GOOG stock: Alphabet Q3 earnings today, what to watch

What is happening. Alphabet, the parent of Google, will report third-quarter 2026 results today, 28 October. CNBC says the report lands after the bell. The company says the earnings release will be on its investor relations site before the conference call. The call starts at 1:30 pm Pacific, 4:30 pm Eastern, 20:30 UTC. When we published this, the release was not yet on the site.

The consensus. LSEG expects earnings per share of $3.02 and revenue of $128.2 billion. That would be 25% growth from a year earlier, the fastest pace for any period since 2021.

Cloud. This is the unit that holds Google's AI offerings. Analysts project growth of 90% to $28.7 billion. CNBC adds that Google keeps taking share from Amazon Web Services and Microsoft Azure, and is pushing Gemini models and its own chips, tensor processing units (TPUs), which compete with Nvidia's GPUs.

AI spending. In July Alphabet raised its full-year capital expenditure forecast to $195 billion to $205 billion, from earlier guidance of up to $190 billion. It also reported negative free cash flow for the first time. For Q3 analysts expect capex of $55.2 billion, up 130% (FactSet), and negative free cash flow of $2.27 billion. Annual capex is expected to top $200 billion, then exceed $300 billion in 2027.

Search. CNBC says the core business is under pressure from OpenAI, Anthropic and a wave of new AI agents. Analysts at Citizens, who recommend buying the stock, wrote that they are "incrementally cautious on Search" because competition is increasing with agents.

The mood. Shares fell in five of the last six sessions through Tuesday and are down about 7% in October, per CNBC. Microsoft also reports today, and Amazon on Thursday.

What we do not know. The actual results, the new capex guidance and how the market reacts. This is a preview, not a forecast or advice. We will not guess the price.

Hechos confirmados

• Alphabet will hold its Q3 2026 conference call on Wednesday, 28 October at 1:30 pm Pacific (4:30 pm Eastern).^[1]
• Alphabet says the earnings release will be on abc.xyz/investor on 28 October before the conference call.^[1]
• As of our check on 28 October, the Q3 2026 section of the Alphabet earnings page lists only the webcast, with no earnings release yet.^[3]
• Alphabet is set to report third-quarter results after the bell on Wednesday.^[2]
• LSEG consensus: earnings per share $3.02 and revenue $128.2 billion.^[2]
• Revenue is expected to rise 25% from a year earlier, the fastest growth for any period since 2021.^[2]
• Cloud revenue is projected to grow 90% to $28.7 billion (the 90% figure is from LSEG).^[2]
• In July Alphabet lifted its full-year capex forecast to $195 billion to $205 billion, from prior guidance of as much as $190 billion, and reported negative free cash flow for the first time.^[2]
• Analysts expect Q3 capex of $55.2 billion, up 130% from a year earlier (FactSet), and negative free cash flow of $2.27 billion.^[2]
• Annual capex is expected to top $200 billion, then exceed $300 billion in 2027.^[2]
• Shares fell in five of the past six sessions through Tuesday and are down about 7% in October.^[2]
• Citizens analysts wrote they are incrementally cautious on Search because competition is increasing with agents.^[2]
• Microsoft reports earnings on Wednesday, Amazon on Thursday.^[2]

Implicaciones

• ConfirmadoInvestors are watching whether Cloud growth and revenue can justify the size of AI spending.
• Nuestra lecturaA large gap between the results and these estimates, in either direction, will likely drive the debate about AI costs.

Todavía no se sabe

• The actual Q3 results.
• New capex guidance and free cash flow in the report.
• How the market reacts: an open question, not a forecast.

A quién afecta

United States, Worldwide. People who follow GOOG and GOOGL, the AI buildout, cloud and search, and investors who hold big tech

Fuentes

1. Alphabet Investor Relations: Alphabet Announces Date of Third Quarter 2026 Financial Results Conference Call 6 de octubre de 2026 · oficial
2. CNBC: Alphabet set to report Q3 earnings after the bell as shaky AI trade looks for signs of strength 28 de octubre de 2026 · medios
3. Alphabet Investor Relations: Earnings (Alphabet Investor Relations) 28 de octubre de 2026 · oficial