When Meta announced updates to its attribution methodology earlier this year, advertisers immediately had questions…a lot of questions. Would performance improve or decline? Would Meta simply claim more conversions? How should brands evaluate year-over-year performance once the change rolled out?
At the time, the industry had plenty of opinions but very little data.
Now, after analyzing over 60 days of performance across Code3's client portfolio, we're starting to see clear patterns emerge. The short answer: Meta is reporting significantly stronger performance than before, but the story is more nuanced than a simple increase in efficiency.
A Quick Refresher on What Changed
But first, let’s take a quick step back. In March, Meta began rolling out updated attribution methodology, designed to improve how conversions are connected back to ad exposure and engagement. In practical terms, the platform is now better able to identify and credit conversions that may have previously gone unattributed.
For advertisers, that means reported revenue, ROAS, conversion rates, and CPA efficiency may look materially different than they did under the previous model, even if underlying business performance hasn't changed at the same rate.
That's why understanding the difference between performance improvements and measurement improvements is critical.
What We've Seen Across Our Portfolio
Looking at aggregate performance across Code3 clients during the first 60 days following the update:
- Revenue attributed to Meta increased 11% YoY
- Spend decreased 15% YoY
- ROAS improved 30% YoY
- Conversion rate increased from 1.75% to 2.91% (+67%) YoY
- CPA improved from $38.86 to $28.67 (-26%) YoY
Those are significant shifts, especially considering spend was lower during the same period.
While some of the gains likely reflect genuine business performance improvements, the scale of the efficiency improvements strongly suggests Meta's new attribution methodology is capturing and crediting more conversions than the previous framework.
In other words, Meta isn't necessarily driving 67% more efficient traffic overnight. It's doing a better job connecting conversions back to Meta touchpoints.
The Impact Isn't Equal Across Categories
One of the most interesting findings from Code3’s analysis is that the attribution update has not affected every category equally.
Some verticals appear to benefit substantially more than others.
Fashion and Beauty are Seeing the Largest Attribution Lift
Among all categories analyzed, Fashion experienced some of the most dramatic changes. Across fashion brands in the Code3 portfolio, we saw:
- Attributed revenue increased between 25% and 155% YoY
- ROAS improved between 29% and 109% YoY
- Conversion rates increased between 36% and 152% YoY
These gains suggest that Meta's updated methodology is recognizing a significantly larger portion of conversions that fashion advertisers have historically influenced.
However, attribution improvements don't automatically solve performance challenges.
One brand still experienced declines in purchases, revenue, and ROAS despite the attribution update; an important reminder that stronger reporting cannot compensate for underlying business performance issues.
Beauty brands also experienced substantial increases in reported efficiency. Across our Beauty portfolio:
- Revenue attribution increased 53% YoY
- ROAS improved 41% YoY
- Conversion rates increased 83% YoY
The consistency of these improvements suggests beauty may have historically underreported Meta's influence on conversion activity, making it one of the biggest beneficiaries of the updated model.
Home & Lifestyle Shows a More Balanced Story
Home & Lifestyle brands experienced positive results, but the gains were more measured. Across brands:
- Revenue increased between 43% to 96% YoY
- ROAS improved 18% to 20% YoY
Interestingly, the category also highlighted why advertisers shouldn't rely solely on attribution metrics. One brand saw a 6% increase in conversion rate, contributing meaningfully to revenue growth. Another experienced declining efficiency despite strong attributed revenue gains.
This reinforces an important takeaway: attribution improvements can surface additional value, but operational and business fundamentals still drive outcomes.
Entertainment Performance Strengthened
Entertainment brands also saw meaningful gains under the new framework:
- Purchases increased 139%YoY
- Revenue increased 73% YoY
- ROAS improved 29% YoY
- CPA decreased 44% YoY
The scale of the conversion growth suggests Meta's enhanced attribution is capturing a broader portion of the customer journey than before.
Not Every Category Benefited
Perhaps the most important finding from our analysis comes from the category that didn't improve. For one brand in our portfolio, a lifestyle brand:
- Revenue decreased 34% YoY
- ROAS declined 8% YoY
- Conversion rate declined 22% YoY
- AOV declined 14% YoY
If Meta's attribution update alone were responsible for performance gains, we'd expect every advertiser to report stronger results.
Instead, this category demonstrates that underlying business conditions still matter. When demand softens or conversion challenges exist, improved attribution visibility can't mask those realities.
What Advertisers Should Do Next
The biggest mistake brands can make right now is treating post-update performance metrics as directly comparable to previous reporting periods. If your Meta ROAS suddenly improved 40%, 60%, or even 100%, that doesn't necessarily mean your campaigns became that much more efficient overnight. Instead, advertisers should:
Reevaluate Historical Benchmarks
Performance targets built using the previous attribution methodology may no longer be appropriate. ROAS, CPA, and conversion rate benchmarks should be reassessed using post-update data before making optimization decisions.
Be Careful With Year-Over-Year Comparisons
YoY reporting now includes two variables:
- Actual business performance
- A different attribution methodology
Without accounting for both, it's easy to overstate growth or misinterpret efficiency gains.
Focus on Incrementality and Business Outcomes
The most sophisticated advertisers will continue looking beyond platform-reported metrics. Site revenue, new customer acquisition, contribution margin, incrementality testing, and blended measurement remain essential for understanding true business impact.
The Bottom Line
After 60+ days of analysis, one conclusion is clear: Meta's attribution update is materially increasing the amount of revenue and conversions credited to the platform.
Some categories are seeing large effects and others have moderate gains. At the same time, underperforming brands continue to underperform despite the measurement changes: evidence that attribution alone isn't driving the entire story.
For advertisers, that's both good news and a cautionary tale. Meta is providing a more complete view of the value it delivers. But stronger reporting should not automatically be interpreted as stronger performance. The brands that navigate this transition most successfully will be the ones that understand the difference.