Amazon Reports Fastest AWS Growth in Nearly Five Years

Amazon posted strong Q3 results with AWS leading the way.

Key numbers:

• Q3 2026 revenue: $201.9 billion • Net income: $20.7 billion • AWS revenue: $46 billion, up 39% year over year — the fastest growth rate in nearly five years • AWS services backlog: $578 billion • 2026 capital expenditure guidance: approximately $220 billion

Despite the strong AWS performance, multiple outlets reported that Amazon's stock reaction suggested a miss relative to Wall Street expectations. The gap between strong absolute numbers and market expectations reflects how high the bar has become for Big Tech AI earnings.

Why It Matters: AWS's acceleration alongside Microsoft and Google Cloud growth confirms that enterprise AI demand is lifting all three major cloud providers — and that the infrastructure buildout continues to intensify.