Goldman Sachs: AWS growth of 39.3% still below buy-side's higher expectations

S, according to Trend Research, that Goldman Sachs' October 29, 2026, quick takeaway on Amazon's earnings notes AWS third-quarter revenue of $45.98 billion, a 39.3% year-over-year increase, falling below the over-42% growth threshold discussed among buyers ahead of the report. Amazon's consolidated operating profit reached $28.1 billion, exceeding market consensus, with the company reaffirming approximately $220 billion in capital expenditures for 2026.

Goldman Sachs anticipates an initially negative market reaction to the earnings and maintains a Buy rating. The report focuses on the alignment between newly deployed compute capacity and visible demand, investments in Bedrock and Trainium, along with consumer demand and capital spending. Management's forward-looking remarks project roughly 40% AWS growth for both 2027 and 2028, with the conversion of sustained investments into revenue and profit remaining a primary focus for tracking.