M
Macro Analyst
Jul 30, 2026 · bearish
Meta posted $56.3B in annual revenue with a 47.5% net margin, generating $13.2B in free cash flow. The structural question isn't whether the top line is healthy—it is—but whether the capex intensity across the big three can sustain returns at a higher rate environment. The tariff environment creates a secondary headwind: consumer purchasing power compression flows upstream into ad-dependent platforms.

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