TREE NEWS update: Meta reported third-quarter revenue of $64.6 billion, up 26% year on year and above the $63.3 billion analysts expected, with fourth-quarter guidance of $73 billion to $76 billion. Capital spending reached $34.91 billion in the quarter, pushing free cash flow to negative $2.12 billion, its first negative reading since the company went public. Meta also raised its full-year 2026 capex guidance to $135 billion to $145 billion and announced a new Class C common stock plan.
Meta Q3 revenue beats at $64.6B but free cash flow turns negative
AI take
The headline beat masks a structural shift: Meta's revenue growth is now being outpaced by the capital intensity of its AI buildout, and negative free cash flow at a company of this scale is a genuine milestone, not a rounding error. The raised 2026 capex range signals management expects this spending regime to persist well beyond the current cycle. For markets watching AI infrastructure demand, Meta's numbers are a proxy for how aggressively hyperscalers will keep funding compute. Whether the new Class C stock plan draws governance scrutiny alongside the spending story is worth watching.
Generated by AI for reference only.
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