Amazon.com, Inc. (AMZN) Earnings

Amazon.com, Inc.

AMZN · Nasdaq

Symbol: AMZN
Type: Stock
Sector: Consumer Discretionary
Industry: Retail-Catalog & Mail-Order Houses
Exchange: Nasdaq

Since launching in the U.S. in 2015, Amazon Business has empowered businesses of all sizes through unmatched selection, deep discounts, and smart capabilities. Procurement and business leaders benefit from convenient shipping options on hundreds of millions of supplies across categories like office, IT, janitorial, and food service, along with business-tailored features including a curated site experience, Business Prime, business-only pricing and selection, single- or multi-user business accounts, approval workflows, purchasing system integrations, payment solutions, tax exemptions, and dedicated customer support. Amazon Business is now a strategic partner actively serving more than eight million organizations globally, excluding emerging geographies, in 11 countries. Visit the Amazon Business website to learn more about new and existing tools and features for business buying.

Key Issues

Bullish view

Amazon’s decision to raise its 2026 capital-expenditure budget to $220 billion signals confidence that demand for cloud computing and artificial-intelligence infrastructure can support substantial growth.

Bearish view

The $220 billion spending plan increases capital intensity materially, while the supplied evidence does not provide quantified returns or indicate when the investment will translate into earnings.

Analyst Consensus

See all

Buy

47 analysts

$278

Current

$175

Low

$325

Average

$175

High

Average target implies +16.87% versus the current price.

Earnings History

BeatMissNo estimate

Sep 2026upcoming

Next quarter

Expected to report Oct 29, 2026 — estimated from last year’s reporting date.

Consensus is $2.03 EPS for Sep 2026 across 14 estimates, ranging $1.87 to $2.32.

AMZN Jun 2026

Reported Jul 30, 2026

: 2.73%
: +15.32%

: $1.83
: $1.88
: —
: $200.61B

Reported results

: $200.61B; from $167.70B
: 52.26%; from 51.81%
: $27.46B; from $19.17B
: 13.69%; from 11.43%
: $62.65B; from $18.16B
: $5.75; from $1.68

Highlights

Q2 2026 net sales were $200.606 billion, up 20% year over year from $167.702 billion; net income was $62.647 billion versus $18.164 billion.
North America sales rose 16% to $116.177 billion, with operating income increasing to $9.123 billion from $7.517 billion.
International sales increased 15% to $42.197 billion, while operating income rose to $1.717 billion from $1.494 billion.
AWS sales grew 37% to $42.232 billion, and operating income increased to $16.621 billion from $10.160 billion.
Advertising services revenue rose to $19.809 billion from $15.694 billion, subscription services to $13.730 billion from $12.208 billion, and third-party seller services to $46.780 billion from $40.348 billion.
Cash capital expenditures were $53.1 billion in Q2 2026 and $96.3 billion for the first six months; management expects investments in technology infrastructure and fulfillment capacity to increase in 2026.

Analysis

No consensus figures are on file, so the quarter cannot be assessed against an external estimate. Amazon delivered $200.606 billion of revenue, up 20% year over year, accelerating from 13% growth in Q2 2025 and exceeding the 11% growth recorded for the first half of 2026. AWS was the main profit engine: sales grew 37% and operating income rose 64% to $16.621 billion, driven primarily by higher customer usage. North America also carried results, with sales up 16% and operating income up to $9.123 billion, while International sales grew 15% and operating income reached $1.717 billion. Consolidated operating income increased to $27.461 billion from $19.171 billion. Technology and infrastructure costs rose 22% to $33.158 billion, reflecting continued infrastructure investment, while fulfillment costs rose 14% to $29.633 billion as Amazon expanded its network. Cost of sales increased 19% to $95.778 billion, partly offset by operational efficiencies and tariff refunds.

Guidance

The filing provides no formal revenue, operating income, or EPS guidance range for Q3 2026 or full-year 2026, and no prior guide is included for comparison. Management expects macroeconomic and geopolitical factors, including inflation, interest rates, tariffs, supply volatility, and customer demand, to continue affecting results into Q3 2026. It also expects additional investment in artificial intelligence initiatives. Cash capital expenditures and fulfillment-network investments are expected to increase in 2026, primarily to support AWS growth and additional capacity. Amazon expects to undertake additional financing activities in 2026 and says liquidity should cover anticipated operating needs for at least the next twelve months.

What drove it

AWS growth — AWS sales increased 37% to $42.232 billion, primarily reflecting higher customer usage, partially offset by pricing changes tied mainly to long-term contracts.
North America retail — North America sales grew 16% to $116.177 billion, driven by increased unit sales, third-party seller activity, advertising, subscriptions, and fast-shipping offers.
Advertising services — Advertising services revenue rose to $19.809 billion from $15.694 billion.
Capital investment — Cash capital expenditures increased to $53.1 billion in Q2 2026 from $31.4 billion, primarily for technology infrastructure and fulfillment capacity.

Watch items

Technology and infrastructure costs increased 22% year over year to $33.158 billion, faster than consolidated revenue growth of 20%, reflecting continued infrastructure and AI investment.
Cash capital expenditures reached $96.3 billion in the first six months of 2026, and management expects technology infrastructure and fulfillment investments to increase further during 2026.
Shipping costs rose to $27.9 billion from $23.4 billion, and Amazon expects shipping costs to continue increasing as customers use shipping offers more, delivery methods become more expensive, and additional services are offered.
Management expects inflation, interest rates, tariffs, supply volatility, geopolitical developments, and customer-demand changes to continue affecting results into Q3 2026.