Amazon will report third-quarter results on October 29, with focus on Amazon Web Services (AWS), its fastest-growing and most profitable segment. AWS generated $42.2 billion in revenue in Q2 2026, up 37% year over year, and held a $496 billion order backlog as of June 30. Sales of its own chips, such as Trainium, were tracking at an annualized rate of over $25 billion as of June 30. Earnings of $12.44 per share over the last four quarters put its P/E ratio at 21.2, compared with 30.2 for the Nasdaq-100. However, over $69 billion of the $120.7 billion pre-tax profit in the first half of 2026 came from paper gains on its Anthropic investment, and the author sees the stock as potentially attractive ahead of the report while stressing that long-term returns matter more.
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Related tickers and likely impact
AMZN
• NeutralAmazon
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/22/2026 | 250.49 |
| Change that session | -4.53% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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