GoKawiilAmazon set to report Q3 earnings with AWS growth and AI spending in focus
Amazon reports third-quarter results Thursday, with analysts polled by LSEG expecting adjusted EPS of $1.96 on revenue of $202.31 billion. StreetAccount forecasts AWS revenue of $45.48 billion, implying 38% growth, which would mark a fifth straight quarter of cloud acceleration, while advertising revenue is expected near $20.82 billion.
GoKawiil's interpretation of the reporting above, not reported fact.
CEO Andy Jassy has said AWS capacity is largely sold out through 2026 and partly booked for 2028, which analysts may read as evidence that heavy AI infrastructure spending is translating into committed demand. Amazon's capex guidance of $220 billion for 2026, with estimates rising above $280 billion in 2027, has already pushed free cash flow negative, so investors will be watching whether management signals when that spending might ease or pay off.
- Analysts expect AWS revenue growth of 38%, extending its streak of acceleration to five quarters.
- Amazon's AI-driven capex is projected to exceed $280 billion in 2027, up from $220 billion guided for 2026.
- The company has posted negative free cash flow and is expected to remain cash flow negative this quarter, per FactSet estimates.
Source: cnbc.com — Annie Palmer, 2026-10-29
Published there as: “Amazon to report Q3 earnings after the bell with AI spend under scrutiny”
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