Market cap
$3.93T
at current price
Alphabet Inc. · Class A · Mountain View, California
Search still pays, Cloud is the rocket.
Alphabet grew revenue 25% to $127.6B in Q3, its thirteenth straight double-digit quarter, as Google Cloud more than doubled, up 103%. The cost is capex: $51.4B in the quarter, with $195–205B planned this year and significantly more in 2027, which pushed free cash flow to −$9.1B, its second negative quarter in a row.
Last close · Oct 28, 2026
$324.89
52-week range
$274–403
closing low / high
P/E
~21×
FY2027 consensus EPS $15.35 · trailing GAAP ~17× incl. investment gains
Revenue TTM
Analyst target
$431
consensus · range $350–485 · Q4 revenue est. ~$142B
Next earnings
Early Feb
Q4 2026 · expected, after close
Price, last 12 months
Daily closes with the 50-day average. The stock traded between about $274 and $403 over the past year.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
1.21
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. Q3 2026 GAAP EPS of $2.12 includes an $8.7B loss on equity stakes (−$0.55 a share), after about $99B of gains lifted Q2 to $9.11. Alphabet gives no revenue guidance, so the last bar is analyst consensus for Q4 2026, implied from the full-year estimate.
RevenueGross margin (right axis)Guidance
Q3 2026
$127.6B
+25% YoY · 13th double-digit quarter
Google Cloud
$30.7B
+103% · $11.1B op. income, 36.2% margin
Search & other
$63.4B
+12% YoY · 17% in Q2
GAAP EPS
$2.12
vs ~$3.02 consensus · $8.7B stake loss
2026 capex guide
$195–205B
kept · $51.4B in Q3 · 2027 "significantly" higher
Op. margin
31.8%
30.5% a year ago
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
Cloud acceleration
Cloud growth sped up from 48% at the end of 2025 to 63% in Q1, 82% in Q2 and 103% in Q3, and operating income tripled to $11.1B at a 36.2% margin. Sales of TPU systems were a meaningful contributor.
Watch
Search and YouTube slow
Search revenue growth slowed to 12% from 17% as it lapped a strong quarter, and YouTube ads to 9% from 13%. Query growth was the fastest in five years and the Gemini app reached 1B users.
Watch
Capex and funding
The 2026 capex guide stayed at $195–205B; with $132B spent in nine months, Q4 implies $63–73B. 2027 will be "significantly" higher, with details on the Q4 call. Buybacks remain paused; Q3 added $28.7B of notes and $12.4B of stock sold at the market.
Watch
Paper gains swing EPS
Q2 net income included about $99B of unrealized gains, mostly on the SpaceX stake; in Q3 an $8.7B loss on equity securities cut EPS by $0.55 and drove the miss. GAAP earnings will move with those holdings.
Risk
Cash burn and supply
Free cash flow was −$9.1B against near-breakeven expectations. Management says demand still exceeds capacity; cloud growth depends on getting chips, power and data centers online, partly through third-party capacity.
Risk
Antitrust
US antitrust cases over search and ad tech remain an overhang on how Google distributes search and sells ads.
Calendar
Early Feb 2027
Q4 and FY26 results
Expected to include the 2027 capex outlook. Consensus Q4 revenue ~$142B.
Late Apr 2027
Q1 2027 earnings
Date not yet announced.
Late Jul 2027
Q2 2027 earnings
Date not yet announced.
Sources
- Alphabet Q3 2026 earnings release
- Q3 2026 call: CEO remarks (Google)
- Q3 2026 vs LSEG estimates and capex comments (CNBC)
- Q3 2026 revenue miss and cash burn (Reuters)
- Q3 2026 segments, capex and backlog (Stock Titan)
- Q2 2026: Cloud +82%, capex raised
- Quarterly income statement (Stock Analysis)
- Price, market cap, targets and consensus estimates: Financial Modeling Prep, as of Oct 28, 2026