Amazon.com Inc. on Thursday reported third-quarter net sales of $201.9 billion, up 12% from $180.2 billion a year earlier, as Amazon Web Services posted its fastest growth in nearly five years¹.

Operating income rose to $28.1 billion from $17.4 billion, and the company said operating margin reached 13.9%, its highest on record¹. Techmeme said shares fell more than 8% after hours².

AWS net sales increased 39.3% to a $184 billion annualized revenue run rate, which is $46.0 billion for the quarter¹. AWS operating income was $17.8 billion, compared with $11.4 billion a year earlier¹.

Net income declined to $20.7 billion, or $1.89 per diluted share, from $21.2 billion, or $1.95, a year earlier^1,2. Amazon said the drop was driven primarily by $9.5 billion of pretax gains in third-quarter 2025 from investments in Anthropic that did not repeat¹.

Trailing-twelve-month operating cash flow rose 29% to $168.3 billion¹. Free cash flow swung to an outflow of $42.4 billion over the same period, which Amazon attributed mainly to a $94.8 billion year-over-year increase in purchases of property and equipment, reflecting artificial-intelligence investments¹.

Chief Executive Andy Jassy said AWS investment in functionality and infrastructure is working, with more than 39% year-over-year revenue growth in the quarter and projected growth rates of over 40% in both 2027 and 2028¹.