Meta Platforms Inc. (META · NASDAQ)

Meta Platforms' most recent quarter broke a streak of beats, with June-period EPS of $6.18 missing the $7.10 estimate by 13.0% after three consecutive beats, even as revenue grew 28.0% year over year to $60.80B. Heavy infrastructure spending is the pressure point: capex of $30.12B nearly matched operating cash flow of $31.86B in the quarter, leaving free cash flow of just $1.75B, and earnings fell 13.4% year over year despite a 34.8% operating margin. The stock sits at $718.67, up 11.0% over the past month and 14.2% above its 200-day average, though 7.6% below its 52-week high, with a P/E of 27.08 and an analyst target of $799.34. Leverage remains modest at 1.0x debt/EBITDA with a 2.23 current ratio.