E-commerce giant Amazon (AMZN Quick QuoteAMZN - Free Report) is set to report third-quarter earnings results on Thursday after the closing bell. A Zacks Rank #3 (Hold) stock, Amazon missed earnings estimates in two of the past three quarters. With shares pulling back from their August high, is AMZN a buy ahead of this week’s release?

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Analysts anticipate the company to post earnings of $2.01 per share, reflecting growth of just 3.1% versus the same period in the prior year. Estimates for the quarter have declined 1.95% over the past 60 days. Revenues are projected to climb 12.2% to $202.1 billion.

Amazon’s international expansion and diversification efforts have helped to create multiple revenue streams. AI integration across its operations enhances personalization, logistics and AWS offerings, strengthening Amazon’s competitive positioning.

Yet substantial capital expenditure requirements for AI infrastructure and data centers continue to tighten financial resources and compress margins. The company’s growing debt burden reduces financial flexibility amid higher interest rates. Intensifying competition from Microsoft Azure and Google Cloud also remains a concern.

Shares have underperformed in 2026 with a gain of about 9%, even as the broader market is up by double digits. An earnings beat may be just what the stock needs to fuel the next leg higher.