Amazon Q3 2026: AWS grows 39%, retail in single digits

Amazon reported its third-quarter 2026 results on 29 October: net sales of $201.9 billion, up 12% year over year, and earnings per share of $1.89. Both figures came in slightly below the LSEG consensus ($202.3 billion and $1.96), and the shares fell more than 6% in after-hours trading (at 5:52 PM ET, -6.1% at $229.00, according to CNBC).

The contrast is in the mix: AWS grew 39% year over year to $46.0 billion, its fastest pace in nearly five years, while retail stayed in single digits (North America +6%, International +5%). Operating income reached $28.1 billion, a consolidated operating margin of 13.9% that the company itself describes as the highest in its history.

The open question is the bill: free cash flow has turned negative (-$42.4 billion over the last twelve months) with capex of around $220 billion planned for 2026, mostly for AI infrastructure. Record margins and record spending, in the same quarter.

Source: Amazon Q3 2026 earnings release (Amazon.com Inc., Investor Relations, 29/10/2026) and CNBC after-hours quotes. Data, not a forecast or investment advice.