Three of the largest cloud providers report this week. This is a preview: nothing below is a result. Consensus figures come from a compiled earnings calendar (SentiSense) and may differ from other aggregators.
Dates and consensus
- Microsoft (fiscal Q1 2027): Wed Oct 28, after the close. Consensus EPS $4.71, revenue $90.63B.
- Alphabet (Q3 2026): Wed Oct 28, call at 4:30 p.m. ET. Consensus EPS $3.03, revenue $127.91B.
- Amazon (Q3 2026): Thu Oct 29, call at 5:00 p.m. ET. Consensus EPS $1.96, revenue $202.16B.
- Apple: reported estimate of Nov 2, unconfirmed. Meta reported Oct 21.
Cloud growth to watch
- Azure: Microsoft guided to roughly 45% growth in constant currency, up from 43% last quarter.
- Google Cloud: no numeric guide; last quarter reported growth of 81.8% per the source.
- AWS: Amazon guides company totals, not AWS; last quarter AWS grew 36.8%.
- AWS CEO Andy Jassy was reported (The Information, via AI Weekly) to say 2026 capacity is sold out and 2027 is largely sold out. We have not verified that remark first-hand.
Capex plans on the record
- Microsoft: calendar-2026 capex including finance leases of about $175B, down from about $190B in April due to a lease reclassification; Microsoft says the underlying plan is unchanged and guided to over $50B for the September quarter.
- Alphabet: 2026 capex of $195B to $205B, up from $180B to $190B, with a significant increase expected in 2027.
- Amazon: about $220B of 2026 cash capex, up from about $200B, citing higher memory costs (from a published transcript, not a company document).
Where to be skeptical
- Consensus numbers differ across providers and are already priced in; guidance and capex commentary usually move shares more than the headline beat.
- Cloud growth rates are not comparable: different bases, different definitions, and Microsoft’s is constant currency.
- Capex totals mix cash spending, leases and reclassifications. Compare like with like.
- Sold-out capacity claims are good for revenue visibility but also signal supply constraints on how fast growth can accelerate.
Takeaway
The question for this week is whether combined hyperscaler capex above $800B is converting into cloud revenue fast enough. Watch Azure versus its 45% guide, any change to 2027 capex language, and commentary on memory and power costs. This is not investment advice.
