Fiscal.ai
Google Cloud v. Microsoft Azure

Google is now outpacing Microsoft's cloud revenue growth.

$GOOGL $MSFT https://t.co/XZ9g5RElIb
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Alphabet CEO guiding to $175–185B in FY26 capex vs $91.4B in FY25 [YoY increase of ~92–102%]

"To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."

$GOOG $GOOGL https://t.co/iCPTR76C5H

$META CFO issues FY26 capex guidance $115–135B vs. ~$70B in FY25 [YoY increase of ~+64% to +93%]:

"We anticipate 2026 capex.. to be in the range of $115-135B with Y/Y growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business" https://t.co/2UH98w0tA5 - The Transcript
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Alphabet CEO: "YouTube’s annual revenues surpassed $60 billion across ads and subscriptions; we now have over 325 million paid subscriptions across consumer services, led by strong adoption for Google One and YouTube Premium"

Alphabet CEO @sundarpichai: "We continue to drive strong growth across the business."

$GOOG: -1% AH https://t.co/vspcT9ar23 - The Transcript
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Fiscal.ai
Elf Beauty just reported a massive acceleration in revenue growth.

$ELF: +14% After Hours https://t.co/LeaJlci8f8
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Alphabet CEO: "And Google Cloud ended 2025 at an annual run rate of over $70 billion, representing a wide breadth of customers, driven by demand for AI products." $GOOG $GOOGL https://t.co/87qb6ju4i0
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Qualcomm CEO: "We are pleased to deliver strong quarterly results, with record total company revenues. Our momentum across personal, industrial and physical AI is growing..."

$QCOM: -9% AH https://t.co/QXxlynWpWq
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Dimitry Nakhla | Babylon Capital®
One of the more underappreciated stories inside $GOOGL Cloud right now is the steady improvement in incremental operating margins.

𝐐𝟒 𝟐𝟎𝟐𝟑 → 𝐐𝟒 𝟐𝟎𝟐𝟒 (Google Cloud):

Rev: $9.192B → $11.955B (+$2.763B)

OpInc: $0.864B → $2.093B (+$1.229B)

𝐈𝐧𝐜𝐫𝐞𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐠𝐢𝐧:
$1.229B ÷ $2.763B ≈ 𝟒𝟒%
__

𝐐𝟒 𝟐𝟎𝟐𝟒 → 𝐐𝟒 𝟐𝟎𝟐𝟓 (Google Cloud):

Rev: $11.955B → $17.664B (+$5.709B)

OpInc: $2.093B → $5.313B (+$3.220B)

𝐈𝐧𝐜𝐫𝐞𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐠𝐢𝐧:
$3.220B ÷ $5.709B ≈ 𝟓𝟔%

So we’re seeing a clear step-up:

~44% → ~56% incremental operating margins in back-to-back periods.

𝐈𝐧 𝐨𝐭𝐡𝐞𝐫 𝐰𝐨𝐫𝐝𝐬, 𝐟𝐨𝐫 𝐞𝐯𝐞𝐫𝐲 𝐢𝐧𝐜𝐫𝐞𝐦𝐞𝐧𝐭𝐚𝐥 $𝟏 𝐨𝐟 𝐂𝐥𝐨𝐮𝐝 𝐫𝐞𝐯𝐞𝐧𝐮𝐞, 𝐫𝐨𝐮𝐠𝐡𝐥𝐲 $𝟎.𝟓𝟔 𝐢𝐬 𝐝𝐫𝐨𝐩𝐩𝐢𝐧𝐠 𝐭𝐨 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐩𝐫𝐨𝐟𝐢𝐭.
___

Growth matters.

𝘉𝘶𝘵 𝘨𝘳𝘰𝘸𝘵𝘩 + 𝘳𝘪𝘴𝘪𝘯𝘨 𝘪𝘯𝘤𝘳𝘦𝘮𝘦𝘯𝘵𝘢𝘭 𝘮𝘢𝘳𝘨𝘪𝘯𝘴 𝘪𝘴 𝘸𝘩𝘢𝘵 𝘴𝘵𝘢𝘳𝘵𝘴 𝘵𝘰 𝘶𝘯𝘭𝘰𝘤𝘬 𝘴𝘦𝘳𝘪𝘰𝘶𝘴 𝘭𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 𝘤𝘰𝘮𝘱𝘰𝘶𝘯𝘥𝘪𝘯𝘨.
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$QCOM CEO talks of memory shortages:

"While our near-term handsets outlook is impacted by industry-wide memory supply constraints, we are encouraged by end-consumer demand for premium and high-tier smartphones & remain on track to achieve our FY 29 revenue goals"

Qualcomm CEO: "We are pleased to deliver strong quarterly results, with record total company revenues. Our momentum across personal, industrial and physical AI is growing..."

$QCOM: -9% AH https://t.co/QXxlynWpWq - The Transcript
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RT @mark_wharrier: Imagine a company spending $3bn+ capex a week…

Alphabet CEO guiding to $175–185B in FY26 capex vs $91.4B in FY25 [YoY increase of ~92–102%]

"To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185B."

$GOOG $GOOGL https://t.co/iCPTR76C5H - The Transcript
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Fiscal.ai
"Our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion."

$GOOGL https://t.co/uQTWAaOJPI
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