Meta raises 2026 AI capex guidance to $130-145B as free cash flow collapses
Meta
Meta's Q2 2026 results showed revenue of $60.8B (+28% YoY) but free cash flow shrank to $784M after $31.1B in AI infrastructure capex; the company raised full-year capex guidance to $130B-$145B. Reality Labs lost $4.62B in the quarter.
Why it matters
Underscores the scale of capital Meta is committing to AI infrastructure and the near-term profitability tradeoff investors are reacting to.
Importance: 2/5
Notable quarterly earnings disclosure showing scale of AI capex commitment, not a product release.