Amazon to report Q3 earnings after the bell with AI spend under scrutiny

Andy Jassy, CEO of Amazon, speaks during an unveiling event in New York, Feb. 26, 2025.

Michael Nagle | Bloomberg | Getty Images

Amazon is slated to report third-quarter earnings results after the bell on Thursday.

Here's what analysts are expecting, according to LSEG:

• Earnings per share: $1.96 adjusted
• Revenue: $202.31 billion

Wall Street is also looking at other key revenue numbers:

• Amazon Web Services: $45.48 billion, according to StreetAccount
• Advertising: $20.82 billion, according to StreetAccount

Investors expect to see robust growth in Amazon's cloud segment. AWS sales are predicted to grow 38%, according to StreetAccount, compared with a 37% gain last quarter. It would mark AWS's fifth consecutive quarter of revenue acceleration.

That momentum isn't expected to slow down. CEO Andy Jassy said Amazon's cloud capacity is "largely sold out" for next year, and it's received significant commitments for 2028 as well.

"We always leave a certain amount for on demand and our inference service Bedrock or EC2, but largely sold out all the big chunks," Jassy said on an Andreessen Horowitz podcast last week. "A good chunk of '28 is sold out."

Wall Street will be listening for any commentary from Amazon executives around AI spending.

Last quarter, the company hiked its capital expenditure forecast for 2026 to $220 billion, up from $200 billion. Analysts surveyed by StreetAccount expect Amazon's capex to creep up more than $280 billion in 2027.

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During the third quarter, Amazon made headlines when it blocked Meta's Muse AI agent from shopping on its platform. The company said it was not given advance notice that Muse would access its webstore, and it never agreed to participate.

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