The company delivered a beat for the first quarter, with revenue of $56.3 billion that topped Wall Street estimates, and earnings per share of $10.44 that handily surpassed expectations.

Meta earnings are here — and so is another message to investors that capex spending is expected to balloon more than ever as the AI race continues full tilt.

But the stock was trading down more than 6% after hours following the results as the company disclosed it was raising its full-year guidance for capital expenditures by $10 billion to $125 to $145 billion for 2026.

"This reflects our expectations for higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity," CFO Susan Li said in Meta's release.

Headed into the analyst call following the results, analysts are looking to hear more about Meta's AI capex, as the company is among the most prolific spenders among Big Tech giants. Analysts are also bullish on Meta's AI model, Muse Spark, the first model from Alexandr Wang's team since the company invested billions into Scale AI to bring the executive in house.

Meta's analyst call with Mark Zuckerberg kicked off at 5:30 p.m. — follow along for the latest: