Key Highlights

  • Third quarter net sales grew 12% to $201.9 billion from $180.2 billion.
  • AWS Revenue advanced 39% to $46.0 billion, lifting its share of sales to 23%.
  • Operating income reached $28.1 billion, compared with $17.4 billion a year earlier.
  • Net income of $20.7 billion equaled $1.89 per diluted share, against $21.2 billion, or $1.95.
  • Purchases of property and equipment hit $77.3 billion during the quarter.

Net sales rise 12% with AWS leading the way

Amazon (NASDAQ:AMZN) recorded third quarter 2026 net sales of $201.9 billion, up from $180.2 billion a year earlier. Sales grew 12%, or 13% without foreign exchange effects, because currency movements reduced net sales by $896 million. Over nine months, net sales totaled $584.1 billion, a 16% increase.

AWS sales rose 39% to $46.0 billion from $33.0 billion. The filing credits this mainly to greater customer usage, partly offset by pricing changes linked to long-term customer contracts. AWS now accounts for 23% of consolidated net sales, compared with 18% a year ago.

North America sales climbed 6% to $112.9 billion, while International sales increased 5% to $43.1 billion, or 8% excluding foreign exchange. Both segments pointed to higher unit sales, Advertising and subscription services.

Operating income up 61% on a calculated basis

Consolidated Operating Income reached $28.1 billion, versus $17.4 billion in the third quarter of 2025, which is a calculated gain of roughly 61%. Nine-month operating income came in at $79.4 billion, compared with $55.0 billion.

North America segment operating income was $8.7 billion, up from $4.8 billion, and its nine-month figure rose to $26.1 billion from $18.1 billion.

Net income, though, totaled $20.7 billion, or $1.89 per diluted share, against $21.2 billion, or $1.95. That is a calculated decline of about 2%. Nine-month Net Income stood at $113.6 billion, or $10.42 per diluted share, up from $56.5 billion, or $5.22.

Capital spending reshapes the Cash Flow picture

Purchases of property and equipment reached $77.3 billion in the third quarter, up from $35.1 billion a year earlier. Over nine months, those purchases totaled $175.7 billion, versus $92.3 billion. The filing says results reflect the development and adoption of technologies, including artificial intelligence.

On a trailing twelve month basis, purchases of property and equipment, net of proceeds from sales and incentives, came to $210.7 billion against $115.9 billion. Free cash flow for that window was negative $42.4 billion, compared with positive $14.8 billion a year earlier.

Trailing twelve month net income was $134.8 billion, up from $76.5 billion, so the free cash flow swing reflects Investment intensity rather than weaker profitability.

Growth, margins and investment in one quarter

Amazon's third quarter paired faster cloud growth with higher consolidated operating income and a far larger build-out of property and equipment. The mix moved toward AWS, which rose from 18% to 23% of sales within a year.

The filing lists inflation, interest rates, Supply Volatility and shifts in global Tariff and trade policy among the Macroeconomic Factors affecting results. Foreign exchange was a small drag on third quarter sales growth but added $2.1 billion to nine-month net sales.

Items to track in coming quarters include whether AWS holds near this pace, how long-term contract pricing develops, and how Capital spending compares with the $77.3 billion third quarter level.