Amazon.com Inc. (AMZN) Q3 2026 (USD): EPS 1.89 (exp. 1.97), Sales 201.9bln (exp. 202.2bln)

• AWS sales 46bln.
• AWS operating income 17.8bln.

• Sales 240-247bln (exp. 244.2bln).
• Operating income 28.5-33.5bln (exp. 33.2bln).

The print is a double miss, EPS below consensus and revenue a fraction light, but for this name the headline lines have historically been secondary to the AWS disclosure and the forward operating income guide. AWS revenue and its operating income are the lines that have driven the after-hours reaction in past quarters, because the cloud segment carries a disproportionate share of consolidated profit and the market reads it as the signal on enterprise and AI-related spending momentum. The Q4 operating income range, with a midpoint below the consensus figure, fits the established pattern of guidance framed around heavy capex and investment commentary, which on previous occasions has capped the stock even when the revenue guide straddles expectations. The usual sequence is an initial move on the EPS and revenue miss, a re-read once AWS margins and the guidance midpoints are digested, and a further leg on the call depending on capex trajectory and any commentary on cloud backlog or AI workload demand. Worth watching is whether the Q4 revenue range midpoint sits above or below the street figure and how AWS growth and margins compare with the recent trend, since disappointment on the cloud line has tended to dominate whatever the retail segment does. The follow-ons are the peer read-across to other hyperscalers reporting in the same window and any revisions to capex assumptions feeding into the broader AI-spending narrative that has linked the megacap complex.