Amazon reported third-quarter 2026 earnings after the close on October 29, missing EPS at $1.89 and revenue at $201.9 billion. AWS grew 39.3% to $46 billion, meeting estimates while Google and Microsoft posted larger cloud beats, and shares fell almost 9% after hours. The company guided Q4 operating income below expectations at the midpoint, though net sales of $240-247 billion landed in line with the $244.5 billion estimate, and Andy Jassy projects AWS growth above 40% in 2027 and 2028 and says retail can double by 2032 without one incremental hire. Discussion now weighs that outlook and a $496 billion AWS backlog against a $42.4 billion trailing free cash outflow and about $220 billion in annual capex.