Meta Platforms went from being one of Wall Street’s most generous stock repurchasers to spending exactly zero dollars on buybacks in Q2 2026. At the same time, the company borrowed $24.91 billion in long-term debt. Shares dropped roughly 8-10% in after-hours trading following the July 29 earnings report.
For context, Meta repurchased $22.92 billion of its own Class A common stock during the same quarter last year.
Where the money is actually going
Meta’s capital expenditures hit $31.1 billion in Q2 alone, directed primarily at servers and data centers to power its AI ambitions.
The company has narrowed its full-year 2026 capex guidance to $130-145 billion, slightly above its previous range of $125-145 billion.
