Alphabet earnings are out after market close. Here's what Wall Street is watching

February 4, 2026

TL;DR

Alphabet stock has gained over 8% year-to-date and 64% in the past 12 months.
Key drivers of recent success include the Gemini AI chatbot, image generation models, Tensor Processing Units (TPUs), and Google Cloud growth.
Waymo, Alphabet's self-driving car business, recently received funding valuing it at $126 billion.
Analysts expect approximately 20% earnings growth for Alphabet's fourth quarter.
The company's third-quarter results exceeded expectations, boosted by AI-driven momentum in its cloud business.
Customer demand for enterprise AI infrastructure, including chips and Gemini 2.5, contributed to growth.
A majority of analysts covering Alphabet recommend buying the stock, with some noting potential overvaluation.
Bank of America analyst Justin Post is constructive on Alphabet's 2026 outlook, expecting increased engagement and conversion rates from Gemini and TPUs.
Google's global mobile daily active users increased by 12%, while Gemini's rose by 351% year-over-year.
Analysts are watching for details on Google's partnership with Apple, which could provide access to more user data through a Gemini-powered Siri.
Several analysts have set price targets suggesting potential upside for Alphabet's stock.
Positive sentiment is influenced by strong results from Meta and optimism regarding ad growth and AI's impact on search monetization.

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