S&P turns negative on Meta over AI spending and cash flow
S&P Global revised its outlook on Meta to negative from stable, citing negative cash flow and uncertainty around the company's AI capital expenditure plans.
By GennnAi··1 min read
The AA- rating is affirmed, but leverage could exceed 1.0x as early as 2027, the current rating's threshold, from about 0.1x in 2025. S&P projects capex of $140 billion this year, above $225 billion in 2027 and $252 billion in 2028. Free operating cash flow would stay negative: -$22 billion this year, -$71 billion in 2027. Meta disagrees, saying its investments already deliver stronger engagement.
Source: Fortune, published on November 2, 2026.