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Get filing alertsAmazon reports Q2 sales up 20% to $200.6B, AWS accelerates to 37% growth, $53.4B Anthropic gain
Filed July 30, 2026 · Period ending July 30, 2026 · ~1 min read
Key Changes
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Net income surged to $62.6B ($5.75/share) from $18.2B ($1.68/share) in Q2 2025, driven primarily by a $53.4B non-operating gain from investments in Anthropic, an AI company.
Exhibit 99.1 view on EDGAR → -
high
AWS sales grew 37% to $42.2B, the fastest growth in 18 quarters, reaching a $169B annualized run rate. AWS AI business exceeded $25B annual run rate with triple-digit growth.
Exhibit 99.1 view on EDGAR → -
high
Operating income rose 43% to $27.5B from $19.2B, with margin expanding to 13.7%. AWS operating income grew 64% to $16.6B, North America up 21% to $9.1B, International up 15% to $1.7B.
Exhibit 99.1 view on EDGAR → -
high
Net sales increased 20% to $200.6B from $167.7B in Q2 2025, with North America up 16%, International up 15%, and AWS up 37%.
Exhibit 99.1 view on EDGAR → -
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Free cash flow turned negative to $7.6B outflow for trailing twelve months from $18.2B inflow, driven by $66.1B increase in capital expenditures primarily for AI infrastructure.
Exhibit 99.1 view on EDGAR →
Summary
Amazon reported strong second quarter 2026 results with net sales up 20% to $200.6 billion and operating income up 43% to $27.5 billion. The standout was AWS, which accelerated to 37% growth—its fastest pace in 18 quarters—reaching a $169 billion annualized revenue run rate.
AWS's AI business alone exceeded a $25 billion annual run rate with triple-digit growth, underscoring the company's position in the AI infrastructure buildout. Net income of $62.6 billion ($5.75 per share) was heavily influenced by a $53.4 billion non-operating gain from Amazon's investments in Anthropic.
Excluding this gain, the underlying business still showed strong profitability expansion, with operating margins reaching 13.7% and AWS operating income growing 64% to $16.6 billion. The company is investing aggressively in AI infrastructure: capital expenditures increased $66.1 billion year-over-year, flipping free cash flow from an $18.2 billion inflow to a $7.6 billion outflow over the trailing twelve months. Operating cash flow grew 33% to $161.4 billion, indicating the business generates ample cash to fund the buildout. Retail investors should watch whether AWS's growth acceleration sustains and whether the AI infrastructure investments translate into durable margin expansion.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Amazon filed an 8-K referencing Item 2.02 (Results of Operations and Financial Condition) with no disclosed content.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
The 8-K invokes Item 2.02, which typically announces earnings results or furnishes financial information, but the filing body contains only the item header and a page number with no substantive disclosure. This may indicate the material content is in an attached exhibit not provided in this excerpt.
Event · Exhibit 99.1
Amazon reported Q2 2026 results: net sales up 20% to $200.6B, operating income up 43% to $27.5B, AWS grew 37% (fastest in 18 quarters), net income $62.6B.
Added in current filing · view on EDGAR →
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. This increase primarily reflects investments in artificial intelligence. This compares to free cash flow inflow of $18.2 billion for the trailing twelve months ended June 30, 2025.
Free cash flow turned negative to an outflow of $7.6 billion for the trailing twelve months, compared to a positive $18.2 billion inflow in the prior-year period. This shift was driven by a $66.1 billion year-over-year increase in capital expenditures, primarily for AI infrastructure investments, while operating cash flow grew 33% to $161.4 billion.
Event · Exhibit 99.2
Exhibit defining non-GAAP measures (free cash flow, FX effects) used in Amazon's earnings disclosure.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
Free cash flow is cash flow from operations reduced by “Purchases of property and equipment, net of proceeds from sales and incentives.”
Amazon defines free cash flow as operating cash flow minus capital expenditures (property and equipment purchases net of proceeds and incentives). This is a standard non-GAAP metric the company uses to assess cash generation after reinvestment in infrastructure.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 30, 2026 · How we verify