[FLASH] Amazon Q3: AWS grows 39% to $46.0B as AI capex pushes trailing free cash flow to -$42.4B
Amazon reported AWS revenue of $46.0B (+39%) with $17.8B of operating income. Andy Jassy projected AWS growth above 40% in both 2027 and 2028. Full-year 2026 cash capex is still guided at about $220B, and trailing-12-month free cash flow swung to a $42.4B outflow. Proactive reported Q3 capex of $77.3B against a $57.5B estimate and an after-hours share decline of about 6% on Q4 guidance of $240–247B in sales. To watch: how fast the reported $578B AWS backlog turns into revenue, and how Amazon frames 2027 spend after saying it will be meaningfully higher.