Google CEO Sundar Pichai looks on during the AI Impact Summit in New Delhi on Feb. 19, 2026.

Ludovic Marin | AFP | Getty Images

Alphabet is set to report its first-quarter earnings after the bell Wednesday.

Here's what Wall Street is looking for, according to analysts polled by LSEG:

Earnings per share: $2.63

Revenue: $107.2 billion

Wall Street is also watching several other numbers in the report:

Google Cloud: $18.05 billion estimated, according to StreetAccount

YouTube advertising: $9.99 billion estimated, according to StreetAccount

Traffic acquisition costs: $15.3 billion estimated, according to StreetAccount

Alphabet's stock has been the top performer over the past year among the tech megacaps, soaring 118% as of Tuesday's close.…