Goldman Sachs: AWS Grows 39.3%, Still Below Higher Buy-Side Expectations

TechFlow News,According to TechFlow Research,Goldman Sachs Group's Amazon earnings quick take dated Oct. 29, 2026 noted that AWS Q3 revenue was $45.98 billion, up 39.3% YoY, below the >42% growth threshold discussed by the buy side before earnings. Amazon's overall operating profit was $28.1 billion, above market consensus; the company reiterated approximately $220 billion in capital expenditures for 2026.

Goldman Sachs expects the initial market reaction to earnings to be somewhat negative and maintains a Buy rating. The report focuses on the alignment of new compute capacity coming online with visible demand, Bedrock and Trainium positioning, and consumer demand and capital investment. The company's forward-looking commentary involves roughly 40% AWS growth in 2027 and 2028; how sustained investment translates into revenue and profit remains a key tracking focus.

Source: TechFlow