Meta Platforms reported Q3 revenue of $64.6 billion, up 26% year over year, while operating income fell 37% and operating margin dropped from 40% to 20% amid heavy AI spending. Capital expenditures reached $34.9 billion, up 80%, pushing free cash flow to negative $2.1 billion, the first negative FCF since 2012. Capex is expected to reach about $140 billion in 2026 at the midpoint, future commitments rose to $825 billion from $643 billion at June 30, and long-term debt stands at $80.9 billion. Consensus estimates see negative FCF of $10.6 billion in 2026 and almost $35 billion next year, before turning positive again in 2028. Meta also repurchased no shares in the first nine months of 2026, versus $26.2 billion in the first three quarters of 2025.
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METAAI investmentfree cash flowshare buybacks
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Related tickers and likely impact
META
▼ Likely negativeMeta Platforms
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.7T |
| Close on 10/27/2026 | 620.12 |
| Change that session | -1.66% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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