因多種原因而隨時變化，包括我們是否認為某些領域在短期內更需要資金。目前，我們認為公司最重要的任務是投入資源，將自己定位為人工智慧領域的領導者。

And so, that is really the -- that's kind of the first order of use of capital, but we'll continue to be opportunistic and evaluate repurchases versus other uses of cash.

所以，這確實是——這算是資金的第一要務，但我們將繼續抓住機會，評估回購與其他現金用途之間的關係。

Great. I think we will wrap it here. Thank you, everyone, for joining us today. We look forward to speaking with you again soon.

偉大的。我想我們就到此為止吧。謝謝各位今天蒞臨。我們期待盡快再次與您聯繫。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。