Amazon.com Inc.
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Top-line strength + margin acceleration (overall)
- Q3 2026 revenue: $201.9B (+12% YoY); Operating income: $28.1B (+61% YoY); Operating margin: 13.9% (highest ever).
- Segment backdrop:
- North America revenue: $112.9B (+6% YoY); op margin 7.7%
- International revenue (FX-neutral): $43.1B (+8% YoY); op margin 3.7%
- Prime Day timing effect: Prime Day shifted into Q2 for many countries vs Q3 in 2025; management said excluding that, Q3 growth would be ~+400 bps higher YoY.
AWS: fastest growth in ~5 years + very strong profitability, with rapid AI-driven demand
- AWS revenue: $46B (+39.3% YoY), accelerating for the 6th straight quarter (fastest in nearly 5 years).
- AWS operating income: $17.8B; op margin: 38.7% (still expected to fluctuate with investment cycle).
- AI momentum (key driver):
- Bedrock grew extremely fast: Fortune 500 spending ~7x YoY; token volume ~17x YoY.
- Agent adoption: AgentCore usage doubled vs prior three quarters combined; tens of thousands of customers.
- Security/services demand: interest in AWS Continuum described as exceeding anything seen for a new security service.
- Opportunity thesis / surprise: Management argues the “flywheel” is about running inference near customer data + apps, unlike GPU short-term hosting; claims this should produce stronger long-term economics even under supply scarcity.
Capacity + chips as the central forward lever (and why growth may persist)
- Capacity visibility: management says large capacity commitments are reserved well in advance, giving good visibility for 2027–2028 (and some 2029); still plans to leave some capacity for on-demand.
- Custom silicon economics:
- Graviton/Trainium commitments each up >20x YoY; customers saved >$2B in Q3 with custom silicon.
- Incentive to reduce inference cost is emphasized (Trainium cited as meaningfully better price/performance).
- Forecast: CEO reiterates AWS can grow north of 40% YoY in both 2027 and 2028, potentially reaching $1T revenue in 5–10 years (highly bullish and more explicit than typical).
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$45.38
82.6% downside
Current Fair Value
82.6% downsideOvervalued by 82.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $2.81 Trillion |
|---|---|
| Enterprise Value | $3.05 Trillion |
| Earnings per Share | $7.29 |
| Beta | 1.46 |
| Outstanding Shares | 10,797,000,000 |
Return
| Return on Equity | 21.97% |
|---|---|
| Return on Assets | 10.84% |
| Return on Invested Capital | 16.19% |
Valuation & Multiples
| P/E Ratio | 19.17 |
|---|---|
| PEG | -808.93 |
| Price to Sales | 3.56 |
| Price to Book Ratio | 4.65 |
| Enterprise Value to Revenue | 3.82 |
| Enterprise Value to EBIT | 19.1 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.48 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.97
Consensus analyst estimateRevenue Estimate
$202.22 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$2.42
Consensus analyst estimateRevenue Estimate
$244.90 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.84, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.8402▲ 110.04% |
|---|---|
| Total Calls | 802,841▼ 99.61% |
| Total Puts | 1,477,400▼ 99.02% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.80%▼ 64.02% |
|---|---|
| Total Invested | $101.72B▼ 94.15% |
| Investors Holding | 2,810▼ 3687.00% |
About Amazon.com Inc.
1,576,000 employees
CEO: Jeffrey Bezos
Amazon.com, Inc. is a leading global technology and e-commerce enterprise, specializing in the retail of consumer goods and various subscription services across North America and international markets. The company's operations are divide...