Meta posted negative free cash flow of $2.12 billion in Q3 as capex of $34.91 billion, including finance-lease principal, exceeded its $32.79 billion in operating cash, the first negative quarter since 2012. Revenue rose 26% to $64.60 billion, above expectations of about $63.3 billion, but operating margin fell to 20% from 40% due to a $9.89 billion charge tied to an agreement with 52 state attorneys general over teen mental health. Long-term debt rose to $80.92 billion from $58.74 billion at the end of 2025, and Meta made no buybacks in the quarter versus $3.33 billion a year earlier. Meta narrowed its 2026 capex forecast to $135–145 billion and guided Q4 revenue to $73–76 billion, while its 2027 budget is still being developed. The article says the Q4 2026 report, expected in late January 2027, will be a key test, and a second negative free cash flow quarter or revenue below $73 billion would weaken the bullish case.
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METAearningsartificial intelligencecapital expenditure
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Related tickers and likely impact
META
▼ Likely negativeMeta Platforms
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.9T |
| Close on 10/21/2026 | 698.43 |
| Change that session | +0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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