AWS revenue grew 39.3% year over year in the quarter to September 30, 2026, its fastest since the 39.5% of the fourth quarter of 2021 and more than triple its 12.2% low in mid-2023, while its operating margin was 38.7%, up from 24.0% in early 2023, according to Amazon’s SEC filings. That means the re-acceleration behind SI News’s report on AWS’s AI demand has come without the profit squeeze that accompanied the 2022 to 2023 slowdown, even as Amazon’s capital spending surged. An earlier SI Plots post drawn from the same filings also shows growth accelerating, but it puts fourth-quarter 2025 growth at 18.2%, whereas Amazon’s reported segment sales give 23.6% (24% in Amazon’s own release).
Sources & Notes
- Original story: Mistral Opens Large 4 Open Weights | Canada Takes Stake in Cohere’s Record Round | AWS Growth Hits 39% on AI Demand
- Data sources: Amazon.com, Inc (2026). Form 10-Q for the quarterly period ended September 30, 2026; Amazon.com, Inc (2026). Form 10-K for the fiscal year ended December 31, 2025; Amazon.com, Inc (2026). Amazon.com announces third quarter results (Exhibit 99.1 to Form 8-K); Amazon.com, Inc (n.d.). EDGAR filing index of Forms 10-Q and 10-K, 2021 to 2026
- Other references: Amazon.com, Inc (2026). Amazon.com announces fourth quarter results (Exhibit 99.1 to Form 8-K)
- Notes: AWS segment net sales and segment operating income were extracted from the inline XBRL segment tables in every Amazon Form 10-Q and 10-K filed from 2021 through 2026-10-30; fourth-quarter values are full-year minus nine-month totals. Growth compares each quarter with the same quarter a year earlier, and operating margin is segment operating income divided by segment net sales. Segment operating income reflects Amazon’s own cost allocations, and segment sales include non-AI services. Observation period: quarters ending 2021-03-31 to 2026-09-30. Data accessed 2026-10-31.
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