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    Microsoft, Alphabet On Deck Wednesday As AI Spending, Cloud Growth Face Test

    Benzinga·10/27/2026 19:30:44
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    Microsoft and Alphabet headline Wednesday’s reports, with investors weighing whether AI infrastructure spending is translating into durable cloud and advertising growth. GE Vernova, Amphenol, Banco Santander, UBS Group and Automatic Data Processing report before the open; KLA, ServiceNow and T-Mobile US join Microsoft and Alphabet after the close.

    Key Reports Before The Bell

    GE Vernova (NYSE:GEV) — Q3 — 6:26 a.m. ET

    • EPS: $4.02 est. vs. $1.64 a year ago (+145%)
    • Revenue: $12.02 billion est. vs. $9.97 billion a year ago (+21%)
    • Stock: -6.1% past month, +36.5% YTD, 24.9% below its 52-week high
    • Analyst view: Buy consensus, $1,177 target (11 analysts)

    GE Vernova has beaten estimates in four of its past eight quarters, with the focus on whether power and electrification demand can sustain its backlog momentum despite the recent pullback in the stock. In Q2, it missed on EPS but beat revenue. On its July call, management highlighted more than $176 billion in backlog, strong gas-turbine demand and robust orders from data-center customers. Susquehanna maintained its Positive rating while lowering its target to $1,270 from $1,300 on Oct. 14.

    Amphenol (NYSE:APH) — Q3 — 8:00 a.m. ET

    • EPS: $0.73 est. vs. $0.47 a year ago (+55%)
    • Revenue: $9.48 billion est. vs. $6.19 billion a year ago (+53%)
    • Stock: -7.6% past month, +15.7% YTD, 12.9% below its 52-week high
    • Analyst view: Buy consensus, $103 target (10 analysts)

    Amphenol has beaten estimates in all of its past eight quarters, leaving investors looking for another clean execution against strong demand across connectivity markets. In Q2, it beat on both EPS and revenue. On its July call, management pointed to record sales and broad-based organic growth as it raised its outlook for the following quarter. Evercore ISI Group maintained its Outperform rating while raising its target to $100 from $90 on Oct. 12.

    Banco Santander (NYSE:SAN) — Q3 — 6:00 a.m. ET

    • EPS: $0.26 est. vs. $0.26 a year ago
    • Revenue: $17.90 billion est. vs. $16.75 billion a year ago (+7%)
    • Stock: -12.1% past month, +6.5% YTD, 17.0% below its 52-week high
    • Analyst view: Unknown (0 analysts)

    Banco Santander enters the report with earnings expectations essentially flat on a per-share basis, making loan growth, margins and the integration of its U.S. expansion central to the read-through. In Q1, it missed on both EPS and revenue. On its February call, management announced the acquisition of Webster Financial and pointed to record annual profit, customer growth and a longer-term push to improve returns. Jefferies downgraded the stock to Hold from Buy on Oct. 20.

    UBS Group (NYSE:UBS) — Q3 — 12:45 a.m. ET

    • EPS: $0.95 est. vs. $0.76 a year ago (+25%)
    • Revenue: $11.31 billion est. vs. $12.76 billion a year ago (-11%)
    • Stock: -3.8% past month, +1.0% YTD, 16.4% below its 52-week high

    UBS faces a tougher revenue comparison even as the market expects higher EPS, putting wealth-management inflows and the Credit Suisse integration at the center of the report. In Q2, it missed on EPS but beat revenue. On its July call, management highlighted record invested assets, strong performance in the Americas and Asia-Pacific, and progress integrating Credit Suisse.

    Automatic Data Processing (NASDAQ:ADP) — Q1 — 7:00 a.m. ET

    • EPS: $2.77 est. vs. $2.49 a year ago (+11%)
    • Revenue: $5.47 billion est. vs. $5.17 billion a year ago (+6%)
    • Stock: +11.9% past month, +13.9% YTD, 5.5% below its 52-week high
    • Analyst view: Hold consensus, $280 target (9 analysts)

    Automatic Data Processing has beaten estimates in all of its past eight quarters, with the key question whether resilient payroll demand and product investments can support another period of margin-led execution. In Q4, it beat on both EPS and revenue. On its July call, management emphasized AI embedded in its human-capital software, broader adoption of ADP Assist and international expansion through the Lyric platform. Guggenheim maintained its Buy rating while raising its target to $340 from $300 on Oct. 23.

    Key Reports After The Bell

    Microsoft (NASDAQ:MSFT) — Q1 — 4:05 p.m. ET

    • EPS: $4.72 est. vs. $4.13 a year ago (+14%)
    • Revenue: $90.72 billion est. vs. $77.67 billion a year ago (+17%)
    • Stock: +4.4% past month, +9.9% YTD, 3.9% below its 52-week high
    • Analyst view: Buy consensus, $612 target (25 analysts)

    Microsoft has beaten estimates in all of its past eight quarters, but this report will be judged on whether Azure demand and AI infrastructure investment are translating into durable returns at scale. In Q4, it beat on both EPS and revenue. On its July call, management pointed to strong Microsoft Cloud and Azure growth, continued data-center expansion and efforts to optimize AI infrastructure, including in-house silicon. Oppenheimer maintained its Outperform rating while raising its target to $625 from $570 on Oct. 26.

    Alphabet (NASDAQ:GOOGL) — Q3 — 4:03 p.m. ET

    • EPS: $2.99 est. vs. $2.87 a year ago (+4%)
    • Revenue: $124.59 billion est. vs. $102.35 billion a year ago (+22%)
    • Stock: -5.6% past month, +3.3% YTD, 20.8% below its 52-week high
    • Analyst view: Buy consensus, $427 target (24 analysts)

    Alphabet has beaten estimates in all of its past eight quarters, with investors focused on whether cloud acceleration and AI investment can offset rising infrastructure costs and defend the core search franchise. In Q2, it beat on both EPS and revenue. On its July call, management highlighted strong growth in Google Cloud, continued expansion in Search and YouTube, and adoption of Gemini Enterprise across large corporate customers. Citizens maintained its Market Outperform rating while lowering its target to $450 from $515 on Oct. 22.

    KLA (NASDAQ:KLAC) — Q1 — 4:05 p.m. ET

    • EPS: $1.18 est. vs. $0.88 a year ago (+34%)
    • Revenue: $4.04 billion est. vs. $3.21 billion a year ago (+26%)
    • Stock: -18.9% past month, +26.3% YTD, 50.2% below its 52-week high
    • Analyst view: Buy consensus, $239 target (16 analysts)

    KLA has beaten estimates in all of its past eight quarters, with the report testing whether AI infrastructure and advanced-packaging demand can counter a sharply weaker stock setup. In Q4, it beat on both EPS and revenue. On its July call, management cited record revenue, strength in leading-edge foundry and logic, and continued demand tied to AI infrastructure. Morgan Stanley maintained its Overweight rating while lowering its target to $227 from $253 on Oct. 6.

    ServiceNow (NYSE:NOW) — Q3 — 4:10 p.m. ET

    • EPS: $0.93 est. vs. $0.96 a year ago (-3%)
    • Revenue: $4.09 billion est. vs. $3.41 billion a year ago (+20%)
    • Stock: +17.9% past month, +1.1% YTD, 19.6% below its 52-week high
    • Analyst view: Buy consensus, $160 target (29 analysts)

    ServiceNow has beaten estimates in all of its past eight quarters, and the market will be looking for evidence that AI adoption is expanding subscription growth rather than merely adding to the product narrative. In Q2, it beat on both EPS and revenue. On its July call, management highlighted subscription growth above guidance, margin outperformance and more than $1 billion in annual contract value tied to its AI initiatives. Cantor Fitzgerald maintained its Overweight rating while raising its target to $201 from $174 on Oct. 26.

    T-Mobile US (NASDAQ:TMUS) — Q3 — 4:05 p.m. ET

    • EPS: $2.90 est. vs. $2.59 a year ago (+12%)
    • Revenue: $23.17 billion est. vs. $21.96 billion a year ago (+6%)
    • Stock: -11.8% past month, -27.7% YTD, 35.0% below its 52-week high
    • Analyst view: Buy consensus, $226 target (12 analysts)

    T-Mobile US has beaten estimates in all of its past eight quarters, but the report comes after a sustained stock slide that raises the bar for subscriber growth, service revenue and network monetization. In Q2, it beat on EPS but missed revenue. On its July call, management highlighted postpaid account additions, accelerating service revenue and a record Net Promoter Score while emphasizing network leadership and customer value. Raymond James upgraded the stock to Outperform from Market Perform on Oct. 12.

    Also Reporting Before The Bell

    • Phillips 66 (NYSE:PSX) — $11.83 EPS on $41.33 billion revenue
    • Equinor ASA (NYSE:EQNR) — $1.35 EPS on $34.48 billion revenue
    • GSK (NYSE:GSK) — $1.40 EPS on $11.80 billion revenue
    • Vertiv Holdings (NYSE:VRT) — $1.82 EPS on $3.76 billion revenue
    • American Electric Power (NASDAQ:AEP) — $2.04 EPS on $6.60 billion revenue
    • Boston Scientific (NYSE:BSX) — $0.73 EPS on $5.08 billion revenue
    • Aon (NYSE:AON) — $3.31 EPS on $4.08 billion revenue
    • TE Connectivity (NYSE:TEL) — $3.07 EPS on $5.28 billion revenue
    • Deutsche Bank (NYSE:DB) — $0.82 EPS on $9.14 billion revenue
    • Garmin (NYSE:GRMN) — $2.38 EPS on $1.98 billion revenue
    • United Microelectronics (NYSE:UMC) — $0.23 EPS on $2.35 billion revenue
    • Old Dominion Freight Line (NASDAQ:ODFL) — $1.61 EPS on $1.57 billion revenue

    Industrials: Otis Worldwide (OTIS), AerCap Holdings (AER), Fortive (FTV), IDEX (IEX), Clean Harbors (CLH), C.H. Robinson Worldwide (CHRW), Masco (MAS), Lennox International (LII), Generac Holdings (GNRC), Kirby (KEX), Terex (TEX), Parsons (PSN), SiteOne Landscape Supply (SITE), Franklin Electric (FELE) and Hayward Holdings (HAYW).

    Consumer discretionary: Penske Automotive Group (PAG), New Oriental Education & Technology Group (EDU), Brinker International (EAT), Etsy (ETSY), VF (VFC), Jersey Mike’s Subs (JMKE), Wingstop (WING), Dana (DAN), Group 1 Automotive (GPI) and OneSpaWorld Holdings (OSW).

    Health care: Biogen (BIIB), GE HealthCare Technologies (GEHC), Labcorp Holdings (LH), Avantor (AVTR), Bausch & Lomb (BLCO) and Axogen (AXGN).

    Technology: Flex (FLEX), Littelfuse (LFUS), Extreme Networks (EXTR), Blackbaud (BLKB) and Diebold Nixdorf (DBD).

    Financials: Nomura Holdings (NMR), Evercore (EVR) and Prosperity Bancshares (PB).

    Materials: Smurfit WestRock (SW), International Paper (IP) and Constellium (CSTM).

    Energy: HF Sinclair (DINO) and Scorpio Tankers (STNG).

    Utilities: NiSource (NI) and OGE Energy (OGE).

    Real estate: Jones Lang LaSalle (JLL) and Urban Edge Properties (UE).

    Also on the calendar: Sify Technologies (SIFY) and Chefs’ Warehouse (CHEF).

    Plus 18 companies valued between $100 million and $2 billion, including Hope Bancorp, Costamare and Stepan.

    Also Reporting After The Bell

    • Fortinet (NASDAQ:FTNT) — $0.84 EPS on $2.06 billion revenue
    • Equinix (NASDAQ:EQIX) — $9.28 EPS on $2.56 billion revenue
    • Agnico Eagle Mines (NYSE:AEM) — $2.55 EPS on $3.51 billion revenue
    • Canadian Pacific Kansas City (NYSE:CP) — $0.95 EPS on $3.02 billion revenue
    • O’Reilly Automotive (NASDAQ:ORLY) — $0.93 EPS on $5.01 billion revenue
    • FedEx (NYSE:FDX) — $3.35 EPS on $22.53 billion revenue
    • Carvana (NYSE:CVNA) — $0.44 EPS on $7.68 billion revenue
    • Honeywell Aerospace (NASDAQ:HONA) — $1.90 EPS on $4.59 billion revenue
    • eBay (NASDAQ:EBAY) — $1.35 EPS on $3.11 billion revenue
    • Ford Motor (NYSE:F) — $0.40 EPS on $45.78 billion revenue
    • Chipotle Mexican Grill (NYSE:CMG) — $0.29 EPS on $3.29 billion revenue
    • Raymond James Financial (NYSE:RJF) — $3.27 EPS on $4.23 billion revenue

    Technology: Tyler Technologies (TYL), Gen Digital (GEN), Aurora Innovation (AUR), FormFactor (FORM), Silicon Motion Technology (SIMO), Plexus (PLXS), Tenable Holdings (TENB), Impinj (PI), Q2 Holdings (QTWO), Universal Display (OLED), Bel Fuse (BELFB), Benchmark Electronics (BHE), Cohu (COHU) and PC Connection (CNXN).

    Financials: Markel Group (MKL), Everest Group (EG), Houlihan Lokey (HLI), Morningstar (MORN), Hanover Insurance Group (THG), Axis Capital Holdings (AXS), WEX (WEX), Mechanics Bancorp (MCHB), Provident Financial Services (PFS) and Merchants Bancorp (MBIN).

    Industrials: Arxis (ARXS), GFL Environmental (GFL), Carlisle Companies (CSL), Nextpower (NXT), Sterling Infrastructure (STRL), Flowserve (FLS), UFP Industries (UFPI), MYR Group (MYRG), McGrath RentCorp (MGRC) and Pitney Bowes (PBI).

    Real estate: VICI Properties (VICI), Invitation Homes (INVH), Mid-America Apartment Communities (MAA), EPR Properties (EPR), St. Joe (JOE), Broadstone Net Lease (BNL) and Four Corners Property Trust (FCPT).

    Consumer discretionary: Service Corp International (SCI), Murphy USA (MUSA), MGM Resorts International (MGM), Churchill Downs (CHDN), Meritage Homes (MTH), Boot Barn Holdings (BOOT) and Green Brick Partners (GRBK).

    Materials: Kinross Gold (KGC), Amrize (AMRZ), Alamos Gold (AGI), Eldorado Gold (EGO), NewMarket (NEU) and West Fraser Timber Co.Ltd (WFG).

    Health care: Encompass Health (EHC), Align Technology (ALGN), Glaukos (GKOS), Viking Therapeutics (VKTX), Bausch Health Companies (BHC) and NeoGenomics (NEO).

    Energy: Antero Resources (AR), Antero Midstream (AM), Vista Energy SAB de CV (VIST), Cactus (WHD) and Patterson-UTI Energy (PTEN).

    Utilities: American Water Works (AWK) and Enel Chile (ENIC).

    Consumer staples: Pilgrims Pride (PPC) and Sprouts Farmers Market (SFM).

    Plus 45 companies valued between $100 million and $2 billion, including Cimpress, Porch Group and Enerpac Tool Group.

    Timing to be confirmed: Fomento Economico Mexicano SAB de CV (FMX), Capitol Federal Financial (CFFN) and John Marshall Bancorp (JMSB).

    Benzinga earnings calendar