Amazon (AMZN) to Report Q4 Earnings Amid AI Growth and Capex Scrutiny

Amazon (AMZN) reports fourth-quarter earnings after the market close on February 09, 2026, amid continued pressure on capital expenditures and AI growth. The company announced cuts of 16,000 jobs and closures of Amazon Fresh and Amazon Go stores to flatten its structure and remove bureaucracy. Key expectations: EPS of $1.96 on revenue of $211.5 billion, up 5% and 13% respectively from the prior-year quarter. AWS revenue is forecast at $34.9 billion (+21% YoY); online store sales at $82.3 billion (+8.9% YoY); advertising revenue at $21.2 billion. Q4 cash capex is expected at $34.9 billion, up from $34.2 billion in Q3, with 2025 guidance at $125 billion and continued 2026 expansion. Meta (META) and Microsoft (MSFT) posted contrasting Street reactions last week as Amazon seeks clarity on its spending and AI momentum. If 2026 capital intensity exceeds expectations, Amazon’s stock could face significant pressure.