Four of the biggest companies in the world report within six days. Here's the calendar, what each one said last time about AI spending, and where to look first when the numbers drop. Meta already reported on Oct 21; see Meta's Q3.
The calendar
All after the U.S. market close. Times are Eastern, which is Toronto time.
Microsoft's webcast is at 2:30 p.m. Pacific. More dates are in our AI earnings calendar.
Where each company left off
Alphabet (last reported Jul 22, 2026)
Q2 capex was $44.9B, and free cash flow was negative $5.9B, per the Q2 call.
2026 capex guidance raised to $195–205B, from $180–190B. Alphabet said it expects capex to "increase significantly in 2027."
It raised $49.6B of net equity in June 2026 partly for AI infrastructure, per its release.
It began delivering TPU systems to customer data centers, with most of that revenue expected in 2027. (TPUs explained: TPU vs GPU.)
Microsoft (last reported Jul 29, 2026)
Revenue $90.0B (+18%); Azure and other cloud services +43%, per its release.
Capex of $41B including $5.6B of finance leases, per the call.
Guidance: FY27 Q1 capex over $50B; Azure growth of about 45% in constant currency; calendar-2026 capex of about $175B after the lease-accounting change.
Commercial remaining performance obligation (contracted future revenue) rose 84% to $678B.
Amazon (last reported Jul 30, 2026)
AWS sales $42.2B, up 37%, per its release. AWS operating income was $16.6B.
Trailing-12-month free cash flow was an outflow of $7.6B, mostly due to higher spending on property and equipment.
Net income of $62.6B included $53.4B of pre-tax other income, primarily from Anthropic investments.
CEO Andy Jassy said on the call Amazon expects capex of about $220B in 2026, up from $200B, citing higher memory costs, as reported by CNBC.
Apple
Apple reports its September quarter on Nov 2. It doesn't break out AI capex the way the others do, so the memory-cost angle matters more: see why RAM is so expensive.
The lines to read first
Capex and next year's guide. Is 2027 spending framed as up "significantly" again?
Cloud growth vs capacity. All three cloud companies said demand exceeded supply last quarter.
Free cash flow. Alphabet and Amazon were already negative on the measures above.
Depreciation. Today's capex becomes tomorrow's expense. That's the link to impairment risk.
FAQ
When do Microsoft, Alphabet, Amazon and Apple report earnings?
Microsoft and Alphabet on Wednesday Oct 28, 2026; Amazon on Thursday Oct 29; Apple on Monday Nov 2. All after U.S. market close, per each company's investor relations announcement.
Why did Microsoft's capex guidance drop to $175B?
On its Jul 29, 2026 call, Microsoft said it's extending the useful lives of data centers from 15 to 25 years, which shifts more future leases from finance to operating leases. Finance leases count in capex; operating leases don't. Microsoft said underlying expectations were otherwise unchanged.
What is capex?
Capital expenditures: money spent on long-lived assets like servers, chips and data centers. It shows up in the cash flow statement, and is depreciated over time on the income statement.
Why do AI-lab investments affect Big Tech earnings?
Changes in the value of stakes can flow through 'other income.' Amazon's Q2 2026 net income included $53.4B of pre-tax other income, primarily from its Anthropic investments, per its Jul 30 release.
An importable calendar of the remaining big-tech and chip earnings calls for the September quarter, with times from each company's own announcement, checked Oct 22, 2026.
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