Microsoft and Alphabet Report Wednesday in Big Tech's Busiest Earnings Week

Microsoft and Alphabet are the first two of three remaining Magnificent Seven companies to report this week, releasing results after the New York market close on Wednesday, October 28. Amazon follows after the close on Thursday, October 29. Meta and Tesla already reported on October 21; Apple is scheduled for the week after.

For Microsoft, the central comparison is Azure's constant-currency growth rate against CFO Amy Hood's guide from July 29: "approximately 45% in constant currency," with first-half growth expected to accelerate. Azure has printed at or above the top of Microsoft's own guide in seven of the last eight quarters, though the stock closed lower after five of those eight reports. Microsoft guided capital expenditure of "over $50 billion" for the September quarter. Its full-year 2026 capex outlook stands at "approximately $175 billion," down from roughly $190 billion in April after the company extended datacenter useful lives from 15 to 25 years — a change Microsoft said reflects lease accounting, not a smaller investment plan. It expects capex to grow year over year in fiscal 2027.

For Alphabet, the analyst consensus EPS is $3.03. Last quarter's reported EPS of $9.11 included a $99.0 billion gain on equity securities worth $6.26 a share and is not the comparison base. Alphabet gives no numeric revenue or earnings guide. On the July 22 call, the CFO raised the 2026 capex range to $195 billion to $205 billion, citing faster capacity delivery. Google Cloud's operating margin has doubled over eight quarters, from 17.1% to 35.6%. Across its last eight reports, options have on average priced a 5.6% earnings-day move against a 4.1% average realized move — making Alphabet the one name among the three where options have historically tended to price more movement than the stock actually delivered.