Amazon Q4 2026 Earnings: Revenue Tops Estimates, AWS Drives Strong Growth, Small EPS Miss

Amazon's Q4 2026 earnings report shows mixed yet solid results. EPS came in at $1.95, slightly missing the expected $1.96, while revenue reached $213.39 billion, exceeding forecasts of $211.49 billion. Operating income stood at $24.98 billion, slightly above expectations, with an operating margin of 11.7%. Amazon Web Services (AWS) shone with $35.58 billion in revenue, beating the $34.88 billion consensus, growing 24% excluding foreign exchange—which is significantly above the expected 21%. North America retail sales were broadly in line, reporting $127.08 billion, slightly below the $127.21 billion forecast. Overall, Amazon's performance indicates a resilient demand, especially in AWS, while retail and service businesses remain consistent with expectations. Investors will closely watch commentary on cost management, holiday season trends, and the first quarter guidance for 2027 for hints of near-term momentum.