Google (Alphabet) will release its 2026 Q2 earnings report after the close on Wednesday, July 22, U.S. Eastern Time. Based on data compiled from multiple institutions, market expectations are as follows:

📊 Core financial forecasts

· Revenue: expected to be between $113.6 billion and $118.9 billion, up about 21% year over year.
· Earnings per share (EPS): expected to be between $2.86 and $2.91, up about 24%-26% year over year.
· Operating profit: HSBC Research forecasts $42 billion; the market generally expects about $40.4 billion, with the profit margin expected to expand to 35.3%.

📈 Forecasts by business segment

· Google Services (including Search): revenue expected to be about $94.3 billion; search and other advertising revenue expected to be $63.5 billion.
· Google Cloud: revenue expected to be $22.2 billion to $22.8 billion, up 63%-67% year over year.
· YouTube Ads: expected to grow in the high single digits.
· Subscriptions and other: paid subscriptions in Q1 reached 350 million, expected to continue contributing growth.

💰 Capital expenditures: the biggest focus

This will be the core focus of this earnings release:

· 2026 guidance: raised to $180 billion to $190 billion, nearly doubling versus 2025.
· 2027 outlook: the company has made clear it will continue to significantly raise spending on the 2026 baseline.
· Financing and impact: in June, it raised $84.75 billion in equity funding for AI infrastructure. In Q1, capital expenditures accounted for nearly 80% of operating cash flow, and free cash flow fell 47% year over year.

🔍 Other key takeaways

· AI commercialization validation: the market is watching how AI products such as Gemini convert into real revenue and profit.
· Cloud business order conversion: backlog orders have exceeded $460 billion, and the conversion pace is key.
· Waymo progress: watch its city expansion and cost control.
· Regulation and competition: facing an EU antitrust ruling and competition from emerging AI search.

📉 Options market expectations

The options market expects about ±5.56% one-week stock volatility after the earnings release (equivalent to a $340-$380 range). Call options interest is significantly higher than put options, and the company has posted earnings above expectations for 13 consecutive quarters.

Overall, the market expects Google’s Q2 to deliver a strong “report card,” but the core contradiction is whether the massive AI spending can be continuously converted into commercial returns that match it.

All of the above forecast data comes from public market analysis; actual earnings results may differ and do not constitute any investment advice.

It cannot be ruled out that large funds could use the earnings expectations to lift U.S. stocks ahead of distribution. Even with positive results landing, the price could also pull back. Be cautious about chasing gains in the U.S. stock storage sector.
$SNDK $MU $SKHYNIX