Alphabet is set to release its first-quarter 2026 results on Wednesday, April 29, after market close. Given its premium valuation after an 18% stock rise in the past month, any weakness in the report will likely be noticed by investors. Investors are keen to see if the company's significant investments in artificial intelligence (AI) infrastructure are translating into faster growth, especially in Google Cloud, without negatively affecting earnings per share. Two key metrics to watch are earnings per share and Google Cloud's year-over-year revenue growth rate. Google Cloud is experiencing rapid growth, with revenue up 48% year-over-year in Q4, reaching $17.7 billion, a significant increase from the previous quarter. Operating income also more than doubled year-over-year to $5.3 billion, with the operating margin expanding from 17.5% to 30.1%. CEO Sundar Pichai stated that the cloud backlog grew by 55% to $240 billion, driven by the demand for AI products. Google Cloud's performance was fueled by enterprise AI products, including AI infrastructure from TPUs and GPUs, and enterprise AI solutions tied to models like Gemini 3, according to CFO Anat Ashkenazi. For the full year, Google Cloud revenue increased from $43.2 billion in 2024 to $58.7 billion in 2025. Meanwhile, Google Cloud operating income increased from $6.1 billion to $13.9 billion.