The one thing
Four of the names reporting this week run AI capex through their guidance. Microsoft, Alphabet and Amazon each report cloud growth against a capex line that is already $200bn-plus in aggregate, and Amazon’s full-year capex guidance of about $220bn is the largest number on the calendar. Intel’s guide is the test of whether the foundry story is turning into revenue. Dominion closes the week, and its merger filing is the political overhang.
Earlier in the week the market re-priced the funding side: Meta’s stock filing and Anthropic’s S-1 both moved the question from who spends to who finances. Expect the Microsoft and Amazon prints to be read against that, not on the quarter alone.
This week’s ★ reporters
| Name | When (ET) | EPS consensus | Revenue consensus | Company guide / note |
|---|---|---|---|---|
| Tuesday 27 October | ||||
| NXP | After close (call 16:30) | $4.04–4.12 | $3.75–3.76bn | Guide EPS $3.89–4.32, revenue $3.65–3.85bn; stock fell about 5.5% after Q2 on the wide range |
| Wednesday 28 October | ||||
| Vertiv | Before open (call 11:00); date from calendar | $1.79–1.82 | $3.71–3.77bn | Guide EPS $1.77–1.83; stock fell 14% after Q2 on a revenue miss |
| AEP | Before open; 28 or 29 Oct, sources disagree | $1.91–2.01 | n/a | FY26 EPS guide $6.25–6.55 |
| Microsoft | After close (call 17:30); date unconfirmed by company | $4.72–4.82 | $90.65–90.7bn | Guide revenue $89.85–90.95bn; Azure guided about 45% in constant currency |
| Alphabet | After close (call 16:30) | $2.99–3.01 | $124–128bn | Sources disagree by about $4bn on revenue; Q2 EPS of $9.11 likely includes one-offs |
| KLA | After close (call 17:00) | $1.13–1.18 | $3.90–4.04bn | Guide EPS $1.06–1.26, revenue $3.8–4.2bn; shares fell after Q4 on the wide range |
| Equinix | After close; date from calendar | n/a | $2.57bn | Guide Q3 revenue $2.525–2.575bn; FY AFFO/share $42.69–43.29 |
| Samsung | Call 21:00 ET (Thu in Seoul) | — | — | No SEC filing; see study |
| Thursday 29 October | ||||
| Amazon | After close (call 17:00); date unconfirmed | $1.96–2.00 | about $202bn | Guide revenue $197–202bn, operating income $22.5–26.5bn; 2026 capex about $220bn; Q2 EPS inflated by Anthropic-related gains |
| Intel | After close; date unconfirmed | $0.37–0.38 | $16.4bn | Guide EPS $0.38, revenue $15.8–16.8bn |
| Digital Realty | After close; date unconfirmed | n/a | about $1.75bn | Consensus FFO not found; Benzinga figures are not FFO |
| Friday 30 October | ||||
| Dominion | Before open; TipRanks confirmed | about $1.20 | $4.8–5.0bn | FY26 EPS guide $3.45–3.69; merger with NextEra awaits Virginia and FERC |
Consensus is taken from aggregator and preview pages pulled 26 October; sources differ, and the range shows the spread. Refresh from a primary estimates source before any figure is quoted. Apple (2 Nov) and Cadence (26 Oct, after close) are outside this edition.
Company by company
Microsoft · ★ Azure growth is the number; the revenue consensus is at the top of the guide
Guide. Revenue $89.85–90.95bn; Azure about 45% in constant currency. Consensus EPS $4.72–4.82 and revenue about $90.7bn. Last quarter beat on both lines: EPS $4.74 against about $4.24, revenue $90.0bn against $87.6bn.
The read: Watch whether Azure holds at 45% and what the capex line says about FY27. Anthropic’s S-1 puts almost half its first-half revenue through the three clouds; that is the number to set against Azure growth.
Alphabet · ★ The EPS consensus sits near $3; the revenue consensus is the one to check before the print
Consensus. EPS $2.99–3.01; revenue $124–128bn depending on the source. Q2 EPS was $9.11 against $2.87 expected, which likely includes one-off items. Capex guidance $195–205bn was raised in July.
The read: The EPS comparison is distorted by Q2; compare revenue and operating income instead. Alphabet’s capex figure is the one that feeds the hyperscaler funding story.
Amazon · ★ Guidance is about $202bn of revenue and $22.5–26.5bn of operating income; the EPS line is distorted again
Guide. Revenue $197–202bn; operating income $22.5–26.5bn. Consensus revenue about $202bn, with operating income consensus below the pre-quarter $25.4bn. AWS Q2 revenue was $42.2bn, the fastest growth in 18 quarters. Full-year capex about $220bn.
The read: Amazon’s Q2 net income included $53.4bn of non-operating gains tied to Anthropic. Anthropic’s revenue and Amazon’s gains run in the same direction; the Q3 print is the first place to see whether the gains persist.
NXP · ★ Guide range is wide; the EPS consensus sits at the middle of it
Guide. EPS $3.89–4.32; revenue $3.65–3.85bn. Consensus EPS $4.04–4.12; revenue $3.75–3.76bn. Q2 beat on EPS ($3.61 against $3.52) and the stock fell about 5.5% on the wide guide.
The read: Read the Q4 guide against the auto restocking comment, which was the reason the range was wide.
Intel · ★ Guide already raised; the revenue line has to hold at $16bn
Guide. Q3 EPS $0.38; revenue $15.8–16.8bn, raised from $13.8–14.8bn in July. Consensus EPS $0.37–0.38, revenue about $16.4bn. Q2 revenue was $16.13bn against $14.43bn expected.
The read: The consensus already sits near the top of the raised range. A miss on revenue would be read as the recovery running ahead of demand.
Dominion · ★ The quarter matters less than the merger, which the Virginia governor and FERC have both pushed back on
Consensus. EPS about $1.20 (TipRanks, nine analysts). Revenue $4.8–5.0bn. FY26 guide $3.45–3.69. Q2 EPS $0.79 against $0.80 expected; revenue $4.48bn against $4.06bn.
The read: Expect questions on the rate-freeze request and the close date, which the company puts in the second half of 2027.
Themes this week
Cloud growth against the capex line. Microsoft’s Azure growth, Alphabet’s revenue and Amazon’s AWS growth all arrive next to a combined capex estimate of about $720–745bn. The question for each is whether growth keeps pace with spending, not whether the quarter beats.
Guides over quarters. NXP, KLA, Intel and Amazon all report with wide or raised ranges. The guide range, not the EPS consensus, is what the stock trades on.
Funding in the same frame. Meta’s equity filing and Anthropic’s S-1 landed in the same week. Read every capex line against where the money to pay for it comes from.
Sources
- Company guidance: each company’s last earnings release, 8-K or 6-K, as cited in its entry. Pulled 26 Oct.
- Consensus: Benzinga, MarketBeat, TipRanks, Hudson Labs, FinanceCalendar, CME Elite Group and Earnings Whispers, pulled 26 Oct. Sources disagree; ranges are shown.
- Last quarter’s results: 8-K and 6-K exhibits (Meta, Lam, NextEra, Roper, Western Digital, Bloom); Q3 statement (SAP); secondary coverage (IBM, TI, SpaceX).
- Anthropic S-1 (26 Oct 2026, accepted 09:00 ET): cloud-marketplace share of revenue, as reported in the Coverage Brief of 26 Oct.
CoreValue Research · Earnings Radar, prepared Monday 26 October 2026 before any of these companies reported. Broker research and Tegus/AlphaSense content were excluded under their terms. Dates marked unconfirmed are estimates from calendar sites. Not investment advice.
