If you hold Amazon for AWS, these are the AWS lines: $496 billion of commitments, $173 billion of capex in a year. Nine filed lines before Thursday's print.

Every figure below was read from Amazon's own filings on sec.gov and is cited with its accession: the second-quarter 2026 Form 10-Q, the second-quarter release furnished as Exhibit 99.1 to Form 8-K, and the 8-Ks and prospectus filed since. Outlook figures are Amazon's own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings call, which is not a filing either. Sums, ratios and implied growth rates are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

If you hold Amazon $AMZN for AWS, Thursday's release will lead with the total: net sales, operating income, the stores. The AWS lines sit lower down, and some of the ones that matter most are not in the release at all. They are in the 10-Q.

Amazon is expected to report its third quarter on Thursday 29 October. That date is not in an SEC filing. We checked EDGAR at 04:30 UTC on 28 October. The latest periodic report is the Q2 10-Q (accession 0001018724-26-000026); the Q2 release is Exhibit 99.1 to the 8-K of 30 July (0001018724-26-000024). Since then Amazon has filed a director-appointment 8-K on 9 September (0001018724-26-000036), a sterling notes offering (8-K 0001104659-26-107526, line 9 below), and the prospectus for its Globalstar merger. No third-quarter results.

No forecast here. Nine lines already on file, each with the question it sets up for Thursday.

1. AWS: $42.2 billion of revenue at a 39.4% margin

From the 10-Q segment note (0001018724-26-000026): AWS net sales were $42,232 million in the second quarter, against $30,873 million a year earlier, and AWS operating income was $16,621 million, against $10,160 million. (Ours: revenue up 36.8%, operating margin 39.4%.) The release's supplemental table (0001018724-26-000024) gives growth excluding currency for the last six quarters as 17%, 17%, 20%, 24%, 28% and 37%.

The comparison base for Thursday is the third quarter of 2025 in the same table: AWS net sales of $33,006 million and operating income of $11,434 million, a 34.6% margin. Trailing-twelve-month AWS sales were $148,404 million at 30 June.

Check: AWS growth against 37%, and the margin against 39.4%.

2. The guide is for the whole company; there is no AWS line in it

From the Q2 release, all company guidance for the quarter to 30 September:

Line	Guide	Third quarter 2025
Net sales	$197.0–202.0 billion, growth of 9% to 12%	$180,169 million
Operating income	$22.5–26.5 billion	$17.4 billion ($17,422 million)

The release adds: "Excluding the impact of Prime Day in both 2025 and 2026, third quarter 2026 year-over-year growth would be nearly 400 basis points higher", and the guide "anticipates an unfavorable impact of approximately 80 basis points from foreign exchange rates." It assumes "no impact from energy derivative contract remeasurements". (Ours: the operating-income range is 29.1% to 52.1% above the third quarter of 2025.)

The guide has no AWS figure and no capital-expenditure figure. Neither does the 10-Q.

Check: net sales and operating income against each range.

3. $54.2 billion of property and equipment in one quarter, $173.0 billion in twelve months

The 10-Q cash flow statement: purchases of property and equipment were $54,208 million in the second quarter, against $32,183 million a year earlier; $98,411 million in the half; and $173,028 million in the twelve months to 30 June, against $107,656 million. (Ours: the quarter is up 68.4%, the twelve months up 60.7%.)

The 10-Q's liquidity section calls the net figure "cash capital expenditures": "$31.4 billion and $53.1 billion during Q2 2025 and Q2 2026", which "primarily reflect investments in technology infrastructure (the majority of which is to support AWS business growth) and in additional capacity to support our fulfillment network, both of which we expect to increase in 2026."

No forward sentence in the 10-Q or the release puts an amount on it.

Check: third-quarter purchases against $54.2 billion, and whether "expect to increase" gains a number.

4. Free cash flow: minus $7.6 billion over twelve months

The 10-Q's non-GAAP reconciliation, twelve months to 30 June 2026: operating cash flow $161,403 million, less purchases of property and equipment net of proceeds and incentives of $169,007 million, gives free cash flow of $(7,604) million. A year earlier it was $18,184 million. The release puts the cause in one clause: "a year-over-year increase of $66.1 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence."

The supplemental table shows the path, trailing twelve months at each quarter end from Q1 2025: $25,925 million, $18,184 million, $14,788 million, $11,194 million, $1,232 million, $(7,604) million. (Ours: the second quarter alone was $45,387 million of operating cash less $54,208 million of purchases plus $1,132 million of proceeds, about $(7.7) billion.)

Check: whether the trailing figure falls further below zero once the September quarter replaces the September 2025 quarter.

5. About $496 billion of commitments, 6.4 years long

The 10-Q revenue note: "we have performance obligations, primarily related to AWS, associated with commitments in customer contracts for future services that we expect to fulfill but have not yet been recognized in our financial statements. For contracts with original terms that exceed one year, those commitments not yet recognized were approximately $496 billion as of June 30, 2026. The weighted-average remaining life of our long-term contracts is 6.4 years."

Two things are missing from that paragraph. Amazon gives no share expected within twelve months, the slice Microsoft files ("approximately 30%", 10-K 0001193125-26-323660), and it excludes contracts of one year or less, which Alphabet added to its backlog in Q1 (10-Q 0001652044-26-000071). (Ours: $496 billion is 3.3 times trailing AWS sales of $148.4 billion.) Our RPO explainer covers why the three companies' figures are not one measure.

Check: the figure and the 6.4-year life in the Q3 10-Q, which is where they appear. The release has not carried them.

6. Two customers, $100 billion or more each

The same note: "In Q1 2026, AWS and OpenAI Group PBC ("OpenAI") announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years, which includes contractual obligations related to the performance of AWS chips. In Q2 2026, AWS and Anthropic announced an expansion of the strategic collaboration and existing multi-year commitment by more than $100.0 billion over 10.0 years".

(Ours: $138.0 billion for OpenAI with the existing commitment; the Anthropic total is not given.) The 10-Q does not say how much of the $496 billion these two contracts make up.

Check: any new named commitment in the 10-Q, and whether either expansion is sized inside the total.

7. The money that goes the other way

Amazon also funds both customers. From the 10-Q investments note:

OpenAI. $15.0 billion invested in Series C Preferred Stock in Q1, plus a commitment to purchase more "with an aggregate purchase price of $35.0 billion". Amazon invested $13.7 billion of it in Q2, carried $28.7 billion at 30 June, and "Subsequent to June 30, 2026, we invested the remaining $21.3 billion". (Ours: $50.0 billion in total.)
Anthropic. $8.0 billion of convertible notes from Q3 2023 to Q4 2025; $5.0 billion of Series G preferred in Q2; and a facility "not to exceed $20.0 billion", which opens as compute-delivery milestones are met. A $5.0 billion Series H investment under it "reduced the amount available under the facility to $15.0 billion."

On the balance sheet at 30 June: Anthropic nonvoting preferred stock at about $92.5 billion and the convertible notes at an estimated fair value of $97.9 billion. The upward adjustment to the preferred was about $50.5 billion in Q2, and total other income was $53,415 million in the quarter.

Check: the $21.3 billion in third-quarter investing cash flows, any draw on the Anthropic facility, and other income, which the guide's operating line excludes.

8. $137.2 billion of leases not yet commenced, $130.1 billion of purchase obligations

The 10-Q commitments table at 30 June (0001018724-26-000026), in millions:

Commitment	Rest of 2026	2027	Thereafter (2031+)	Total
Leases not yet commenced	4,018	11,732	93,476	137,214
Unconditional purchase obligations	23,452	33,026	48,641	130,065
Total commitments	42,752	78,084	386,806	650,034

The purchase obligations cover agreements "to procure energy, acquire and license digital media content, acquire property and equipment, and license software that are not reflected on the consolidated balance sheets". Leases not yet commenced sit on their own row, apart from the operating and finance lease liabilities. (Ours: $56.5 billion of purchase obligations fall in the eighteen months to December 2027.)

Check: both rows in the Q3 10-Q, not the release. Microsoft's leases not yet commenced were $329.1 billion at 30 June (0001193125-26-323660) and Alphabet's $85.2 billion (0001652044-26-000071), per our Monday preview.

9. Debt nearly doubled in six months, then sterling in September

The 10-Q debt note: total face value of long-term debt went from $68,836 million at 31 December to $132,995 million at 30 June, across March dollar and euro notes, May Swiss franc notes and June Canadian dollar notes. (Ours: up $64.2 billion, or 93.2%.) Proceeds from long-term debt were $66,998 million in the half. The liquidity section says: "We expect to undertake additional financing activities in 2026."

The next one is on file. The 8-K of 14 September (0001104659-26-107526) reports the closing of £1,250 million of 5.200% notes due 2029, £1,000 million of 5.550% notes due 2032, £1,000 million of 6.250% notes due 2038 and £1,000 million of 6.650% notes due 2045, for "estimated net proceeds … of approximately £4.235 billion". (Ours: £4.25 billion of principal in four tranches.)

Separately, the 10-Q describes the Globalstar merger: $90.00 in cash or 0.3210 Amazon shares per Globalstar share, cash elections capped at 40% of shares, an implied value of "approximately $10.9 billion, including its debt", and a close "expected … in 2027".

Check: long-term debt at 30 September, with the sterling notes in it.

What to read first on Thursday

In the 8-K: the AWS segment line, revenue and operating income, against $42.2 billion and 39.4%. Then the trailing free-cash-flow line against minus $7.6 billion, and net sales and operating income against the guide. In the 10-Q, a few days later: the $496 billion and its 6.4 years, the commitments table, the capex sentence and the debt note.

The July read is our Q2 post. Amazon also sits on the demand side of our CoreWeave post.

Run it yourself

Open /filings/AMZN, find the Q2 10-Q and search for "commitments not yet recognized": that paragraph holds the $496 billion, the 6.4 years and both AI contracts. The commitments table is in Note 4, a few pages later. The free-cash-flow reconciliation sits near the end of Item 2.

Write down what you expect before Thursday. Our Thesis Monitor reads each new filing against what you wrote — AWS margin near 39.4%, free cash flow below zero, commitments at $496 billion — and tells you which of them moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

The release will say how fast AWS grew. The 10-Q says how much is already signed, and what it costs.

Sources. Amazon.com, Inc. Form 10-Q for the quarter ended 30 June 2026: accession 0001018724-26-000026 (sec.gov). Form 8-K of 30 July 2026, Exhibit 99.1 (second-quarter release and supplemental tables): 0001018724-26-000024 (sec.gov). Form 8-K of 14 September 2026 (sterling notes): 0001104659-26-107526 (sec.gov). Form 8-K of 9 September 2026 (Item 5.02): 0001018724-26-000036. Globalstar information statement/prospectus on Form 424B3 of 18 August 2026: 0001104659-26-098339. Comparison figures: Microsoft FY2026 Form 10-K 0001193125-26-323660; Alphabet Form 10-Q for the quarter ended 30 June 2026 0001652044-26-000071. EDGAR was checked at 04:30 UTC on 28 October 2026; no third-quarter 8-K or 10-Q had been filed. The report date is not in a filing. No analyst estimate, consensus figure, share price, price target or call remark appears on this page. Sums, ratios and implied growth rates are arithmetic on those filed values, labelled as ours where they appear. Research, not investment advice.