Amazon.com Inc. on Thursday reported third-quarter net sales of $201.9 billion and diluted earnings of $1.89 a share, while trailing 12-month free cash flow was an outflow of $42.4 billion as the company said 2026 cash capital expenditures remain about $220 billion^1,2.

TechCrunch said the sales and earnings figures were below FactSet estimates of $202.2 billion and $1.97 a share². Amazon said net income was $20.7 billion, down from $21.2 billion a year earlier, mainly because the year-ago quarter included $9.5 billion of pretax gains on Anthropic investments¹.

Amazon Web Services sales rose 39% to about $46.0 billion^1,3. CNBC put AWS revenue at $45.98 billion, above StreetAccount's $45.29 billion, and said AWS operating income was $17.77 billion, up 55%³. Amazon reported AWS operating income of $17.8 billion¹.

Online stores sales rose 2% to $68.47 billion, and advertising services rose 11% to $19.64 billion¹. Amazon said Prime Day moved into the second quarter in most large countries this year, after occurring entirely in the third quarter of 2025, and that excluding the shift, year-over-year sales growth would have been about 400 basis points higher¹.

Free cash flow for the trailing 12 months was an outflow of $42.4 billion, compared with an inflow of $14.8 billion a year earlier, which Amazon tied mainly to a $94.8 billion year-over-year increase in purchases of property and equipment, net of proceeds, reflecting artificial-intelligence investments^1,2. Techmeme, citing Bloomberg, said Amazon spent more than $77 billion on property and equipment in the quarter⁴.

Amazon said it still expects about $220 billion of cash capital expenditures in 2026^1,2,4. Fourth-quarter net sales are expected to be $240.0 billion to $247.0 billion, and operating income $28.5 billion to $33.5 billion¹.

Chief Executive Andy Jassy said in the release that AWS investment "is working," with more than 39% year-over-year revenue growth and projected growth of more than 40% in 2027 and 2028¹.