Google's parent company, Alphabet, is set to report its second-quarter earnings after the market closes on Wednesday. Here's what you need to know.

NET INCOME: Analysts polled by FactSet expect Alphabet to report a profit of $35.21 billion, compared with $28.2 billion a year earlier.

EARNINGS PER SHARE: Analysts expect per-share earnings to come in at $2.88, according to FactSet, compared with $2.31 a year prior.

REVENUE: Revenue is expected to grow to $117.06 billion from $96.43 billion.

Shares in Alphabet were recently trading roughly flat at $346.65, up 10% this year.

WHAT TO WATCH:

- A key focus of Alphabet's release and investor call is likely to be the massive capital expenditures needed to finance its buildout of artificial-intelligence infrastructure. The release comes off the heels of the company's $85 billion equity raise last month. Analysts polled by FactSet are expecting $187.1 billion in capital expenditures this year, but the company could raise its outlook, Raymond James analysts wrote in a note. Though eye-popping capital expenditures across the technology industry have raised red flags for investors, Truist analysts wrote that the company is expected to continue upping its investments, especially given its pricing power, strong financial model, and competitive moat. "In the current environment, it is more dangerous to under-invest in AI development and compute capacity than over-invest, given the 'fungibility' of this CapEx," they wrote.

- Investors will also be looking to management for answers on the timing of Google's unreleased Gemini 3.5 Pro, its most powerful AI model yet. Bloomberg recently reported that the company is months behind schedule on releasing the model, citing people familiar with the matter. Google on Tuesday announced three other AI models, and said 3.5 Pro is testing with partners and will be released "as soon as it's ready." Raymond James analysts wrote that they expect Alphabet's release will include "a set of directionally positive fundamentals with likely a larger focus on Gemini 3.5 Pro cadence, as lack of a June launch has shifted perception from leading edge to trailing edge."

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

July 22, 2026 11:49 ET (15:49 GMT)

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