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Meta Platforms cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.2B in Q3 2026 · $28.6B over twelve months

Operating cash flow$32.8B
Capital spending−$33.9B
Free cash flow−$1.2B
Cash / net income3.3×
Cash conversion cycle-89 days

Analysis

In Q3 2026, Meta Platforms generated $32.8B of operating cash flow and spent $33.9B on capital projects, leaving free cash flow of −$1.2B. That is $12.3B less than in Q3 2025 ($11.2B).

Over the twelve months to Sep 30, 2026, operating cash flow was $133.1B; the largest uses were capital spending ($104.4B), other investing ($44.1B), taxes on employees’ shares ($17.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($51.3B); the cash balance rose by $12.4B.

Operating cash flow was $32.8B against net income of $9.9B — 3.3× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$7.4B, stock-based pay +$7.4B, depreciation & amortization +$7.2B.

Its cash conversion cycle was -89 days (receivables 32 + inventory 0 − payables 120): suppliers fund its working capital.

Free cash flow

Meta Platforms: free cash flow by quarterMeta Platforms: free cash flow by quarter$13.6BQ4 2024$11.1BQ1 2025$9.0BQ2 2025$11.2BQ3 2025$14.8BQ4 2025$13.2BQ1 2026$1.7BQ2 2026−$1.2BQ3 2026
Operating cash flow less capital spending.
Meta Platforms: operating cash flow against capital spendingMeta Platforms: operating cash flow against capital spendingOperating cash flowCapital spending$28.0B$14.4BQ4 2024$24.0B$12.9BQ1 2025$25.6B$16.5BQ2 2025$30.0B$18.8BQ3 2025$36.2B$21.4BQ4 2025$32.2B$19.0BQ1 2026$31.9B$30.1BQ2 2026$32.8B$33.9BQ3 2026
Latest (Q3 2026): Operating cash flow $32.8B, Capital spending $33.9B.

Capital allocation, year by year

Meta Platforms: where the cash came from (up) and went (down), by fiscal yearMeta Platforms: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $57.7BFY2021: Net borrowing −$677MFY2021: Asset sales $123MFY2021: Capital spending −$18.7BFY2021: Buybacks −$44.5B$57.8BFY2021FY2022: Operating cash flow $50.5BFY2022: Net borrowing $9.1BFY2022: Asset sales $245MFY2022: Capital spending −$31.2BFY2022: Buybacks −$28.0B$59.8BFY2022FY2023: Operating cash flow $71.1BFY2023: Net borrowing $7.4BFY2023: Asset sales $221MFY2023: Capital spending −$27.0BFY2023: Buybacks −$19.8B$78.7BFY2023FY2024: Operating cash flow $91.3BFY2024: Net borrowing $8.5BFY2024: Capital spending −$37.3BFY2024: Buybacks −$30.1BFY2024: Dividends −$5.1B$99.8BFY2024FY2025: Operating cash flow $115.8BFY2025: Net borrowing $27.4BFY2025: Capital spending −$69.7BFY2025: Buybacks −$26.2BFY2025: Dividends −$5.3B$143.2BFY2025
Over these 5 years operating cash flow totalled $386.4B; the largest uses were capital spending ($183.9B) and buybacks ($148.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$82.4B
Debt$83.7B
Net debt$1.2B
Due within a year$2.7B

Meta Platforms funds itself: free cash flow was $28.6B over the last twelve months, and $82.4B of cash and investments stands against $83.7B of debt ($2.7B due within a year, 30.0× covered by cash).

Meta Platforms: debt maturities by year (FY2025)Meta Platforms: debt maturities by year (FY2025)$2.8BYear 2$1.5BYear 3$1.0BYear 4$5.0BYear 5$48.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $82.4B of cash and investments now.

Where the cash came from and went

Meta Platforms: sources (+) and uses (−) of cash, Q3 2026Meta Platforms: sources (+) and uses (−) of cash, Q3 2026Capital spending−$33.9BOperating cash flow$32.8BCash drawn (+) / kept (−)$4.9BTaxes on employees’ shares−$4.1BOther investing$3.0BDividends−$1.4BNet borrowing (+) / repaid (−)−$964MOther financing−$343MExchange rates$8.0M
Meta Platforms: sources (+) and uses (−) of cash, TTM to Q3 2026Meta Platforms: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$133.1BCapital spending−$104.4BNet borrowing (+) / repaid (−)$51.3BOther investing−$44.1BTaxes on employees’ shares−$17.0BCash drawn (+) / kept (−)−$12.4BDividends−$5.4BOther financing−$1.0BExchange rates−$9.0M

From profit to cash

Meta Platforms: net income to operating cash flow, Q3 2026Meta Platforms: net income to operating cash flow, Q3 2026Net income$9.9BDepreciation & amortization$7.2BStock-based pay$7.4BDeferred taxes$2.1BOther non-cash−$329MReceivables−$999MPayables$1.6BAccrued liabilities$1.9BPrepaid and other assets−$936MOther liabilities$7.4BOperating cash flow$32.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202632—120-89
Q1 202630—98-68
Q4 202528—70-42
Q3 202530—90-60
Q2 202530—101-71
Q1 202534—96-63
Q4 202430—80-50

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$32.8B−$33.9B—−$1.4B−$964M$4.9B−$1.2B
Q2 2026$31.9B−$30.1B—−$1.4B−$962M$1.8B$1.7B
Q1 2026$32.2B−$19.0B—−$1.3B−$843M$8.0B$13.2B
Q4 2025$36.2B−$21.4B—−$1.3B$29.2B−$27.2B$14.8B
Q3 2025$30.0B−$18.8B−$3.3B−$1.3B−$545M$1.9B$11.2B
Q2 2025$25.6B−$16.5B−$10.2B−$1.3B−$474M$16.2B$9.0B
Q1 2025$24.0B−$12.9B−$12.8B−$1.3B−$751M$15.4B$11.1B
Q4 2024$28.0B−$14.4B—−$1.3B−$411M−$311M$13.6B

Meta Platforms: income statement and cash flow

Meta Platforms, Q3 2026: revenue $64.6B (+26% year over year), operating margin 20.1%. The chart follows the revenue to costs, profit and cash.

Meta Platforms: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.