Amazon reported third-quarter revenue of $201.9 billion and earnings of $1.89 per share, just short of analyst expectations of about $202.2 billion and $1.96. Operating income rose sharply year over year, but net income slipped because last year's results included gains on Amazon's Anthropic investments.
AWS revenue grew 39% to about $46.0 billion, its fastest pace in nearly five years. CEO Andy Jassy said he expects AWS growth to exceed 40% in both 2027 and 2028. Amazon kept its 2026 capital spending forecast at roughly $220 billion and guided Q4 net sales growth of 12% to 16%.
Amazon shares fell about 4% in regular trading on the day of the report. The result shows investors still weighing record AI infrastructure spending against accelerating cloud growth.