Meta spent more than it earned in cash: what negative free cash flow means
Meta's third-quarter revenue hit a record, yet capital spending outran the cash its business produced. The gap shows why profit and cash are not the same thing.
Meta reported its third-quarter 2026 results on Oct 21, and the headline number looked strong: revenue of $64.60 billion, up 26% from a year earlier, according to the company's press release. The number that moved the stock was further down the page.
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