All told, investor sentiment on META heading into this print was at best ‘timid’, with many looking for the trade-off between massive capex and returns on investment. Revenue $59.89 billion, +24% y/y, beating estimate $58.42 billion Advertising rev. Last but not least, META's 2026 capex forecast was an absolute stunner: the company said that it anticipates 2026 capital expenditures to be in the range of $115-135 billion. The majority of expense growth will be driven by infrastructure costs, which includes third-party cloud spend, higher depreciation and higher infrastructure operating expenses. If Meta hits the high range of that estimate, it’s close to a 90% year-over-year jump in capex.