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Earnings Callsⓘ
Q2 2026August 7, 2026
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This quarter's results significantly beat expectations, mainly driven by accelerating AWS revenue growth and a sharp improvement in profit margins.
Total revenue of $200.6 billion, up +20% YoY; AWS revenue of $42.2 billion, up +36.7% YoY; operating profit of $27.5 billion, up +43% YoY.
AWS backlog stands at $496 billion; AI and chip annualized revenue both exceed $25 billion; Trainium has secured long-term orders from Anthropic and OpenAI; grocery, Amazon Now, and advertising are growing strongly.
Management raised 2026 cash CapEx to $220 billion, with demand still outstripping supply and extending into 2027/2028. Q3 revenue guidance of $197–202 billion and operating profit of $22.5–26.5 billion.
Negative signals: memory, fuel, and transportation costs remain elevated; positive signals: management is highly optimistic about AI demand and long-term returns, with AWS potentially reaching $1 trillion in annual revenue.