META · 10-K · 2025A · Full report
Capital Expenditures
Meta Platforms, Inc. · 2026-01-29 · Importance 71 · Surprise 60
Cash used in investing activities in 2025 included large purchases of property and equipment to support servers, data centers and network infrastructure and $18.33 billion of non-marketable equity investments that support strategic technology relationships. Management explicitly ties capital spending to AI, announcing anticipated capital expenditures of approximately $115 billion to $135 billion in 2026 to support its AI efforts and core business. The 2025 investing pattern and the 2026 guidance indicate an acceleration of spending on AI infrastructure, including owned datacenter capacity, networking and related investments. These investments signal continued heavy demand for hyperscale compute, storage and networking to support Meta’s AI products and services.
Key facts
- Capital expenditures, including principal payments on finance leases, were $72,220 million for the year ended December 31, 2025.
- Cash used in investing activities during 2025 mostly consisted of $69.69 billion of purchases of property and equipment, $18.33 billion of purchases of non-marketable equity investments, and $10.05 billion of net purchases of marketable securities.
- Purchases of property and equipment were $69.69 billion during 2025.
- The increase in cash used in investing activities during 2025 compared to 2024 was mostly due to increases in purchases of property and equipment and non-marketable equity investments.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -19.7% | Capital expenditures, including principal payments on finance leases, were $72,220 million for the year ended December 31, 2025. |
| assets | positive | realized | +19.7% | Capital expenditures, including principal payments on finance leases, were $72,220 million for the year ended December 31, 2025. |
| cash | negative | realized | -19.0% | Purchases of property and equipment were $69.69 billion during 2025. |
| cash | negative | realized | -2.8% | Cash used in investing activities during 2025 mostly consisted of $69.69 billion of purchases of property and equipment, $18.33 billion of… |