Amazon Q2 2026: AWS Hits $42B as AI Run Rate Reaches $25B
As seen on the 24/7 Wall St. homepage on July 30, 2026.
AWS exploded past $42 billion in revenue on 37% growth, its fastest pace in 18 quarters, as the company's AI and chips divisions each hit $25 billion annualized run rates with triple-digit expansion. Headline GAAP EPS of $5.75 was inflated by a $53 billion non-operating gain on Amazon's Anthropic investment — on a street-comparable basis the quarter came in near $1.88 against a $1.83 consensus — and the real story is cloud and AI infrastructure dominance.
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AWS was the undisputed headline of the quarter, posting more than $42 billion in revenue on 37% year-over-year growth — its fastest expansion in 18 quarters. Amazon's AI and chips divisions each crossed $25 billion annualized run rates, with both growing at triple-digit percentages, underscoring how deeply the company has embedded itself in the infrastructure layer of the AI buildout.
The reported GAAP EPS figure of $5.75 requires an important asterisk: a $53 billion non-operating gain tied to Amazon's Anthropic investment heavily inflated the number. Stripping that out, the street-comparable result came in around $1.88 against a consensus estimate of $1.83 — a modest beat that fits neatly into Amazon's recent pattern of clearing the bar. Revenue of roughly $200.6 billion topped estimates of about $196.4 billion by just over 2%.
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The EPS history chart tells a consistent story: Amazon has beaten consensus in every quarter shown going back to Q3 2024, with the lone exception being Q4 2025, where reported and estimated EPS landed at exactly $1.95. The Q1 2026 result of $2.78 against a $1.64 estimate was the widest beat in the window, making Q2's narrower outperformance look measured by comparison. Investors watching the stock will likely focus less on the Anthropic-inflated GAAP line and more on whether AWS's 37% growth rate can be sustained as hyperscaler competition intensifies.
Mentioned: AMZN