Shares of Google’s parent company, Alphabet Inc. (Nasdaq: GOOG), could suffer a historic post-earnings loss today.

As of the time of this writing, the stock price is down more than 10% after the company reported what can only be described as disappointing results for its most recent quarter yesterday. Here’s what you need to know.

Yesterday, Alphabet announced its third-quarter 2026 results, which cover the three-month period that ended on September 30. On the surface, the search giant and AI hyperscaler tried to dress up the results as best as possible.

Those results included a 25% increase in consolidated revenue to $127.6 billion, a 103% increase in Google Cloud, and crossing the 1 billion milestone when it comes to Gemini app users, which makes Gemini, Google’s AI chatbot, the fastest-growing product in the company’s history.

Unfortunately for Google, its revenue increases largely fell short of investor expectations. As noted by CNBC, Google’s revenue of $127.58 billion came in below Wall Street expectations of $128.22 billion.

Worse, Google’s adjusted earnings per share (EPS) was $2.67. That was well below the $3.02 Wall Street was expecting.

After Alphabet announced its Q3 results after the closing bell yesterday, GOOG shares sank more than 10%. That loss has extended to premarket trading this morning. If it holds through the closing bell today, it will be the largest one-day post-earnings stock price fall in Google’s history.

But what’s really driving that fall? Two big things seem to be freaking GOOG investors out.

Perhaps the biggest factor spooking investors today is that Google posted negative free cash flow for the quarter.

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