# Amazon Q3: $496 Billion Backlog, Negative Free Cash Flow

> Amazon reports $496 billion backlog and negative free cash flow in Q3.
- Title: Amazon Q3: $496 Billion Backlog, Negative Free Cash Flow
- Summary: 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…
- Keywords: amazon, free cash flow, backlog, morgan stonley, price target, money, business, 496, Billion, Negative, Free, Cash
- Source: Seekingalpha — https://seekingalpha.com/article/4955913-amazon-q3-a-496-billion-backlog-and-negative-free-cash-flow
- Author: Julia Ostian
- Published: 2026-10-21T14:57:55+00:00
- Read time: 1 min
- Topics: amazon, q3, free cash flow, backlog, morgan stonley, price target, money, business
## 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.
## Key takeaway

Amazon's Q3 results show a $496 billion backlog and negative free cash flow, with Morgan Stanley raising its price target to $350.