Buy META by Nov 16, 2026.

The headline from Meta’s Q2 report was technically brutal: free cash flow collapsed 91% year over year, from $8.55B to just $784M. That makes it sound like Meta’s money printer broke. But operating cash flow (the cash generated by the business before capital spending) actually increased 24.6%, from $25.56B to $31.86B. The difference was capex. |Q2|2025|2026| |:-|:-|:-| |Revenue|$47.52B|$60.80B| |Operating cash flow|$25.56B|$31.86B| |Capex, including finance leases|$17.01B|$31.07B| |Free cash flow|$8.55B|$784M| |Operating income|$20.44B|$18.78B| Revenue grew 28%. Operating cash flow grew nearly 25%. Free …