The full story
Would you buy shares from a company that just stopped buying them?
- Meta's buybacks: $30.1B in 2024, $26.2B in 2025, $0 so far in 2026
- New shares: $25B of stock at $625 and $12.5B of preferred shares now, about $60B more planned for 2027
- Last quarter Meta spent $34.9B on buildings and servers, and its free cash flow was −$2.1B
- Nvidia and AMD said they'd buy some of the new shares ($3B and $1B)
Google made the same turn: $45.7B of buybacks in 2025, none in 2026, and up to $84.75B of new shares (Berkshire took $10B). Microsoft still makes more cash than it spends and still buys back.
Caveat: the $60B part has no deal yet. Meta says timing, size and terms aren't set.
Why it matters: more shares means each old share owns a little less of Meta.
