Amazon (AMZN) Q3 2026 Earnings
Q3 2026 includes total non-operating expense of $1,207 million (other income (expense), net of $(703) million); year-ago Q3 2025 EPS of $1.95 included $9.5 billion of pre-tax gains from investments in Anthropic.
How Did AMZN Stock React to Q3 2026 Earnings?
Did AMZN Beat Earnings? Q3 2026 Results
No. Amazon reported Q3 2026 earnings of $1.89 a share on Oct 29, 2026, missing the $1.96 consensus estimate by 3.5%. Revenue was $201.9B against a $202.2B estimate.
Amazon delivered a mixed third quarter for fiscal 2026, posting GAAP earnings of $1.89 per share on revenue of $201.94 billion, missing consensus estimates of $1.96 and $202.20 billion by 3.47% and 0.13%, respectively, as the headline numbers obscured a quarter of genuine operational strength. Revenue climbed 12.1% year over year, though the comparison was clouded by a Prime Day calendar shift that depressed retail growth; management estimated that excluding this timing effect, growth would have been roughly 400 basis points higher. The biggest story was AWS, where segment revenue surged 39% to $45.98 billion, what the company called its fastest growth in nearly five years, while AWS operating income jumped to $17.77 billion from $11.43 billion. GAAP net income dipped versus the year-ago period, primarily because Q3 2025 had included $9.50 billion in pre-tax Anthropic investment gains, while this quarter recorded net non-operating expense of $1.21 billion. Amazon guided Q4 net sales to $240.00 billion to $247.00 billion, with operating income of $28.50 billion to $33.50 billion, and reiterated full-year capital expenditures of approximately $220.00 billion as its AI infrastructure buildout accelerates.
- AWS sales up 39% to $45,984 million with operating income of $17,773 million
- Operating margin of 13.9%, which the company called its highest ever
- North America operating income rose to $8,723 million from $4,789 million
- Bedrock token volume up nearly 17x YoY; Fortune 500 Bedrock spending up nearly 7x
- AgentCore customers deployed 2x more agents in Q3 than the prior three quarters combined
- Grocery growing about 3x faster than the rest of the store, representing about half of units sold
- More than 1.5 billion items delivered same-day or overnight to Prime members
- Prime Day shift into Q2 reduced Q3 growth by approximately 400 bps
“Our 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.”
Amazon CEO, on the earnings call
What Is Amazon's Outlook?
For Q4 2026, Amazon expects net sales of $240.0 billion to $247.0 billion, or 12% to 16% growth compared with Q4 2025. This includes an approximately 60 basis point unfavorable FX impact. Operating income is expected to be $28.5 billion to $33.5 billion, versus $25.0 billion in Q4 2025. Advertising revenue growth is expected in the high teens in Q4 after timing-impacted 12% growth (ex-FX) in Q3. Amazon continues to expect 2026 cash capital expenditures of approximately $220 billion. The CEO said AWS revenue growth is projected to exceed 40% in both 2027 and 2028. Guidance assumes no impact from energy derivative contract remeasurements and no additional acquisitions, restructurings, or legal settlements.
AMZN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $201.9B | $180.2B | +12.1% |
| Operating Income | $28.1B | $17.4B | +61.2% |
| Net Income | $20.7B | $21.2B | −2.4% |
AMZN Revenue by Segment
AMZN Revenue by Geography
When Does Amazon Report Next?
Figures from SEC filings and company reports. Not investment advice.