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Atlas Research Note

Amazon Q3 2026: Two Trillion-Dollar Businesses Under One Capex Plan

Ben Bajarin ยท October 30, 2026

Creative Strategies earnings read | October 29, 2026 | Amazon third-quarter 2026 results and conference call, October 29, 2026 AWS grew 39% for a sixth straight quarter of acceleration and backlog reached $578 billion. The store earned $10.3 billion of operating income as cost to serve fell again. Amazon expects AWS to grow more than 40% in both 2027 and 2028, and it plans to spend meaningfully more on capex in 2027 than the roughly $220 billion it expects for 2026.

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