Revenue $60.80B, up 28%. Capex $31.08B in the quarter. Free cash flow $784M, down from $8.55B a year ago. Meta doesn’t break out an AI-only capex line but attributes the jump to the datacenter buildout. They also issued $24.9B in new debt, pushing long-term debt to $83.7B from $58.7B in December. Capex was 23.8% of revenue in 2024, 35.9% in 2025, and 2026 guidance puts it near half. The ad business is funding compute now, and debt is covering the rest. Caveats on the chart: 2026 is guidance ...