Meta reports free cash flow of $784M in Q2, down 91% YoY, and now expects 2026 capex to be $130B-$145B, compared with its prior forecast of $125B-$145B
THE SO WHAT
A 91% YoY drop in free cash flow alongside a raised $130B–$145B 2026 capex range is Meta betting that AI infra and product will pay off later, not now. For operators, this is a benchmark for how far large platforms are willing to compress near-term cash to secure model and data center advantages—pressure that will cascade into pricing, talent, and M&A.
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