$AMZN reported Q3 revenue of $201.9 billion, up 12%, and operating income of $… · @Unclestocknotes · TwKit

@Unclestocknotes

$AMZN reported Q3 revenue of $201.9 billion, up 12%, and operating income of $28.1 billion, a 13.9% margin. AWS stood out: revenue reached $46 billion, up 39%, its fastest growth in nearly five years and equivalent to a $184 billion annualized run rate. EPS declined from $1.95 to $1.89, partly reflecting the difficult comparison against last year’s Anthropic investment gain rather than deterioration in core operations. Cash generation faces a tougher test. Quarterly capex reached $77.3 billion and trailing-twelve-month capex $215.2 billion. TTM free cash flow swung from positive $14.8 billion to negative $42.4 billion. Amazon maintained approximately $220 billion in 2026 cash capex, while guiding Q4 revenue to $240–247 billion and operating income to $28.5–33.5 billion. AWS growth is accelerating, but investment now exceeds what operating cash flow covers over the same period. Supply-chain exposures to watch include $VRT, $ETN and $GEV in power and cooling; $ANET, $COHR, $LITE and $CRDO in networking and optics; and $MRVL and $AVGO in custom silicon. Amazon’s company-wide capex should not all be treated as AI equipment orders. Revenue capture depends on supplier relationships, purchasing allocations and deliveries, and continued construction does not automatically give suppliers long-term contracted revenue. AWS growing 39% at this scale provides revenue-backed evidence of demand. The next test is investment payback. Watch 2027 capex, AWS profitability, depreciation and free cash flow, alongside power and equipment constraints that could delay deployment. Negative free cash flow does not establish a demand problem, but larger investments require a clearer timetable for returns.

曝光 373 · 评论 0 · 点赞 2 · 书签 0