Amazon is expected to report Q3 2026 revenue of approximately $202.2 billion and earnings per share of $2.01, as the stock trades near $254.00 against an average analyst target of $331.54. The primary focus for investors remains the performance of Amazon Web Services (AWS) and the visibility of returns on the company's aggressive AI-driven investment cycle.
AWS revenue is projected to reach $45.41 billion for the Q3 2026 period, reflecting 37.6% year-over-year growth as generative AI demand accelerates enterprise cloud migration. However, some analysts remain cautious regarding a negative free cash flow trend, as annual capital expenditure guidance has climbed to roughly $220 billion to support global data center expansion.