US Q3 2026 Earnings: Alphabet Cloud Doubles, Eli Lilly Surges 39%, Old Dominion Beats

The Quick Take

• Alphabet posted 25% revenue growth to $127.6 billion as Google Cloud surged 103%, though negative free cash flow raised AI spending concerns.
• Eli Lilly delivered 39% revenue growth driven by surging Mounjaro and incretin demand, reaffirming GLP-1 therapeutics dominance.
• Old Dominion Freight Line posted $1.59 billion in revenue with October year-over-year revenue per day up approximately 22%.
• BNP Paribas reported 9% revenue growth with CIB up 17% and launched a EUR 1.3 billion share buyback.
• LiveWire Group posted 41% revenue growth but withdrew full-year guidance amid going concern doubt.

The US Q3 2026 earnings season is delivering a broadly positive but mixed picture across sectors. Alphabet's Google Cloud doubling, Eli Lilly's incretin dominance, and Old Dominion's freight outperformance signal sector-specific strength in cloud infrastructure, pharmaceutical innovation, and logistics. Divergence in free cash flow metrics is notable — Alphabet faces negative FCF despite record revenue as AI infrastructure capex surges, while freight and pharma companies demonstrate disciplined capital conversion. BNP Paribas's strong capital markets performance adds a positive read-through for global financial sector activity.

Alphabet's cloud doubling has direct implications for NVIDIA, Microsoft Azure, and Amazon Web Services — the hyperscaler AI arms race is accelerating. Eli Lilly's 39% growth cements the GLP-1 drugs market as one of the most compelling long-term pharmaceutical themes, with ripple effects for Novo Nordisk, AstraZeneca, and healthcare REITs. Old Dominion's freight momentum contradicts US recession fears and supports bullish readings for industrial and consumer discretionary sectors. LiveWire's going concern flag introduces a cautionary note for smaller EV players, where liquidity pressure is separating viable from non-viable models.

The key macro variable for this earnings season is AI capital return on investment — Alphabet's negative FCF trajectory will be the defining debate in technology valuations for the remainder of 2026. Watch Alphabet's Q4 capex guidance for evidence of AI spending discipline. For Eli Lilly, the next catalyst is FDA approvals and Medicare coverage expansion for incretin therapies. Old Dominion's October commentary — revenue per day up roughly 22% year-over-year — provides an early read on Q4 US economic activity and supply chain health entering the critical holiday season.

Synthesized from 25 sources.