Wire reporting: (Reuters, via CNA)

S&P Global Ratings on Friday revised its outlook on Meta Platforms to negative from stable while leaving the company's issuer credit rating at AA-, citing uncertainty around elevated capital spending and free cash flow, according to CNBC and a Reuters report carried by CNA^1,4.

The change follows Meta's third-quarter results last week, in which the company forecast full-year capital expenditure of $135 billion to $145 billion and reported negative free cash flow of $2.12 billion, CNBC and CNA both said^1,4.

CNBC said investors sent Meta shares down 7% after that report even as revenue beat estimates, and that the stock finished October down 15%, its worst month in four years¹. CNA's Reuters copy did not lead with the October share move⁴.

CNA, carrying Reuters, said S&P now forecasts free operating cash flow deficits of $39 billion in 2026 and $71 billion in 2027, and that elevated spending could keep that measure negative beyond 2028⁴. The same report said S&P expects Meta to fund a 2028 cash shortfall entirely with debt and believes leverage could rise above 1.0 times as early as 2027, the agency's threshold for the AA- rating⁴.

On how Meta would fund the buildout, the accounts differ. CNBC said the company plans to raise $95 billion, first $35 billion in underwritten public equity then $60 billion through an at-the-market program¹. CNA's Reuters copy put the planned stock sale at $97.5 billion⁴.

Both CNBC and CNA, citing Reuters, said S&P argued Meta's ability to monetize AI investments is more limited than peers' and that it is unclear when related revenue would exceed rising costs^1,4. A Meta spokesperson told both outlets the company disagreed with that assessment of its AI monetization and pointed to product and business opportunities ahead^1,4.

CNA also quoted S&P's Naveen Sarma as saying that if capex stays elevated and grows faster than the agency expects, credit profiles will weaken and cash flows will stay negative⁴. The Reuters copy said Meta reported long-term debt of $80.92 billion as of Sept. 30⁴.

The Reuters live page was not readable for this filing; facts attributed to Reuters come from CNA's wire copy^3,4. Techmeme pointed readers to the CNBC story and did not add independent figures².