Amazon.com, Inc. Q3 2026 Earnings Recap

Amazon’s shares fell 1.4% after earnings, a roughly flat reaction. Revenue and operating income grew, while AWS accelerated; the transcript excerpt does not establish a specific disappointment behind the move.

Key Takeaways

• Revenue was $201.9 billion, up 12% year over year; operating income was $28.1 billion, up 61%.
• AWS grew 39.3%, accelerating for the sixth consecutive quarter and reaching its fastest growth in nearly five years.
• AWS backlog was $578 billion, growing at a triple-digit rate year over year, according to management.
• Bedrock token volume grew nearly 17x year over year; Fortune 500 companies spent nearly 7x more on the service.
• Management highlighted higher memory costs and significant depreciation tied to AWS investment, while saying AI-side margins are improving.