US earnings calls, October 21, 2026: Meta and Tesla reset spending, IBM lifts outlook

On October 21, 2026, Meta said it expects fiscal year 2026 capital expenditure of $135 billion-$145 billion. Tesla expects approximately $20 billion. IBM, CSX and Kinder Morgan raised 2026 outlooks.

An update from FactIQ, written from company statements in earnings calls of companies listed in the United States. What is FactIQ?

Key figures

Meta Platforms, capital expenditure outlook including finance lease principal payments, fiscal year 2026

$135 billion-$145 billionstated by the chief financial officer; narrowed from $130 billion-$145 billion

Tesla, capital expenditure guidance, fiscal year 2026

approximately $20 billionstated by the chief financial officer; to be funded primarily from operating cash flows

IBM, expected year-over-year free cash flow growth, fiscal year 2026

more than $1 billionstated by the chief executive; expectation raised

CSX, expected free cash flow growth, fiscal year 2026

more than 80%stated by the chief executive; compared with the prior-year period

Meta and Tesla set out large spending plans for fiscal year 2026

Meta Platforms: the chief financial officer said Meta narrowed its fiscal year 2026 capital expenditure outlook, including principal payments on finance leases, to $135 billion-$145 billion from $130 billion-$145 billion. Meta raised its 2026 total expense outlook to $175 billion-$179 billion to include a $9.9 billion legal charge taken in the third quarter. Meta expects fourth-quarter revenue of $73 billion to $76 billion. It expects Reality Labs losses of $18 billion-$19 billion in 2026 and around $15 billion in fiscal year 2027.
Tesla: the chief financial officer said Tesla revised its fiscal year 2026 capital expenditure guidance to approximately $20 billion, funded primarily from operating cash flows. The chief executive said the impact of capital expenditure is expected to become noticeable in the tens of billions in calendar year 2028. An executive said Tesla aims to reach a production goal of 5 million units by 2030.

Several companies raised their 2026 outlooks

IBM: the chief executive said IBM raised its expected fiscal year 2026 free cash flow growth to more than $1 billion. IBM expects 2026 revenue growth of 4%-5%.
CSX: the chief executive said CSX raised its 2026 revenue growth guidance to the high single digits from a mid to high single-digit range. CSX expects 2026 free cash flow to grow by more than 80%.
Kinder Morgan: the chief financial officer said it expects 2026 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) to exceed budget by more than 6%, and adjusted earnings per share to exceed budget by more than 13%.
Cathay General Bancorp: the chief financial officer said it raised its 2026 loan growth outlook to 5%-6% from 3.5%-4.5%.

Lam Research expects a multi-year rise in chip-equipment investment

The chief executive of Lam Research said the semiconductor industry is in the early stages of a multi-year investment cycle, with customer visibility through calendar year 2028. Lam now expects cumulative Aether-related revenue of approximately $2.5 billion by the end of the decade. The chief financial officer said expectations for wafer fab equipment (WFE), the machines used to make chips, rose during the year to the mid-$150 billions.

Other companies reported quarterly results and margin goals

Las Vegas Sands: the chief executive said Marina Bay Sands generated $590 million of EBITDA and Macao generated $529 million in the third quarter of fiscal year 2026.
United Airlines: the chief executive said United aims to reach double-digit pre-tax margins in 2027.

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