Amazon.com, Inc. · AMZN · FY2025 Q3 · Calendar Q4 2025

Amazon Q3 2025: AWS and AI investment lead growth

The supplied transcript analysis supports a constructive growth case for Amazon, led by AWS, AI services, advertising, and logistics, but the case depends on converting heavy capacity investment into durable growth without sustained margin pressure.

Reported After market closeNASDAQConsumer Cyclical $2647.86B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.95 Consensus $1.57
EPS surprise +24.2% Reported versus consensus
Reported revenue $180.17B Consensus $177.91B
Revenue surprise +1.3% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +9.6% Event window
SPY move +0.3% Same window
Abnormal move +9.3% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift -4.2% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2025 Q3

Transcript, numbers and history already loaded
Why did AMZN rise 9.6% after beating EPS estimates in FY2025 Q3?What changed in AMZN's guidance and outlook in FY2025 Q3?Give me the bull and bear case for AMZN after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the current analysis emphasizes faster AWS growth, broader AI infrastructure and agentic-AI investment, expanded grocery delivery, and continued advertising partnerships. The investment intensity also increased, while capacity, competition, special charges, and execution remained central risks.

Guidance delta

Management's guidance sentiment was maintained; the supplied analysis does not indicate a change from the prior outlook.

Key takeaways

  • Revenue grew 12% to $180.2 billion, with AWS up 20.2% year over year.
  • Management highlighted AI infrastructure, Trainium, agentic AI, grocery delivery, and advertising partnerships.
  • The growth plan requires continued heavy investment: Q3 capex was expected at $34.2 billion and full-year capex at $125 billion.
  • Special charges and capacity constraints remain important counterweights to the growth story.

Management priorities

  • Expand AWS power capacity and infrastructure for AI workloads
  • Scale Trainium, Bedrock, AgentCore, and other agentic AI offerings
  • Extend same-day grocery delivery and the broader logistics network
  • Grow advertising through deeper media partnerships

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Earnings History

Estimate Beat Miss Match
AMZN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $0.80 Q4 '23 actual $1.00, beat Q1 '24 estimate $0.83 Q1 '24 actual $0.98, beat Q2 '24 estimate $1.03 Q2 '24 actual $1.26, beat Q3 '24 estimate $1.14 Q3 '24 actual $1.43, beat Q2 '25 estimate $1.31 Q2 '25 actual $1.68, beat Q3 '25 estimate $1.57 Q3 '25 actual $1.95, beat Q4 '25 estimate $1.97 Q4 '25 actual $1.95, miss Q1 '26 estimate $1.63 Q1 '26 actual $2.78, beat Q2 '26 estimate $1.82 Q2 '26 actual $5.75, beat Q3 '26 estimate $1.96 Q4 '26 estimate $2.41 Q1 '27 estimate $2.34
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Analyst Consensus ?

ConsensusBuy91 ratings
Bullish8391.2%
Neutral77.7%
Bearish11.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$246.15Previous close
$1Low
$248.19Average
$390High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainSep 3, 2026
Wedbush Outperform OutperformMaintainJul 31, 2026
UBS Buy BuyMaintainJul 31, 2026
Truist Securities Buy BuyMaintainJul 31, 2026
Telsey Advisory Group Outperform OutperformMaintainJul 31, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $246.15. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$200$251.55 -18.7%Sep 17, 2026
Wells FargoKen Gawrelski$338$254.98 +37.3%Sep 3, 2026
Evercore ISIAnalyst unavailable$355$256.26 +44.2%Aug 28, 2026
Roth CapitalAnalyst unavailable$325$271.58 +32.0%Aug 3, 2026
RBC CapitalBrad Erickson$330$270.17 +34.1%Jul 31, 2026
See 343 more

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Company context

Snapshot as of publication

Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content.…

Historical context

All AMZN earnings
+15.3%FY2026 Q2 · Calendar Q3 2026+0.8%FY2026 Q1 · Calendar Q2 2026

Consumer Cyclical peers this season

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AZO AutoZone, Inc. FY2026 Q4 · Calendar Q3 2026 +3.6% +3.3% AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan
LEN-B Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — — Lennar: Efficiency Gains Offset Housing-Market Pressures
LEN Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — -4.1% Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds
TCOM Trip.com Group Limited FY2026 Q2 · Calendar Q3 2026 +22.3% +3.0% Trip.com pairs international growth with heavier AI investment
CASY Casey's General Stores, Inc. FY2027 Q1 · Calendar Q3 2026 +8.7% -14.2% Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile

Latest beats and misses

Who reports next

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Missed on EPS

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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-29T05:51:01.454085+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T05:51:01.451415+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.