Amazon.com, Inc. engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally.
Amazon (AMZN): Q2 2026 results
Amazon reported second quarter results after the close on Thursday 30 July.
Net sales rose 20 percent to $200.6 billion against $196.4 billion consensus, the second $200 billion quarter in Amazon’s history after the December 2025 period. Operating income rose 43 percent to $27.5 billion, lifting operating margin to 13.7 percent from 11.4 percent. Reported diluted earnings per share came in at $5.75 against a $1.82 estimate. The two figures cover different ground: net income of $62.6 billion includes $53.4 billion of non-operating pre-tax other income, primarily from Amazon’s stake in Anthropic, which consensus excluded.
| Metric | Actual | Consensus |
| Net sales | $200.6bn | $196.4bn |
| Operating income | $27.5bn | n/a |
| AWS net sales | $42.2bn | ~$40.4bn |
| AWS growth | 37% | 31% |
| Q3 net sales guidance | $197 to 202bn | $203.9bn |
AWS revenue rose 37 percent to $42.2 billion, its fastest growth in 18 quarters and a $169 billion annualised run rate, against roughly 31 percent expected. AWS operating income rose 64 percent to $16.6 billion, taking segment margin to 39.4 percent from 32.9 percent. Andy Jassy said the AI and custom chips businesses each passed a $25 billion annual run rate with triple digit growth, and disclosed a $496 billion AWS order backlog. North America revenue rose 16 percent to $116.2 billion and International rose 15 percent to $42.2 billion. Advertising rose 26 percent to $19.8 billion. Amazon recouped $600 million in tariff refunds during the quarter and will return some of that to shoppers.
Amazon raised 2026 capital expenditure guidance to $220 billion from the $200 billion previously indicated, most of it going to AI. Gross purchases of property and equipment reached $54.2 billion in the quarter. Trailing twelve month operating cash flow rose 33 percent to $161.4 billion, while free cash flow swung to an outflow of $7.6 billion from an inflow of $18.2 billion a year earlier, after net capex rose $66.1 billion year on year. Long term debt nearly doubled to $128.9 billion from the $65.6 billion carried at the end of December.
Amazon guided third quarter net sales of $197 to $202 billion, or 9 to 12 percent growth, against $203.9 billion consensus. Prime Day timing takes nearly 400 basis points off that growth rate and currency a further 80 basis points. Operating income guidance of $22.5 to $26.5 billion compares with $17.4 billion a year ago. Jassy told the call AWS could eventually become a $1 trillion business.
Shares closed up 3.9 percent at $235.50, then rose 9.5 percent after hours to $257.80.
