Amazon.com, Inc. · AMZN · FY2026 Q3 · Calendar Q4 2026

Amazon pairs accelerating AWS AI demand with sustained capital intensity

The quarter supports a constructive operating picture: AWS AI demand, retail execution, advertising, and automation are advancing together. The main counterweight is the substantial investment required to sustain that growth, with margin and cost risks still visible.

Reported After market closeNASDAQConsumer Cyclical $2629.59B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.89 Consensus $1.97
EPS surprise -4.1% Reported versus consensus
Reported revenue $201.94B Consensus $202.22B
Revenue surprise -0.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -1.6% Event window
SPY move -1.6% Same window
Abnormal move -0.1% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2026 Q3

Transcript, numbers and history already loaded
Why did AMZN fall 1.6% after missing EPS estimates in FY2026 Q3?What changed in AMZN's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AMZN after FY2026 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, AWS growth accelerated and management added detail on Amazon Quick, AgentCore, expanded Bedrock integrations, DuckLabs, TorchNeuron, and planned external Trainium sales. The company also reiterated high 2026 CapEx and indicated a larger spend planned for 2027.

Guidance delta

Management maintained its outlook and reaffirmed Q4 revenue guidance of $240–247 billion and operating income guidance of $28.5–33.5 billion.

Key takeaways

  • AWS growth accelerated to 39.3% year over year, with a 38.7% operating margin.
  • Retail unit growth was 12%, while Prime Now reached more than 450 cities and grocery/perishables outpaced the broader store.
  • Q3 cash CapEx was $75.9 billion; 2026 cash CapEx remains projected at $220 billion, with higher spending planned for 2027.
  • Management highlighted Bedrock, custom silicon, advertising tools, robotics, and the planned Amazon Leo rollout.

Management priorities

  • Add AWS capacity and expand AI services through 2027–2028.
  • Scale Bedrock, custom silicon, and AI products including Amazon Quick and Amazon Ads Agent.
  • Expand Prime Now, grocery and perishables delivery, and fulfillment-center robotics.
  • Begin initial Amazon Leo rollout this year and plan external Trainium sales for late 2027.

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Earnings History

Estimate Beat Miss Match
AMZN EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 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 $1.97 Q3 '26 actual $1.89, miss Q4 '26 estimate $2.41 Q1 '27 estimate $2.33
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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

$238.82Current
$1Low
$250.7Average
$390High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainOct 26, 2026
Morgan Stanley Overweight OverweightMaintainOct 19, 2026
Wells Fargo Overweight OverweightMaintainOct 12, 2026
Cantor Fitzgerald Overweight OverweightMaintainOct 12, 2026
Tigress Financial Buy BuyMaintainOct 6, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $238.82. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSStephen Ju$348$248 +45.7%Oct 26, 2026
Morgan StanleyBrian Nowak$350$256.84 +46.6%Oct 19, 2026
Wells FargoKen Gawrelski$329$262.43 +37.8%Oct 12, 2026
Tigress FinancialIvan Feinseth$385$255.36 +61.2%Oct 6, 2026
Rosenblatt SecuritiesScott Devitt$360$246.67 +50.7%Sep 30, 2026
See 348 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+9.6%FY2025 Q3 · Calendar Q4 2025

Consumer Cyclical peers this season

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DHI D.R. Horton, Inc. FY2026 Q4 · Calendar Q4 2026 -11.3% +2.5% D.R. Horton FY2026: Strong Cash Flow, Cautious Housing Outlook
QSR Restaurant Brands International Inc. FY2026 Q3 · Calendar Q4 2026 +1.9% -2.0% RBI posts solid Q3 growth as Popeyes and cost pressures remain watchpoints

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-10-30T15:11:08.466983+00:00
  2. FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
  3. Polygon adjusted daily market bars · 2026-10-30T16:50:44.152363+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T16:50:44.148661+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 2026-10-30. For educational purposes only; not investment advice.