Big Tech Earnings This Week: Microsoft, Alphabet and Amazon Report on October 28 and 29, 2026
Big tech earnings this week: Microsoft and Alphabet report after the close on Wednesday, October 28, 2026, and Amazon after the close on Thursday, October 29. Dates and call times, consensus EPS and revenue, each company's own guide, eight quarters of Azure, Google Cloud and AWS growth, capex and its stated outlook, and the implied move modeled from SentiSense options data for the October 23 session beside the average move over the last eight reports.
Big tech earnings this week come in two sessions: Microsoft and Alphabet report after the close on Wednesday, October 28, 2026, and Amazon reports after the close on Thursday, October 29. Meta and Tesla already reported on October 21, and Apple is the week after. For each of the three, this page gives the date and timing, the consensus numbers, the company's own guide, eight quarters of the one business line to watch, capex and what each company has said about it, and the implied move modeled from SentiSense options data for the October 23 session beside what the stock actually did after its last eight reports. Dates are from the companies' own investor pages; segment figures are from each company's 8-K press release; consensus, reactions and options figures are SentiSense data read on October 25, 2026.
Big tech earnings this week: dates and calendar
| Company | Quarter | Reports | Timing | Consensus EPS | Consensus revenue |
|---|---|---|---|---|---|
| Microsoft (MSFT) | Fiscal Q1 2027 (ended Sep 30) | Wed Oct 28, 2026 | After the close (Microsoft IR: "after the stock market closes") | $4.71 | $90.63B |
| Alphabet (GOOGL) | Q3 2026 | Wed Oct 28, 2026 | Call 4:30 p.m. ET; release posted ahead of the call | $3.03 | $127.91B |
| Amazon (AMZN) | Q3 2026 | Thu Oct 29, 2026 | Call 5:00 p.m. ET; release expected after the close | $1.96 | $202.16B |
Microsoft's date and session are stated on its investor relations FAQ. Alphabet announced its date and call time on October 6; Amazon announced its date and call time on its company news site. Neither Alphabet nor Amazon states a release time, and both have filed each of their last eight releases with the SEC after 4:00 p.m. Eastern, so the after-close timing for those two is an expectation from the record, not a company statement. Consensus figures are the SentiSense analyst estimates read on October 25 (20 to 30 analysts per line).
Magnificent 7 earnings dates: who has reported and who is next
Meta reported after the close on October 21, and Tesla the same evening. Microsoft and Alphabet report on October 28, Amazon on October 29. Apple is on the SentiSense earnings calendar for Monday, November 2, and Nvidia for Wednesday, November 18; both are estimated dates that the companies had not confirmed as of October 25. What Meta announced with its report is covered in Meta's new Class C shares, explained.
Microsoft earnings date and what to watch: Azure growth rate vs the 45% guide
| Microsoft, fiscal Q1 2027 | |
|---|---|
| Reports | Wednesday, October 28, 2026, after the close |
| Consensus | EPS $4.71 (20 analysts, $4.62 to $4.84); revenue $90.63B (25 analysts, $90.27B to $91.35B) |
| Microsoft's own guide (July 29 call) | Revenue $89.85B to $90.95B (+16% to 17%); Intelligent Cloud $40.95B to $41.25B (+33% to 34%); Azure growth "approximately 45% in constant currency"; Microsoft Cloud gross margin "relatively stable quarter-over-quarter"; capex "over $50 billion including the lease reclassification impact" |
| Line to watch | Azure growth, reported as a rate only, against the 45% constant-currency guide |
| Last quarter | Azure +43% (43% in constant currency); Microsoft Cloud $59.3B (+27%); revenue $90.0B |
| Capex, last quarter | $35.8B cash additions to property and equipment; $41B including finance leases, Microsoft's own measure |
| Implied move, Oct 23 session | 4.2% either way (about $22 on the $524.51 close); IV rank 51 |
| Last eight reports | Average move 7.0% (median 6.1%); moved more than the implied move after 6 of 8; closed lower after 5 of 8 |
| Analysts (Oct 25) | Strong Buy consensus, mean price target $601.73 across 53 targets |
| SentiSense sentiment going in (Oct 25) | Strong Bullish band; 30-day sentiment trend down |
Azure is disclosed only as a growth rate, and Microsoft guides it on the call rather than in the release, so the comparison that matters on Wednesday is the printed constant-currency rate against the guide Amy Hood gave on July 29: "approximately 45% in constant currency", with first-half growth expected to accelerate. The eight-quarter record, with the guide from the prior quarter's call, the print from the release's constant-currency table, and the stock's move from the report-day close to the next close:
| Report | Fiscal quarter | Azure guide (cc) | Azure printed (reported / cc) | Microsoft Cloud revenue | Cash capex (filed) | Capex incl. finance leases (call) | Next-session move |
|---|---|---|---|---|---|---|---|
| Oct 30, 2024 | Q1 FY25 | about 33% | 33% / 34% | $38.9B (+22%) | $14.9B | $20.0B | −6.05% |
| Jan 29, 2025 | Q2 FY25 | 31% to 32% | 31% / 31% | $40.9B (+21%) | $15.8B | $22.6B | −6.18% |
| Apr 30, 2025 | Q3 FY25 | 31% to 32% | 33% / 35% | $42.4B (+20%) | $16.7B | $21.4B | +7.63% |
| Jul 30, 2025 | Q4 FY25 | 34% to 35% | 39% / 39% | $46.7B (+27%) | $17.1B | $24.2B | +3.95% |
| Oct 29, 2025 | Q1 FY26 | about 37% | 40% / 39% | $49.1B (+26%) | $19.4B | $34.9B | −2.92% |
| Jan 28, 2026 | Q2 FY26 | about 37% | 39% / 38% | $51.5B (+26%) | $29.9B | $37.5B | −9.99% |
| Apr 29, 2026 | Q3 FY26 | 37% to 38% | 40% / 39% | $54.5B (+29%) | $30.9B | $31.9B | −3.93% |
| Jul 29, 2026 | Q4 FY26 | 39% to 40% | 43% / 43% | $59.3B (+27%) | $35.8B | $41B | +15.51% |
| Oct 28, 2026 | Q1 FY27 | about 45% | due Wednesday |
Azure printed at or above the top of Microsoft's own guide in seven of the last eight quarters. The stock closed lower after four of those seven, and after five of the eight reports overall. The October 2024 guide is the one Microsoft restated to "approximately 33%" when it redefined Azure in August 2024; the earlier wording was 28% to 29%. Cash additions to property and equipment rose 2.4 times across the eight quarters. On calendar-2026 capex, Microsoft said in July that its expectation, including finance leases, is now "approximately $175 billion" after extending datacenter useful lives from 15 to 25 years, which moves more leases to operating leases that capex excludes; it was "roughly $190 billion" in April, and Microsoft said the underlying investment plan was unchanged. For fiscal 2027 it expects capex to grow year over year.
Alphabet earnings date and what to watch: Google Cloud growth rate and margin
| Alphabet, Q3 2026 | |
|---|---|
| Reports | Wednesday, October 28, 2026; call at 4:30 p.m. ET, release posted ahead of it |
| Consensus | EPS $3.03 (29 analysts); revenue $127.91B (25 analysts, $124.84B to $132.08B) |
| Alphabet's own guide | No numeric revenue or Google Cloud guide. 2026 capex "$195 to $205 billion", up from $180 billion to $190 billion; 2027 capex to increase significantly |
| Line to watch | Google Cloud revenue growth and operating margin |
| Last quarter | Google Cloud $24.8B (+81.8%), operating income $8.8B (35.6% margin); the fastest Cloud growth in the eight-quarter window |
| Capex, last quarter | $44.9B purchases of property and equipment; $80.6B in the first half |
| Implied move, Oct 23 session | 5.3% either way (about $17 on the $320.21 close); IV rank 63 |
| Last eight reports | Average move 4.1% (median 2.7%); moved more than the implied move after 3 of 8; closed lower after 3 of 8 |
| Analysts (Oct 25) | Strong Buy consensus, mean price target $429.12 across 54 targets; the October 23 close sat below the lowest target ($340) and 21.6% under the 52-week high |
| SentiSense sentiment going in (Oct 25) | Strong Bullish band; latest daily reading Neutral; 30-day sentiment trend down |
Two things to read with care. Last quarter's reported EPS of $9.11 included a $99.0 billion gain on equity securities worth $6.26 a share, so it is not the base for this quarter's $3.03 consensus. And Alphabet gives no numeric guide: on the July 22 call, according to the company-hosted transcript, the CFO raised the 2026 capex range to $195 billion to $205 billion, citing faster delivery of capacity to meet demand, said capex would increase significantly again in 2027, said the company would use third-party capacity in the third quarter as a bridge with modest near-term margin pressure in Cloud, and said most of the revenue from its TPU system sales agreements would be recognized in 2027. The June equity raise of $49.6 billion, which the release said would fund general corporate purposes including capital expenditures to scale AI infrastructure, and the "over $460 billion" Cloud backlog cited in the first-quarter release are the context for the capex line.
| Report | Quarter | Google Cloud revenue | YoY | Change vs prior quarter | Cloud operating income | Operating margin | Capex (filed) | Next-session move |
|---|---|---|---|---|---|---|---|---|
| Oct 29, 2024 | Q3 2024 | $11.35B | +35.0% | $1.95B | 17.1% | $13.1B | +2.82% | |
| Feb 4, 2025 | Q4 2024 | $11.96B | +30.1% | −4.9 pts | $2.09B | 17.5% | $14.3B | −7.29% |
| Apr 24, 2025 | Q1 2025 | $12.26B | +28.1% | −2.0 pts | $2.18B | 17.8% | $17.2B | +1.68% |
| Jul 23, 2025 | Q2 2025 | $13.62B | +31.7% | +3.6 pts | $2.83B | 20.7% | $22.4B | +1.02% |
| Oct 29, 2025 | Q3 2025 | $15.16B | +33.5% | +1.8 pts | $3.59B | 23.7% | $24.0B | +2.52% |
| Feb 4, 2026 | Q4 2025 | $17.66B | +47.8% | +14.2 pts | $5.31B | 30.1% | $27.9B | −0.54% |
| Apr 29, 2026 | Q1 2026 | $20.03B | +63.4% | +15.6 pts | $6.60B | 32.9% | $35.7B | +9.96% |
| Jul 22, 2026 | Q2 2026 | $24.77B | +81.8% | +18.4 pts | $8.81B | 35.6% | $44.9B | −7.13% |
Google Cloud's operating margin has doubled in two years, from 17.1% to 35.6%, and capex rose 3.4 times over the same eight quarters. The three largest accelerations in Cloud growth, of 14 to 18 points, were followed by moves of −0.5%, +10.0% and −7.1%. The $195 billion to $205 billion full-year range, against $80.6 billion spent in the first half, implies roughly $114 billion to $124 billion in the second half; that is arithmetic on the company's range, not a company figure. Alphabet is the one name of the three where options have usually priced more movement than the stock delivered: the average implied move at its last eight reports was 5.6%, against a 4.1% average realized move.
Amazon earnings date and what to watch: AWS growth rate and operating income
| Amazon, Q3 2026 | |
|---|---|
| Reports | Thursday, October 29, 2026; call at 5:00 p.m. ET, release expected after the close |
| Consensus | EPS $1.96 (29 analysts); revenue $202.16B (30 analysts, $199.55B to $205.41B), a mean just above the top of Amazon's own range |
| Amazon's own guide (July 30 release) | Net sales $197.0B to $202.0B (+9% to 12%, with about 80 basis points of FX headwind; nearly 400 basis points higher excluding the Prime Day shift); operating income $22.5B to $26.5B, against $17.4B a year earlier |
| Line to watch | AWS revenue growth and AWS operating income |
| Last quarter | AWS $42.2B (+36.8%, "its fastest growth in 18 quarters"), operating income $16.6B (39.4% margin); advertising $19.8B |
| Capex, last quarter | $54.2B purchases of property and equipment; $53.1B net of proceeds and incentives, Amazon's "cash capex" |
| Implied move, Oct 23 session | 7.3% either way (about $18 on the $248.00 close); IV rank 82, the highest of the three |
| Last eight reports | Average move 6.2% (median 5.9%); moved more than the implied move after 3 of 8; closed lower after 4 of 8 |
| Analysts (Oct 25) | Strong Buy consensus, mean price target $331.72 across 58 targets |
| SentiSense sentiment going in (Oct 25) | Strong Bullish band; 30-day sentiment trend down |
Amazon guides company totals, not AWS, so the AWS line is read against its own history. Last quarter's EPS of $5.75 included $53.4 billion of non-operating pre-tax other income, primarily from Amazon's investments in Anthropic, and is not the base for the $1.96 consensus. Amazon guides capex only on its call and posts no transcript: per a published transcript of the July 30 call, the company said it expected about $220 billion of cash capex in 2026, up from about $200 billion, with higher memory costs behind the increase. The filed figures below are from each release's cash flow statement; trailing-twelve-month free cash flow at the end of June was an outflow of $7.6 billion.
| Report | Quarter | AWS revenue | YoY | Change vs prior quarter | AWS operating income | Operating margin | Capex, gross (filed) | Net sales vs Amazon's range | Next-session move |
|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2024 | Q3 2024 | $27.45B | +19.1% | +0.4 pts | $10.45B | 38.1% | $22.6B | above | +6.19% |
| Feb 6, 2025 | Q4 2024 | $28.79B | +18.9% | −0.1 pts | $10.63B | 36.9% | $27.8B | in range | −4.05% |
| May 1, 2025 | Q1 2025 | $29.27B | +16.9% | −2.0 pts | $11.55B | 39.5% | $25.0B | above | −0.12% |
| Jul 31, 2025 | Q2 2025 | $30.87B | +17.5% | +0.6 pts | $10.16B | 32.9% | $32.2B | above | −8.27% |
| Oct 30, 2025 | Q3 2025 | $33.01B | +20.2% | +2.8 pts | $11.43B | 34.6% | $35.1B | above | +9.58% |
| Feb 5, 2026 | Q4 2025 | $35.58B | +23.6% | +3.4 pts | $12.47B | 35.0% | $39.5B | above | −5.55% |
| Apr 29, 2026 | Q1 2026 | $37.59B | +28.4% | +4.8 pts | $14.16B | 37.7% | $44.2B | above | +0.77% |
| Jul 30, 2026 | Q2 2026 | $42.23B | +36.8% | +8.4 pts | $16.62B | 39.4% | $54.2B | above | +15.32% |
| Oct 29, 2026 | Q3 2026 | due Thursday | guide $197.0B to $202.0B |
AWS growth has accelerated in five straight reports, from 16.9% to 36.8%, and the two largest up-moves in the sample (+9.58% and +15.32%) came on accelerations, the largest step producing the largest move. The stock also fell after two of the five accelerations, by 8.27% in July 2025 and 5.55% in February 2026. Amazon beat the top of its own net sales range in seven of the eight quarters and its operating income range in six, and the stock closed lower after four of the eight: a beat of the company's range has been the norm, not the news. The third-quarter 2025 AWS operating income includes estimated severance costs, per that release. Gross purchases of property and equipment rose 2.4 times across the eight quarters.
Azure growth vs AWS and Google Cloud growth: eight quarters side by side
Same calendar quarters, each rate from the company's own release. Azure is a growth rate on a base Microsoft does not disclose, shown in constant currency with the reported rate in parentheses where the two differ; Google Cloud and AWS are segment revenue growth.
| Quarter ended | Azure growth (cc) | Google Cloud growth | AWS growth |
|---|---|---|---|
| Sep 30, 2024 | 34% (33% reported) | +35.0% | +19.1% |
| Dec 31, 2024 | 31% | +30.1% | +18.9% |
| Mar 31, 2025 | 35% (33% reported) | +28.1% | +16.9% |
| Jun 30, 2025 | 39% | +31.7% | +17.5% |
| Sep 30, 2025 | 39% (40% reported) | +33.5% | +20.2% |
| Dec 31, 2025 | 38% (39% reported) | +47.8% | +23.6% |
| Mar 31, 2026 | 39% (40% reported) | +63.4% | +28.4% |
| Jun 30, 2026 | 43% | +81.8% | +36.8% |
In dollars, the latest quarter was Google Cloud $24.8 billion, AWS $42.2 billion, and Microsoft Cloud, a broader line than Azure, $59.3 billion. All three cloud lines grew faster in the June 2026 quarter than in any other quarter of the window.
Big tech capex 2026: what each company has said
| Company | Capex, latest quarter (filed cash flow) | Calendar-2026 outlook | Source and basis |
|---|---|---|---|
| Microsoft | $35.8B cash additions to property and equipment ($41B including finance leases) | "Approximately $175 billion" including finance leases, after the lease reclassification; was "roughly $190 billion" in April | July 29 call; Microsoft's measure includes finance leases |
| Alphabet | $44.9B purchases of property and equipment | "$195 to $205 billion", up from $180 billion to $190 billion | July 22 call, company-hosted transcript; gross purchases |
| Amazon | $54.2B gross ($53.1B net of proceeds and incentives) | About $220 billion of cash capex, up from about $200 billion | July 30 call, per a published transcript, not a company-posted document; net of proceeds and incentives |
The three outlooks add to roughly $590 billion to $600 billion for calendar 2026, on three different definitions, so the sum is an order of magnitude rather than a figure. Microsoft is the one of the three whose stated number went down between April and July, and it attributed the change to accounting for leases, not to a smaller investment plan. Each company's next capex sentence lands this week: Microsoft guided "over $50 billion" for the September quarter, and by subtraction Alphabet's full-year range implies about $114 billion to $124 billion in the second half, Amazon's figure about $124 billion.
Three clouds are accelerating. Report day has not rewarded growth alone.
Azure, Google Cloud and AWS all grew faster in the June quarter than in any other quarter of the last two years. The report-day record over those two years does not line up with growth on its own. The fastest-growing of the three got the worst reaction: Alphabet closed 7.13% lower after the quarter Google Cloud grew 81.8%, the same call that raised 2026 capex to $195 billion to $205 billion. Amazon closed 5.55% lower after the February 2026 report in which AWS growth stepped up 3.4 points. Microsoft closed 9.99% lower after the January 2026 report in which Azure grew 39% (38% in constant currency), one point above the top of its guide, the same quarter its cash capex jumped from $19.4 billion to $29.9 billion.
The counter-evidence is in the same tables. The two largest up-moves in the sample, Microsoft's +15.51% and Amazon's +15.32% in July 2026, came with record capex and on the largest growth step in each series. Alphabet rose 9.96% in April 2026 on a capex raise, a small one tied to an acquisition. Across 24 report days, growth, capex and guidance arrive together, and eight quarters per company cannot separate them. "Growth alone has not set the direction" is as far as the record goes.
What this week can show, either way: a Google Cloud or AWS acceleration followed by a higher close, and an Azure print at or above the guide followed by a lower close, would each be one more point in the pattern; the opposite outcomes would be the first counterexamples in the window. None of this is a forecast.
What options price for the three reports
| Company | Implied move, Oct 23 session (either way) | Average move, last 8 reports | Median | Moved more than the implied, last 8 / last 4 | Closed lower after | IV rank (1 year) |
|---|---|---|---|---|---|---|
| Microsoft (MSFT) | 4.2% | 7.0% | 6.1% | 6 of 8 / 2 of 4 | 5 of 8 | 51 |
| Alphabet (GOOGL) | 5.3% | 4.1% | 2.7% | 3 of 8 / 2 of 4 | 3 of 8 | 63 |
| Amazon (AMZN) | 7.3% | 6.2% | 5.9% | 3 of 8 / 2 of 4 | 4 of 8 | 82 |
Options rank the three in the reverse order of their eight-report history: the smallest priced move belongs to the name that has moved the most on average, Microsoft, whose average is lifted by one +15.51% day but whose median still sits above the 4.2% priced. Amazon's implied move rose through the week, from 5.7% on October 15 to 7.3% on October 23, and its last four reports averaged 7.8%, so the price is in line with its recent record rather than its two-year one. The implied moves here isolate the report session; the straddle-to-Friday figures quoted elsewhere run larger, roughly 6% to 8% for these names, because they also cover the ordinary trading days around the report. The derivation is the one described in implied move for earnings: the formula: the earnings-day variance is backed out of the 30 and 90-day implied volatility term structure, and 0.8 of the one-standard-deviation move is reported as the straddle equivalent.
Other earnings this week: implied moves for 17 more reporters
Read from the October 23 session with the same method. Report dates and consensus EPS are from the SentiSense earnings calendar on October 25; the average move is the absolute change from the close before the reaction session to that session's close over the last eight measured reports.
| Company | Reports | Consensus EPS | Implied move (either way) | Avg. move, last 8 | IV rank (1 year) |
|---|---|---|---|---|---|
| Boeing (BA) | Tue Oct 27, before the open | −$0.25 | 3.6% | 3.7% | 66 |
| PayPal (PYPL) | Tue Oct 27, before the open | $1.31 | 9.5% | 8.0% | 75 |
| Robinhood (HOOD) | Tue Oct 27, after the close | $0.56 | 8.7% | 9.4% | 48 |
| Chipotle (CMG) | Wed Oct 28, after the close | $0.29 | 5.6% | 7.6% | 66 |
| KLA (KLAC) | Wed Oct 28, after the close | $1.18 | 9.3% | 5.0% | 45 |
| ServiceNow (NOW) | Wed Oct 28, after the close | $1.02 | 9.6% | 8.8% | 66 |
| T-Mobile US (TMUS) | Wed Oct 28, after the close | $2.89 | 4.9% | 6.8% | 88 |
| Caterpillar (CAT) | Thu Oct 29, before the open | $7.04 | 6.9% | 4.8% | 75 |
| Eli Lilly (LLY) | Thu Oct 29, before the open | $5.70 | 5.2% | 8.0% | 57 |
| Mastercard (MA) | Thu Oct 29, before the open | $5.17 | 2.9% | 2.3% | 56 |
| Coinbase (COIN) | Thu Oct 29, after the close | −$0.23 | 8.2% | 9.9% | 48 |
| Intel (INTC) | Thu Oct 29, after the close | $0.40 | 8.8% | 9.3% | 39 |
| Reddit (RDDT) | Thu Oct 29, after the close | $1.33 | 13.0% | 14.7% | n/a |
| Starbucks (SBUX) | Thu Oct 29, after the close | $0.72 | 4.8% | 3.3% | 50 |
| AbbVie (ABBV) | Fri Oct 30, before the open | $3.74 | 4.4% | 3.5% | 77 |
| Chevron (CVX) | Fri Oct 30, before the open | $4.86 | 3.6% | 2.4% | 88 |
| Exxon Mobil (XOM) | Fri Oct 30, before the open | $4.10 | 3.3% | 1.1% | 78 |
Boeing's and Coinbase's consensus figures are losses. Reddit's eight-report average includes a +41.97% session in October 2024, and its options history is too short for an IV rank. KLA closed lower after seven of its last eight reports. Exxon Mobil's implied move is three times its eight-report average, the widest gap in the table. Visa is left out because its term structure was too noisy to trust on October 23.
How they actually moved
This section is filled after the close on Friday, October 30, 2026, with each stock's measured move from the close before its report to the close of the reaction session, beside the implied move above.
Where the numbers come from
Report dates and timing are from each company's investor relations pages. Every eight-quarter figure is from the company's 8-K press release for that quarter: Microsoft's constant-currency table, Alphabet's and Amazon's segment tables and cash flow statements. The guides are quoted from Microsoft's company-hosted call transcripts, Alphabet's company-hosted transcript and Amazon's press release, with the one exception marked above. Consensus estimates, the earnings calendar, the measured close-to-close reactions and the implied volatility term structure are SentiSense data, served by the earnings analysis, calendar and options endpoints of the API and by the SentiSense MCP connector in Claude, ChatGPT and other assistants. The same segment series, Azure growth, Google Cloud revenue and AWS revenue and operating income, are curated company KPIs on SentiSense; discovering which companies and series are covered is free, and the numeric history is part of PRO. The figures on this page are from the filings, so nothing here needs a subscription to check.
See the week's full earnings calendar, live →
Implied moves are modeled from SentiSense end-of-day implied volatility for the October 23, 2026 session, not quoted from option chains, and are rounded to one decimal. Earnings reactions are close-to-close moves as SentiSense measured them. Consensus estimates and analyst figures were read on October 25, 2026, and change daily. Report dates can change. SentiSense covers the most-watched US stocks. This article is educational and is not investment advice.