Amazon will report third-quarter results on 29 October, with analysts expecting revenue of around $202.3bn, a 12.3% increase from $180.2bn a year earlier, and earnings per share of $1.96. Revenue estimates range from $199.4bn to $209.6bn and EPS forecasts from $1.72 to $2.32, while consensus EBITDA stands at $53.6bn.
Revision momentum has been positive, with 11 analysts raising EPS forecasts over the past 30 days against three cuts. The LSEG estimate for full-year 2026 EPS is $13.00, above the consensus mean, implying a positive surprise of 1.36%.
Amazon Web Services remains the main focus, with segment revenue expected at $45.6bn. Third-party seller services are forecast at $45.1bn, advertising at $20.9bn and subscription services at $13.9bn. Chief executive Andy Jassy told Andreessen Horowitz on 23 October that AWS capacity was sold out for 2026 and largely sold out for 2027, with a substantial portion of 2028 also committed. He added that further investment “wouldn’t be a bad use of capital”. Investors will look for any update to the company’s capital expenditure guidance of about $220bn for 2026, as well as AWS margins and demand for AI inference through its Bedrock platform.
Other areas of interest include Amazon’s $8bn cumulative investment in Anthropic, which filed for an initial public offering on 26 October at an expected valuation of around $1.5tn, and commentary on advertising, including Prime Video. Logistics costs may also feature after UPS said it had cut millions of lower-margin Amazon deliveries.