Amazon Web Services CEO Matt Garman delivered a keynote address at the AWS re:Invent conference on Dec. 2, 2025. Amazon reported that revenue from its cloud unit increased nearly 24% in the fourth quarter, exceeding analysts’ estimates. AWS generated $35.58 billion in revenue, representing 17% of Amazon’s total revenue for the quarter.

Within AWS, operating income reached $12.47 billion, surpassing StreetAccount’s consensus. Amazon continues to lead the cloud infrastructure market it introduced almost 20 years ago. However, Google and Microsoft are rapidly growing in the space, with Google Cloud revenue jumping about 48% and Microsoft’s cloud services expanding by 39%.

During the fourth quarter, AWS introduced Nova Forge, which provides access to Amazon generative AI models for advanced customization. AWS also announced a $38 billion spending commitment from OpenAI. Major cloud providers are rushing to offer more AI infrastructure, with AWS adding almost 4 gigawatts of computing capacity in 2025.

Amazon anticipates $200 billion in capital expenditures for 2026, exceeding Visible Alpha’s consensus. Microsoft CEO Satya Nadella reported bringing almost a gigawatt online during the fourth quarter. AWS remains a key focus for Amazon’s future earnings and growth.

Read more at CNBC: AWS Q4 earnings report 2025