# Amazon (AMZN) Q2 2026 earnings

Results filed 2026-07-30 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/amzn/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/0001018724-26-000024-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Net sales increased 20% to $200.6 billion in the second quarter, with operating income of $27.5 billion, up 43% year-over-year, and AWS net sales up 37%.

Amazon's second quarter sales rose 20% to $200.6 billion, and operating income rose to $27.5 billion from $19.2 billion a year earlier. AWS, the cloud unit, grew 37%, its fastest pace in 18 quarters, and earned $16.6 billion of operating income. Net income was $62.6 billion, or $5.75 per diluted share, boosted by $53.4 billion of non-operating other income, primarily from its Anthropic investments.
For the third quarter, Amazon expects net sales of $197.0 billion to $202.0 billion, 9% to 12% growth, and operating income of $22.5 billion to $26.5 billion. The main tension is spending: trailing twelve-month purchases of property and equipment rose by $66.1 billion for AI, pushing free cash flow to an outflow of $7.6 billion even as operating cash flow grew 33%.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net sales | $200.6 billion | up 20% from a year ago | GAAP |
| Operating income | $27.5 billion | up 43% from a year ago | GAAP |
| Net income | $62.6 billion | compared with $18.2 billion a year ago | GAAP |
| Diluted earnings per share | $5.75 | compared with $1.68 a year ago | GAAP |
| Operating margin, % of net sales | 13.7% | compared with 11.4% in Q2 2025 | GAAP |
| Operating cash flow, trailing twelve months | $161.4 billion | up 33% from a year ago | GAAP |
| Free cash flow, trailing twelve months (outflow) | $7.6 billion | compared with an inflow of $18.2 billion a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| AWS net sales | $42.2 billion | up 37% year-over-year |
| AWS operating income | $16.6 billion | compared with $10.2 billion in second quarter 2025 |
| North America net sales | $116.2 billion | up 16% year-over-year |
| International net sales | $42.2 billion | up 15% year-over-year |
| Advertising services net sales | $19,809 | up 26% |
| Third-party seller services net sales | $46,780 | up 16% |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Net sales | third quarter 2026 | between $197.0 billion and $202.0 billion |
| Operating income | third quarter 2026 | between $22.5 billion and $26.5 billion |

## Key takeaways

1. **AWS growth accelerated to fastest in 18 quarters** AWS net sales increased 37% year-over-year to $42.2 billion, with operating income of $16.6 billion versus $10.2 billion a year earlier.
2. **Net income inflated by Anthropic investment gains** Net income was $62.6 billion, including non-operating pre-tax other income of $53.4 billion, primarily from investments in Anthropic. Operating income was $27.5 billion.
3. **AI spending pushed free cash flow negative** Trailing twelve-month free cash flow was an outflow of $7.6 billion, versus an inflow of $18.2 billion a year earlier, as purchases of property and equipment rose $66.1 billion.
4. **Advertising and marketplace sales accelerated** Advertising services grew 26% and third-party seller services grew 16%, while online stores grew 15%.
5. **Third-quarter guidance implies slower sales growth** Amazon guided net sales to $197.0 billion to $202.0 billion, 9% to 12% growth, and operating income to $22.5 billion to $26.5 billion. Excluding Prime Day timing, growth would be nearly 400 basis points higher.

## Questions

**How did Amazon perform in Q2 2026?** Net sales rose 20% to $200.6 billion and operating income rose to $27.5 billion from $19.2 billion. Net income was $62.6 billion, or $5.75 per diluted share.
**How fast did AWS grow in Q2 2026?** AWS net sales increased 37% to $42.2 billion, its fastest growth in 18 quarters. AWS operating income was $16.6 billion, a 39.4% margin.
**Why was net income so much higher than operating income?** Net income included non-operating pre-tax other income of $53.4 billion, primarily from Amazon's investments in Anthropic. Operating income was $27.5 billion.
**What is Amazon's Q3 2026 guidance?** Amazon expects net sales of $197.0 billion to $202.0 billion, or 9% to 12% growth, and operating income of $22.5 billion to $26.5 billion, compared with $17.4 billion in Q3 2025. The guidance assumes an unfavorable foreign exchange impact of about 80 basis points.

## Slides and investor documents

- [Presentation](https://s2.q4cdn.com/299287126/files/doc_earnings/2026/q2/presentation/Webslides_Q226.pdf) (Slide deck)
- [Webcast](https://s2.q4cdn.com/299287126/files/doc_earnings/2026/q2/Amazon-Quarterly-Earnings-Report-Q2-2026-Full-Call-v1.mp3) (Webcast replay)
- [10-Q](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001018724/8b65cc1d-13ba-4465-ab3b-7b408e2fcdaf.pdf) (Document)