CFO, Meta Platforms
“Our current expectation is that capex dollar growth will be notably larger in 2026 than 2025. We also anticipate total expenses will grow at a significantly faster percentage rate in 2026 than 2025, with growth driven primarily by infrastructure costs.”
Benchmark: 2025 capex grew about $33 billion (from $39.23B to $72.22B); Meta's January 2026 guidance of $115-135 billion implies growth of $43-63 billion, so the claim looks on track but resolves only with full-year 2026 results.
“We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115-135 billion, with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.”
Resolves against Meta's reported full-year 2026 capex; the range is roughly double 2025's $72.22 billion.
“We expect full year 2026 total expenses to be in the range of $162-169 billion, with the majority of expense growth driven by infrastructure costs.”
Benchmark: Meta's total costs and expenses were $117.69 billion in 2025; resolves with full-year 2026 results.
“We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $125-145 billion, increased from our prior range of $115-135 billion. This reflects our expectations for higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity.”
Raised from the $115-135 billion range guided in January 2026 and nearly double the $72.2 billion Meta spent in 2025; resolves against actual full-year 2026 capex reported with Q4 2026 results in early 2027.
“We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion (and up from the $60-65 billion guided in January 2025).”
Meta reported full-year 2025 capital expenditures, including principal payments on finance leases, of $72.22 billion — essentially on target, a rounding margin above the top of the $70-72 billion range.