META: 2Q:26 EPS Preview: Improving 2H Catalyst Path

研报英文原文证据摘录

META: 2Q:26 EPS Preview: Improving 2H Catalyst Path

x and OpEx guides maintained and qualitative, but unlikely 2026E 10.44 A 7.68 E 6.88 E 8.74 E 33.75 E

quantitative, commentary on FY27 investment plans. We would be surprised by any Prior NC 7.70 E 7.04 E 8.58 E 33.76 E

further updates to FY26 CapEx given the lead times associated with bringing capacity 2027E 7.31 E 8.23 E 8.15 E 10.39 E 34.10 E

online. We raise FY27 CapEx to $181B from $170B based on additional power deals Prior 7.49 E 8.10 E 8.03 E 10.33 E 33.99 E

signed in the quarter suggesting modestly greater capacity build than prior forecast.

Expect Meta commentary to keep door open to all forms of future capital raises. Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

Expect reaffirmed commitment to aggressive investment in capacity to support Ken Gawrelski

proprietary model and product efforts. Commentary on next model release and Equity Analyst | Wells Fargo Securities, LLC Ken.Gawrelski@wellsfargo.com | 617-210-3707

continued appetite for robust investment based on optimism for new AI applications and

Zachary Morrisseyservices critical for shares. As discussed in our recent note, we see opportunity for Meta

Associate Equity Analyst | Wells Fargo Securities, LLC

to lease out a minority of its compute in '27 while aggressively pursuing its ambitions in Zachary.Morrissey@wellsfargo.com | 212-214-5344

the model and application layers. Estimate every 1GW to contribute $5+ of EPS. Audey Ashkar

Estimates, rating and price target. Hold FY26 revs / OI ~unch at $254B / $92B (36% Audey.Ashkar@wellsfargo.com | 212-214-7393

margin) while raising FY27 / FY28 revs 0.4% / 0.8% to $303B / $353B and OI 0.7% / 2.4% David Umansky