亚马逊第三季度营收与每股收益低于预期，AWS 收入增长 39%
Amazon reported booming cloud revenue but otherwise missed expectations
亚马逊公布第三季度财报，净销售额增长 12% 至 2019 亿美元、每股收益 1.89 美元，均低于分析师预期，但 AWS 收入同比增长 39% 至 459.8 亿美元，超过预期的 452.9 亿美元。AWS 运营利润升至 178 亿美元，去年同期为 114 亿美元。过去 12 个月自由现金流为负 424 亿美元，公司称大额支出主要投向 AI，并重申 2026 年资本开支约为 2200 亿美元。
2:20 PM PDT · October 29, 2026
Amazon reported its third-quarter earnings on Thursday and missed analysts’ expectations for both its total revenue and earnings per share. There were other murky numbers in the report that scared investors, too, including how much cash the company is burning through.
But the report did have a big, bright spot: its cloud unit, Amazon Web Services, beat revenue expectations and grew a whopping 39% compared to the year-ago quarter.
Here are the numbers:
- Net sales increased 12% to $201.9 billion. But analysts were expecting $202.2 billion, according to FactSet.
- Fully diluted earnings per share were $1.89. Analysts were expecting $1.97.
- AWS sales reached $45.98 billion. Analysts were expecting $45.29 billion. In addition, Amazon said that AWS operating income grew to $17.8 billion, compared with $11.4 billion in the third quarter of 2025.
But here’s the biggest ouch of the report: Free cash flow fell to a negative of $42.4 billion for the trailing 12 months — meaning the company was spending far more cash than it generated. This compares to positive free cash flow of $14.8 billion for the trailing twelve months ended September 30, 2025.
The big spending was driven largely by Amazon’s investments in AI, the company said. With one quarter left in its fiscal year, Amazon reiterated that it still expects to end its 2026 with cash capital expenditures of about $220 billion.
To put that in perspective, the company forecast fourth-quarter net sales of between $240 billion and $247 billion. The fourth quarter is typically a retainer’s biggest, thanks to the holiday shopping season. That means Amazon expects to spend almost as much on capital expenditures, largely for AI, over the full year as it expects to bring in from sales in the fourth quarter alone.
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Julie Bort is the Startups/Venture Desk editor for TechCrunch.
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来源：TechCrunch · techcrunch.com