AMAZON $AMZN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $201.9B (Est. $202.3B) 🟡; +12% YoY 🔹 EPS: $1.89 (Est. $1.96) 🔴; w/ Anthropic gain 🔹 Operating Income: $28.1B (Est. $26.2B) 🟢 🔹 AWS Sales: $46.0B (Est. $45.4B) 🟢; +39% YoY 🔹 CapEx: $77.3B (Est. $57.47B) 🟢 Q4 Guide: 🔹 Revenue: $240.0B-$247.0B (Est. $244.5B) 🟡 🔹 Op. Income: $28.5B-$33.5B (Est. $33.1B) 🟡 🔹 Revenue Growth: +12%-+16% YoY Segment Net Sales: 🔹 North America: $112.9B (Est. $113.39B) 🔴 🔹 International: $43.1B (Est. $43.21B) 🔴 Other Q3 Metrics: 🔹 Advertising: $19.6B (Est. $20.87B) 🔴 🔹 Subscription: $14.0B (Est. $13.69B) 🟢 🔹 AWS Operating Income: $17.8B 🔹 Free Cash Flow (TTM): -$42.4B Key Updates: 🔹 Anthropic: $9.5B pre-tax gain in Q3’25 included in non-operating income 🔹 AWS: $184B annualized revenue run rate; over 39% YoY growth 🔹 AgentCore: Tens of thousands of customers; 2x more agents deployed in Q3 🔹 Alexa for Shopping: 400M+ customers; interactions up 570% YoY Comments: 🔸 “Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028”