Amazon Q3 2026 revenue hits $201.9B, operating profit $28.1B

The margin number is the real story here: a record 13.9% operating margin alongside a 61% profit jump suggests the AI and cloud buildout is currently widening profitability rather than compressing it. That tension is what makes the capex guidance notable — roughly $220 billion for 2026 with a significantly higher figure flagged for 2027 means the market is being asked to accept rising depreciation and spending against today's strong margins. The open question is whether margin expansion persists as that spending scales, or whether the profit picture is simply running ahead of the cost cycle.