Meta projects its 2026 capital expenditures to reach between $130 billion and $145 billion, nearly doubling the $72 billion spent in 2025. The majority of these funds are allocated to AI infrastructure as the company seeks to maintain control over its computing resources.
Financial performance shows significant pressure, with free cash flow dropping 91% year-over-year to $784 million in Q2 2026, down from $8.55 billion in the same period of 2025. Meanwhile, long-term debt rose to $83.7 billion by the end of Q2 2026.
Analysts estimate that Meta holds approximately $420 billion in off-balance-sheet commitments, including leases and special-purpose vehicles for data centers. This figure is roughly five times the company's reported long-term debt, complicating the assessment of its total leverage.
CEO Mark Zuckerberg has stated that the company is prepared to invest up to $200 billion in AI. Investors are now awaiting the Q3 2026 earnings report on October 21, 2026, to monitor cash flow trends, debt levels, and potential updates to capital expenditure guidance.
