An earnings call is where management says what the press release leaves out: what they expect next year, what worries them, and what analysts keep pushing on. It is also an hour of audio, and most investors read a headline about it instead.
With Equibles connected to ChatGPT or Claude, you can ask a call questions in plain English: what management promised, what analysts asked, how the tone changed, and how often a word has come up over two years of calls. This guide walks through six prompts on Amazon's (AMZN $259.30 -0.35%) third-quarter 2026 call, held on October 29. Every answer below is real tool output from November 3, 2026.
Before you start
Connect the Equibles MCP server to your assistant once: ChatGPT setup or Claude setup. After that, the assistant picks the right tool on its own; you never type a tool name.
1. Find the call
What do you have for Amazon's latest earnings call: the date, the transcript, the audio, and any guidance they gave?
The assistant calls GetEarningsCallEvent, which groups everything for one quarter:
- Q3 2026 call, October 29, 2026, 21:00 UTC (5:00 p.m. Eastern), concluded. Transcript and audio are on file, and so is the 8-K earnings release.
- Guidance from the release: fourth-quarter net sales of $240 billion to $247 billion, or 12% to 16% growth, operating income of $28.5 billion to $33.5 billion, and about $220 billion of cash capital expenditures for 2026.
The transcript, by speaker, is on the Amazon Q3 2026 earnings call page.
2. What did management promise?
What forward-looking statements did management make on Amazon's Q3 2026 call? Quote them.
GetEarningsCallTranscript returns all 31 speaker turns, attributed to the people who said them. Three lines from Andy Jassy, the CEO, carry most of the call:
- "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."
- "We still expect 2026 cash capex of approximately $220 billion, the majority for AWS, and expect to spend meaningfully more in 2027."
- "Backlog is $578 billion, growing triple digits year-over-year and well-diversified."
Amazon rarely puts numbers that far out, and Morgan Stanley's analyst said so on the call: "It's pretty rare you would make comments about a trillion dollars of revenue five to 10 years from now." When management puts numbers on the future, write them down; they are what the next calls will be judged against.
3. What did analysts press on?
What did analysts ask about on Amazon's Q3 2026 call, and who answered each question?
GetEarningsCallQuestions returns one entry per analyst, with the firm, the full question, who answered, and where it sits in the audio. Amazon took six questions, from Bank of America, Morgan Stanley, Evercore ISI, Goldman Sachs, J.P. Morgan and Barclays:
- All six were at least partly about AWS.
- Three asked about margins or returns: whether AWS margins in the high 30s are stable, what capex the 40% growth needs and how long the returns last, and what selling inference instead of bare compute does to margins.
- The others asked how Amazon gets to a trillion dollars, about capacity added in the fourth quarter, and about selling its Trainium chips to other companies.
To read one exchange in full, ask for its turns. J.P. Morgan's analyst asked about "the CapEx required to drive that kind of revenue." Jassy's answer: "On the CapEx involved to grow the way we're talking about, it's meaningful," followed by "we can fund this plan." Each question also has an audio offset, so you can hear the answer in Amazon's own voice on the call page.
4. Did the tone change?
How confident did Amazon's management sound on this call compared with the last one, and which themes were new?
GetEarningsCallToneAndThemes scores each call's tone from -100 (cautious) to +100 (bullish) and lists its main themes with mention counts:
- Tone was 82, against 88 on the July call. Hedging was 24, against 25.
- AWS growth and AI demand was the biggest theme, with 76 mentions, up from 46.
- Two themes were new: "AI investment and capital expenditures" (17 mentions), the only theme on the call scored as a risk, and "AWS margin outlook" (10 mentions, neutral).
So the call was still very upbeat, a little less than in July, and the cost of the AI build-out moved from a footnote to a theme of its own. GetEarningsCallThemeHistory shows the same themes across the last six calls if you want the longer view.
5. Track one word across calls
How often has Amazon's management said "capacity" on its last eight earnings calls?
GetTranscriptPhraseTrend counts a word or phrase on each call, per 10,000 words, split between prepared remarks and Q&A:
- "Capacity" came up 4 times on the February 2025 call, 5.0 times per 10,000 words.
- It came up 21 times on the October 2026 call, 25.0 per 10,000 words, the most in the eight calls, and 14 of the 21 were in the Q&A.
A word that analysts keep raising in the Q&A is usually the market's open question. One caution: a count is only as good as the transcript's spelling. Ask the same tool for "Trainium", Amazon's AI chip, and the last two calls show 0 mentions; ask for "Tranium", the transcripts' spelling, and they show 9 and 6. If a count looks wrong, ask for the spelling variants too.
6. Check the numbers against the release
Check the AWS growth rate and operating income Amazon gave on the call against its 8-K earnings release.
SearchDocument finds the lines in the 8-K release:
- "AWS segment sales increased 39% year-over-year to $46.0 billion." On the call, both the CEO and the CFO said 39.3%; the release rounds to a whole percent.
- "Operating income increased to $28.1 billion in the third quarter, compared with $17.4 billion in third quarter 2025," which is the 61% Jassy quoted in his opening remarks.
- AWS operating income was $17.8 billion, against $11.4 billion a year earlier.
Calls are spoken and transcripts can mishear a number. The filing is the record, so check every figure you plan to rely on against it. Amazon's quarterly statements are on its financials page.
Put it together in one prompt
Analyze Amazon's latest earnings call: the guidance in the release, management's forward-looking statements with quotes, what each analyst asked and who answered, how the tone and themes changed from the previous call, how often "capacity" has come up over the last eight calls, and whether the call's key numbers match the 8-K. Cite the transcript turn or filing line for each point.
To go further, ask what analysts asked about on the previous call that nobody raised this time, or compare Amazon's call with Microsoft's and Alphabet's from the same week.
How to check what the assistant tells you
- Every quote comes with its speaker and turn number, and every question with its audio offset. Listen to the one or two answers you care most about.
- Tone scores and themes are AI readings of the call. Use them to find what changed, then read those parts of the transcript yourself.
- Speaker names on audio transcripts can be misspelled, and so can product names. When a name or a count looks off, check the audio or the company's release.
- Treat the 8-K as the source for every number, and the call as the source for what management said about them.
The same six prompts work on any company's earnings call: swap the name. Add Equibles to ChatGPT or Claude to analyze the calls on your own watchlist.
This guide is for education, not investment advice. Figures are as of November 3, 2026.