Amazon.com, Inc. (NASDAQ: AMZN) reported its second quarter fiscal 2026 financial results on July 30, 2026, after the market close. Total revenue was $200.6 billion and GAAP diluted earnings per share was $5.75, according to the company's earnings release and conference call. This article summarizes the disclosed financial figures and management commentary from the quarter.

TL;DR

• Revenue: Amazon reported $200.6 billion in worldwide net sales, up 20% year-over-year. The figure exceeded the $196.62 billion consensus estimate (Google Finance / Quartr, July 30, 2026).

• Earnings per share: GAAP diluted EPS was $5.75. The non-GAAP consensus estimate was $1.82 per share (Google Finance / Quartr, July 30, 2026). The GAAP figure included a non-cash pre-tax gain of approximately $53.4 billion from the revaluation of Amazon's investment in Anthropic.

• Operating margin: Operating income was $27.5 billion, representing an operating margin of 13.7%, compared with 11.4% in the prior-year quarter (Amazon Q2 2026 earnings call, July 30, 2026).

• Guidance: The company said it expects Q3 net sales between $197 billion and $202 billion and operating income between $22.5 billion and $26.5 billion (Amazon Q2 2026 earnings call, July 30, 2026).

• Stock price: Amazon shares rose more than 9% in after-hours trading on July 30, 2026, and the company's market capitalization crossed $3 trillion for the first time (Google Finance).

Key Numbers

Consensus estimates sourced from Google Finance / Quartr as of July 30, 2026. All actual figures are as reported by Amazon in its Q2 2026 earnings release and conference call.

1. Did Amazon beat or miss in Q2 2026?

1.1 Revenue vs. estimates

Amazon reported worldwide net sales of $200.6 billion for the second quarter ended June 29, 2026, an increase of 20% year-over-year excluding the impact of foreign exchange (Amazon Q2 2026 earnings call, July 30, 2026). This result was $3.99 billion above the consensus estimate of $196.62 billion, representing a 2.03% positive surprise (Google Finance / Quartr, July 30, 2026).

The quarter's results included a timing shift of Prime Day into Q2 for most of Amazon's largest countries, including the United States. In 2025, Prime Day fell entirely in the third quarter. Amazon CFO Brian Olsavsky noted that excluding the impact of Prime Day in both years, third quarter 2026 year-over-year growth would have been approximately 400 basis points higher.

1.2 EPS vs. estimates

Amazon reported GAAP diluted earnings per share of $5.75. This figure included a non-cash pre-tax gain of approximately $53.4 billion from the revaluation of Amazon's investment in Anthropic, an artificial intelligence company (Amazon Q2 2026 earnings call and Google Finance, July 30, 2026). The non-GAAP consensus estimate, which typically excludes such non-recurring items, was $1.82 per share (Google Finance / Quartr, July 30, 2026).

Net income for the quarter was $62.65 billion. Without the Anthropic-related gain, net income would have been substantially lower.

2. How did AMZN stock react?

Amazon shares rose more than 9% in after-hours trading following the July 30, 2026 earnings release, and the company's market capitalization crossed $3 trillion for the first time (Google Finance).

As of the close on August 5, 2026, AMZN traded at $272.65, down $4.77 (-1.72%) on the day (CNBC). The 52-week range for the stock is $196.00 (February 17, 2026) to $287.20 (August 3, 2026) (Yahoo Finance).

The company does not pay a dividend and has no ex-dividend date (Yahoo Finance).

3. What guidance did Amazon give?

3.1 Q3 FY2026 guidance

Amazon CFO Brian Olsavsky provided the following guidance on the Q2 2026 earnings call on July 30, 2026:

"Q3 net sales are expected to be between $197 billion and $202 billion. […] Q3 operating income is expected to be between $22.5 billion and $26.5 billion."

Amazon noted two factors affecting sequential net sales growth from Q2 to Q3. First, the Prime Day timing shift moved the event into Q2 in 2026 from Q3 in 2025. Second, Q3 guidance anticipated an unfavorable impact of approximately 80 basis points from year-over-year changes in foreign exchange rates based on current rates (Amazon Q2 2026 earnings call, July 30, 2026).

The company's forward-looking statements are subject to risks and uncertainties described in its SEC filings. The figures above are the company's own statements and are not Amazon's or this article's estimates.

4. What did the company report by segment?

Amazon reports results across three segments: North America, International, and Amazon Web Services (AWS).

Source: Amazon Q2 2026 earnings call, July 30, 2026.

4.1 AWS

AWS revenue of $42.2 billion represented a 36.7% year-over-year increase, the segment's fastest growth rate in 18 quarters. AWS now has an annualized revenue run rate of $169 billion (Amazon Q2 2026 earnings call, July 30, 2026).

Amazon CEO Andy Jassy said on the earnings call:

"AWS is booming right now. […] Revenue growth of 36.7% year-over-year, accelerating for the fifth straight quarter, our fastest growth in 18 quarters back when AWS was less than half its current revenue size."

Jassy also disclosed that Amazon's chips business and its AI revenue run rate each exceeded $25 billion annually, both growing at triple-digit percentages year-over-year. The company's backlog stood at $496 billion, growing triple digits year-over-year.

4.2 North America

North America segment revenue was $116.2 billion, up 16% year-over-year. Operating income was $9.1 billion with an operating margin of 7.9%. The quarter included approximately $600 million in tariff-related refunds (Amazon Q2 2026 earnings call, July 30, 2026).

4.3 International

International segment revenue was $42.2 billion, up 15% year-over-year excluding the impact of foreign exchange. Operating income was $1.7 billion with an operating margin of 4.1%. Worldwide paid units grew 17% year-over-year.

CFO Brian Olsavsky noted that Prime membership grew at a double-digit year-over-year rate.

4.4 Advertising

Amazon's advertising business generated $19.8 billion in revenue, up 26% year-over-year. Sponsored Products remained the largest contributor to advertising growth (Amazon Q2 2026 earnings call, July 30, 2026).

5. What risk factors did Amazon disclose?

The following items were discussed in Amazon's Q2 2026 earnings call and are drawn from management's commentary on the quarter's results.

Capital expenditure increase. Amazon raised its 2026 cash capital expenditure guidance to approximately $220 billion, up from a prior estimate of about $200 billion. CEO Andy Jassy attributed the increase to higher memory costs. The company reported $53.1 billion in cash CapEx in Q2 alone. Jassy stated that "at this level of spend and higher, we have clear line of sight to strong financial returns," but also noted that "in the short term, when demand is necessitating so many data centers being built simultaneously in advance of when we can start monetizing them, we'll spend a lot of CapEx and encounter free cash flow headwinds until these data centers come online" (Amazon Q2 2026 earnings call, July 30, 2026).

Free cash flow turned negative. Trailing twelve-month free cash flow was an outflow of $7.6 billion, compared with an inflow of $18.2 billion in the prior-year period (Amazon Q2 2026 earnings call, July 30, 2026).

Non-operating gain from Anthropic investment. GAAP net income of $62.65 billion included a non-cash pre-tax gain of approximately $53.4 billion from the revaluation of Amazon's investment in Anthropic (Google Finance). Such non-cash revaluation gains are not recurring operating income.

Founder share sales. SEC filings showed that founder and Executive Chair Jeff Bezos adopted a prearranged trading plan to sell up to 15 million shares with an aggregate value of approximately $4.07 billion (Google Finance). Insider transaction data showed Bezos sold 1.2 million shares on August 5, 2026 (Google Finance / Quartr).

6. When is Amazon's next earnings date?

Amazon has not confirmed its next earnings date. Third-party data providers list the following estimated dates for Amazon's Q3 FY2026 earnings report:

• October 28, 2026 — Estimated (CNBC, Fidelity Investments)

• October 29, 2026 — Estimated (Yahoo Finance)

These dates are unconfirmed estimates from third-party financial data providers and are subject to change. Amazon will formally announce the date through its investor relations website at ir.aboutamazon.com.

The company does not currently pay a dividend, and there is no forward dividend yield or ex-dividend date (Yahoo Finance, CNBC).

FAQ

What was Amazon's revenue in Q2 2026?

Amazon reported worldwide net sales of $200.6 billion for Q2 FY2026, an increase of 20% year-over-year (Amazon Q2 2026 earnings call, July 30, 2026).

What was Amazon's EPS in Q2 2026?

Amazon reported GAAP diluted EPS of $5.75, which included a non-cash pre-tax gain of approximately $53.4 billion from the revaluation of its Anthropic investment. The non-GAAP consensus estimate was $1.82 (Google Finance / Quartr, July 30, 2026).

How much did AWS generate in Q2 2026?

AWS generated $42.2 billion in net sales during Q2 2026, a year-over-year increase of 36.7%, representing its fastest growth rate in 18 quarters (Amazon Q2 2026 earnings call, July 30, 2026).

What is Amazon's guidance for Q3 2026?

Amazon said it expects Q3 2026 net sales between $197 billion and $202 billion, and operating income between $22.5 billion and $26.5 billion (Amazon Q2 2026 earnings call, July 30, 2026).

How much is Amazon spending on capital expenditures?

Amazon reported $53.1 billion in cash CapEx during Q2 2026 and raised its full-year 2026 CapEx guidance to approximately $220 billion, up from a prior estimate of about $200 billion, primarily for AWS and AI infrastructure (Amazon Q2 2026 earnings call, July 30, 2026).

Did Amazon's free cash flow turn negative?

Yes. Amazon's trailing twelve-month free cash flow was an outflow of $7.6 billion as of Q2 2026, compared with an inflow of $18.2 billion in the prior-year period. The company attributed this to infrastructure investments for AWS and AI (Amazon Q2 2026 earnings call, July 30, 2026).

This article is a factual summary of publicly disclosed financial results, prepared for educational purposes. It is not a research report, does not constitute investment research, and does not contain a recommendation, rating, price target, or investment advice. It is not intended to be, and should not be relied upon as, a sufficient basis for any investment decision. All figures are as reported by the company in the sources linked above. Consensus estimates are third-party data and are identified with their provider and date. Any forward-looking figures are the company's own statements or those of the named third party, are not our estimates, and are subject to the risks and uncertainties described in the company's SEC filings. Past performance and prior results do not indicate future results. Any third-party views referenced are those of the named third party alone.

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