Last updated with Amazon earnings on February 6, 2026.

Growth Leaderboard (% change YoY):

1. Reddit: +69% in revenues
2. Meta: +24.3% in ad revenues
3. Amazon: +23% in ad revenues
4. Google: +13.6% in ad revenues
5. NBCUniversal: +10.8% in media revenues
6. Snap: +10.6% in revenues
7. Microsoft: +10% in search and news advertising revenues
8. Disney: -6% in entertainment segment ad revenues

Live Trends

• Major AI investments caused Meta's spending to skyrocket in Q4, one of Meta's costliest quarters to date.
• Meta is facing new heat from the FTC, which is appealing a November ruling that sought to dismantle the firm's ownership of Instagram and WhatsApp.
• Amazon's AI spending sparked investor concerns. The company plans to spend $200 billion in 2026, far above estimates of $146.6 billion, to rival the ad businesses of Meta and Google while proving its dominance in the AI race.
• Disney named theme parks chief Josh D'Amaro as its new CEO. D'Amaro will succeed Bob Iger.
• Live sports proved its position as a key growth driver for companies like Disney and NBCUniversal. Premium live moments draw audiences en masse and attract advertiser investment, even as other business segments soften.
• Short-form video remains paramount for social platforms looking to compete in a period of fragmented attention. Platforms like LinkedIn are making notable gains from short video alone.

Company-By-Company Updates

Amazon

Posted Feb 5, 2026

By the numbers:

• Ad revenues: $21.3 billion, +23% YoY
• Revenues: $213.4 billion, +14% YoY

Implications for marketers: Amazon's ad revenues remain far behind Google's and Meta's more mature ad businesses, but the company's retail media dominance and the rise of Prime Video as an ad engine are helping it make gains. Full-funnel, AI-powered tools like Campaign Manager and Ads Agent aim to give Amazon a leg up in the AI race.

Amazon's ad resources benefit from being consolidated in a single hub, meaning marketers can better deploy full-funnel campaigns within Amazon's ecosystem that stretches from retail to CTV and beyond. Whether its fast ad revenue growth rate pushes it to catch up with its larger rivals largely depends on whether its AI tools deliver stronger campaign results than Google and Meta.

Reddit

Posted Feb 5, 2026

By the numbers:

• Revenues: $725.6 million, +69.7% YoY
• Daily active uniques (DAUq): 121.4 million, +19% YoY
• Global ARPU: $5.98, +42% YoY

Implication for marketers: Reddit is emerging as a rare bright spot for advertisers trying to balance performance with efficiency as pricing pressure intensifies across social. Automation tools like Max campaigns, paired with community-level intent signals, are helping marketers drive stronger results without sacrificing transparency or control. Rapid growth in ad spend suggests brands are moving beyond experimentation, treating Reddit as a meaningful performance channel, particularly for discovery and consideration.

The platform’s younger, increasingly active user base adds to its appeal, especially as engagement deepens within high-intent subreddits. For marketers facing saturation on Meta and TikTok, Reddit offers a way to diversify budgets into lower-competition inventory where relevance and context still do real work.

Google

Posted Feb 4, 2026

By the numbers:

• Revenues: $113.8 billion for Q4 2025, +18% YoY
• Google Services revenues: $95.9 billion, +14% YoY
• YouTube ad revenues: $11.4 billion, up 8.7% YoY

Implications for marketers: Alphabet is now a $400 billion revenue machine with AI woven through Search, YouTube, Ads, and Cloud. Gemini powers creative, bidding, and measurement—potentially turning AI inventory into a default. For marketers, that means more ad placements inside AI Overviews, conversational results, and automated formats like Performance Max. 

AI will facilitate better signals about what people want, and provide marketers with tools that connect search, YouTube, and measurement in one system. But there will be less hands-on control as Google automates more decisions behind the scenes. As Google spends heavily on AI infrastructure, expect ad prices in high-intent search and YouTube to stay firm. The upside is smarter tools and broader reach; the downside is less visibility into how decisions are made. With AI infrastructure costs high, monetization pressure likely keeps CPCs and CPMs firm in high-intent environments. The trade-off: better tools and scale in exchange for transparency

Snap

Posted Feb 4, 2026

By the numbers:

• Revenues: $1.72 billion, +10.6% YoY (Our forecast estimates Snap's ad revenues were approximately 86.5% of its total revenues)
• Snapchat Monthly Active Users: 946 million, +6% YoY
• Total active advertisers: +28 YoY
• Net income: $45 million, +400% YoY

Implications for marketers: Snap’s Q4 results mark a shift from "growth at all costs" to high-efficiency performance. Its 89% YoY revenue surge from in-app optimizations and 19% jump in Dynamic Product Ads revenues show Snap is now a serious bottom-funnel contender. With MAUs nearing 1 billion, brands should leverage its shoppable AR and increasingly sophisticated ROI tools for SMBs.

Revenue growth well above analysts’ expectation of 9.1% could also mark confidence that its Specs Inc. play—which Snap recently spun off into a separate subsidiary within the company—will pay off, and a belief that wearables players like Meta don’t entirely rule the smart glasses market.

Disney

Posted Feb 2, 2026

By the numbers:

• Entertainment ad revenues: -6% YoY (dollar amount not reported)
• SVOD advertising and other revenues: $922 million, +4% YoY (SVOD is a segment of entertainment)
• Sports segment ad revenues: +10% YoY (dollar amount not reported)

Implications for marketers: New leadership represents a major shift for Disney as it looks to manage the decline of linear TV. Live sports, anchored by ESPN, remains Disney's core premium SVOD offering, positioning it as the key lever for sustaining ad revenue growth as the entertainment segment contracts and SVOD growth softens.

This was the first quarter Disney did not report subscriber numbers for its core streaming offerings, making it more challenging for advertisers to gauge platform scale. Marketers must now rely on measurement and performance to determine whether Disney's streaming platforms are a worthwhile investment compared with rivals like Netflix or platforms with vast live sports inventory.

NBCUniversal

Posted January 29, 2026

By the numbers:

• NBCUniversal (media) revenues: $7.62 billion, +5.5% YoY
• Peacock revenues: $1.6 billion, +23% YoY
• Peacock subscribers: 44 million paid subs, +22% YoY
• Peacock operating loss: $552 million in Q4, widening from $372 million
• Comcast total costs and expenses: $28.82 billion, +7.1% YoY

Implications for marketers: The quarter reinforced how decisively NBCUniversal and Peacock are leaning into live sports as the core ad-growth lever: NBA games, the NFL, and the Olympics are doing the heavy lifting on both subscriber momentum and advertiser demand, helping protect ad revenues even as traditional linear networks soften. That sports-driven mix is also setting up heavier ad loads and faster experimentation on Peacock.

The approaching Milan Cortina 2026 Olympics strengthens Peacock and NBC’s appeal as scaled, cross-platform buys spanning streaming, CTV, distributors, and social extensions. Premium live moments remain one of the few environments where NBCUniversal can confidently sustain elevated CPMs, particularly around marquee games and event programming.

Meta

Posted January 28, 2026

By the numbers:

• Ad revenues: $58.14 billion, +24.3% YoY
• Revenues: $59.89 billion, +24% YoY
• Total costs and expenses: $35.15 billion, +40% YoY
• Family Daily Active People: 3.58 billion, +7% YoY

Implications for marketers: Pressure from investors to turn a profit off high AI spending will trickle down into Meta's ads business, potentially translating to higher ad costs, more AI ad products, and more ad signals from AI features.

Meta's hefty AI investment offers the advantage of improved ad targeting and broader reach. For advertisers, AI features won't harm campaign performance, but will affect the balance sheet. Advertisers stand to gain a more effective partner, but should anticipate that CPMs will continue to rise.

Microsoft

Posted January 28, 2026

By the numbers:

• Revenues: $81.3 billion, +17% YoY
• LinkedIn revenues: +11% YoY, buoyed by its recent video push
• Search and news advertising revenues: +10% YoY
• Xbox content and services revenues: -5% YoY

Implications for marketers: Besides its strong Intelligent Cloud and Azure results, Microsoft’s earnings reinforce that AI environments are becoming media and commerce surfaces, not just productivity tools. Growth in search and news advertising suggests that Bing, Edge, and Copilot are driving enough usage to support scaled monetization, even without flashy ad innovations. As Copilot becomes more embedded across consumer and work contexts, marketers should expect more opportunities tied to intent, utility, and task completion.

LinkedIn and gaming show how Microsoft is diversifying attention; the former's continued momentum, especially around video, strengthens its case as a performance-oriented B2B platform, while early steps into cloud gaming ads point to experimentation with new formats rather than aggressive monetization. Microsoft’s rollout of multiple, differentiated environments where ads can work means success will depend on context-aware creative and strategies, not one-size-fits-all approaches.