Meta's free cash flow turns negative for the first time in 14 years at -$2.12B
Beth_Kindig · x · 2026-11-04
Analyst Beth Kindig reports Meta posted -$2.12 billion in free cash flow for Q3, the first negative quarter in 14 years. The accompanying chart shows Meta's quarterly FCF had stayed positive since 2016 (peaking around $15B), with the only near-negative point being Q2 2020 when Meta paid its $5B FTC settlement. The collapse points to surging capex, as Meta defines FCF as operating cash flow minus property/equipment purchases and finance-lease principal payments.
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