Amazon stock: AMZN price, Q3 2026 earnings and outlook
Last revised: November 4, 2026 · By the FintechZoom Markets Desk, reviewed under our editorial policy
Amazon stock (NASDAQ: AMZN) closed at $250.69 on Tuesday, November 3, 2026, up 2.06% on the day, according to StockAnalysis price history. By 11:07 a.m. ET on November 4 it was trading near $266.22, up about 6.2%, as large US tech stocks rallied after the midterm results (StockTitan live blog citing CNBC).
The latest Amazon earnings report, for the third quarter of 2026, came out on October 29: net sales rose 12% to $201.9 billion, AWS revenue rose 39% to $46.0 billion, and diluted EPS fell to $1.89 from $1.95 because the year-earlier quarter carried $9.5 billion of pre-tax gains on Amazon’s Anthropic investment (Amazon Q3 2026 release). EPS missed the $1.97 FactSet consensus and the shares fell more than 6% after hours (AP), then closed down 1.41% at $240.35 on October 30 before recovering.
This FintechZoom Amazon stock page explains how Amazon makes money, what the Q3 2026 numbers show, why the AMZN stock price moved, how the valuation looks once one-off investment gains are stripped out, and which dates to watch next. Figures are labelled as reported results, analyst estimates or FintechZoom calculations.
Amazon earnings: Q3 2026 results at a glance
Reported figures for the quarter ended September 30, 2026, from the Amazon Q3 2026 earnings release published October 29, 2026.
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Net sales | $201.94B | $180.17B | +12% (+13% ex-FX) |
| Operating income | $28.08B | $17.42B | +61% |
| Operating margin | 13.9% | 9.7% | +4.2 pts |
| Net income | $20.69B | $21.19B | -2% |
| Diluted EPS | $1.89 | $1.95 | -3% |
| Operating cash flow, trailing 12 months | $168.3B | $130.7B | +29% |
| Free cash flow, trailing 12 months | -$42.4B | $14.8B | Swung to an outflow |
| Purchases of property and equipment, Q3 | $77.26B | $35.10B | +120% |
Two items distort the year-on-year comparison. Prime Day moved into the second quarter for most large countries in 2026, and Amazon said Q3 sales growth would have been about 4 percentage points higher without that shift. Q3 2025 operating income also carried $2.5 billion for a Federal Trade Commission settlement and $1.8 billion of estimated severance costs (Amazon Q3 2025 release), which flatters the 61% operating income growth figure.
Fourth-quarter 2026 guidance
Amazon guided Q4 2026 net sales to $240.0 billion to $247.0 billion, growth of 12% to 16%, with about 60 basis points of currency drag. Analysts had expected $244.16 billion, per FactSet data cited by AP. Operating income guidance is $28.5 billion to $33.5 billion, against $25.0 billion in Q4 2025. Amazon expects advertising revenue to grow in the high teens in Q4 and still expects 2026 cash capital expenditures of about $220 billion (Amazon).
Why the Amazon stock price moved after earnings
| Date | AMZN price | Daily change | Context |
|---|---|---|---|
| Oct 28, 2026 | $254.60 | +0.59% | Last close before the report week sell-off |
| Oct 29, 2026 | $243.79 | -4.25% | Regular session; Q3 results came after the close |
| Oct 30, 2026 | $240.35 | -1.41% | Opened about 5% lower, volume about 105 million shares |
| Nov 2, 2026 | $245.63 | +2.20% | Partial recovery |
| Nov 3, 2026 | $250.69 | +2.06% | Latest close; midterm election day |
| Nov 4, 2026, 11:07 a.m. ET | $266.22 | +6.19% | Intraday, not a close; broad tech rally |
Price data: StockAnalysis, checked November 4, 2026. The October 30 volume and the 5% lower open come from The Motley Fool via Yahoo Finance.
The sell-off had three parts. EPS of $1.89 and revenue of $201.9 billion both came in under consensus. Capital spending of $77.3 billion in one quarter pushed trailing 12-month free cash flow to an outflow of $42.4 billion, the figure Zacks singled out on October 30. Q4 sales guidance had a midpoint of $243.5 billion, a little under the $244.16 billion analysts expected.
The rebound came from the other side of the same report. AWS grew 39.3%, which Amazon called its sixth straight quarter of acceleration, and CEO Andy Jassy put the AWS backlog at $578 billion, growing at triple-digit rates year on year (About Amazon, October 30). On November 4, Amazon was up 8.12% at 10:01 a.m. ET as the Dow, the S&P 500 and the Nasdaq all rose after Democrats won control of Congress (StockTitan). For the wider session, see our US stock market today page.
The chart below is a live TradingView daily chart of NASDAQ:AMZN. It updates through the trading day and is not a FintechZoom forecast.
How Amazon makes money
Amazon reports three segments. North America and International hold the retail business: Amazon’s own online and physical store sales, fees from third-party sellers, Prime and other subscriptions, and advertising. AWS sells cloud computing, storage, databases and AI services to companies and governments. Retail produces most of the revenue; AWS produces most of the profit.
| Segment, Q3 2026 | Net sales | Growth y/y | Operating income | Q3 2025 op. income | Op. margin |
|---|---|---|---|---|---|
| North America | $112.85B | +6% | $8.72B | $4.79B | 7.7% |
| International | $43.11B | +5% (+8% ex-FX) | $1.58B | $1.20B | 3.7% |
| AWS | $45.98B | +39% | $17.77B | $11.43B | 38.7% |
| Total | $201.94B | +12% | $28.08B | $17.42B | 13.9% |
Source: Amazon Q3 2026 release. Margins are FintechZoom calculations from reported figures. AWS earned 63% of total operating income on 23% of sales in the quarter.
| Revenue line, Q3 2026 | Net sales | Growth y/y |
|---|---|---|
| Online stores | $68.47B | +2% |
| Third-party seller services | $46.49B | +9% |
| Advertising services | $19.64B | +11% (+12% ex-FX) |
| Subscription services | $14.01B | +11% |
Online store growth of 2% and advertising growth of 11% were both held down by the Prime Day shift. Advertising grew 26% to $19.8 billion in Q2 2026, when Prime Day landed (Amazon Q2 2026 release), and Amazon guided to high-teens advertising growth for Q4.
AWS, AI spending and free cash flow
AWS growth has climbed through 2026: 24% in Q4 2025 (Amazon), 28% in Q1 2026 (Amazon), 37% in Q2 and 39% in Q3. The AWS operating margin was 38.7% in Q3, up from 34.6% a year earlier. Jassy said Amazon is installing an AI accelerator about every 14 seconds and that revenue commitments for its Graviton and Trainium chips have each risen more than 20 times year on year (About Amazon).
The cost shows up in cash flow. Operating cash flow over the last 12 months rose 29% to $168.3 billion, but purchases of property and equipment over the same period were $215.2 billion. That left a free cash flow outflow of $42.4 billion. A year earlier the same measure was a $14.8 billion inflow. Amazon still expects about $220 billion of cash capex for 2026, and that spending turns into depreciation charges against AWS and retail profit in later years.
The Anthropic stake and Amazon EPS
Amazon’s reported earnings in 2026 swing with the value of its investment in Anthropic, the AI company whose Claude models AWS sells through Amazon Bedrock. These gains sit below operating income, in non-operating income, and are not cash from customers.
- Q3 2025: $9.5 billion of pre-tax Anthropic gains (Amazon)
- Q1 2026: $16.8 billion of pre-tax Anthropic gains; diluted EPS $2.78 (Amazon)
- Q2 2026: $53.4 billion of non-operating pre-tax income, mainly from Anthropic; diluted EPS $5.75 (Amazon)
- Q3 2026: other income was a net expense of $703 million; diluted EPS $1.89
This is why the trailing P/E on most quote pages looks low for a company growing operating income this fast. Operating income is the cleaner measure of the business.
Amazon stock valuation
| Measure | Value | Basis |
|---|---|---|
| Share price | $250.69 | Close, Nov 3, 2026 (StockAnalysis) |
| Shares outstanding | 10.81B | StockAnalysis |
| Market value | About $2.71T | FintechZoom calculation: price x shares |
| Diluted EPS, last 4 quarters | $12.37 | Sum of $1.95, $2.78, $5.75, $1.89 from Amazon releases |
| Trailing P/E on reported EPS | About 20x | FintechZoom calculation |
| Anthropic-related pre-tax gains in those 4 quarters | At least $70.2B | $16.8B in Q1 2026 plus $53.4B in Q2 2026 |
| EPS excluding those gains | About $7.35 | FintechZoom estimate, assumes 22% tax and 10.9B diluted shares |
| Trailing P/E excluding those gains | About 34x | FintechZoom estimate |
| Operating income, last 4 quarters | About $104.5B | $25.0B + $23.9B + $27.5B + $28.1B |
| Market value / operating income | About 26x | FintechZoom calculation |
| Forward P/E | 24x (S&P 500: 19x) | Zacks, October 30, 2026 |
Rows marked as FintechZoom calculations use the November 3 close and the company figures listed. The tax rate and diluted share count are our assumptions, so treat the 34x figure as a rough guide. On reported EPS the stock looks cheaper than the wider market; with the Anthropic gains removed it trades at a premium, which is closer to how the 24x forward P/E from Zacks reads. For how peers compare, see our Microsoft stock, Google stock and Apple stock pages.
Competition: AWS, Azure and Google Cloud
Cloud results for the quarter ended September 30, 2026:
| Cloud business | Quarterly revenue | Growth y/y | Other data | Source |
|---|---|---|---|---|
| AWS (Amazon) | $45.98B | +39% | Operating income $17.77B; backlog $578B | Amazon, About Amazon |
| Azure (Microsoft) | $33.17B | +48% | Microsoft Cloud revenue $63.9B | Microsoft |
| Google Cloud (Alphabet) | $30.7B | +103% | Cloud backlog $560.8B | ANI via Times of Oman, Quartr |
AWS is the largest of the three by revenue, and Azure and Google Cloud are growing faster from smaller bases. Microsoft reported Azure revenue of $33.17 billion, up 48%, on October 28, 2026. Google Cloud figures come from news coverage of Alphabet’s October 29 report; we could not open Alphabet’s own filing when we checked. In retail, Amazon competes with Walmart, Temu, Shein and others; in advertising, with Alphabet and Meta (see our Meta stock page).
AMZN stock scenarios
These are FintechZoom scenarios for the next 12 months. They describe conditions, not price targets, and none of them is a forecast.
| Scenario | What would have to happen | What would invalidate it |
|---|---|---|
| Bull | AWS growth holds above 40% into 2027, as Jassy projected; advertising returns to high-teens growth in Q4; capex stops rising in 2027 and free cash flow turns positive. | AWS growth slows below 35%, or 2027 capex guidance rises again with no matching lift in AWS revenue. |
| Base | AWS grows in the mid-to-high 30s; Q4 operating income lands inside the $28.5B to $33.5B range; free cash flow stays negative through 2026 and improves in 2027. | Q4 operating income outside guidance in either direction, or a change in the $220B capex plan. |
| Bear | AI demand cools or prices fall, depreciation from the 2025 to 2026 build-out squeezes AWS margins below 35%, and retail margins slip as consumer spending weakens with inflation at 3.7%. | AWS margin holds near 38% to 39% and the backlog keeps growing. |
Amazon stock catalysts and dates
| Date | Event | Why it matters for AMZN |
|---|---|---|
| Nov 26 to Nov 30, 2026 | Thanksgiving, Black Friday and Cyber Monday | Holiday-quarter retail and advertising demand |
| Nov 30 to Dec 4, 2026 | AWS re:Invent, Las Vegas (AWS) | AI chip, Bedrock and agent product news |
| By Dec 31, 2026 | Amazon Leo satellite service start | Amazon said in the Q3 release it is on track to begin initial service later in 2026 |
| Dec 8 to Dec 9, 2026 | Federal Reserve meeting (Fed calendar) | Rate path for long-duration growth stocks |
| Late Jan or early Feb 2027 | Q4 2026 results | Date not posted on Amazon IR as of Nov 4; the Q4 2025 report came on Feb 5, 2026 |
Risks to watch
- Capex payback: about $220 billion of 2026 spending has to earn a return through AWS revenue and margins.
- Investment swings: Anthropic gains lifted 2026 EPS; a lower valuation for Anthropic would cut reported earnings the same way.
- Rates: the Federal Reserve held its target range at 3.75% to 4.00% on October 28, 2026, with two officials voting for a hike (Federal Reserve), and futures priced a 79% chance of a December hike on November 3 (Reuters via Kitco). See our Treasury rates page.
- Policy: on November 4, worries about limits on AI data centers after the midterms weighed on AI cloud and chip stocks (StockTitan).
- Regulation: Amazon paid $2.5 billion in a 2025 settlement with the Federal Trade Commission, booked in Q3 2025 (Amazon).
- Consumer demand: US CPI inflation was 3.7% in September 2026 (BLS), which can squeeze retail volumes and seller budgets.
From our desk: what we found checking this update
The previous edition of this page, last changed September 22, 2026, gave a share price of $188, a P/E of 48.5 and AWS growth of 19% with no dates or sources. In the latest quarter AWS grew 39% and the stock closed at $250.69 on November 3. AP reported a fall of more than 6% after hours on October 29, but the regular session on October 30 ended only 1.41% lower, so after-hours moves overstated the damage.
We also found that quote sites showing a trailing P/E of about 19 to 22 are using EPS that includes at least $70.2 billion of Anthropic gains, while the Zacks forward P/E is higher at 24x, an unusual gap that the one-off gains explain. The old chart widget was fixed at 800 pixels wide and overflowed on phones; it now fits the screen.
Amazon stock FAQs
What is the Amazon stock price?
Amazon closed at $250.69 on November 3, 2026, up 2.06% on the day. At 11:07 a.m. ET on November 4 it traded near $266.22, up about 6.2%, during a broad rally in large tech stocks. The live quote widget on this page updates through the trading day.
Why did Amazon stock fall after the Q3 2026 earnings report?
Amazon reported diluted EPS of $1.89 against a $1.97 consensus and revenue of $201.9 billion against $202.2 billion expected. Free cash flow over the last 12 months was an outflow of $42.4 billion because of heavy AI spending. The shares fell more than 6% after hours on October 29 and closed down 1.41% at $240.35 on October 30.
How fast is AWS growing?
AWS revenue rose 39% to $45.98 billion in Q3 2026 and its operating income reached $17.77 billion, a 38.7% margin. Amazon put the AWS backlog at $578 billion, and Andy Jassy said he expects AWS growth above 40% in both 2027 and 2028.
Why did Amazon EPS fall when operating income rose 61%?
Q3 2025 net income included $9.5 billion of pre-tax gains on Amazon’s Anthropic investment. Q3 2026 had a net other expense of about $0.7 billion instead, so net income slipped 2% and diluted EPS fell to $1.89 from $1.95.
How much is Amazon spending on capital expenditures?
Amazon expects about $220 billion of cash capital expenditures in 2026, mostly for AI and data center capacity. Purchases of property and equipment were $77.26 billion in Q3 2026 alone, up from $35.10 billion a year earlier.
Does Amazon pay a dividend or plan a stock split?
Amazon does not pay a dividend. Its last stock split was a 20-for-1 forward split on June 6, 2022, and no new split had been announced as of November 4, 2026.
When is the next Amazon earnings date?
Amazon had not posted its Q4 2026 report date on its investor relations site as of November 4, 2026. The Q4 2025 results came out on February 5, 2026, so a late January or early February 2027 report would fit the past pattern.
What price target do analysts have for AMZN stock?
StockAnalysis listed an average 12-month price target of $326.74 from 59 analysts on November 4, 2026, with a consensus rating of Strong Buy. Targets are analyst estimates and are often revised after earnings.
Is Amazon stock a good investment?
FintechZoom does not give buy or sell calls. The case for the stock rests on AWS growth and the $578 billion backlog; the case against rests on negative free cash flow and the risk that AI spending earns less than planned. Readers should weigh both against their own goals and time frame.
How we report on Amazon stock
We take quarterly figures from Amazon’s own earnings releases, rival cloud figures from Microsoft and Alphabet reports or named news outlets, and prices from dated exchange-sourced data. Valuation ratios we compute ourselves are marked as FintechZoom calculations with their inputs shown. We do not give personal investment advice.
Revision history: November 4, 2026: full rewrite with Q3 2026 results, Q4 guidance, segment and cloud competition tables, Anthropic-adjusted valuation, scenarios and dated catalysts. Previous edition: September 22, 2026.
Related: Stock market news today · Nasdaq today · Nvidia stock · Best stocks to buy now · How to invest in the stock market · Stock market overview
This page is for information only and is not investment advice. Prices change quickly and past results do not predict future returns. Read our full disclaimer.
Sources: Amazon Q3 2026 results · Amazon Q2 2026 results · Amazon Q1 2026 results · Amazon Q4 2025 results · Amazon Q3 2025 results · About Amazon: Jassy on AWS growth · AP on Q3 results · Zacks via Finviz · The Motley Fool via Yahoo Finance · StockAnalysis AMZN price history · StockAnalysis AMZN statistics · Microsoft FY27 Q1 results · ANI via Times of Oman on Alphabet · Quartr Alphabet Q3 2026 · StockTitan market live blog, Nov 4 · Federal Reserve statement, Oct 28 · Reuters via Kitco · Federal Reserve FOMC calendar · BLS CPI release · AWS re:Invent
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