Amazon Q3 Earnings Tonight: AWS Growth in Focus as $202 Billion Revenue Expected

Amazon Q3 Earnings Tonight: AWS Growth in Focus as $202 Billion Revenue Expected

Amazon reports its third-quarter results on Thursday, October 29, after the US market closes, and investors will be watching one number above all: the growth of its cloud computing arm, Amazon Web Services. Wall Street expects revenue of about $202.2 billion and earnings per share of roughly $1.97, at the top of Amazon's own guidance range of $197 to $202 billion.

AWS is forecast to grow around 37.5% from a year earlier to $45.4 billion, with a backlog of $496 billion in future contracts. The cloud division grew 37% in the second quarter to $42.2 billion, its fastest pace in four and a half years, helped by demand for AI computing and an expanded partnership with chipmaker Nvidia. After Microsoft and Alphabet both reported this week, Amazon's numbers will complete the big-tech earnings picture.

The question hanging over the results is spending. Amazon raised its 2026 capital expenditure plan by $20 billion to about $220 billion, pushing free cash flow into negative territory over the past year. Investors want to know whether AWS can keep accelerating fast enough to justify that record outlay, and what Amazon expects for the all-important holiday quarter.

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