Key Highlights

  • Amazon (NASDAQ:AMZN) reports after the close on October 29, 2026, with consensus EPS of USD 2.01, the only estimate retrieved. Revenue, AWS and options-implied moves were not found.
  • Google Cloud grew 103% in the quarter Alphabet reported on October 28, 2026, and AWS growth is the number the market will compare it with when Amazon (NASDAQ:AMZN) reports.
  • Alphabet fell about 8% to 10.5% on negative free cash flow of USD 9.07 billion and USD 51.36 billion of capex, while Microsoft rose about 3% to 4% on Azure growth of 48%.
  • This is a preview using consensus only, and it should be redone as a results piece once Amazon (NASDAQ:AMZN) publishes its figures, because estimates alone say little about the reaction.

What Amazon Reports

Amazon (NASDAQ:AMZN) is scheduled to report after the close on October 29, 2026. The only consensus figure retrieved is EPS of USD 2.01. Revenue consensus, expected AWS growth and the options-implied move were not found, so this article does not state them. This is a preview written before the results. Amazon reports in the same week that Alphabet's capital spending shock and Microsoft's Azure beat reset the debate over AI spending. Alphabet's Google Cloud grew 103%, and Microsoft's Azure grew 48%, so AWS growth will be measured against both. Intel, Starbucks, Coinbase and Strategy also report after the close, so the evening brings a dense run of results that can move the whole technology sector, not only Amazon.

Why AWS Is the Test

Amazon Web Services rents computing power to companies, and AI workloads are a major source of demand. Cloud growth matters because it carries higher margins than retail, so faster AWS growth lifts profit more than the same growth in other segments. The market compares cloud growth across the three big providers, so Google Cloud at 103% and Azure at 48% set the bar. Investors also look at capital spending, because heavy investment in data centers can turn free cash flow negative, as it did at Alphabet, where capex was USD 51.36 billion and free cash flow was USD 9.07 billion negative. How Amazon (NASDAQ:AMZN) balances growth against spending is the likely focus, and any statement on capacity limits or customer demand for AI services would add to that debate.

Risks and What to Watch

Alphabet's 8% to 10.5% fall shows how harshly the market can punish heavy spending even alongside strong growth, and Nasdaq-100 futures were down 1.2% at 4:09 a.m. ET on October 29. A miss on AWS, a weaker retail outlook or a rise in capital spending could weigh on the stock, while a beat could lift it. Because only EPS consensus was retrieved, readers should compare the actual results with analyst estimates from the company release. Other items to watch are capex guidance, free cash flow and any comment on AI capacity. Investors in AMZN (NASDAQ:AMZN) should expect a large move either way, and the first reaction can reverse once management comments on the call.

Where Things Stand

Amazon will show its quarterly results after the close on October 29, 2026, with consensus EPS of USD 2.01, and the market will focus on AWS growth against Google Cloud's 103% and Azure's 48%. For Amazon (NASDAQ:AMZN), spending discipline is the second test after Alphabet's capex shock. Revenue and options-implied moves were not found, so this preview cannot say how large the reaction might be.