Meta's second-quarter results were mixed, with free cash flow dropping to $784 million from over $12 billion in the third quarter, while long-term debt surged to $83.66 billion from $58.74 billion a year ago. The company reported earnings of $15.85 billion, or $6.18 a share, on revenue of $60.8 billion, up 28% from a year ago, missing Wall Street's non-GAAP estimate of $7.40 a share on revenue of $60.3 billion. Meta projected third-quarter revenue of $61 billion to $64 billion, and noted a $2.4 billion charge in the second quarter that will raise 2026 expenses to $165 billion to $169 billion. 2026 capital expenditures are now forecast between $130 billion to $145 billion, up from $125 billion to $145 billion. CEO Mark Zuckerberg emphasized AI's role, stating that AI investments are paying off, with nine million small businesses using at least one of Meta's AI ad creative tools, and that new personal agents will drive future products and revenue.