Learn Why The Bull Case For Amazon.com (AMZN) Could Change Following Earnings Miss

What happened: Amazon.com reported Q3 2026 revenue of US$201.9b and net income of US$20.7b, missing earnings expectations while lifting AI focused capital expenditure to about US$77.3b in the quarter. Key numbers: Q3 2026 revenue US$201.9b, net income US$20.7b, quarterly CapEx about US$77.3b, full year CapEx reiterated at roughly US$220b, Q4 net Why it matters: The heavy AI CapEx drove deeply negative free cash flow, so the investment story shifts toward balance sheet resilience, with AWS needing to convert AI demand and backlog into high margin usage while retail and ads stay softer. Market: +5.3% today ($237.87), +5.0% YTD, 1.8x vol — as of 18:47 UTC Verified: Q3_2026 (Oct 29) EPS $1.89 vs $1.96 est, -3.5% miss; next print ~Jan 28

Amazon.com reported Q3 2026 revenue of US$201.9b and net income of US$20.7b, missing earnings expectations while lifting AI focused capital expenditure to about US$77.3b in the quarter.

The heavy AI CapEx drove deeply negative free cash flow, so the investment story shifts toward balance sheet resilience, with AWS needing to convert AI demand and backlog into high margin usage while retail and ads stay softer. Market: +5.3% today ($237.87), +5.0% YTD, 1.8x vol — as of 18:47 UTC Verified: Q3_2026 (Oct 29) EPS $1.89 vs $1.96 est, -3.5% miss; next print ~Jan 28