Amazon.com, Inc. reports Q3 on October 29, after a Q2 where AWS grew 37% YoY with a $496 billion backlog, accelerating for the fifth straight quarter. Q3 revenue guidance of $197-$202 billion looks soft, but most of the slowdown comes from Prime Day moving into Q2 and FX headwinds. CapEx is the key number: $220 billion for 2026 already pushed TTM free cash flow to -$7.6 billion, and 2027 will most likely be higher.
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