Amazon Q3 2026 earnings preview: AWS growth, ad revenue, and capex outlook

Amazon is scheduled to report third-quarter earnings after the market closes Thursday, with analysts projecting adjusted earnings per share of $1.96 and revenue of $202.31 billion, according to LSEG. Wall Street expects Amazon Web Services sales to reach $45.48 billion, a 38% year-over-year increase that would mark the cloud unit's fifth consecutive quarter of accelerating revenue growth. Advertising revenue is forecast at $20.82 billion, per StreetAccount. CEO Andy Jassy recently said AWS cloud capacity is "largely sold out" for next year, with significant commitments already secured for 2028. Amazon raised its 2026 capital expenditure forecast to $220 billion and has laid off over 57,000 staffers since 2022, while reporting negative free cash flow of $7.6 billion in July.