Alphabet's Q3 Earnings Report May Send Price Soaring to $450

Alphabet's upcoming Q3 FY2026 earnings report on October 28 may be its most crucial moment yet, according to analysts. Despite beating earnings estimates every quarter since records began, a particular risk nearly derailed its last report despite a triple-digit EPS surprise.

The company has consistently delivered strong results, with 11 consecutive EPS beats and every one of the 12 listed quarterly releases showing an EPS beat. In Q2 FY2026, Alphabet's EPS came in at $9.11 versus a consensus of $3.04, a 199.41% surprise.

Street consensus for Q3 sits at $3.0075 EPS on revenue of $127.23 billion, with estimate revisions running hot: the FY2026 EPS consensus stands at $20.6044, up from $14.2257 ninety days ago.

The cloud backlog is a key driver of Alphabet's growth, having grown 82% year-over-year to $24.77 billion in Q2, with a backlog reaching $514 billion, a sequential increase of more than $50 billion.

Investors should focus on three areas: Google Cloud year-over-year growth, the cloud backlog figure versus $514 billion, and any update to the $175 billion to $185 billion capex range. A $450 close in six weeks is predicted for October 30, after market close.