META · News · 20261102N

Capital Expenditures and Cash Flow

Meta Platforms, Inc. · 2026-11-02 · Importance 64 · Surprise 42 · In source text

S&P Global Ratings changed Meta’s credit outlook to negative from stable, citing uncertainty over elevated AI capital spending and free operating cash flow. Meta reported a $2.12 billion free cash flow loss in Q3 2026 and expects 2026 capital expenditures of $135 billion to $145 billion. S&P estimates free operating cash flow shortfalls of about $39 billion in 2026 and $71 billion in 2027, and projects capex of about $140 billion in 2026 and more than $225 billion in 2027. S&P said leverage could exceed 1.0x in 2027, compared with roughly 0.1x in 2025, with much of the increase stemming from leased data-center capacity rather than debt issuance.

Key facts

• S&P estimates Meta Platforms, Inc. will have free operational cash flow shortfalls of around $39 billion in 2026 and $71 billion in 2027. source
• S&P projects Meta Platforms, Inc.'s capital expenditures at $135 billion to $145 billion for the year and estimates free operational cash flow shortfalls of around $39 billion in 2026 and $71 billion in 2027. source
• S&P expects Meta Platforms, Inc.'s capital expenditures to reach about $140 billion in 2026 and exceed $225 billion in 2027. source
• Meta Platforms, Inc. expects to invest $135 billion to $145 billion in capital expenditures for the year. source
• S&P Global Ratings lowered Meta Platforms, Inc.'s outlook to negative from stable, citing uncertainty about capital expenditures and free operating cash flow. source
• S&P lowered Meta Platforms, Inc.'s outlook to negative from stable, citing uncertainty about capital spending and free operating cash flow. source
• Quarterly free cash flow at Meta Platforms, Inc. was minus $2.1 billion, its first negative quarter since its IPO, according to Nomura analysts. source
• Meta Platforms, Inc. had a $2.12 billion free cash flow loss in the third quarter. source

Impact estimates