Earnings

Earnings Roundup for Week of Oct. 26, 2026

The Tip Desk · October 31, 2026 · 4 min read

Alphabet’s Google Cloud revenue rose 103% and Amazon’s AWS sales increased 39% in the third quarter, while both companies reported lower diluted earnings per share.

Alphabet and Amazon reported sharply higher cloud revenue for the quarter ended September 30, 2026, alongside lower diluted earnings per share. Google Cloud revenue increased 103% to $30.7 billion, while Amazon Web Services sales rose 39% to $46.0 billion. Alphabet’s diluted EPS fell to $2.12 from $2.87 a year earlier; Amazon’s declined to $1.89 from $1.95.

Alphabet said enterprise AI infrastructure, enterprise AI solutions and core Google Cloud Platform services led cloud growth, with TPU systems sales also contributing meaningfully. Consolidated revenue rose 25% to $127.6 billion, and operating income increased 30% to $40.6 billion. Other income and expense swung from $12.8 billion of income to $8.2 billion of expense.

Amazon’s operating income increased to $28.1 billion from $17.4 billion, with AWS contributing $17.8 billion. Amazon attributed the decline in net income primarily to $9.5 billion of pre-tax Anthropic investment gains in the prior-year quarter. Trailing-12-month free cash flow moved to a $42.4 billion outflow from a $14.8 billion inflow; Amazon said a $94.8 billion increase in net property and equipment purchases primarily reflected AI investments.

Microsoft’s fiscal first-quarter revenue rose 19% to $92.3 billion for the period ended September 30, while operating income increased 21% to $45.9 billion. Microsoft Cloud revenue grew 30% to $63.9 billion. Intel’s third-quarter data-center and AI revenue increased 78% to $7.3 billion, but its Client Computing and Physical AI Group revenue fell 5% to $8.1 billion. Intel CFO David Zinsner said the company expected the PC slowdown to continue at least through the first half of 2027.

Visa and Mastercard grew net revenue

Visa’s fiscal fourth-quarter net revenue increased 13% to $12.1 billion, while GAAP net income rose 18% to $6.0 billion. Payments volume increased 9% in constant dollars, and processed transactions rose 10%. The quarter included a $469 million litigation provision associated with the interchange multidistrict litigation case, compared with an $899 million provision for that case and other legal matters a year earlier. Non-GAAP net income increased 13% to $6.6 billion.

Mastercard’s third-quarter net revenue rose 14% to $9.8 billion, and net income increased 18% to $4.6 billion. Mastercard attributed payment-network revenue growth to higher gross dollar volume, cross-border volume, switched transactions and pricing. Customer rebates and incentives increased 18%; Mastercard said higher business activity and new and renewed deals primarily accounted for that increase.

Lilly and Biogen increased revenue as acquisition charges affected EPS

Eli Lilly’s third-quarter revenue increased 39% to $24.4 billion. Lilly said Mounjaro and Zepbound primarily drove the increase, while approximately $900 million of revenue benefits included $410 million of Jardiance milestones and favorable rebate and discount estimate adjustments. Reported EPS rose 16% to $7.22, despite acquired in-process research and development charges of $4.57 per share, compared with $0.71 a year earlier. Lilly raised its full-year revenue guidance to $91 billion–$92 billion.

Biogen’s third-quarter revenue rose 11% to $2.8 billion, but GAAP diluted EPS moved to a loss of $0.14 from earnings of $3.17. Biogen attributed the loss primarily to transaction-related charges. CEO Christopher Viehbacher said the first full quarter of acquired Apellis products helped drive revenue growth. Non-GAAP diluted EPS fell to $2.62 from $4.81; both current-quarter EPS measures included $284 million of acquired research and development, upfront and milestone expense, versus $2 million a year earlier.

Caterpillar expanded operating margin; APi’s gross margin fell

Caterpillar’s third-quarter sales and revenues increased 17% to $20.7 billion, while operating profit margin expanded to 20.4% from 17.3%. Caterpillar attributed the revenue increase primarily to $2.2 billion of higher sales volume and $663 million of favorable price realization, and said equipment sales to end users mainly drove the volume increase. Profit per share rose to $7.13 from $4.88.

APi Group’s third-quarter net revenues increased 22.5% to $2.554 billion, including 15.7% organic growth. APi said inspection, service and monitoring revenue, project activity, acquisitions and pricing supported growth. Adjusted EBITDA margin increased to 13.7% from 13.5%, but GAAP gross profit margin fell to 30.1% from 31.3%. APi attributed that decline to project and business mix and rising material, fuel and other expenses.

Boeing’s third-quarter revenue increased 4% to $24.188 billion, and its net loss narrowed to $116 million from $5.339 billion. Boeing said revenue primarily reflected higher defense and services volume and less favorable commercial delivery mix. Commercial Airplanes revenue fell 3% to $10.720 billion despite deliveries increasing to 161 from 160; the segment recorded a $697 million operating loss.