Amazon's AWS Margin Expansion Accelerates: More Upside for the Stock?

Key Takeaways Amazon's AWS delivered $11.4B operating income on $33B revenues in Q3, producing a strong 34.6% margin.AMZN's AWS revenues reaccelerated to 20% growth, added $2.1B sequentially, and reached a $132B run rate.Amazon's AWS scaled Trainium chips and inference-heavy workloads, supporting stable mid-30% margins.Amazon’s (AMZN) cloud segment, Amazon Web Services (“AWS”), demonstrated resilient margin performance in the third quarter of 2025, signaling improving profitability dynamics that could drive ...