Meta Q2 2026 - capex guidance $130-145B, free cash flow collapses 91% on AI buildout
Meta's Q2 2026 results (2026-07-29) showed revenue up 28% to $60.8B but quarterly capex of $31.1B and free cash flow down 91% to $784M; Meta guided 2026 capex to $130-145B and raised total-expense guidance, sending shares down roughly 10% after hours.
Key facts
- Q2 2026 revenue: $60.801B, +28% YoY (SEC 8-K exhibit 99.1)
- Q2 capex incl. finance-lease principal: $31.08B
- Full-year 2026 capex guidance: $130-145B
- Full-year 2026 total expenses guidance: $165-169B (raised)
- Q2 free cash flow: $784M vs $8.55B a year earlier (-91%, CNBC)
- Family Daily Active People: 3.60B (June 2026); headcount 75,472 (-1% YoY)
- Stock fell ~9.6% after hours (reported)
What happened
Meta reported Q2 2026 revenue of $60.8B (+28%) but spent $31.1B on capex in the quarter - nearly all of its operating cash flow - and guided full-year capex to $130-145B. Free cash flow fell to $784M from $8.55B a year earlier.
Why it matters
It quantifies the scale of the hyperscaler AI buildout: a single company spending on the order of $130B+ in one year, largely on AI data centers for MSL training and inference, and investors beginning to punish the cash-flow cost.
Changelog
- 2026-09-29: created
Related events
- Meta Superintelligence Labs debuts Muse Spark, its first model ★★★★
- Meta Connect 2026: VR Glasses, Ray-Ban Meta Gen 3, camera-free audio glasses and Muse everywhere ★★★★
Sources (3)
- officialMeta Q2 2026 results - SEC Form 8-K exhibit 99.1
- pressCNBC - Meta's stock drops on disappointing guidance, dwindling free cash flow
- pressInvesting.com - Meta Q2 2026 slides
id: 2026-07-29-meta-q2-2026-capex · updated 2026-09-29 · open in the interactive timeline