Atlas Research Note

Alphabet Q3 2026: Cloud Doubles, and Capacity Is Still the Limit

Ben Bajarin · October 29, 2026

Creative Strategies earnings read | October 28, 2026 | Alphabet third-quarter 2026 results and conference call, October 28, 2026 Alphabet doubled Google Cloud revenue, grew its cloud backlog to $561 billion, and said 2027 capex will rise significantly, and the stock still fell in after-hours trading on a profit miss caused by a mark-to-market loss on its SpaceX stake and on negative free cash flow. Operating view: Alphabet stock fell roughly 8% to 10% after the report, and we think the market read the wrong lines. The earnings-per-share miss came from an $8.2 billion non-operating loss, mostly an unrealized loss on Alphabet's SpaceX investment, while operating income grew 30% to $40.6 billion.

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Notes

Alphabet Q3 2026: Cloud Doubles, and Capacity Is Still the Limit

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