Meta Platforms Inc.'s free cash flow has fallen to the lowest level since the third quarter of 2022, a result of its transformation from a social media app maker into an AI company.
Free cash flow was $784 million in the second quarter of 2026, the company said as part of its earnings report Wednesday. The owner of Facebook and Instagram is now spending heavily on developing hardware such as smart AI glasses, as well as paying to build massive data centers that can train its next artificial intelligence models and support AI working within its products.
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The company on Wednesday gave a disappointing third-quarter revenue forecast. Investors have remained skeptical of how Meta will recoup its massive investments in artificial intelligence.
Check out this chart of quarterly flows:
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