EARNINGS & CATALYSTS · October 28, 2026
October 28, 2026 earnings watch: Microsoft, Alphabet and the return on AI spending
Microsoft and Alphabet lead the after-close earnings watch. Focus on cloud growth, AI spending and cash flow, alongside subscription demand, chip investment, wireless customers and auto-parts sales.
| Company | Report date | Window | EPS estimate | Revenue estimate |
|---|---|---|---|---|
| Microsoft Corporation (MSFT) | October 28, 2026Expected · subject to change | After close | 4.71 | 90.62B |
| Alphabet Inc. (GOOG) | October 28, 2026Expected · subject to change | After close | 3.01 | 127.94B |
| KLA Corporation (KLAC) | October 28, 2026Expected · subject to change | After close | 1.19 | 4.04B |
| ServiceNow, Inc. (NOW) | October 28, 2026Expected · subject to change | After close | 1.02 | 4.09B |
| T-Mobile US, Inc. (TMUS) | October 28, 2026Expected · subject to change | After close | 2.89 | 23.15B |
| Fortinet, Inc. (FTNT) | October 28, 2026Expected · subject to change | After close | 0.86 | 2.06B |
| Equinix, Inc. (EQIX) | October 28, 2026Expected · subject to change | After close | 4.11 | 2.56B |
| O'Reilly Automotive, Inc. (ORLY) | October 28, 2026Expected · subject to change | After close | 0.93 | 5.02B |
1) The schedule and forecasts to know
October 28, 2026 · After close Microsoft is scheduled to release fiscal first-quarter 2027 results; Alphabet, ServiceNow, T-Mobile and O’Reilly are scheduled to release third-quarter 2026 results. KLA is scheduled to release fiscal first-quarter 2027 results. Fortinet and Equinix have confirmed third-quarter calls after close, with results expected that evening. O’Reilly’s discussion follows on October 29 during trading. Revenue consensus checked on October 28 was about $90.62 billion for Microsoft and $127.97 billion for Alphabet. These are analyst forecasts, not reported results, and can change before release.
2) Cloud and software: turn AI use into earnings
Microsoft earns money from cloud computing, software subscriptions and other products; Alphabet combines advertising with cloud and other businesses. Watch cloud growth alongside infrastructure spending and cash flow, because rising sales can coexist with heavier investment. ServiceNow sells software that manages business workflows. Its October 27 Google Cloud announcement combines live integrations with others still planned. The investment question is whether the partnership produces additional subscriptions, rather than treating every planned feature as revenue already earned. IBM’s October 21 third-quarter report offers recent enterprise-spending context: software revenue rose 8%, while consulting revenue was flat. That difference makes the mix of demand important when judging another company’s headline growth.
3) Chip equipment and data centers: spending must become sales
KLA supplies inspection and measurement equipment used in semiconductor manufacturing. Watch customer investment plans, service demand and export restrictions. ASML reported €11.7 billion in third-quarter sales on October 14, but its lithography equipment serves a different role; that is sector context rather than a forecast for KLA. Equinix sells data-center space, power and connections. Watch how new capacity turns into recurring revenue and cash generation after expansion spending. Strong demand alone cannot settle the timing or cost of building that capacity.
4) Security and wireless: look beyond the customer count
Fortinet sells network-security products and services. Compare product demand with recurring service growth and the next outlook; a shift in that mix can change profitability even when total revenue rises. T-Mobile sells wireless service and devices. Judge customer additions alongside service revenue, customer retention, promotional costs and cash flow. Verizon’s October 26 third-quarter results illustrate why the distinction matters: service revenue grew while equipment revenue declined. Its raised outlook is a competitor’s result, not a guarantee for T-Mobile.
5) Auto parts: sales growth needs a margin check
O’Reilly sells replacement parts to repair shops and motorists. Sales at existing stores help distinguish demand from growth driven by opening more locations; margins show how much of those sales reaches profit. Genuine Parts reported 4.2% third-quarter sales growth on October 20 but narrowed its full-year adjusted profit-per-share range to $7.50–$7.75 from $7.50–$8.00. Its mix includes industrial parts and international operations, so use that report as a prompt to check demand and costs, rather than a direct prediction for O’Reilly.
6) How to read the results
Start with revenue, then check profit, cash flow and the updated outlook. Keep adjusted profit measures separate from standard accounting results, and compare forecasts on the same basis. The next meaningful development is what management says about future demand and spending. Earnings can produce sharp price changes in either direction; a favorable headline does not guarantee a lasting gain.