“Expect full-year 2026 total expenses to be in the range of $162 to $169 billion.”

In context

“ructures for some of our large data center sites. We have a strong net cash balance and expect our business will continue to generate sufficient cash to fund our infrastructure investments in 2026, which is reflected in our expectations. Nonetheless, we will continue to look for opportunities to periodically supplement our strong operating cash flow with prudent amounts of cost-efficient external financing, which may lead us to eventually maintain a positive net debt balance. Moving to our financial outlook. We expect our first quarter 2026 total revenue to be in the range of $53.5 billion to $56.5 billion. Our guidance assumes foreign currency is an approximately 4% tailwind to year-over-year total revenue growth based on current exchange rates. Turning to the expense and CapEx outlooks. Expect full-year 2026 total expenses to be in the range of $162 to $169 billion. The majority of expense growth will be driven by infrastructure costs, which includes third-party cloud spend, higher depreciation, and higher infrastructure operating expenses. The second largest contributor to total expense growth is compensation driven by investments in technical talent. This includes 2026 hires to support our priority areas, particularly AI, as well as a full year of expenses from 2025 hires. At a segment level, we expect expense growth to be driven by the family of apps with Reality Labs operating losses remaining similar to 2025 levels. Anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115 to $135 billion with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs eff”