Meta Expected to Fund 2028 Free Cash Flow Deficit Solely Through Borrowing, S&P Says

S&P has indicated that Meta is expected to cover a projected free cash flow deficit in 2028 entirely through external borrowing, according to the headline. The transmission channel here runs through the credit and capital-structure side rather than near-term earnings: a shift from internally generated cash to debt funding raises the company's leverage profile and tends to widen the spread investors demand over risk-free rates. META equity is most directly exposed because higher expected debt issuance can pressure valuation multiples if investors begin to price in financing costs and reduced buyback or dividend capacity, while the company's investment-grade bonds would be sensitive to any revision in rating outlook. Traders should watch Meta's upcoming capital expenditure guidance on its next earnings call, which will indicate whether the projected 2028 shortfall reflects a sustained AI infrastructure buildout that could alter the depth of future borrowing needs.

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