Noesion Radarnoesion.ai
Market2026-10-29

Amazon reported AWS sales rose 39% to $46.0 billion in Q3. AWS operating income reached $17.8 billion, a 38.7% margin. Amazon’s quarterly capex hit $77.3 billion, about 1.8 times its operating cash flow. AWS achieved a Rule of 40 score of 78. CEO Andy Jassy said AWS revenue may exceed $184 billion annualized. He projected over 40% AWS growth in 2027 and 2028. Amazon’s trailing twelve-month free cash flow was -$42.4 billion. Capex increases were tied to AI investments. AWS remains the largest cloud by revenue. Azure and Google Cloud grew faster in percentage terms.

What changed

AWS sales were $33.0B a year earlier with a 34.6% operating margin.

What it unlocks

AWS projects over 40% revenue growth in both 2027 and 2028.

  • AWS sales $46.0B, +39%
  • AWS operating margin 38.7%
  • Amazon capex $77.3B
  • AWS Rule of 40 score 78

Sources

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