Meta's $810 Billion of Commitments

Meta Platforms ended the third quarter of 2026 with $810 billion of spending it has already promised but not yet put on its balance sheet. That is $355.7 billion of signed leases that have not yet commenced, plus $454.5 billion of non-cancelable contractual commitments. One year earlier the same two figures summed to $139 billion.

Against trailing-twelve-month operating cash flow of $133 billion, those commitments have gone from about 1.3 years of cash generation to about 6.1 years in twelve months.

The timing has changed along with the size. At Q3 2024, 13.5% of contractual commitments were due after the next fiscal year. At Q3 2026, 63.2% were due after 2027.

The buildup

Meta commitments hit $810B, 6.1x trailing operating cash flow Non-cancelable contractual commitments plus unstarted leases, $ billions, end of quarter Contractual commitments Unstarted leases Trailing-twelve-month operating cash flow 2Q24: contractual commitments $19.82B 2Q24: unstarted leases $6.2B 2Q24 3Q24: contractual commitments $32.14B 3Q24: unstarted leases $18.49B $51B 3Q24 4Q24: contractual commitments $32.82B 4Q24: unstarted leases $34.12B 4Q24 1Q25: contractual commitments $30.05B 1Q25: unstarted leases $35.27B 1Q25 2Q25: contractual commitments $27.95B 2Q25: unstarted leases $52.56B 2Q25 3Q25: contractual commitments $81.19B 3Q25: unstarted leases $58.14B $139B 3Q25 4Q25: contractual commitments $131.05B 4Q25: unstarted leases $103.77B 4Q25 1Q26: contractual commitments $237.67B 1Q26: unstarted leases $182.88B 1Q26 2Q26: contractual commitments $349.31B 2Q26: unstarted leases $278.99B 2Q26 3Q26: contractual commitments $454.52B 3Q26: unstarted leases $355.73B $810B 3Q26 4Q24: TTM operating cash flow $91.33B 1Q25: TTM operating cash flow $96.11B 2Q25: TTM operating cash flow $102.3B 3Q25: TTM operating cash flow $107.57B 4Q25: TTM operating cash flow $115.8B 1Q26: TTM operating cash flow $124.0B 2Q26: TTM operating cash flow $130.3B 3Q26: TTM operating cash flow $133.09B
Source: Calcbench data from Meta 10-Q and 10-K filings, 2Q24 - 3Q26; TTM operating cash flow shown from 4Q24.

The inflection came in Q3 2025, when contractual commitments nearly tripled in a single quarter, from $28 billion to $81 billion. Uncommenced leases took over at year-end 2025, roughly doubling and then doubling again by Q1 2026. Both are still climbing: this quarter leases rose $77 billion and contractual commitments $105 billion, while trailing-twelve-month operating cash flow rose from $130.3 billion to $133.1 billion.

Commitments now run further out

The share of Meta's contractual commitments due after the next fiscal year rose from 13.5% at Q3 2024 to 63.2% at Q3 2026.

Meta's Q1 2024 10-Q showed $1.0 billion of contractual commitments due in 2025. Its Q3 2024 10-Q showed $16.5 billion due in 2025, an increase of $15.4 billion in two quarters.

As of Total contractual ($B) Due rest of year ($B) Due next fiscal year ($B) Due later ($B) % due later
Q3 2026 454.5 45.9 121.4 287.3 63.2%
Q3 2025 81.2 17.8 8.6 54.8 67.5%
Q3 2024 32.1 11.3 16.5 4.4 13.5%

We compare the same quarter each year because the remainder-of-year bucket covers three quarters in a Q1 filing but only one in a Q3 filing.

At Q3 2026, $121.4 billion of contractual commitments are due in 2027 and $287.3 billion after 2027.

What to watch

  • Lease commencements. As the $355.7 billion of signed leases start, they move onto the balance sheet as right-of-use assets and lease liabilities, and payments begin.
  • 2027 capex guidance. Compare whatever range Meta gives with the $121.4 billion already contracted for 2027.
  • Debt and cash. Watch whether new issuance keeps pace with the payment schedule.
  • The rest of the hyperscalers. The same disclosures for Microsoft, Alphabet, Amazon, Oracle and perhaps a few others.

How we built this

All figures come from Calcbench's standardized and as-reported data for Meta's 10-Q and 10-K filings, Q1 2024 through Q3 2026. Uncommenced leases come from the lease note and contractual commitments from the commitments and contingencies note; we treat them as separate obligations and add them. Q4 cash flows are the fiscal year less the first nine months. Our free cash flow is operating cash flow less purchases of property and equipment. The next-fiscal-year bucket was not available for Q1 and Q2 2025.

Sources

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