Investors will be listening for Amazon’s Q3 and full-year guidance, after recent forecasts that 2026 capex is tracking above $200 billion. Amazon typically guides conservatively, then beats: it has topped EPS estimates in all 11 recent releases, with surprises usually landing in the 22%-26% range.
Bullish scenario: Q3 revenue guide above $200 billion, operating income above $24 billion, AWS growth sustained above 25%, and capex framed as demand-driven with clear ROI.
Bearish scenario: AWS decelerating below 24%, a wide low-end on operating income signaling tariff or consumer weakness, or capex creep beyond $200 billion without margin visibility.
Investors want specifics on AWS margin (37.7% in Q1), advertising trajectory, and Amazon Leo cost ramp. Guidance drives the after-hours move more than the beat itself.
Contact [email protected] for any questions or corrections.
That wraps up our initial coverage of Amazon’s Q2 results. Thank you for stopping by!
Advertising revenue grew 26% year over year, giving Amazon another rapidly expanding, high-margin business alongside AWS.
The retail operation also remained healthy. North American sales increased 16%, International sales rose 15%, and Amazon delivered over 40% more items through same-day or overnight shipping during the first half of 2026.
This shows that Amazon had a broad-based growth quarter, not simply an AWS-driven beat.
Amazon’s trailing-12-month operating cash flow increased 33% to $161.4 billion, but free cash flow swung from an $18.2 billion inflow to a $7.6 billion outflow.
The reversal reflects an additional $66.1 billion in annual property and equipment spending, primarily for AI infrastructure.
Amazon purchased $173.0 billion of property and equipment over the past year, underscoring the enormous cost of supporting AWS’s reacceleration.
Amazon revealed that both its AWS AI business and proprietary chip business have surpassed $25 billion annual revenue run rates, with each growing at triple-digit rates.
Trainium is also gaining meaningful outside validation. Amazon disclosed multiyear, multi-gigawatt commitments from Anthropic and OpenAI, strengthening the case that its custom silicon can become a major alternative to traditional AI accelerators.
Amazon just reported Q2 earnings, with shares initially up 6% following the report. Here are the key numbers:
Quick Read:
Amazon delivered a broad beat, with revenue exceeding estimates by approximately $3.6 billion and operating income topping expectations by nearly $3.9 billion.
AWS was the standout, beating estimates by $1.66 billion and providing early validation for Amazon’s enormous AI infrastructure investments.
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Amazon’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect Amazon to release earnings shortly after 4:00 p.m. ET.
With the earnings report under 30 minutes away, Amazon (NASDAQ:AMZN) is bouncing hard, up 4.71% intraday to $237.32. The full-chain put/call ratio sits at 0.54, with tomorrow’s expiry skewed even more bullish at 0.47.
Consensus sits at $1.8227 EPS on $196.4 billion in revenue. Watch three thresholds:
History favors bulls, with 10 beats in 11 quarters, though day-of reactions have swung from -8.78% to +9.58%.
Ahead of tonight’s Amazon (NASDAQ:AMZN) call, here’s what to watch beyond the headline numbers.
Amazon reports Q2 2026 earnings after today’s close, with Wall Street expecting adjusted EPS of $1.82 on approximately $196.4 billion in revenue. Polymarket traders assign a 96.2% probability of an earnings beat, even as Amazon shares have fallen 7.43% over the past week.
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