Meta plans to spend between $130 billion and $145 billion on capital expenditures in 2026, nearly twice the $72 billion it spent in 2025, with most of the funds going toward AI infrastructure. In the second quarter of 2026, its free cash flow fell to $784 million from $8.55 billion a year earlier, a 91% decline, while long-term debt climbed to $83.7 billion. Meta’s off-balance-sheet commitments, including leases and special-purpose vehicles tied to data centers, are estimated at around $420 billion, nearly five times its visible debt. Mark Zuckerberg is prepared to invest up to $200 billion in AI, and investors will await the third-quarter results scheduled for October 21, 2026, to assess cash-flow pressure, debt and investment guidance.
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