1. The market consensus expects Alphabet's Q3 earnings to show EPS of $1.84 on revenue of $86.3 billion and operating income of $26.44 billion, with expected y-o-y growth of 19%, 13%, and 24% respectively. 2. Revenue estimate revisions have seen downward adjustments, especially for 2026, despite stable 2025 estimates. 3. The stock is valued at 22x '24 EPS with estimated EPS growth of 20% and 14% in 2024 and 2025, respectively, making it cheap on a PEG basis.