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Google (GOOGL) Earnings Preview: Cloud Growth and Advertising Outlook
Alphabet (GOOGL) will release its fiscal 2026 third-quarter results on October 28, 2026. Wall Street expects revenue of $127-130 billion (approximately +25% YoY) and net income of $37-38 billion (a sharp sequential decline as GAAP results no longer include large equity investment gains). Google Cloud revenue is projected at $29-30.5 billion (90% to 100% YoY), with an operating margin of 35.5%-37%. Capital expenditures are expected at $50-52 billion (roughly +110% YoY), while free cash flow may turn negative to -$15 billion or lower. The key focus will be whether strong cloud growth (including TPUs) can offset slower advertising momentum and rising cash-flow pressure.