Amazon’s Q3 Preview Shows Revenue Growth Outpacing Net Income Growth

Amazon’s fiscal third-quarter report is expected to show revenue growing faster than net income, putting cloud profitability and retail efficiency in focus as investors assess the company’s latest results.

Amazon is scheduled to release its 2026 fiscal third-quarter results after U.S. markets close Thursday, Oct. 29. Analysts project revenue of $202.24 billion, up 12.25% from a year earlier, and net income of $21.36 billion, an increase of 0.83%.

The difference between the projected growth rates puts profit contributions in focus alongside sales. Investors will watch how Amazon Web Services (AWS) growth compares with estimates and whether cloud margins and retail operations support earnings.

AWS revenue grew 37% to $42.2 billion in the second quarter, its fastest pace in 18 quarters. Operating income rose to $16.6 billion from $10.2 billion a year earlier, adding context to the earnings test around AWS growth and AI spending. Growth had accelerated from 28% in the first quarter.

For the third quarter, the market estimate for AWS growth is 38%. Bank of America projects 40% growth, making its estimate higher than the market forecast. The two figures set different benchmarks for the cloud business in Amazon’s upcoming results.

Other bank forecasts focus on margins and retail. HSBC expects $27 billion in operating profit, with sales slightly above the top of company guidance. JPMorgan expects AWS margin expansion and continued retail efficiency to support profit growth. Morgan Stanley points to Amazon’s retail work in AI-assisted shopping and the position of Bedrock, AWS’s platform for AI models.

A $220 billion capital-spending figure is another focus, along with the efficiency of advertising monetization. The results will provide Amazon’s next update on revenue, earnings and AWS growth when the company reports Thursday.