Meta Platforms reported negative free cash flow of $2.12 billion in the third quarter of 2026, its first quarterly decline below zero in more than a decade. Capital expenditures of $34.91 billion exceeded operating cash flow of $32.79 billion, largely because of spending on data centers and computing capacity. Meanwhile, revenue rose 26% year over year to $64.60 billion, beating analyst estimates of $63.37 billion. Meta raised its 2026 capital expenditure guidance to a range of $135 billion to $145 billion, despite its shares gaining approximately 4% in after-hours trading. The company held $82.45 billion in cash as of September 30 and paid $1.36 billion in dividends, but continued AI investment could keep free cash flow under pressure.
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