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Amazon Q3 Beat Underscores AWS Reacceleration on AI Demand

AI-fueled demand is reshaping the company’s growth trajectory.

Overview

  • Net sales rose 13% year over year to $180.2 billion with GAAP EPS of $1.95, boosted by a $9.5 billion gain tied to the Anthropic investment.
  • AWS revenue grew about 20% to $33 billion with roughly $11.4 billion in operating income, marking its fastest growth since 2022.
  • AWS reported a $132 billion annualized run rate and a $200 billion backlog, while Trainium 2 revenue jumped about 150% quarter over quarter and capacity is fully subscribed.
  • Amazon lifted 2025 capital spending guidance to roughly $125 billion to expand AI data centers and robotics, after adding 3.8 gigawatts of capacity over the past year.
  • Amazon restored access after a brief U.S. outage that affected thousands of users, with Downdetector showing incidents quickly declining and only a small portion of AWS customers impacted.