How much did Meta spend on capital expenditures last quarter?

Meta spent $33.9 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 80% from the same quarter a year earlier. Over its latest four reported quarters it spent $104.4 billion.

Did Meta's capital spending exceed its operating cash flow?

Yes. In the quarter ended September 30, 2026 Meta spent 104% of its $32.8 billion of operating cash flow on capital equipment, leaving free cash flow of −$1.2 billion.

What is Meta's free cash flow?

−$1.2 billion in the quarter ended September 30, 2026, and $28.6 billion over the latest four reported quarters, against $44.8 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. One of the last four quarters was negative.

Did Meta borrow to fund its spending?

Meta's long-term debt fell by $2.7 billion over the quarter ended September 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.

How does Meta's capital spending compare with its depreciation?

In the quarter ended September 30, 2026 Meta spent 4.7 times its depreciation and amortization of $7.2 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.

Is this Meta's AI spending?

No. These are Meta's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

HyperscalersMETAFilings through October 22, 2026

Meta capital spending

In the quarter ended September 30, 2026, Meta spent $33.9 billion on capital equipment, 104% of its $32.8 billion of operating cash flow and up 80% from a year earlier. Free cash flow was −$1.2 billion, and long-term debt fell by $2.7 billion.

Next report: January 26, 2027, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through October 22, 2026

Meta’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Meta capital spending, filings through October 22, 2026.

Meta, quarter ended September 30, 2026

104%

Share of operating cash flow

Above 100%: spending exceeded what operations generated

Capital spending, quarter: $33.9B; +80.3% against the same quarter a year earlier
Free cash flow, quarter: −$1.2B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $104.4B; +66.5% against the four quarters before
Long-term debt, change: −$2.7B; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 5.0×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

Spending against cash flow

$ billion, quarterly

Meta, quarterly capital spending and operating cash flow through Sep 2026

Sep 2026Capital spending $33.9BOperating cash flow $32.8BFree cash flow −$1.2B

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Meta’s quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Sep 2026 was the highest quarter in the 61-quarter record held here. Over the latest four quarters it generated $133.1 billion from operations and spent $104.4 billion, leaving $28.6 billion of free cash flow against $44.8 billion over the four before.

Financing the build

The five hyperscalers combined

Meta, sources and uses of cash by quarter through Sep 2026

$ billion, quarterly. Sources above the axis, uses below.

Sep 2026Operating cash flow $32.8BLong-term debt issued $0.0MShort-term borrowing, net $0.0MCapital spending $33.9BFinance-lease principal $964.0MLong-term debt repaid $0.0MReturned to shareholders $1.4BChange in cash −$4.9B

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Operating cash flow	27,988	24,026	25,561	29,999	36,214	32,226	31,862	32,785
Long-term debt issued	0	0	0	0	29,906	0	24,910	0
Short-term borrowing, net	0	0	0	0	0	0	0	0
Stock issued	0	0	0	0	0	0	0	0
Capital spending	14,425	12,941	16,538	18,829	21,383	18,997	30,116	33,942
Finance-lease principal	411	751	474	545	754	843	962	964
Long-term debt repaid	0	0	0	0	0	0	0	0
Share repurchases	0	12,754	10,167	3,327	0	0	0	0
Dividends	1,267	1,329	1,327	1,330	1,328	1,346	1,353	1,361
Free cash flow	13,563	11,085	9,023	11,170	14,831	13,229	1,746	(1,157)
Net long-term debt issued	0	0	0	0	29,906	0	24,910	0
Returned to shareholders	1,267	14,083	11,494	4,657	1,328	1,346	1,353	1,361
Outside funding needed	(11,885)	3,749	2,945	(5,968)	(12,749)	(11,040)	569	3,482
Change in cash	311	(15,367)	(16,243)	(1,887)	27,159	(7,998)	(1,831)	(4,917)
Interest expense	275	—	232	205	497	—	754	882
Stock-based compensation	4,262	4,147	4,834	5,555	5,890	6,032	7,601	7,313

Millions of dollars, outflows positive as reported in the cash flow statement.

Capex including finance leases

Across the hyperscalers

Meta, cash capital spending and equipment acquired under finance leases, by fiscal year

$ billion, annual

FY2025Cash capital spending $69.7BAcquired under finance leases $613.0M

Cash capital spendingAcquired under finance leases

Meta capital spending including finance leases by fiscal year, millions of US dollars
Millions of dollars	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash capital spending	13,915	15,102	15,163	18,690	31,186	27,045	37,256	69,691
Equipment acquired under finance leases	—	193	121	160	223	588	181	613
Capital spending including finance leases	—	15,295	15,284	18,850	31,409	27,633	37,437	70,304
Finance-lease principal paid	0	552	604	677	850	1,058	1,969	2,524
Finance-lease liability	—	473	523	581	687	690	709	1,184
Operating-lease liability	—	10,324	10,654	13,873	16,668	18,849	20,234	25,153

Meta discloses equipment acquired under finance leases only in its annual 10-K, so this section runs by fiscal year as filed. The addition is a non-cash item and is not in cash capital spending.

The balance sheet

The five hyperscalers combined

Meta, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Sep 2026Net debt $1.2BGross debt $83.7B

Net debtNet cashGross debt

Meta balance sheet, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Cash and equivalents	43,889	28,750	12,005	10,187	35,873	23,426	15,462	11,222
Short-term investments	33,926	41,480	35,066	34,261	45,719	57,754	74,798	71,227
Cash and investments	77,815	70,230	47,071	44,448	81,592	81,180	90,260	82,449
Long-term debt	28,826	28,829	28,832	28,834	58,744	58,748	83,664	80,922
Current debt	—	—	—	—	0	—	—	2,747
Gross debt	28,826	28,829	28,832	28,834	58,744	58,748	83,664	83,669
Finance-lease liability	709	—	—	—	1,184	—	—	—
Net debt	(48,989)	(41,401)	(18,239)	(15,614)	(22,848)	(22,432)	(6,596)	1,220
Property and equipment, net, as reported	121,346	133,567	147,039	160,270	176,400	194,776	225,724	253,222
Accumulated depreciation	43,317	46,539	50,288	53,499	57,326	61,491	67,148	73,267
Total assets	276,054	280,213	294,744	303,844	366,021	395,250	449,956	478,836
Shareholders’ equity	182,637	185,029	195,070	194,066	217,243	243,681	261,221	272,386
Interest expense	275	—	232	205	497	—	754	882
Interest paid	130	352	126	125	93	284	813	271
Effective interest cost	3.7%	—	3.2%	2.8%	3.3%	—	3.6%	4.2%
Stock-based compensation	4,262	4,147	4,834	5,555	5,890	6,032	7,601	7,313

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

What the asset base is made of

Across the hyperscalers

Meta, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Sep 2026Servers and network equipment $133.6BMachinery and equipment $10.8BBuildings $68.2BLand $3.8BLeasehold improvements $8.9BConstruction in progress $89.5B

Servers and network equipmentServer components held at suppliersMachinery and equipmentBuildingsLandLeasehold improvementsConstruction in progress

Meta property and equipment by class, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Servers and network equipment	68,397	75,859	85,833	92,142	98,040	105,987	119,683	133,626
Machinery and equipment	7,150	7,290	8,135	8,710	9,377	9,699	10,209	10,818
Buildings	47,076	48,442	50,507	50,753	55,568	58,836	61,037	68,223
Land	2,561	2,680	2,650	2,809	3,687	3,677	3,667	3,764
Leasehold improvements	7,293	7,347	7,575	8,233	8,346	8,209	8,464	8,855
Construction in progress	26,802	32,385	35,942	44,015	50,521	61,017	80,345	89,499
Classes combined	159,279	174,003	190,642	206,662	225,539	247,425	283,405	314,785
Property and equipment, gross, as reported	164,663	180,106	197,327	213,769	233,726	256,267	292,872	326,489
Accumulated depreciation	43,317	46,539	50,288	53,499	57,326	61,491	67,148	73,267
Share of the balance the classes explain	96.7%	96.6%	96.6%	96.7%	96.5%	96.5%	96.8%	96.4%

Gross cost before depreciation, by the classes the company reports, with finance-lease right-of-use assets included in the reported total.Servers and network equipment are 42.4% of the classes combined at Sep 2026. Classes read: Building, Construction In Progress, Equipment and Other, Land, Leasehold Improvements, Servers and Network Assets Components Stored By Suppliers, Servers and Network Assets.

Debt issued

The ledger across all companies

Meta bonds, notes, term loans and facilities since 2024
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Apr 30, 2026	Registered notes	6 tranches, 2031 to 2066	4.55 to 6.45%	25,000	High: term sheet	FWP
Oct 30, 2025	Registered notes	6 tranches, 2030 to 2065	4.20 to 5.75%	30,000	High: term sheet	FWP
Aug 7, 2024	Registered notes	5 tranches, 2029 to 2064	4.30 to 5.55%	10,500	High: term sheet	FWP

In 2026 Meta has priced $25.0B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side

Meta contracted revenue, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Revenue	48,385	42,314	47,516	51,242	59,893	56,311	60,801	64,601
Deferred revenue, current	721	—	—	—	—	—	—	—
Deferred revenue	772	778	876	924	1,080	1,120	1,160	1,190

Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined

Meta, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Sep 2026Depreciation of property and equipment $6.8BCapital spending $33.9B

Depreciation of property and equipmentCapital spending

Meta capital spending and depreciation, millions of US dollars
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Capital spending	14,425	12,941	16,538	18,829	21,383	18,997	30,116	33,942
Depreciation of property and equipment	4,410	3,840	4,280	4,760	5,120	5,680	6,000	6,810
Capex to depreciation	3.3×	3.4×	3.9×	4.0×	4.2×	3.3×	5.0×	5.0×
Amortization of intangibles	53	—	—	207	289	—	—	—
Depreciation and amortization, as reported	4,460	3,900	4,342	4,963	5,411	5,999	6,356	7,154
Property and equipment, net, as reported	121,346	133,567	147,039	160,270	176,400	194,776	225,724	253,222
Property and equipment, gross	—	—	—	—	—	—	—	—

In Sep 2026 Meta spent 5.0× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 31 of 64 quarters on file.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026	Sep 2026 Q3 FY2026
Revenue	48,385	42,314	47,516	51,242	59,893	56,311	60,801	64,601
Operating cash flow	27,988	24,026	25,561	29,999	36,214	32,226	31,862	32,785
Capital spending	14,425	12,941	16,538	18,829	21,383	18,997	30,116	33,942
Free cash flow	13,563	11,085	9,023	11,170	14,831	13,229	1,746	(1,157)
Depreciation and amortization	4,460	3,900	4,342	4,963	5,411	5,999	6,356	7,154
Long-term debt	28,826	28,829	28,832	28,834	58,744	58,748	83,664	80,922
First filed / release date	Jan 30, 2025	May 1, 2025	Jul 31, 2025	Oct 30, 2025	Jan 29, 2026	Apr 30, 2026	Jul 30, 2026	Oct 22, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Meta spend on capital expenditures last quarter?: Meta spent $33.9 billion on purchases of property and equipment in the quarter ended September 30, 2026, up 80% from the same quarter a year earlier. Over its latest four reported quarters it spent $104.4 billion.
Did Meta's capital spending exceed its operating cash flow?: Yes. In the quarter ended September 30, 2026 Meta spent 104% of its $32.8 billion of operating cash flow on capital equipment, leaving free cash flow of −$1.2 billion.
What is Meta's free cash flow?: −$1.2 billion in the quarter ended September 30, 2026, and $28.6 billion over the latest four reported quarters, against $44.8 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. One of the last four quarters was negative.
Is Meta's capital spending still rising?: Yes. Meta's quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Sep 2026 was the highest quarter in its 61-quarter record on this site. The latest four quarters' spending is 66% above the four before.
Did Meta borrow to fund its spending?: Meta's long-term debt fell by $2.7 billion over the quarter ended September 30, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
How does Meta's capital spending compare with its depreciation?: In the quarter ended September 30, 2026 Meta spent 4.7 times its depreciation and amortization of $7.2 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
Is this Meta's AI spending?: No. These are Meta's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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