Amazon Q3 Sales Rise 12% as Trailing-Year Free Cash Outflow Reaches $42.4 Billion
Smartor 편집팀
October 30, 2026
Featured image: AI-generated explanatory illustration of online retail and cloud computing, not a photograph of an actual Amazon facility.
Amazon reported in Seattle on October 29 that third-quarter 2026 sales rose 12% from a year earlier to $201.9 billion. Operating income for the quarter ended September 30 increased to $28.1 billion, while investment in artificial intelligence infrastructure helped push free cash flow to an outflow of $42.4 billion over the trailing 12 months.
Quarterly operating income increased from $17.4 billion a year earlier, producing an operating margin of 13.9%, which the company described as its highest ever. Net income, however, fell to $20.7 billion from $21.2 billion. Diluted earnings per share declined to $1.89 from $1.95.
Amazon attributed the net-income decline primarily to $9.5 billion in pretax gains on its Anthropic investments that were included in the year-earlier quarter. The rise in operating profit and the change in net income, which includes investment gains, therefore reflected different factors.
AWS sales climb 39%, operating income reaches $17.8 billion
Amazon Web Services generated $46.0 billion in quarterly sales, up 39% from a year earlier. The company said this was the cloud business’s fastest growth in nearly five years. AWS operating income rose to $17.8 billion from $11.4 billion.
North America sales increased 6% to $112.9 billion, while international sales rose 5% to $43.1 billion. Amazon said year-over-year sales comparisons were affected by the shift of Prime Day into the second quarter in most major countries; last year’s event took place in the third quarter.
Cash outflow rises while annual spending forecast stays unchanged
Operating cash flow increased 29% to $168.3 billion over the trailing 12 months. Free cash flow nevertheless swung from a $14.8 billion inflow a year earlier to a $42.4 billion outflow. Amazon said purchases of property and equipment, net of sale proceeds and incentives, rose by $94.8 billion year over year, primarily reflecting AI investments. The free cash flow figure covers a full trailing year, not a single quarter, and is not a measure of net loss.
The company maintained its forecast for approximately $220 billion in cash capital expenditures in 2026. CNBC reported that quarterly revenue and earnings per share missed analyst estimates compiled by LSEG, and that Amazon shares fell more than 6% in extended trading on the day of the release.
For the fourth quarter, Amazon projected sales of $240 billion to $247 billion, representing growth of 12% to 16% from a year earlier. It forecast operating income of $28.5 billion to $33.5 billion. Those figures are company projections as of October 29, not reported results.