Meta posts its first negative free cash flow ever — $34.9B on AI, the first since 2012

Meta's quarterly free cash flow turned negative for the first time, as AI infrastructure spending outran the cash it generated. Per Crypto Briefing, Q3 capex (including finance leases) hit $34.9B against $32.8B in operating cash flow, leaving free cash flow at -$2.12B — its first negative quarter since the first half of 2012, per StockTitan.

Results still beat estimates: revenue rose 26% to $64.6B and EPS was $3.83. But with ad prices up 14% while capex overtook operating cash, worry is growing over how long Big Tech's AI spending can hold. A Barchart post on the figure passed 140,000 views. Meta guided 2026 capex to $135B-$145B.