AWS AI Investment, Growth, and Cash-Flow Test

AWS reported Q3 2026 revenue of $45.98 billion, up 39.3%, operating income of $17.773 billion, a 38.7% margin, and backlog of $578 billion. Jassy projected growth above 40% in 2027 and 2028; roughly $220 billion in planned 2026 capex, a $42.4 billion trailing free-cash-flow outflow, and an undrawn borrowing facility of up to $80 billion keep returns and financing in focus. Newly read earnings commentary mostly recycles these results and adds no fresh AWS operating evidence.