Market cap
$2.64T
at current price
Amazon.com, Inc. · Common stock · Seattle, Washington
AWS is back, and so is the capex.
Amazon grew revenue 12% to $201.9B last quarter, about 16% without the Prime Day shift, and AWS accelerated to 39%, its fastest in nearly five years. Operating margin hit a record 13.9%. But Q3 capex of $77B pushed trailing free cash flow to −$42B, and 2027 spending will rise again.
Last close · Oct 29, 2026
$243.79
52-week range
$196–287
closing low / high
P/E
~20×
trailing GAAP · ~23× 2027 consensus EPS $10.69
Revenue TTM
Q4 2026 guide
$240–247B
op. income $28.5–33.5B
Next earnings
Early Feb
Q4 2026 · date not yet announced
Price, last 12 months
Daily closes with the 50-day average. The stock ranged from about $196 to $287 over the past year; it closed at $243.79 before Q3 results and fell nearly 7% after hours.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
1.46
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. Q2 2026 GAAP EPS of $5.75 includes a $53.4B pre-tax gain on Anthropic; Prime Day moved from Q3 to Q2 in 2026. Q4 is the holiday peak. The last bar is guidance at the midpoint.
RevenueGross margin (right axis)Guidance
Q3 2026
$201.9B
+12% YoY · ~+16% ex Prime Day shift
AWS
$46.0B
+39% · $17.8B operating income
Op. income
$28.1B
+61% · record 13.9% margin
EPS
$1.89
vs ~$1.97 consensus · Q4 guide $240–247B
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
AWS re-acceleration
AWS grew 39.3%, a sixth straight quarter of acceleration, with a 38.7% margin and a $578B backlog. Jassy projects growth above 40% in both 2027 and 2028.
Tailwind
Custom chips
The Trainium and Graviton chip business still grows at triple-digit rates, anchored by Anthropic; Amazon plans to sell Trainium to outside customers from late 2027.
Watch
Capex and free cash flow
Q3 capex of $77.3B was about $20B above estimates, and trailing free cash flow fell to −$42.4B from +$14.8B a year earlier. Jassy says 2027 spending will be meaningfully higher; long-term debt is $173B.
Watch
Retail and ads timing
Moving Prime Day into Q2 cut Q3 growth by about 4 points and ads grew only 12%. Management expects ad growth back in the high teens in Q4.
Risk
Paper gains
The Anthropic markup inflated Q2 GAAP EPS to $5.75; it is not cash and can reverse, so trailing P/E looks lower than underlying profit.
Calendar
Nov–Dec 2026
Holiday quarter
Guide: sales $240–247B (+12–16%), operating income $28.5–33.5B, ads growth in the high teens.
Dec 2026
AWS re:Invent
Annual AWS conference in Las Vegas; usually brings new Trainium and AI service launches.
Early Feb 2027
Q4 results and 2027 capex
Date not yet announced; expected to quantify the 2027 capex increase.