Amazon projects AWS revenue growth of over 40% in both 2027 and 2028
“Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028,”
Context: Amazon CEO Andy Jassy, quoted in Amazon's official third-quarter 2026 earnings release (29 Oct 2026). On the earnings call the same day he said: "we believe that AWS can grow north of 40% in each of 2027 and in 2028 and be a trillion-dollar revenue business in the next five to 10 years." AWS segment sales were $46.0 billion in Q3 2026, up 39% year over year. Sources: (1) Amazon Q3 2026 earnings release (primary); (2) StockAnalysis transcript of the call; (3) CNBC, 29 Oct 2026 ("over 40%" next year and in 2028); (4) Business Insider, 29 Oct 2026 ("more than 40% in both 2027 and 2028"). The trillion-dollar remark is not part of this claim.
How we judge it
Our interpretation: correct if AWS segment net sales, as reported by Amazon, grow by more than 40% year over year for full-year 2027 (vs 2026) and again for full-year 2028 (vs 2027). Partly right if this happens in exactly one of the two years. Wrong if in neither. Reported (not currency-adjusted) figures from Amazon's Q4 results are used; graded when full-year 2028 results are out (about early 2029).
Resolution criteria are our interpretation of the claim, written before grading. Methodology
- Said
- Resolve by
- Due in 786 days
- Verdict
- Open
- Stated probability
- None stated
- Specificity
- 3 of 3 (precise and measurable)
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