Meta shares fell around 6% on Thursday after the social media company reported negative free cash flow for the third quarter and increased its minimum capital spending forecast for 2026.
The company now expects annual capital expenditure of $135 billion to $145 billion, raising the lower end of its previous range by $5 billion. Meta reported negative free cash flow of $2.12 billion for the quarter as it continues investing heavily in artificial intelligence infrastructure.
Despite the spending pressures, revenue increased 26% year over year to $64.60 billion, exceeding analysts’ expectations of $63.37 billion. Meta reported earnings per share of $3.83, although direct comparison with Wall Street’s $5.75 forecast was unclear.
A new nonvoting stock class is intended to preserve founder Mark Zuckerberg’s leadership and help finance future growth.
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— FT Breaking News (@ftbreakingnews) October 22, 2026
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