โ
๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข GAAP EPS: $1.89 (Normalized Est. $1.99, not directly comparable).
โข Revenue: $201.9B (Est. $202.26B) โ, +12% YoY.
โข Operating Income: $28.1B, +61% YoY.
โข Operating Margin: 13.9%, record high.
โข Net Income: $20.7B (vs. $21.2B YoY).
โข TTM Operating Cash Flow: $168.3B, +29% YoY.
โข TTM Free Cash Flow: -$42.4B (vs. +$14.8B YoY).
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q4 Revenue: $240Bโ$247B, midpoint $243.5B (Est. $244.31B) โ.
โข Q4 Operating Income: $28.5Bโ$33.5B.
โข FY2026 Cash CapEx: ~$220B.
โข AWS Revenue Growth: Above 40% projected for both 2027 and 2028.
โข Q4 Advertising Revenue Growth: High teens YoY expected.
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 revenue missed consensus by ~0.2%, while operating income surged 61% YoY.
โข AWS revenue accelerated 39% to $46.0B, reaching a $184B annualized run rate.
โข AWS operating income increased 56% to $17.8B.
โข North America revenue increased 6% to $112.9B, with operating income rising to $8.7B.
โข International revenue grew 5% to $43.1B.
โข AWS Bedrock token volume surged nearly 17x YoY, with Fortune 500 spending nearly 7x higher.
โข AWS AgentCore customers deployed twice as many agents in Q3 as in the previous three quarters combined.
โข TTM free cash flow turned negative at -$42.4B, reflecting sharply higher AI infrastructure investments.
โข Amazon expects ~$220B in cash capital expenditures for 2026.
โข Alexa for Shopping reached more than 400M customers over the past 12 months, with interactions up 570% YoY.
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โOur AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028.โ
