October 24, 2026
Bonus Content: Microsoft, Alphabet, and Boeing Report This Week
Dear Reader,
In 1987, Dr. Mark Skousen told his readers to sell everything.
A few weeks later came Black Monday. The Dow lost 22.6% in a single day, the worst day in its history.
In January 1995, he said the Nasdaq would “double, then double again.” It rose nearly seven-fold.
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Good investing,
Rachel Gearhart
Publisher, The Oxford Club
Microsoft, Alphabet, and Boeing Report This Week
Wednesday night is the one traders need to circle. Microsoft (MSFT) and Alphabet (GOOGL) both report after the close on October 28, and Boeing (BA) releases results Tuesday, October 27, before the market opens. Three companies, three distinct problems, one week to price them all in.
Microsoft: A 33% Rally That Has to Justify Itself
MSFT has gained roughly 33% since its last earnings release and now trades close to its 52-week high of $553.72. That run has already priced in a lot. Analysts are looking for about $4.72 in EPS on roughly $90.6 billion in revenue, implying mid-teens year-over-year earnings growth. The number itself is almost beside the point.
What moves the stock is Azure. Management’s last quarterly call pointed to Q1 fiscal 2027 Azure growth in the mid-40s on a constant-currency basis, a step up from the prior quarter. Miss that by even a few points and the premium embedded in a $530 stock evaporates quickly. Capital spending is the other pressure point: Microsoft has been clear that AI infrastructure is driving elevated capex into calendar 2026, and free cash flow trends will tell traders whether that spend is disciplined or running ahead of revenue conversion. Microsoft says Microsoft 365 Copilot reached over 30 million paid seats in fiscal 2026. Acceleration there would confirm the AI monetisation thesis rather than just the infrastructure one.
Alphabet: Cloud Carrying the Quarter, Capex Threatening It
The bar for Alphabet is structurally different. Revenue consensus sits at roughly $127.8 billion. The market’s sensitivity is still less about headline revenue and more about whether AI spend is starting to show up cleanly in operating leverage and cash generation.
Options are pricing a roughly 6.4% one-day move, slightly below the 10-year average peak earnings-day swing of 6.6%. That tells you traders are uncertain but not panicked. Search advertising is the quieter risk: growth comparisons get tougher because Q3 2025 was the quarter that acceleration began. Any deceleration there, even modest, combined with heavy AI capex, could overshadow strong cloud numbers.
Alphabet’s enterprise AI position heading into this report is not purely speculative. Google Cloud’s Gemini agent is already embedded across Fortune 100 workflows, giving Alphabet a monetisation lead its capex critics tend to undercount.
Boeing: Progress Disguised as a Loss
Boeing reports Tuesday morning with a consensus loss of around $0.21 per share on roughly $24.3 billion in revenue, growth of about mid-single digits year over year. That sounds grim until you compare it to Q3 2025, when a $4.9 billion 777X charge helped produce a $7.14 per-share loss. The comparison gets dramatically easier this quarter.
The 737 program is still targeting a path toward 47 aircraft per month, and management has previously framed 500 deliveries as the kind of pace it wants to reach once the system is stable. Free cash flow guidance of $1 billion to $3 billion for fiscal 2026 is the credibility test. Boeing has missed earnings expectations in three of the last four quarters. The SPEEA contract process was a near-term production overhang earlier this fall, though the voting window ran in late September into October. At around $188, the stock is down on the year and still well below many Street targets. Options are pricing about a 6% post-earnings move either way.
The Session in a Sentence
Wednesday after the close sets the tone for the rest of the week. Azure guidance from Microsoft and Cloud profitability from Alphabet will either validate or challenge the AI infrastructure trade that has driven tech higher all quarter. Boeing’s number arrives a day earlier and matters less to the index, but the delivery cadence and any cash flow revision will define whether BA’s recovery story survives another earnings release.
