From tonight through Thursday, the most important round of U.S. stock earnings is here: Microsoft (MSFT) and Google (GOOGL) report after market close on Wednesday, while Amazon (AMZN) and Strategy (MSTR), which holds a large amount of $BTC , report after market close on Thursday. The three giants have a combined market cap of more than $10 trillion, and the Fed’s rate decision is also due the same evening. Here’s a roundup of consensus expectations, key things to watch, and how their share prices reacted after their last earnings reports.

⏰ Schedule (Eastern Time | Malaysia Time)

• Wed 10/28 after market close | Early Thu 10/29: Microsoft, Google (Google earnings call 16:30 | 04:30)

• Wed 10/28 14:00 | Thu 10/29 02:00: Federal Reserve rate decision

• Thu 10/29 after market close | Fri 10/30 early morning: Amazon (earnings call 17:00 | 05:00), Strategy (live stream 17:00 | 05:00), plus Intel and Coinbase that evening

🪟 Microsoft MSFT (FY2027 Q1)

• Consensus estimates: EPS of about $4.71 (vs. $4.13 in the same quarter last year), revenue of about $90.6 billion (vs. $77.7 billion)

• Company guidance: Azure growth of 44%–45% at constant currency; capital expenditures above $50 billion this quarter

• Previous quarter: Restated Azure revenue grew 42% to $29.4 billion, and EPS was $4.74, well above expectations

• Share price after the previous earnings report: up about 15%

👉 What to watch: Whether Azure comes in near or above 45%; Copilot monetization progress; and what the company says about capital expenditures and returns on investment. The bar is high—after the previous surge, merely “meeting expectations” may not be enough.

🔍 Google GOOGL (2026 Q3)

• Consensus estimates: Revenue of about $127.9 billion (vs. $102.4 billion in the same quarter last year); EPS estimates range from $2.94 to $3.02, depending on the source

• Previous quarter: Revenue grew 24% to $119.8 billion, and Google Cloud grew 82% to $24.8 billion, but capital expenditures were $44.9 billion and free cash flow was negative $5.9 billion

• Full-year capital expenditure guidance has been raised to $195–205 billion

• Share price after the previous earnings report: EPS beat expectations by a wide margin, but the stock fell about 7%–8%

• Valuation: considerably cheaper than Microsoft, with a trailing P/E of about 15.8x as of the end of June, versus about 29.6x for Microsoft

👉 What to watch: Visible Alpha consensus estimates cited by S&P Global show expectations for cloud operating margins have fallen from 35% in the spring to 33.5%. Whether rising memory and chip prices are squeezing margins is key tonight. The resilience of the search business and whether free cash flow can turn positive will also determine the share price direction.

📦 Amazon AMZN (2026 Q3)

• Consensus estimates: EPS of about $1.96–$1.97 (vs. $1.95 in the same quarter last year), revenue of about $202.2 billion, right at the top of the company’s $197–202 billion guidance range

• Operating income guidance: $22.5–26.5 billion, with the midpoint below the previous quarter’s $27.5 billion

• Previous quarter: AWS grew 37% to $42.2 billion, its fastest growth in 18 quarters; advertising grew 26%; but free cash flow over the past 12 months was negative $7.6 billion

• Full-year capital expenditure plan: about $220 billion

• Share price after the previous earnings report: up about 15%; Pepperstone says options markets imply a move of about ±7.4% this time

👉 What to watch: The market generally expects AWS growth of around 35%, slightly slower than last quarter. The ideal combination would be growth above 35% while capital expenditures are not raised again. Conversely, if the company increases capital spending again without accelerating cloud growth, the pressure could be significant.

🪙 Strategy MSTR ($BTC largest publicly listed holder)

• Held 847,666 BTC as of 9/30; its latest disclosure, on 10/19, reported 848,517 BTC, with an average cost of about $75,446

• Q3 results were disclosed in an SEC filing on 10/5: digital asset value increased by $20.91 billion, with the carrying value of digital assets estimated at $70.82 billion

• $BTC Current price around $80,630 (Binance spot, morning of 10/28 Malaysia time), still above its average cost

👉 What to watch: The large unrealized gains on the income statement are largely known. What really matters is the financing plan, the funding source for preferred stock dividends, and whether the pace of BTC purchases has slowed since October.

💡 My take

The three giants have just one common question this time: are they getting good value for their money? In the previous earnings round, Microsoft and Amazon gained 15% on “accelerating growth,” while Google fell despite beating expectations because of capital expenditures and negative free cash flow. With 10-year Treasury yields near 5%, I’ll be watching “capital expenditure guidance” and “free cash flow” ahead of EPS.$BTC Over the past month, these stocks have moved in line with the Nasdaq. If the three giants deliver healthy cash flow and risk appetite improves, BTC-related stocks are also likely to benefit.

🔗 If you want to follow these U.S. stocks on-chain, you can check out Ondo tokenized stocks in the Binance Web3 Wallet. Volatility can be high around earnings, and some tokens may pause trading due to corporate actions, so check their status before placing an order.

Sources: Company IR and SEC filings, Reuters, S&P Global, MarketBeat, TheStreet, Investing.com, Pepperstone, and Binance spot market data. All EPS and revenue figures are analyst consensus estimates, not actual results.

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⚠️ The above is for informational purposes only and does not constitute investment advice.