[FLASH] Meta Q3 revenue up 26% to $64.6B; capex floor raised to $135B, free cash flow negative, Class C stock planned
Meta reported Q3 revenue of $64.60B (+26% YoY). It guided Q4 revenue to $73–76B and narrowed 2026 capex to $135–145B from $130–145B, after Q3 capex of $34.91B left free cash flow at about −$2.12B. The board also approved a non-voting, Nasdaq-listed Class C stock effective January 2027, which the company says gives it a way to finance growth. EPS of $3.83 included a $9.89B legal charge, and Newsquawk and Seoul Economic Daily reported shares up roughly 3.5–3.7% after hours. The Class C share is the first time a hyperscaler has set up equity as a funding channel for AI build-out, and capex running ahead of operating cash flow is the number to watch. Next to track: Meta's 2027 capex framing and when record and payment dates for the Class C share are set.