Key Highlights

  • Amazon (NASDAQ:AMZN) reports after the close on October 29, 2026, with consensus EPS near USD 1.97 on revenue of about USD 202 billion, a day after Microsoft and Alphabet.
  • Estimates differ slightly between data sets, at EPS of USD 1.96 against USD 1.97 and revenue of USD 202.1 billion against USD 202.2 billion, so figures are shown as about.
  • Amazon is a major Anthropic backer, with older convertible notes into about 1.84 billion shares, as reported, which ties its results to the AI financing debate.
  • This is the third leg of the cloud-and-AI earnings week, so investors in Amazon (NASDAQ:AMZN) will compare AWS growth and capital spending with Microsoft and Alphabet. Capital spending is also in focus.

What the Report Is Expected to Show

This is a preview written before the report. Amazon (NASDAQ:AMZN) reports after the close on October 29, 2026, a day after Microsoft and Alphabet. Consensus EPS is near USD 1.97, with USD 1.96 in another data set, and revenue is about USD 202 billion, with USD 202.1 billion and USD 202.2 billion in different readings. The estimates are close, so the market's reaction will probably depend on guidance and on the growth rate of its cloud unit, AWS, rather than on the headline beat or miss. Consensus has been close across data sets, so a small difference in guidance can swing the share price by more than a beat. The comparison with peers will be the first thing investors do after the release.

The Anthropic Connection

Amazon is a major Anthropic backer. As reported, older convertible notes could convert into about 1.84 billion Anthropic shares. That gives Amazon a large stake whose value depends on Anthropic's valuation, which ranges from USD 965 billion to USD 2 trillion in reported figures. Anthropic's S-1 also reports a large net loss, so the stake carries risk as well as upside. The notes were described from reports, not from an opened filing. Investors in Amazon (NASDAQ:AMZN) will look for commentary on AWS demand, capital spending and any gain or loss tied to the stake. Amazon's retail and advertising units also matter, since they provide most revenue and a growing share of profit, and holiday guidance is closely watched.

Risks and What to Watch

Cloud growth slower than peers, a jump in capital spending or cautious holiday guidance could weigh on the shares. The Federal Reserve decision on October 28, 2026 and Microsoft and Alphabet results will set the mood before the report. Intel, Apple, Coinbase, Starbucks and others also report on October 29. A 10-year yield near 4.995% pressures valuations. This article should be redone as a results piece once Amazon reports, and nothing here is a forecast. The Fed's decision on October 28 may already have moved rates by the time Amazon reports, and a hawkish tone could weigh on shares across the sector. Investors should also watch freight and logistics cost commentary and any update on AWS capacity constraints, which shape how fast revenue can grow.

Where Things Stand

Amazon faces a USD 202 billion revenue bar because it is the third big cloud and AI scorecard of the week, and investors will compare AWS growth and capital spending with Microsoft and Alphabet. For Amazon (NASDAQ:AMZN), the Anthropic stake is both an upside and a risk. The report after the close on October 29, 2026 will settle the preview. Because Amazon reports a day after its peers, it will be judged against their results, and the comparison may drive the share price more than the quarter itself.