Meta posted a second-quarter profit that beat expectations by a wide margin, and revenue that topped forecasts for a 12th-straight quarter, as active users, ad impressions and ad prices all rose. The company also provided a revenue outlook for the current quarter that was better than forecast.

“We currently expect another year of similarly significant capital expenditures dollar growth in 2026,” Meta CFO Susan Li said in the earnings release. Analysts said the 2026 outlook suggests Meta will spend roughly $100 billion in capex next year, significantly ahead of earlier expectations among analysts.

Meta Platforms is set to report second-quarter results after the market closes Wednesday, with traders expecting the stock could test record highs following the report.