Meta第二季度营收608.01亿美元，同比增长28%，超过华尔街预期[1]。其中广告收入593.63亿美元，同比增长27%[1]。然而财报发布后，公司股价盘后跌幅一度接近9%，最终收于585.61美元[1]。
利润增长被巨额资本开支侵蚀成为股价下跌的主要原因。本季度资本开支高达310.78亿美元，经营现金流318.62亿美元，导致自由现金流仅7.84亿美元[1]。Meta同时上调了未来资本支出计划，将2026年资本开支下限从1250亿美元提高至1300亿美元，最高可能达到1450亿美元[1]。第二季度研发费用同比增长67%，达216.56亿美元[1]，而长期债务也较去年年底增加249.2亿美元，达836.64亿美元[1]。公司本季度未进行股票回购[1]。
这一系列投入主要用于支撑AI基础设施扩建。一年前扎克伯格曾斥资143亿美元入股Scale AI，并将28岁的汪滔请进Meta领导AI团队[1]。该团队已推出Muse Spark系列模型，其中Muse Spark 1.1将Artificial Analysis综合指数从43分提高到51分[1]。然而真正的旗舰模型Watermelon仍在训练中，使用的算力比Muse Spark高一个数量级，已在部分基准评测中追上GPT-5.5[1]。巨额投入是否能产生相应的商业回报仍待验证。
Meta reported strong second-quarter results with revenue reaching $608.01 billion, representing 28% year-over-year growth and surpassing Wall Street expectations [1]. However, the company's stock price dropped nearly 9% in after-hours trading following the earnings announcement [1], closing at $585.61 on the day [1].
The selloff was driven by concerns over Meta's escalating capital expenditure commitments. The company spent $310.78 billion on capital expenses in the quarter, leaving only $7.84 billion in free cash flow despite generating $318.62 billion in operating cash flow [1]. More significantly, Meta raised its 2026 capital expenditure guidance floor from $125 billion to $130 billion, with a potential high-end of $145 billion [1]. Research and development expenses surged 67% year-over-year to $216.56 billion [1], while advertising revenue grew 27% to $593.63 billion [1].
The aggressive spending reflects Meta's massive investment in AI infrastructure under the leadership of Wang Tao, a 28-year-old executive whom CEO Mark Zuckerberg recruited after spending $14.3 billion to invest in Scale AI one year prior [1]. Wang's team has released the Muse Spark model series, with Muse Spark 1.1 improving the Artificial Analysis composite score from 43 to 51 points [1]. However, the flagship model Watermelon remains in training and has yet to justify the $14.3 billion investment and reorganization costs, though reports indicate it uses an order of magnitude more computing power than Muse Spark and has already caught up to GPT-5.5 on some benchmark evaluations [1]. Meta's long-term debt reached $836.64 billion, an increase of $249.2 billion from year-end, and the company did not conduct stock buybacks during the quarter [1].
