Alphabet Inc. · GOOG · Next earnings

Alphabet Inc. reports Wednesday, Oct 28, 2026

GOOG reports after market close with consensus EPS at $3.01 and revenue at $126.85B. Last quarter: Alphabet Q2 2026: Cloud Surges 82%, Capex Raised to $195-205B as AI Demand Accelerates

Reports After market close38 days awayDate estimated Communication Services

What the street expects

Consensus for the coming report
Consensus EPS $3.01 Calendar consensus
Consensus revenue $126.85B Calendar consensus
Report date Oct 28, 2026 Wednesday, date estimated
Session After market close 38 days away

Where GOOG left off: FY2026 Q2

Full report

Alphabet Q2 2026: Cloud Surges 82%, Capex Raised to $195-205B as AI Demand Accelerates

EPS surprise +217.4% Reported $9.11 vs $2.87
Revenue surprise +2.8% Reported $119.80B vs $116.53B
Stock move -6.9% Event window
Subsequent drift +2.6% Up to 20 sessions

Management raised full-year 2026 capex guidance to $195-205 billion, up from $180-190 billion in Q1. Guidance sentiment was maintained. The company signaled further capex increases for 2027, citing supply-constrained AI infrastructure demand. TPU system sales revenue was recognized for the first time, with the bulk expected in 2027, implying a multi-year ramp in AI infrastructure monetization.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Supply-constrained AI infrastructure could limit near-term revenue and pressure margins
  • High capex and potential near-term negative free cash flow from aggressive AI investment
  • Intensifying competition in generative AI models and cloud infrastructure
  • Regulatory and legal expenses reflected in G&A growth

Questions analysts left open

  • Return on invested capital for GenAI opportunities versus a year ago
  • Forward capex budgeting and timing of capacity expansion for 2027
  • Model release cadence and ability to stay at the AI frontier
  • Margin impact of TPU sales and third-party compute usage
  • Potential corporate restructuring of Waymo

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Recent GOOG quarters

All GOOG earnings
-6.9%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.