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AWS growth accelerated again. Amazon’s results show both the earnings momentum and the investment needed to support it.
Q3 results included:
• Revenue: $201.9B, up 12% YoY
• Operating income: $28.1B, versus $17.4B a year earlier
• Operating margin: a record 13.9%
• Net income: $20.7B, versus $21.2B a year earlier
AWS revenue grew 39.3% to about $46B, its fastest pace in nearly five years. Operating income reached $17.8B, up from $11.4B. North America and International operating profits also increased, showing that the improvement extended beyond cloud.
Retail comparisons have a timing wrinkle. Prime Day moved into Q2 in most major markets, after falling entirely in Q3 last year. Amazon said revenue growth would have been about four percentage points higher without that shift.
Meanwhile, last year’s Q3 included $9.5B in pre-tax gains from Anthropic investments. That helps explain why net income declined even as operating profit increased.
The outlook adds a different perspective. Amazon forecasts Q4 revenue of $240B-$247B, or 12%-16% growth. The $243.5B midpoint is slightly below the $244.5B LSEG estimate cited by CNBC.
Investment and cash flow remain central:
• Q3 cash capital expenditures: $75.9B
• Trailing 12-month operating cash flow: $168.3B, up 29%
• Trailing 12-month free cash flow: a $42.4B outflow
The cash flow figures cover a rolling year, not Q3 alone. Management said quarterly cash capex primarily supported AWS and AI infrastructure, and expects spending to rise meaningfully in 2027.
The contrast is clear: cloud demand and operating profit are growing, while infrastructure investment absorbs cash. The next phase depends on how effectively new capacity is deployed and used, and how that usage translates into cash generation.
Can AWS sustain its momentum while Amazon improves the cash returns on its AI build-out?
#AmazonQ3AWSAccelerates
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