Microsoft, Alphabet, Amazon face earnings test amid Fed rate decision

Three of the largest companies in tech are about to open their books in the same 48-hour window. Microsoft, Alphabet, and Amazon are set to release quarterly earnings between October 28 and October 29, 2026.

The Federal Reserve picked the same week to announce its next rate decision. Wall Street gets two major events in one stretch, which is a lot to absorb before Halloween.

The central question for investors is simple to state and hard to answer. Can cloud growth keep pace with the enormous sums these companies are pouring into AI infrastructure?

The schedule and the numbers

Microsoft goes first, reporting on October 28 after the market closes. That same afternoon, the Fed will announce its policy decision at 2:00 p.m. ET, followed by a press conference at 2:30 p.m. ET.

Amazon follows on October 29, and Alphabet also reports within the window.

Consensus estimates set a high bar for each company. Microsoft is expected to post revenue of approximately $90.6 billion, with earnings per share of roughly $4.71 to $4.73.

Alphabet’s expected revenue sits at around $128 billion. Analysts are looking for EPS of approximately $2.94 to $3.03.

Amazon is the biggest by top line. It is anticipated to report revenue of about $202 billion, with an EPS forecast between $1.96 and $2.01.

Cloud is where the story lives

Capital expenditure expectations for 2026 have climbed into the hundreds of billions of dollars, reflecting the ongoing race to build AI infrastructure.

Microsoft has already put a specific target on the table. The company guided Azure to 45% growth in constant currency for the upcoming quarter.

Constant currency strips out exchange-rate swings. It shows how the business grew on its own merits rather than because the dollar moved.

Analysts predict that revenue and key cloud metrics will show continued growth across all three companies. The catch is that those results will be benchmarked against prior high guidance figures like Azure’s.

Why the last few quarters matter

This earnings cycle comes after mixed reactions to the prior quarters. Demand driven by AI was strong, but it ran into concerns about rising costs and limits on capacity.

Market sentiment among analysts has framed this period as a key moment for judging whether cloud momentum can validate the ongoing capital investment. The companies face heightened scrutiny of both their spending plans and their growth strategies.

The Fed in the background

The Federal Reserve is expected to keep its target range for interest rates at 3.75% to 4.00% when it announces its decision on October 28.

Interest rates and tech valuations have a well-worn relationship. Companies valued on future earnings look less attractive when money costs more today, since those future dollars are discounted more heavily.

What this means for investors

Microsoft’s Azure figure is the cleanest single test. The company set a specific number, and the market will compare the result directly against it.

The timing adds a layer of complexity. Microsoft reports just hours after the Fed speaks, so its stock reaction could blend company news with macro sentiment in ways that are hard to untangle. Amazon and Alphabet will be read in light of both the Fed decision and Microsoft’s numbers.

Investors should watch three things closely: cloud growth rates against guidance, any changes to capex outlooks, and the Fed’s language on the path of rates.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.