Meta spent $34.9 billion on capital projects, more than it brought in from operations.

Meta reported $64.60 billion in third-quarter revenue on October 21, up 26% from a year earlier. It spent $34.91 billion on capital projects, including finance-lease principal. That was more than its $32.79 billion in operating cash flow, leaving non-GAAP free cash flow at negative $2.12 billion.

Meta narrowed its full-year capital-spending forecast to $135 billion to $145 billion. The previous range started at $130 billion. The forecast covers company capital spending, but the release does not identify every dollar as an AI expense.

Operating income fell 37%, but the comparison includes a $9.89 billion charge for Meta's August agreement with 52 attorneys general. Meta says operating income would have been $22.88 billion without that charge. The release does not establish how much of the change came from AI spending.

Meta's advertising business can grow while the company spends more on equipment and infrastructure than it generates from operations in a quarter. AI can help advertising before newer AI products earn enough to pay for the expansion. The key question is when those returns arrive.

In Meta's next report, check whether operating cash flow covers capital spending. Watch for revenue or savings that Meta ties to specific AI services. Keep the one-time legal charge apart from recurring costs.