“Our uneducated guess is that management will guide for total expense growth in 2027 at a somewhat slower percentage growth rate than in 2026 — or about 40% year over year — and capital expenditures dollar growth similar to 2026, or around $70 billion. Meta will guide to capex and total expense levels above the Street, and hence it is probable that Meta's Street estimates for 2027 come down.”

On its October 21, 2026 Q3 call Meta declined to give 2027 capex or expense guidance, saying its budget and capacity plan were still being built; the 2027 expense and capex outcomes resolve at the end of 2027.