From Seekingalpha · Julia Ostian · · 50s
Amazon Q3: $496 Billion Backlog, Negative Free Cash Flow
Amazon reports $496 billion backlog and negative free cash flow in Q3.
In brief
Amazon reports $496 billion backlog and negative free cash flow in Q3. Amazon's Q3 results show a $496 billion backlog and negative free cash flow, with Morgan Stanley raising its price target to $350. Originally reported by Seekingalpha.
Amazon Q3 Results
Amazon reports Q3 on October 29 after AWS grew 37% YoY with a $496 billion backlog.
Q3 Revenue Guidance
Q3 revenue guidance of $197-$202 billion looks soft due to Prime Day moving into Q2 and FX headwinds.
Capital Expenditure Impact
CapEx of $220 billion for 2026 pushed TTM free cash flow to -$7.6 billion, with 2027 likely higher.
Market Reaction
Morgan Stanley raised its price target to $350 after Amazon's Q3 results announcement.
The short version
Amazon's Q3 results show a $496 billion backlog and negative free cash flow, with Morgan Stanley raising its price target to $350.
