s/META

Free cash flow down 91% on capex — Meta's ad machine is funding a spending war

$META Q2 2026: $60.8B revenue, +28% YoY, ad revenue $59.4B (+27%) on impressions +14% and price/ad +12% — the core business is fine. But total expenses jumped 55% YoY to $42B, quarterly capex hit $31.1B (~98% of operatin…