Amazon $AMZNEarnings brief2 min readAmazon growth fell from 20% to 12%. Only AWS sped up
North America slowed from 16% to 6% and International from 15% to 5%. AWS went from 37% to 39%.
By Team AlphaYouHow we know thisBased on the Q3 2026 release filed Oct 29, 2026
39%AWS growth, up from 37%
Q2 2026Q3 2026
Net sales
20%12%
AWS
37%39%
North America
16%6%
International
15%5%
Source: Amazon's Q3 and Q2 2026 earnings releases.
Key points
- Net sales rose 12% to $201.9B. In Q2 they rose 20%.
- AWS grew 39% to $46.0B, up from 37% in Q2. North America grew 6% and International 5%.
- Amazon guided Q4 net sales to $240.0B to $247.0B, 19% to 22% above Q3 (our math).
Amazon reported Q3 2026 net sales of $201.9B, up 12% from a year earlier, and GAAP EPS of $1.89. AWS sales grew 39% to $46.0B. North America grew 6% and International 5%. Management guided Q4 net sales to $240.0B to $247.0B.
Key numbers
| Metric | Q3 2026 | Q2 2026 |
|---|---|---|
| Net sales | $201.9B (+12%) | $200.6B (+20%) |
| GAAP EPS | $1.89 | $5.75 |
| AWS | $46.0B (+39%) | $42.2B (+37%) |
| North America | $112.9B (+6%) | $116.2B (+16%) |
| International | $43.1B (+5%) | $42.2B (+15%) |
| Guide for next quarter | $240.0B to $247.0B (Q4) | $197.0B to $202.0B (Q3) |
Growth rates are year over year, as reported.
The slowdown is outside AWS
North America went from +16% to +6%. International went from +15% to +5%. AWS went the other way, from +37% to +39%. It is now $46.0B of the $201.9B, about 23% of net sales (our math).
Q3 landed near the top of Amazon's own range
In the Q2 release Amazon guided Q3 net sales to $197.0B to $202.0B. The result, $201.9B, was $0.1B under the top of that range. We have no analyst estimates, so this is not a beat or a miss.
EPS fell from $5.75 to $1.89
GAAP EPS was $1.89. In Q2 it was $5.75, on net income of $62.6B. We did not find a reason for the gap in the figures we track, so we are not guessing one. The income statement in the release has the lines.
The Q4 guide is 19% to 22% above Q3
$240.0B to $247.0B is 19% to 22% above Q3's $201.9B (our math). That is quarter over quarter, not year over year. Q4 holds the holiday shopping season.
What to watch next
The Q4 report will test the $240.0B to $247.0B range. We have no announced date for it in the filings we track.
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Receipts
Every figure was read from these filings on Oct 30, 2026. A line marked our math is a sum or a ratio of those figures.
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Company-reported GAAP figures. AlphaYou has no analyst estimates, so nothing here is a beat or a miss. Research and information, not individualized investment advice. Data as of Oct 30, 2026.