Analysts expect Alphabet Q1 EPS $2.63 on $106.9B as Google Cloud and AI margins take center stage

Alphabet reports first-quarter 2026 results on Wednesday, April 29, and the setup is simple: investors want growth without a margin slip. (abc.xyz) (finance.yahoo.com) The consensus heading into the report is about $2.63 in earnings per share on $106.89 billion in revenue, according to estimates compiled by market data services. (tipranks.com) (computing.net) The two numbers drawing the most attention are Google Cloud’s growth rate and Alphabet’s spending bill for artificial intelligence infrastructure. Yahoo Finance said investors are looking for updates on Gemini, Cloud revenue, and investment plans as the stock trades near record highs. (finance.yahoo.com) That focus comes after Alphabet’s last report on February 4, when it posted fourth-quarter 2025 revenue of $113.8 billion, earnings per share of $2.82, and Google Cloud growth of 48%. (abc.xyz) (finance.yahoo.com) In that same February report, Alphabet said 2026 capital expenditures would run between $175 billion and $185 billion. The company also said depreciation expense growth would accelerate in 2026 as that buildout rolls through the income statement. (finance.yahoo.com) (cnbc.com) For investors, that means this quarter is not just about whether revenue beats by a few hundred million dollars. It is also about whether Cloud and Gemini are generating enough demand to justify a much larger server and data-center footprint. (finance.yahoo.com) (quartr.com) Alphabet has already told investors where to watch on the calendar: the earnings release is due before the conference call at 4:30 p.m. Eastern on April 29. A replay will be posted after the webcast. (abc.xyz 1) (abc.xyz 2) If Alphabet shows Cloud demand holding up and spending discipline improving, the company can keep framing its artificial-intelligence push as a profit story, not just a cost story. (finance.yahoo.com)