Q2 26 EPS GAAP
$5.75
BEAT +215.47%
Est. $1.82
Net income includes non-operating pre-tax other income of $53.4 billion, primarily from investments in Anthropic.
Q2 26 Revenue
$200.61B
BEAT +2.12%
Est. $196.43B
vs S&P Since Q2 26
+15.8%
BEATING MARKET
AMZN +19.3% vs S&P +3.5%
Market Reaction
Did AMZN Beat Earnings? Q2 2026 Results
Amazon delivered a blockbuster second quarter for fiscal 2026, posting GAAP earnings per diluted share of $5.75, a figure lifted by a $53.40 billion one-time non-operating gain tied largely to its Anthropic investment and not directly comparable to t… Read more Amazon delivered a blockbuster second quarter for fiscal 2026, posting GAAP earnings per diluted share of $5.75, a figure lifted by a $53.40 billion one-time non-operating gain tied largely to its Anthropic investment and not directly comparable to the $1.82 adjusted consensus; on a comparable basis the quarter scored roughly $1.88 against a $1.83 estimate, while revenue of $200.61 billion topped expectations by 2.12% and grew 19.6% year over year. The headline profit figure was heavily shaped by $53.40 billion in non-operating pre-tax income tied largely to the company's Anthropic investment, but the underlying operational story was equally compelling, with operating income climbing 43% to $27.46 billion. The true engine of the quarter was AWS, which posted 37% revenue growth to $42.23 billion, its fastest pace in 18 quarters, as surging AI infrastructure demand drove operating margins to 39.4%. CEO Andy Jassy noted that both Amazon's AI and chips businesses each exceeded $25.00 billion in annualized revenue run rates, growing at triple-digit percentages, helping lift AMZN shares roughly 4.50% on the day. Looking ahead, Amazon guided Q3 2026 net sales of $197.00 billion to $202.00 billion, with operating income between $22.50 billion and $26.50 billion.
Key Takeaways
- • AWS growth accelerated to 37% YoY, fastest in 18 quarters, driven by AI demand
- • AI and Chips businesses each exceeded $25 billion annual run rates with triple-digit growth
- • Advertising services grew 26% YoY to $19.8 billion
- • Over 40% more items delivered same-day or overnight for Prime members
- • Grocery and Everyday Essentials growing meaningfully faster than rest of business
- • Amazon Now ultra-fast delivery grew over 80% in gross sales quarter-over-quarter
- • Worldwide paid units grew 17% YoY
- • Amazon Bedrock customers spent more in Q2 than all prior quarters combined
AMZN Forward Guidance & Outlook
For Q3 2026, Amazon expects net sales between $197.0 billion and $202.0 billion, representing 9% to 12% year-over-year growth. Excluding the impact of Prime Day timing in both years, underlying Q3 growth would be nearly 400 basis points higher. The guidance anticipates an unfavorable impact of approximately 80 basis points from foreign exchange rates. Operating income is expected between $22.5 billion and $26.5 billion, compared with $17.4 billion in Q3 2025. Guidance assumes no impact from energy derivative contract remeasurements and no additional business acquisitions, restructurings, or legal settlements.
AMZN YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
AMZN Revenue by Segment
With YoY comparisons, source: SEC Filings
AMZN Revenue by Geography
With YoY comparisons, source: SEC Filings
“AWS is booming, growing 36.7% year-over-year in Q2—our fastest growth in 18 quarters—and our AI and Chips businesses each eclipsed run rates of more than $25 billion.”
— Andy Jassy, Q2 2026 Earnings Press Release
AMZN Earnings Trends
AMZN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMZN EPS Trend
Earnings per share: estimate vs actual
AMZN Revenue Trend
Quarterly revenue: estimate vs actual
AMZN Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Net income includes non-operating pre-tax other income of $53.4 billion, primarily from investments in Anthropic. | $1.82 | $5.75 | +215.47% | $200.61B | +2.12% |
| Q1 26 BEAT Net income includes pre-tax gains of $16.8 billion in non-operating income from investments in Anthropic. | $1.65 | $2.78 | +68.18% | $181.52B | +2.46% |
| Q4 25 MISS FY | $1.96 | $1.95 | -0.49% | $213.39B | +1.02% |
| FY Full Year | — | $7.17 | — | $716.92B | — |
| Q3 25 BEAT Net income includes pre-tax gains of $9.5 billion in non-operating income from investments in Anthropic, PBC. | $1.56 | $1.95 | +25.19% | $180.17B | +1.35% |
| Q2 25 BEAT | $1.33 | $1.68 | +26.04% | $167.70B | +3.45% |
| Q1 25 BEAT | $1.36 | $1.59 | +17.20% | $155.67B | +0.35% |
| Q4 24 BEAT FY | $1.48 | $1.86 | +25.36% | $187.79B | +0.30% |
| FY Full Year | — | $5.53 | — | $637.96B | — |
| Q3 24 BEAT | $1.14 | $1.43 | +25.44% | $158.88B | +1.07% |
| Q2 24 BEAT | $1.03 | $1.26 | +22.33% | $147.98B | -0.39% |
| Q1 24 BEAT | $0.83 | $0.98 | +18.07% | $143.31B | +0.57% |
| Q4 23 BEAT FY | $0.80 | $1.00 | +25.00% | $169.96B | +2.25% |
| FY Full Year | — | $2.90 | — | $574.79B | — |
| Q3 23 BEAT | $0.55 | $0.94 | +70.91% | $143.08B | +7.26% |