Glossary

Free Cash Flow

Operating cash flow minus capital expenditure: the cash a company has left after paying for the long-lived assets that keep it running and growing, and the pool from which dividends, buybacks and debt repayments are paid. It can be negative for a profitable company during heavy investment, as at Meta in the third quarter of 2026, when $34.91 billion of capex against $32.79 billion of operating cash flow left −$2.12 billion.