Alphabet Inc - Ordinary Shares - Class C
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong topline growth + margin still resilient (with capex/free-cash-flow pressure)
- Alphabet Q3 revenues: $127.6B, +25% YoY (reported & constant currency).
- Operating income: $40.6B (+30% YoY); operating margin: 31.8%.
- Cash flow: operating cash flow $42.3B in Q3; CapEx $51.4B (heavy “technical infrastructure” spend).
- Free cash flow was negative: -$9.1B due to inventory build for TPU system sales and a $5.2B cash payment (2018 EC fine).
- Balance sheet: $265.1B cash & marketable securities; long-term debt $125.1B.
AI + Cloud are the growth engines; Cloud hypergrowth is the headline
- Google Cloud revenues: $30.7B, +103% YoY; growth driven by AI infrastructure + AI solutions + core GCP; TPU system sales also contributed.
- Cloud operating income: $11.1B, margin 36.2% (and management expects near-term margin headwinds due to added third-party compute).
- Backlog: $561B; expects to recognize just over 55% over the next 24 months.
- Strong enterprise adoption indicators: Gemini Enterprise used by ~90% of Fortune 100; customers scaled up spend meaningfully year-over-year.
Search demand is surging, but monetization + comps are key risks; “golden age” productivity narrative
- Search and other ads: Search/ads revenues +12% YoY to $63.3B despite some deceleration.
- Management attributed Q3 Search growth “disconnect” mainly to:
- FX headwind (largest driver vs Q2),
- vertical normalization (e.g., retail APAC advertiser effects from EU de minimis changes; media/entertainment spend normalization after World Cup timing),
- lower monetization in AI Mode during the mix shift (AI Mode queries are growing faster but initially monetize less).
- Opportunity: scaling ads inside AI Overviews and AI Mode (including international markets and multiturn ads in the U.S.) to improve monetization.
- Outlook challenge: management expects Q4 Search YoY growth pressured by lapping Search performance acceleration that began late 2025 and continued into Q3.
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$130.28
54.7% downside
Current Fair Value
54.7% downsideOvervalued by 54.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $3.52 Trillion |
|---|---|
| Enterprise Value | $3.60 Trillion |
| Annual dividend | $0.86 |
| Dividend yield | 0.31% |
| Earnings per Share | $10.91 |
| Beta | 1.2 |
| Outstanding Shares | 12,256,000,000 |
Return
| Return on Equity | 36.80% |
|---|---|
| Return on Assets | 25.56% |
| Return on Invested Capital | 36.40% |
Valuation & Multiples
| P/E Ratio | 14.35 |
|---|---|
| PEG | -58.97 |
| Price to Sales | 7.56 |
| Price to Book Ratio | 5.53 |
| Enterprise Value to Revenue | 7.63 |
| Enterprise Value to EBIT | 12.41 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.04 |
| Debt to Equity | 0.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$3.02
Consensus analyst estimateRevenue Estimate
$126.15 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$3.19
Consensus analyst estimateRevenue Estimate
$142.49 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 3.20, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 3.1987▲ 237.63% |
|---|---|
| Total Calls | 583,612▼ 99.23% |
| Total Puts | 1,866,800▼ 97.01% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.48%▼ 26.51% |
|---|---|
| Total Invested | $61.00B▼ 94.89% |
| Investors Holding | 2,419▼ 3043.00% |
About Alphabet Inc
135,301 employees
CEO: Sundar Pichai
Larry Page and Sergey Brin founded Google in September 1998. Since then, the company has grown to more than 130,000 employees worldwide, with a wide range of popular products and platforms like Search, Maps, Ads, Gmail, Android, Chrome, ...