Amazon reports third-quarter 2026 results after the market close on Thursday, October 29, a day after Microsoft, Alphabet, and the Federal Reserve all report within hours of each other. It’s one of the headline reports in a week stacked with more than two dozen S&P 100 companies — see the full calendar on our Corporate Earnings This Week tracker.

What to Watch

Wall Street consensus calls for EPS of $1.96, roughly flat with $1.95 a year earlier, on revenue near $202.2 billion — within Amazon’s own guided range of $197 billion to $202 billion. Growth looks softer than usual because Prime Day fell in the second quarter this year, which Amazon has said cost nearly 4 percentage points of year-over-year growth in the comparison. The number that matters most is AWS: cloud revenue grew 37% last quarter to $42.2 billion, its fastest pace in 18 quarters, with a backlog of $496 billion, and analysts are looking for growth of 30% to 35% this quarter — a deceleration, but still a historically strong number. Operating income is guided to $22.5 billion to $26.5 billion, and 2026 capital expenditure guidance was raised to $220 billion from $200 billion, underscoring how much Amazon is spending to keep up with AI-driven cloud demand. Advertising, which grew 26% to $19.8 billion last quarter, is another line investors will watch for signs of continued high-margin growth.

Analyst Estimates and Price Targets

The Street consensus rating is Buy, with an average price target of $335.62 — well above Amazon’s recent price in the high $240s to high $250s. Morgan Stanley raised its target to $350 from a lower level on October 19 while maintaining Overweight, one of the more bullish recent moves. Wells Fargo and Cantor Fitzgerald both trimmed their targets on October 12, to $329 and $310 respectively, while keeping Overweight ratings on both — a reminder that even bullish analysts are recalibrating near-term numbers around the slower reported growth rate created by this year’s shifted Prime Day timing, even as they remain constructive on AWS and advertising longer term.

Why It Matters

Amazon’s report caps a three-day stretch of mega-cap tech earnings that started with Microsoft’s fiscal Q1 results and Alphabet’s Q3 report on Wednesday, the same day as the Federal Reserve’s rate decision. AWS’s growth rate is especially relevant alongside this week’s $2 billion Verizon-AWS infrastructure deal, which ties directly into the AI capacity Amazon is building toward. Taken together, the three hyperscalers’ capex and cloud-growth numbers this week will shape how the market reads the broader AI-infrastructure spending cycle heading into year-end.

For the full recap once results are out, and for coverage of other companies reporting this week, see our Earnings coverage, the AMZN Stock Fact Sheet, and the Stock Fact Sheets hub.

This article is for informational purposes only and does not constitute investment advice. Analyst estimates and price targets are subject to change; consult a financial advisor before making investment decisions.

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