Meta (META) stock is down today after the company said its capital spending topped its operating cash flow last quarter, even as quarterly revenue hit a record.
Shares were down 7.3% at about $647 at 2 PM ET on Thursday, while the S&P 500 was down 1.4%.
Revenue rose 26% to a record $64.6 billion
Purchases of property and equipment of $33.94 billion topped operating cash flow of $32.79 billion, the first time since 2012
Meta expects 2026 capital expenditures, including principal payments on finance leases, of $135 billion to $145 billion
Meta also declared a one-time dividend of one nonvoting Class C share for each Class A and Class B share, to be paid after the new class takes effect on January 19, 2027, which Meta said should have the effect of a two-for-one stock split on the Class A share price.
The stock is now down 2.0% this year, while the S&P 500 is up 11.8%.
More earnings coverage is on our stocks page.
Last quarter, Meta spent more on property and equipment than its operations brought in as cash.
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