Amazon reported third-quarter sales of $201.9 billion, up 12% from a year earlier, in its 29 October 2026 results announcement. Operating income rose to $28.1 billion, but reported net income slipped to $20.7 billion.
The sharper contrast was in cash after investment: free cash flow was a $42.4 billion outflow for the twelve months ended 30 September 2026. That is not a loss for the third quarter and is not the same as operating cash flow, which remained positive.
Compare the figures on matching periods
The quarterly results cover the three months ended 30 September. Cash-flow rows cover the trailing twelve months ending on that date in each year. All amounts are US dollars, rounded as in the issuer’s summary. The statements are unaudited. Official sources checked on 30 October 2026 at 10:46 UTC.
| Measure and period | 2026 | 2025 | Primary evidence |
|---|---|---|---|
| Q3 net sales | $201.9bn; up 12% | $180.2bn | Amazon quarterly summary |
| Q3 operating income | $28.1bn | $17.4bn | Amazon quarterly summary |
| Q3 reported net income / diluted EPS | $20.7bn / $1.89 | $21.2bn / $1.95 | Amazon results release |
| Trailing-12-month operating cash flow | $168.3bn inflow | $130.7bn inflow | Cash-flow statement |
| Trailing-12-month free cash flow | $42.4bn outflow | $14.8bn inflow | Cash-flow statement and definition |
Why operating profit rose but net income fell
Operating income measures profit from the business before non-operating items and income taxes. Net income includes those additional items. Amazon said the decline in net income mainly reflected the comparison with $9.5 billion of pre-tax gains on Anthropic investments in Q3 2025. That was a prior-year gain, not a charge in the latest quarter.
These are reported accounting figures, not a company-adjusted EPS series. They should not be mixed with an invented adjusted-profit comparison.
What negative free cash flow means here
Operating cash flow measures cash generated by operations. Amazon’s free-cash-flow measure subtracts property and equipment purchases, net of sale proceeds and incentives. It is a supplementary non-GAAP cash measure, not a substitute for the full cash-flow statement.
For the trailing twelve months, the calculation in billions is $168.300 minus $215.192 plus $4.535, giving negative $42.357 billion, rounded to a $42.4 billion outflow. Amazon linked the decline mainly to higher investment in property and equipment, primarily for artificial intelligence.
The useful question is whether operating cash generation can keep pace with investment spending. The release does not establish a future return on that investment or a share-price outcome.
Sources and scope: Amazon’s official company report and its full investor-relations release, checked 30 October 2026 at 10:46 UTC. Both are the issuer’s account of the same results, not independent corroboration. Outlook and analyst-consensus comparisons are not included.
Primary source record
- Amazon.com, Inc. — observed 2026-10-30T10:46:19Z.
- Amazon.com, Inc. — observed 2026-10-30T10:50:14Z.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.