Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings, or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore our actual results could differ materially from our guidance. We saw strong growth across our business in Q3, and we're reporting $180.2 billion in revenue, up 12% year-over-year, excluding the impact from foreign exchange rates.
AWS is growing at a pace we haven't seen since 2022, re-accelerating to 20.2% year-over-year, our largest growth rate in 11 quarters. Backlog grew to $200 billion by Q3 quarter end and doesn't include several unannounced new deals in October, which together are more than our total deal volume for all of Q3. SageMaker makes it much simpler for companies to build and deploy their own foundation models. Bedrock gives customers leading selection of foundation models and superior price performance to deploy inference into their next-generation applications.
It's why we launched AgentCore, a set of infrastructure building blocks that allow builders to deploy secure, scalable agents. Cohere Health is using AgentCore to deploy agents that will reduce medical review times by up to 30%-40%. Anthropic is using it now to build and deploy its industry-leading AI model, Claude, which we expect to be on more than 1 million Trainium2 chips by year-end. Trainium2 continues to see strong adoption, is fully subscribed, and is now a multi-billion-dollar business that grew 150% quarter-over-quarter.
| Metric | Period | Current guidance |
|---|---|---|
| Full-year cash CapEx | FY 2025 | ~$125B (expected to increase in 2026) |
| AWS operating margins | Ongoing | Expected to keep fluctuating with the level of investment / depreciation |
| Delivery speed | FY 2025 | On track for fastest-ever Prime speeds for a third consecutive year |
| Metric | YoY | Note |
|---|---|---|
| Worldwide revenue | +12% ex-FX ($180.2B) | Strong growth across all segments; 90bps favorable FX; worldwide paid units +11%. |
| Worldwide operating income | n/a ($17.4B reported; $21.7B ex-charges) | $4.3B of special charges ($2.5B FTC settlement + $1.8B severance); ex-charges $1.2B above guidance. |
| AWS revenue | +20.2% ($33B) | Re-acceleration of 270bps QoQ on strong AI and core-services growth plus new capacity coming online; $132B run rate, largest growth in 11 quarters. |
| AWS operating income | n/a ($11.4B) | Continued growth plus efficiency focus, partly offset by higher depreciation from Gen-AI data-center buildout. |
| North America operating income | n/a ($4.8B reported; $7.3B ex-FTC) | Reported margin 4.5% (6.9% ex the $2.5B FTC charge); also carried part of the severance charge. |
| International operating income | n/a ($1.2B) | Margin 2.9%; excluding severance, margins expanded YoY on transportation productivity. |
| Advertising revenue | growth accelerated 3rd consecutive quarter ($17.7B) | Full-funnel approach resonating on an increasingly large base. |
| Cash CapEx | n/a ($34.2B; $89.9B YTD) | Primarily AWS AI and core services plus custom silicon (Trainium) and fulfillment/transportation. |
| Net income | n/a ($21.2B) | Includes a $9.5B pre-tax non-operating gain on the Anthropic investment. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AWS growth trajectory | 17.5% YoY in Q2 2025 | 20.2% YoY in Q3 2025 (fastest in 11 quarters), $132B run rate | — |
| AWS capacity / power | Power the biggest constraint (Q2) | Added 3.8 GW over trailing 12 months, on track to double capacity by 2027; 1 GW+ more in Q4 | — |
| Trainium2 | Backbone of Anthropic/Bedrock, ramping (Q2) | Fully subscribed, +150% QoQ; Project Rainier online with ~500K chips heading to 1M | — |
| Special charges | None flagged in Q2 | $4.3B of charges ($2.5B FTC settlement + $1.8B severance) hit reported operating income | — |
| Grocery / perishables | Perishables pilot expanding (Q2) | Same-day perishables in 1,000+ cities, en route to 2,300 by year-end; grocery GMS $100B+ TTM | — |
| Headcount / culture | Not a focus in Q2 | Role eliminations described as culture-driven (removing layers), not AI- or cost-driven | — |