Line chart of Meta's year-over-year capex and revenue growth since 2023. Capex has grown faster for 10 straight quarters, up 80.3% in the third quarter of 2026 while revenue rose 26.1%.

Meta's capital spending rose 80.3% in the third quarter from a year earlier, more than 3 times its 26.1% revenue growth.

That makes 10 straight quarters of capex growing faster than revenue, a streak that started in the second quarter of 2024.

Meta spent $33.9 billion on property and equipment in the quarter, up from $18.8 billion a year earlier.

Revenue rose to $64.6 billion from $51.2 billion.

Here is how the latest quarter stacks up.

  • Capex +80.3%

  • Revenue +26.1%

Capex growth peaked at 128.0% in the third quarter of 2025.

Through the first 9 months of 2026, Meta has spent $83.1 billion on capex, up from $48.3 billion in the same stretch of 2025.

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Revenue is growing at a healthy clip, but last quarter the spending grew more than 3 times as fast.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].