#GOOG #TSLA #IBM #T #NFLX 📈
💼 Q2 2026 earnings: five companies, five different bets on AI
July 22 saw four tech giants report on the same day - Netflix closed its books a week earlier. Here's how all five measured up against consensus:
1️⃣ Alphabet (GOOG) - Cloud is monetizing AI right now
🟢 EPS: consensus $2.91 → actual $9.11 (+213% beat)
🟢 Revenue: $116.98B → $119.80B (+24% YoY)
🟢 Google Cloud +82% YoY - real, operating AI revenue
🟢 Caveat: $98B of the EPS figure is paper securities revaluation (not operating income)
2️⃣ Tesla (TSLA) - Delivery record, margin collapse
🟢 EPS: $0.54 → actual $0.33 (-39% miss)
🟢 Revenue: $26.49B → $28.24B (+26% YoY)
🟢 480,126 vehicles - a Q record; price cuts ate all the profitability
🟢 Operating margin dropped to 1.4% (4.1% a year ago); FCF: -$1.09B
3️⃣ IBM - Stable, not growing
🟢 EPS: $2.93 → $2.93 (in-line)
🟢 Revenue: $17.26B → $17.16B (-0.6%)
🟢 Z mainframe and tx software sales dragged the quarter
🟢 FY guidance: +4-5% constant currency; actual YoY revenue growth: 1%
4️⃣ AT&T (T) - The quiet winner of the day
🟢 EPS: $0.59 → $0.65 (+10% beat)
🟢 Revenue: $31.81B → $31.56B (-0.8%)
🟢 FCF $4.7B; stock +5% on earnings day
🟢 1M+ new Advanced Connectivity customers; 2026 FCF guidance: >$18B
5️⃣ Netflix (NFLX) - Strong margin, guidance killed the stock
🟢 EPS: $0.79 → $0.80 (in-line)
🟢 Revenue: $12.58B → $12.56B (+13% YoY)
🟢 Operating margin: 33.4% - among the best in the sector
🟢 Q3 guidance: $12.86B vs consensus $13B → stock -9% on earnings day
✨ In the AI cycle, the winner is whoever has cloud infrastructure already generating revenue. Alphabet showed it this quarter. Everyone else is still catching up.
➡️Crouton.digital | About us⬅️
💼 Q2 2026 earnings: five companies, five different bets on AI
Alphabet is already generating AI revenue today. Tesla is promising it while destroying its margin. Same quarter, two completely different stories - and three more that round out the picture.
July 22 saw four tech giants report on the same day - Netflix closed its books a week earlier. Here's how all five measured up against consensus:
1️⃣ Alphabet (GOOG) - Cloud is monetizing AI right now
🟢 EPS: consensus $2.91 → actual $9.11 (+213% beat)
🟢 Revenue: $116.98B → $119.80B (+24% YoY)
🟢 Google Cloud +82% YoY - real, operating AI revenue
🟢 Caveat: $98B of the EPS figure is paper securities revaluation (not operating income)
2️⃣ Tesla (TSLA) - Delivery record, margin collapse
🟢 EPS: $0.54 → actual $0.33 (-39% miss)
🟢 Revenue: $26.49B → $28.24B (+26% YoY)
🟢 480,126 vehicles - a Q record; price cuts ate all the profitability
🟢 Operating margin dropped to 1.4% (4.1% a year ago); FCF: -$1.09B
3️⃣ IBM - Stable, not growing
🟢 EPS: $2.93 → $2.93 (in-line)
🟢 Revenue: $17.26B → $17.16B (-0.6%)
🟢 Z mainframe and tx software sales dragged the quarter
🟢 FY guidance: +4-5% constant currency; actual YoY revenue growth: 1%
4️⃣ AT&T (T) - The quiet winner of the day
🟢 EPS: $0.59 → $0.65 (+10% beat)
🟢 Revenue: $31.81B → $31.56B (-0.8%)
🟢 FCF $4.7B; stock +5% on earnings day
🟢 1M+ new Advanced Connectivity customers; 2026 FCF guidance: >$18B
5️⃣ Netflix (NFLX) - Strong margin, guidance killed the stock
🟢 EPS: $0.79 → $0.80 (in-line)
🟢 Revenue: $12.58B → $12.56B (+13% YoY)
🟢 Operating margin: 33.4% - among the best in the sector
🟢 Q3 guidance: $12.86B vs consensus $13B → stock -9% on earnings day
Alphabet and Tesla are the two poles of this earnings season. Google is converting AI into Cloud revenue right now (+82%); Tesla is selling AI as a future bet while price cuts erase its margin. AT&T quietly compounding cash.
Netflix posted excellent margins - but the market demands a growth trajectory, not a stability story.
✨ In the AI cycle, the winner is whoever has cloud infrastructure already generating revenue. Alphabet showed it this quarter. Everyone else is still catching up.
➡️Crouton.digital | About us⬅️