META · News · 20261030N

Capital Expenditure Outlook

Meta Platforms, Inc. · 2026-10-30 · Importance 75 · Surprise 60 · In source text

S&P Global Ratings changed Meta’s outlook to negative from stable, citing uncertainty about elevated capital expenditures and negative free operating cash flow. S&P projects Meta’s 2026 capital expenditures at US$140 billion; Meta’s raised full-year 2026 guidance is US$135 billion–US$145 billion, with the low end up US$5 billion from the prior quarter. S&P forecasts capex above US$225 billion in 2027 and US$252 billion in 2028, compared with its previous estimates of US$163 billion and US$178 billion, respectively. S&P said Meta’s ability to monetize AI investments is more limited than peers and that the timing of material revenue exceeding rising costs remains unclear.

Key facts

• Meta's full-year 2026 capital expenditure guidance was raised to $135 billion-$145 billion, a $5 billion increase at the low end from the previous quarter. source
• S&P Global Ratings changed its outlook on Meta Platforms to negative from stable, citing uncertainty about the duration of elevated capital expenditures and negative free operating cash flow. source

Impact estimates