S&P Global revised Meta's outlook to negative while keeping its AA- rating, forecasting free operating cash flow deficits of $22 billion in 2026 and $71 billion in 2027 as capex rises to $140 billion in 2026 and over $225 billion in 2027. Third-quarter revenue rose 26% to $64.6 billion, but capex of $34.9 billion outran $32.8 billion of operating cash flow, leaving free cash flow at negative $2.12 billion. Meta plans a record $97.5 billion equity raise, including an upsized $37.5 billion underwritten offering, and created a non-voting share class, with Nvidia investing $3 billion. Operating income fell 37% to $12.99 billion as infrastructure, legal and AI costs climbed, and the stock slipped 1.5% to $615, 21% below its 52-week high of $780. The next checkpoint is the report covering the final quarter of the year, expected around January 27.
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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 | $1.7T |
| Close on 10/30/2026 | 614.98 |
| Change that session | -1.53% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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