S&P REVISES META $META OUTLOOK TO NEGATIVE ON CAPEX AND FREE CASH FLOW UNCERTAINTY S&P says the negative outlook reflects uncertainty over how long capex will stay elevated and free operating cash flow will be negative. • S&P says Meta's ability to monetize its AI investments is more limited than that of its peers • S&P believes elevated capex could keep free operating cash flow negative beyond 2028 • S&P expects Meta to use only debt to cover its expected free operating cash flow deficit in 2028 • Given the lack of clarity on future capex and Meta's multi-year AI investment plans, S&P is less certain Meta will curtail spending as anticipated(Historical earnings: For fiscal 2026Q2 (period ended 2026-06-30), Meta Platforms reported basic EPS of 16.79, diluted EPS of 16.62, net income of USD 42.621 billion, and revenue of USD 117.111 billion. Consensus expectations: For the upcoming 2026Q4 event, consensus expects EPS of 8.278 and revenue of USD 73.742 billion.)