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Technology giant and Google parent Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) looks to continue a long streak of beating analyst estimates when the company reports third-quarter financial results Wednesday after market close.

Here are the earnings estimates, what experts are saying and key items to watch.

Alphabet Q3 Earnings Estimates

Analysts expect Alphabet to report third-quarter revenue of $128.18 billion, up from $102.35 billion in last year’s third quarter, according to estimates from Benzinga Pro.

The company has beaten analyst revenue estimates in 14 straight quarters.

Analysts expect Alphabet to report third-quarter earnings per share of $3.02, up from $2.87 in last year’s third quarter.

The company has beaten analyst estimates for earnings per share in 14 straight quarters.

What Experts Are Saying

It’s been two quarters since Alphabet stock exploded to new highs in May, hitting $408.61. Since then, second-quarter financials and other events haven’t been enough to kickstart another rally.

Shares are down around 21.6% from all-time highs and are up only 1.6% year-to-date in 2026.

After leading the Magnificent Seven in 2025 with a gain of around 66%, Alphabet is the fourth-best of the seven in 2026.

Freedom Capital Markets Chief Market Strategist Jay Woods said Alphabet shares are making a series of lower highs and showing bearish technical signals.

"Unfortunately for the bulls, the technical picture isn’t getting much prettier," Woods said in a weekly newsletter. "With shares now testing the lower boundary of the formation, the $314-$324 zone remains the immediate line in the sand."

Bear Trap

Woods said a key is Alphabet’s strong earnings performance and expectations for AI and Google Cloud growth in 2027 and 2028, which could set up a "bear trap."

"For now, the bears have the technical advantage, but a swift recovery of support could quickly change that narrative."

Needham analyst Laura Martin is bullish on Alphabet ahead of earnings, maintaining a Buy rating and a $450 price target. The analyst sees upside for the company’s YouTube segment.

Martin said YouTube is worth $340 billion and drives upside for Alphabet through revenue growth, advertising and AI tools.

"YouTube’s revs have shifted toward subscriptions, which have higher margins, we believe," Martin said.

The analyst points to YouTube’s increased total TV viewing market share in August and a share that has grown over the last three years.

Other recent analyst ratings on Alphabet stock and their price targets:

• Citizens: Maintained Market Outperform rating, lowered price target from $515 to $450
• BMO Capital: Maintained Outperform rating, raised price target from $465 to $480
• Keybanc: Maintained Overweight rating, lowered price target from $435 to $410
• JPMorgan: Maintained Overweight rating, raised price target from $420 to $425

Key Items to Watch

Like many of the big technology companies reporting earnings in the coming weeks, attention will be on AI and Cloud for Alphabet, two of the company’s fastest-growing items.

A streak of 14 straight double beats is on the line with analysts expecting revenue and earnings growth.

Alphabet posted year-over-year growth across its four key business segments (Google Search, YouTube Advertising, Google Cloud, Google Advertising) in the second quarter.

The company’s CEO Sundar Pichai said AI investments were paying off across all business segments.

Google Cloud revenue rose 82% year over year in the second quarter.

Analysts and investors will be watching management commentary on Google Cloud, AI, YouTube and more.

A sharp move up or down in Alphabet shares could create volatility in the S&P 500, Dow Jones Industrial Average, and Nasdaq 100, three indexes in which the stock is a key holding. Here are the current weightings in ETFs that track those three indexes, with GOOG and GOOGL included in some.

• SPDR Dow Jones Industrial Average (NYSE:DIA): 11^th largest holding, 3.64% of assets
• SPDR S&P 500 ETF Trust (NYSE:SPY): 5^th and 7^th largest holding, 5.16% combined
• Invesco QQQ Trust (NASDAQ:QQQ): 9^th and 10^th largest holdings, 5.78% combined

Alphabet is one of the most important reports of the week and could set the table for expectations and stock prices of other AI, hyperscaler, cloud and streaming companies.

Alphabet Stock Price Action

Alphabet stock is up 1.1% to $320.22 on Tuesday versus a 52-week trading range of $266.50 to $408.61.

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