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AMZN · Q2 2026

Amazon.com, Inc.

Reported 2026-07-30
BEAT
48EarnIQ signal
↗

Confidence rising

Mild quarter-over-quarter shift

Amazon delivered massive top-line and AWS acceleration, cementing AI leadership despite elevated capital expenditures.

  • ✓Guidance was none, with high specificity.
  • ✓Management tone registered as confident (88/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Headline confirmed

Management confidence reinforces the reported beat.

EPS: reported vs expected+6.1%$1.97 vs $1.86
Revenue: reported vs expected+0.0%$200.6B vs $200.5B
Guidance specificityHighChange not comparable
Market expectations supplied by Finnhub · Reported vs consensus estimate

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

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“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”
“In Stores, we again set record delivery speeds for Prime members in the first half of the year—over 40% more items delivered same-day or overnight”
“And, Advertising had another strong quarter with 26% year-over-year growth.”
Guidance specificity
80/100

High specificity

Net sales for the third quarter of 2026 are expected to be between $197.0 billion and $202.0 billion, and operating income between $22.5 billion and $26.5 billion.

Pressure point
!

Free cash flow decreased to

0 potential deflections detected in management communication.

Narrative break

What changed

Massive scaling of agentic AI capabilities across Bedrock, Alexa for Shopping, Kiro, and AWS agentic infrastructure.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • AWS net sales increased 37% to a $169 billion annualized revenue run rate, marking its fastest growth in 18 quarters.
  • Operating income increased 43% year-over-year to $27.5 billion in the second quarter.
  • AWS AI and Chips businesses each eclipsed annual revenue run rates of more than $25 billion, growing triple-digit percentages year-over-year.
Key risks
  • Free cash flow decreased to an outflow of $7.6 billion for the trailing twelve months, driven primarily by a year-over-year increase of $66.1 billion in purchases of property and equipment, net of proceeds from sales and incentives.
  • Resource and supply volatility, including for memory chips, could materially affect results.
  • Fluctuations in foreign exchange rates and energy prices, as well as changes in global economic and geopolitical conditions.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+20
Eps Beat+0
Guidance+12
New Signal+8
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0