EARNINGS & CATALYSTS · October 28, 2026
October 28, 2026: Microsoft and Alphabet earnings put paid AI adoption to the test
Microsoft and Alphabet lead the evening earnings watch. ServiceNow’s new Google Cloud integrations add a concrete test of paid AI adoption, while KLA, T-Mobile, Fortinet, Equinix and O’Reilly face distinct demand and margin questions.
| Company | Report date | Window | EPS estimate | Revenue estimate |
|---|---|---|---|---|
| Microsoft Corporation (MSFT) | October 28, 2026Expected · subject to change | After close | 4.72 | 90.62B |
| Alphabet Inc. (GOOG) | October 28, 2026Expected · subject to change | After close | 3.01 | 127.97B |
| 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) Which reports are due, and which dates are confirmed?
Microsoft has confirmed its fiscal 2027 first-quarter release for October 28 after close. KLA has confirmed its fiscal 2027 first-quarter release for the same evening. ServiceNow and T-Mobile have confirmed third-quarter releases then, and O’Reilly has confirmed its third-quarter release that evening with its call on October 29. Alphabet, Fortinet and Equinix have confirmed October 28 third-quarter calls after close; their results are expected that evening.
2) Microsoft and Alphabet: turn AI usage into profitable sales
Microsoft sells cloud computing and business software; Alphabet earns money from advertising and cloud services. MarketBeat revenue forecasts checked on October 28 were about $90.62 billion for Microsoft and $127.97 billion for Alphabet. These are analyst estimates, not results. Microsoft’s July report put paid Copilot seats above 30 million. Watch the next adoption update alongside Azure growth, profit margins and data-center spending. For Alphabet, focus on advertising resilience and whether Google Cloud profit keeps pace with AI investment.
3) ServiceNow: a partnership with live products and a later milestone
ServiceNow sells software that helps businesses manage work such as technology support and customer service. Its October 27 Google Cloud announcement makes retail, customer-management and IT integrations available now. The telecom network inventory and service-order integration is expected in early 2027. The next useful test is whether customers pay for broader deployments and renew them. Product availability alone does not establish how much revenue the partnership will contribute.
4) KLA and Equinix: follow demand through to cash
KLA supplies equipment that helps chipmakers find defects. Lam Research reported $8.22 billion of September-quarter revenue on October 21, up from $6.72 billion in the June quarter. That provides recent semiconductor-equipment context, but KLA’s own orders and outlook will determine its prospects. Equinix operates data centers: watch customer commitments, capacity becoming available and the cost of expansion. For both businesses, growth that requires heavy spending needs a credible path to stronger cash generation.
5) T-Mobile and Fortinet: growth quality matters
T-Mobile sells wireless service. AT&T reported on October 21 that third-quarter wireless service revenue rose 5%, with $5 billion of free cash flow, or cash left after capital spending. That creates a current competitive reference for T-Mobile’s customer additions, retention and promotional costs. Fortinet sells network-security equipment and services. Watch equipment demand alongside subscription renewals and profitability; selling more hardware is most useful when it supports a durable service relationship.
6) O’Reilly and the decision after the headlines
O’Reilly sells replacement auto parts to drivers and repair professionals. Compare sales at established stores with profit margins to see whether demand is growing without costly discounting. Its October 29 call is the next opportunity to hear more detail after the October 28 release. Across these reports, separate reported results from management forecasts and compare profit on the same accounting basis. Higher spending, competition or a weaker outlook can outweigh a headline revenue increase.