Meta forecast its third-quarter 2026 revenue between $61 billion and $64 billion, with the midpoint below the average analyst estimate of $63.2 billion [1, 2, 3]. The forecast announcement came on July 29, 2026, following the company’s second-quarter report of $60.8 billion in revenue, which slightly beat analyst expectations of $60.3 billion [1, 2, 3].
Alongside the revenue guidance, Meta raised its full-year 2026 capital expenditure range to $130 billion to $145 billion, up from a prior forecast of $125 billion to $145 billion [1, 2, 4]. The company also narrowed its total full-year spending forecast to $165 billion to $169 billion, which includes $2.4 billion in legal fines [1].
Investor concerns persist about Meta’s heavy investments in artificial intelligence amid unclear paths to profitability from those projects [1, 2]. Meta is spending heavily on AI infrastructure, including a $14 billion data center complex in El Paso, Texas, and plans for a rural Louisiana data center estimated to cost over $250 billion, although the latter figure appears unusually high and is rated medium confidence [1, 2].
Following the revenue and spending announcements on July 29, Meta’s shares closed at $585.61 but dropped roughly 6.2% in after-hours trading [1, 2]. The company’s stock has declined 11% so far in 2026 [1, 2].
Minda Smiley, senior analyst at Emarketer, said: "Meta’s strong revenue growth will once again be overshadowed by its capital expenditure projections. Even though Meta didn’t raise projections, that won’t stop investors from seeking more details about potential compute business plans and AI commercialization" [2].
Meta’s next major earnings update is expected after the close of the third quarter when actual results will clarify whether revenue hits the forecasted range.
