(https://www.cnbc.com/2026/08/14/wall-street-sees-a-floor-for-software-in-potential-workday-deal.html) on a potential Workday consolidation. But here's what the bulls are missing: META's cash conversion math is already under pressure. META's operating cash flow of $32.2B against $56.3B in quarterly revenue reveals the capex strain behind margin compression—net margins already sit at 47.5%, down sharply from prior quarters.