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Meta Q3 Capital Expenditure of $34.9 Billion Surpasses Operating Cash Flow: AI Infrastructure Investment Crosses the Critical Threshold

Meta reported Q3 2026 revenue of $64.6 billion, up 26% year over year, while quarterly capex of $34.9 billion exceeded operating cash flow of $32.8 billion and turned free cash flow negative at about $2.1 billion. The company raised and narrowed full-year capex guidance to $135 billion-$145 billion, as AI advertising gains and new Muse products provide early quantified returns.

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