Meta earnings preview: analysts expect $196.3 billion in capital spending in 2027

Meta was scheduled to release third-quarter results after the market close on Wednesday, October 21, 2026, with investors watching whether its AI ambitions would mean another increase in infrastructure spending. Analysts expected $63.2 billion in revenue, but the spending outlook would put that sales forecast beside a growing demand for cash.

The spending baseline is already higher

In July, Meta set its 2026 capital expenditure guidance at $130 billion to $145 billion. That narrowed the range by raising its lower end by $5 billion. Capital expenditure, often shortened to capex, covers investment in infrastructure; investors were watching for another increase to support the computing behind AI agents and models.

The cash pressure was already visible in the previous quarter. Meta’s free cash flow fell to $784 million from $8.55 billion a year earlier, with CNBC linking the decline to its spending. That makes the next infrastructure budget consequential beyond the size of the data-center buildout itself.

$196.3 billionAnalyst forecast for Meta’s 2027 capital expenditure

Analysts tracked by FactSet expected Meta’s capital expenditure to reach $196.3 billion in 2027. This is an analyst forecast, not company guidance.

Wall Street’s quarterly benchmarks

• Earnings per share: $5.75, according to analysts polled by LSEG.
• Revenue: $63.2 billion, according to the same poll.
• Daily active people: 3.65 billion, almost unchanged from the previous quarter, according to StreetAccount. This measures users across Meta’s family of apps, including Facebook and Instagram.

A legal charge could complicate the earnings comparison

The $5.75 earnings benchmark also carries a specific complication. Wolfe Research analysts warned in a Monday note that a $10 billion legal charge could push Meta below expectations. They said Wall Street had not yet accounted for the charge, according to CNBC’s earnings preview.

The charge relates to Meta’s August agreement to pay nearly $17 billion to settle a lawsuit brought by state attorneys general. The case concerned allegations that Meta misled the public about harms to children’s mental health from features of Facebook and Instagram. Wolfe’s warning identifies a possible legal-cost effect on quarterly earnings, distinct from the infrastructure spending investors are watching.