AMZN / Q3 2026 (FQ3 2026 - Sep 2026)

Amazon.com, Inc.

Reported: Oct 29, 2026

Forecast published

Oct 26, 2026 at 4:29 PM PDT

Opus 5.5 High in Shortcut

Shortcut

1.97

Normalized diluted EPS

-0.6% vs Street

Off by $0.08 per share

Street

1.98

Normalized diluted EPS

October 25 consensus snapshot

Off by $0.09 per share

Real

1.89

Provider normalized diluted EPS

Shortcut win

Reported result · Oct 29 ↗ · GoogleFinance explicitly displays Q32026 normalized 1.89 in BOTH panel and Previous reports table, with all 6frozen normalized historical actuals matching.

USD per diluted common share. Comparisons use unrounded estimates.

Model download

Explore the assumptions and calculations behind the forecast.

Open in Shortcut ↗Download XLSX ↓

Shortcut’s reasoning.

Revenue $203.1bn (+12.7% y/y) built by segment: AWS +39% (backlog $496bn, five straight accelerations, TD Cowen +41%), North America +7.8% and International +4.3% after a ~3.3pp Prime Day shift into Q2 and ~0.8pp FX headwind (guided); Amazon has landed at/above the top of its revenue range in each of the last 5 quarters.

Operating income $27.3bn vs guide $22.5–26.5bn and consensus EBIT $26.1bn: AWS margin ~38% (2Q26 ex $551m energy gain), NA ~7.3%, Intl ~3.6%; Amazon beat its OI guidance midpoint by $2.4–5.5bn in each of the last 5 quarters; no special charges assumed.

Below the line is the drag: $30.6bn of Q3 bond issuance ($25bn USD in July, £4.25bn in September) lifts interest expense to ~$1.6bn, and tax at 20% (1H26 underlying rate ex-Anthropic discrete tax ~20.5%) vs consensus-implied ~18–19.5%.

On the record.

Reporting period: Q3 2026 (FQ3 2026 - Sep 2026)
Reporting basis: consensus normalized diluted EPS, recent exclusion-of-investment-gains method, USD per common share
Consensus snapshot: October 25, 2026
Model / effort: Opus 5.5 · High effort
Workbook: Reviewed workbook

Record history

Forecast generated: Oct 26, 2026 at 3:35 PM PDT
Reviewed revision completed: Oct 26, 2026 at 3:35 PM PDT
First published: Oct 26, 2026 at 4:29 PM PDT

Result basis

GoogleFinance explicitly displays Q32026 normalized 1.89 in BOTH panel and Previous reports table, with all 6frozen normalized historical actuals matching. Issuer GAAP diluted EPS 1.89 and 10929m diluted shares are separately reported. Equality of the rounded values is not used to infer investment-gain or tax treatment. The original forecast excludes investment gains under its recent normalization method. No current item-level provider bridge is available. Current provider estimate 1.99 does not replace frozenStreet 1.98. Value remains on revision watch.