Meta pairs $34.9 billion of quarterly capital spending with a $37.5 billion offering
Meta reported negative $2.12 billion free cash flow for Q3 and priced $25 billion of common-stock forward sales plus $12.5 billion of preferred shares; the offerings were expected to close October 29, with common-stock proceeds arriving only on later settlement.
Meta’s third quarter turns the AI buildout into an observable cash-flow question.
Revenue reached $64.601 billion, up 26% year over year, but $34.91 billion of capital spending, including finance-lease principal, exceeded $32.79 billion of operating cash flow. Its reported non-GAAP free cash flow was negative $2.12 billion. The company’s 2026 capex guidance is $135–145 billion. [1]
The financing plan has already changed since launch. The October 26 launch proposed $22.5 billion of common shares; the pricing release published October 27 increased that to $25 billion, or 40 million shares at $625, alongside $12.5 billion of mandatory convertible preferred depositary shares. Both offerings were expected to close October 29, subject to conditions. Common shares are sold through forward agreements, so Meta does not initially receive those proceeds. [2][3]
NVIDIA separately announced a proposed $3 billion investment in Meta’s offering and expanded work on Muse, alongside plans for more NVIDIA infrastructure at Meta. That makes the supplier-financing connection concrete, while still leaving completion and future deployment distinct from an announcement. [4][5]
Take it further
Compare quarterly operating cash flow with capex For operators assessing infrastructure economics. Read the non-GAAP free-cash-flow reconciliation and retain finance-lease principal in the comparison.
Sources & details 5 sources
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- Meta · Q3 2026 results
October 21. Quarter ended September 30; capex includes finance-lease principal. FCF is non-GAAP. AI revenue effect not separately quantified.
- Meta · priced equity and preferred offerings
Published October 27 at 01:01 ET, datelined October 26. Supersedes the $22.5 billion common launch amount; expected October29 closings are conditional.
- SEC · Meta financing-plan launch
October26 FWP. Used for proposed Class C ATM and nonbinding indications; common-offering launch amount is superseded.
- NVIDIA · Meta partnership and proposed investment
October27 original counterparty statement. Proposed $3 billion investment and planned deployment remain forward-looking.
- Reuters · financing plan update
October27 independent reporting corroborates $25 billion common, $12.5 billion preferred, $625 price, NVIDIA investment announcement and negative Q3 FCF.
Images & figures
Capital spending exceeded operating cash flow by $2.12 billion in Q3 2026, matching Meta’s reported non-GAAP free cash flow of −$2.12 billion. Both bars use the same US-dollar scale; capex includes finance-lease principal.
Euangelion · original data figure · Source · CC BY 4.0 · Download figure