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Get filing alertsNet sales rose 19.6% to $200.61B, with AWS sales up 36.8% to $42.23B.
Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 1, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorJun 30, 2025 | CurrentJun 30, 2026 | Δ |
|---|---|---|---|
| Revenue | $167.7B | $200.6B | ▲ +19.6% |
| Net income | $18.2B | $62.6B | ▲ +244.9% |
| Diluted EPS | $1.68 | $5.75 | ▲ +242.3% |
| Operating income | $19.2B | $27.5B | ▲ +43.2% |
| Cash & equivalents | $57.7B | $78.2B | ▲ +35.5% |
| Long-term debt (noncurrent) | $50.7B | $128.9B | ▲ +154.1% |
| Total assets | $682.2B | $1,095.7B | ▲ +60.6% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Changes
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high
The income tax provision jumped to $18.20B from $2.68B, including $15.9 billion of net discrete tax expense.
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high
Cash capital expenditures nearly doubled to $53.1 billion, primarily for AWS infrastructure.
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medium
Cost of sales in Q2 2026 includes $640 million of tariff refunds.
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high
For the year, operating cash flow rose 33.2% to $161.40B while net income rose 91.6% to $135.28B.
Summary
Amazon's Q2 2026 results were dominated by a massive non-operating gain from its investment in Anthropic. Net income soared to $62.65B from $18.16B, while diluted EPS rose to $5.75 from $1.68. This drove a corresponding surge in the tax provision to $18.20B, including $15.9 billion of net discrete tax expense.
Operationally, revenue growth accelerated to 19.6%, with AWS sales up 36.8%. Operating income rose 43.2% to $27.46B, including $640 million of tariff refunds. However, the company continued to invest heavily in infrastructure: cash capital expenditures reached $53.1 billion, and free cash flow for the trailing twelve months turned negative at $(7,604). The balance sheet also shows long-term debt nearly doubling to $128.89B from $65.65B.
Section-by-Section Diff
MD&A
Amazon's MD&A now discloses major new investments in OpenAI and Anthropic, a surge in other income from Anthropic valuation adjustments, and a swing to negative free cash flow.
Previous filing · verify on EDGAR →
We made cash payments, net of acquired cash, related to acquisition and other investment activity of $571 million and $1.7 billion during Q2 2024 and Q2 2025, and $3.9 billion and $1.7 billion for the six months ended June 30, 2024 and 2025, which primarily reflect investments in convertible notes from Anthropic, including $1.3 billion we invested in Q2 2025. Furthermore, we will invest an additional $1.4 billion in another convertible note by Q4 2025.
Current filing · verify on EDGAR →
We invested $28.7 billion in OpenAI’s Series C Preferred Stock for the six months ended June 30, 2026, including $13.7 billion invested in Q2 2026. Subsequent to June 30, 2026, we funded the remaining Commitment Amount of $21.3 billion. In Q2 2026, we also invested $10.0 billion in Anthropic nonvoting preferred stock.
The current filing discloses substantial new investments: $28.7 billion in OpenAI Series C Preferred Stock and $10.0 billion in Anthropic nonvoting preferred stock, with a remaining $21.3 billion commitment funded after quarter-end. The prior filing only mentioned $1.3 billion in Anthropic convertible notes and a $1.4 billion future note.
Previous filing · verify on EDGAR →
Cash capital expenditures were $16.4 billion and $31.4 billion during Q2 2024 and Q2 2025, and $30.3 billion and $55.6 billion for the six months ended June 30, 2024 and 2025, which primarily reflect investments in technology infrastructure (the majority of which is to support AWS business growth) and in additional capacity to support our fulfillment network, both of which we expect to increase in 2025.
Current filing · verify on EDGAR →
Cash capital expenditures were $31.4 billion and $53.1 billion during Q2 2025 and Q2 2026, and $55.6 billion and $96.3 billion for the six months ended June 30, 2025 and 2026, which primarily reflect investments in technology infrastructure (the majority of which is to support AWS business growth) and in additional capacity to support our fulfillment network, both of which we expect to increase in 2026.
Cash capital expenditures nearly doubled year-over-year, with Q2 2026 at $53.1 billion versus $31.4 billion in Q2 2025, and six-month spending at $96.3 billion versus $55.6 billion, driven by AWS infrastructure and fulfillment capacity.
Previous filing · verify on EDGAR →
Our income tax provision for the six months ended June 30, 2025 was $7.2 billion, which included $753 million of net discrete tax benefits primarily attributable to excess tax benefits from stock-based compensation.
Current filing · verify on EDGAR →
Our income tax provision for the six months ended June 30, 2026 was $27.8 billion, which included $15.9 billion of net discrete tax expense primarily attributable to the upward adjustments to our investments in Anthropic.
The six-month income tax provision rose from $7.2 billion to $27.8 billion, including a $15.9 billion discrete tax expense from Anthropic investment adjustments, versus a $753 million discrete benefit in the prior period.
Added in current filing · verify on EDGAR →
Technology and infrastructure costs in Q2 2026 include net unrealized gains for energy contracts that are subject to derivative accounting, primarily related to AWS. Fair value measurements for these contracts do not impact cash flows but may be material to technology and infrastructure costs in future periods due to the duration of these contracts and volatility inherent in valuation methods.
The current filing adds a new disclosure about net unrealized gains on energy contracts subject to derivative accounting, primarily related to AWS, which could materially affect technology and infrastructure costs in future periods.
Added in current filing · verify on EDGAR →
Cost of sales in Q2 2026 includes tariff refunds received under the IEEPA.
The current filing discloses that Q2 2026 cost of sales includes tariff refunds received under the IEEPA, a new item not mentioned in the prior period.
Added in current filing · verify on EDGAR →
The net gain of $53.4 billion in Q2 2026 and $69.1 billion for the six months ended June 30, 2026 is primarily from upward adjustments for observable changes in price relating to our nonvoting preferred stock in Anthropic and the reclassification adjustment for the gains on available-for-sale debt securities from the portions of our convertible notes investments in Anthropic that were converted to nonvoting preferred stock during the three months ended March 31, 2026.
Risk Factors
Amazon expanded its risk factor disclosures to emphasize artificial intelligence, tariff policy changes, and new regulatory and tax challenges.
Previous filing · verify on EDGAR →
The internet facilitates competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser known businesses to compete against us.
Current filing · verify on EDGAR →
The internet and other technologies including artificial intelligence facilitate competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us.
The current filing adds artificial intelligence as a technology that facilitates competitive entry, reflecting the growing competitive impact of AI.
Previous filing · verify on EDGAR →
profitability or other intended benefits, if any, in our newer activities may not meet our expectations
Current filing · verify on EDGAR →
profitability or other intended benefits, if any, in our newer activities (including development and adoption of automation, artificial intelligence, and machine learning technologies for customer and internal use), may not meet our expectations
The current filing explicitly includes automation, artificial intelligence, and machine learning technologies as newer activities whose benefits may not meet expectations.
Previous filing · verify on EDGAR →
including increasing our product and service offerings and scaling our infrastructure to support our retail and services businesses.
Current filing · verify on EDGAR →
including increasing our product and service offerings, scaling our infrastructure to support our retail and services businesses (including our technology infrastructure), and adopting and utilizing artificial intelligence and machine learning technologies.
The current filing adds adoption and utilization of artificial intelligence and machine learning technologies as a factor straining management and resources.
Previous filing · verify on EDGAR →
For example, we face a number of open investigations based on claims that aspects of our operations infringe competition or consumer protection rules, including aspects of Amazon’s operation of its stores, including its fulfillment network and Prime, and certain aspects of AWS’s offering of cloud services.
Current filing · verify on EDGAR →
For example, we are facing a number of tax and other challenges in Italy. Additionally, we face a number of open investigations based on claims that aspects of our operations infringe competition-related or consumer protection rules or regulations, including aspects of Amazon’s operation of its stores, including its fulfillment network and Prime, and certain aspects of AWS’s offering of cloud services.
The current filing adds tax and other challenges in Italy and specifies competition-related or consumer protection rules or regulations.
Show 4 minor / wording changes
Previous filing · verify on EDGAR →
We also hold cash equivalents and/or marketable securities in foreign currencies such as British Pounds, Canadian Dollars, Euros, and Japanese Yen.
Current filing · verify on EDGAR →
We also hold cash equivalents and/or marketable securities in foreign currencies such as British Pounds, Canadian Dollars, Euros, and Japanese Yen, and issue notes in foreign currencies.
The current filing adds that Amazon issues notes in foreign currencies, expanding the scope of foreign exchange exposure.
Previous filing · verify on EDGAR →
the extent to which operators of the networks between our customers and our stores successfully charge fees to grant our customers unimpaired and unconstrained access to our online services;
Current filing · verify on EDGAR →
the extent to which operators of networks, systems, and services between us and customers successfully divert customers from or charge fees to access our stores and service offerings;
The current filing broadens the risk to include operators of systems and services and the possibility of diverting customers, not just charging fees.
Previous filing · verify on EDGAR →
conditions or trends in the internet and the industry segments we operate in;
Current filing · verify on EDGAR →
conditions or trends in the internet, other technologies including artificial intelligence, and the industry segments we operate in;
The current filing adds artificial intelligence as a technology trend that can affect stock price volatility.
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In addition, the European Union and other countries (including those in which we operate) have enacted or have committed to enact global minimum taxes, which may increase our tax expense.
Current filing · verify on EDGAR →
In addition, the European Union and other countries (including those in which we operate) have enacted or may enact global minimum taxes, which may increase our tax expense.
The current filing changes the wording from 'have committed to enact' to 'may enact', reflecting a shift in the status of global minimum tax legislation.
Notes
Amazon's notes disclose major new Anthropic investments and financing arrangements, a new term loan, and significant new debt issuances.
Previous filing · verify on EDGAR →
In Q2 2025, we invested $1.3 billion in a new convertible note from Anthropic, and will invest an additional $1.4 billion by Q4 2025.
Current filing · verify on EDGAR →
In Q2 2026, we invested $5.0 billion in Anthropic Series G nonvoting preferred stock. We also amended our commercial arrangement primarily for the provision of AWS cloud services, which includes contractual obligations related to the performance of AWS chips. Additionally, we entered into a financing arrangement to make available to Anthropic an aggregate facility not to exceed $20.0 billion that will expire 30 months after an Anthropic liquidity event, including an initial public offering (“IPO”).
The current filing discloses a $5.0 billion Series G preferred stock investment, a $20.0 billion financing facility, and an amended commercial arrangement with Anthropic, whereas the prior filing only mentioned a $1.3 billion convertible note investment and a $1.4 billion future commitment.
Added in current filing · verify on EDGAR →
Under this financing arrangement, in Q2 2026, we exercised our option to participate in subsequent Anthropic equity financings by investing $5.0 billion in Anthropic Series H nonvoting preferred stock, which reduced the amount available under the facility to $15.0 billion.
The current filing discloses an additional $5.0 billion investment in Anthropic Series H preferred stock, reducing the available facility to $15.0 billion. This is a new disclosure not present in the baseline.
Previous filing · verify on EDGAR →
As of June 30, 2025, the estimated fair value of our convertible notes and amounts recorded for nonvoting preferred stock investments was approximately $15.1 billion.
Current filing · verify on EDGAR →
We recorded upward adjustments of approximately $50.5 billion in Q2 2026 and $62.8 billion for the six months ended June 30, 2026 to our nonvoting preferred stock in “Other income (expense), net” to reflect observable changes in price related to Anthropic’s fundings.
The current filing reports massive upward adjustments of $50.5 billion in Q2 2026 and $62.8 billion for the six months to Anthropic nonvoting preferred stock, compared to a $15.1 billion fair value in the prior period.
Added in current filing · verify on EDGAR →
In Q1 2026, AWS and OpenAI Group PBC (“OpenAI”) announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years, which includes contractual obligations related to the performance of AWS chips.
The current filing discloses a new $100.0 billion expansion of the OpenAI commitment, which was not present in the baseline. This is a significant new contractual obligation.
Added in current filing · verify on EDGAR →
In Q2 2026, AWS and Anthropic announced an expansion of the strategic collaboration and existing multi-year commitment by more than $100.0 billion over 10.0 years, which includes contractual obligations related to the performance of AWS chips.
The current filing discloses a new expansion of the Anthropic commitment by more than $100.0 billion over 10 years, which was not present in the baseline.
Added in current filing · verify on EDGAR →
March 2026 Notes issuance of $37.0 billion (2) 2028 - 2076 3.85% - 6.05% 3.96% - 6.12% — 37,000
The current filing shows new debt issuances in 2026, including a $37.0 billion March 2026 issuance, Euro-denominated notes, Swiss franc notes, and Canadian Dollar notes. These were not present in the baseline.
Added in current filing · verify on EDGAR →
In June 2026, we entered into a $17.5 billion unsecured delayed draw term loan with a syndicate of lenders (“Term Loan”), which matures three years from the date of borrowing and bears interest at the SOFR specified in the Term Loan plus a margin ranging from 0.625% to 0.875% based on our credit ratings.
The current filing discloses a new $17.5 billion delayed draw term loan, which was not present in the baseline.
Added in current filing · verify on EDGAR →
During Q2 2026, we received approximately $640 million of tariff refunds under the International Emergency Economic Powers Act (“IEEPA”). These tariff refunds were primarily recorded as a reduction to “Cost of sales” and primarily impacted our North America segment.
The current filing discloses receipt of $640 million in tariff refunds, which was not mentioned in the baseline.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2025 | Three months ended June 30, 2026 | Six months ended June 30, 2025 | Six months ended June 30, 2026 |
|---|---|---|---|---|
| Net product sales | 68,246 | 77,602 | 132,216 | 148,906 |
| Net service sales | 99,456 | 123,004 | 191,153 | 233,219 |
| Total net sales | 167,702 | 200,606 | 323,369 | 382,125 |
| Operating expenses: | ||||
| Cost of sales | 80,809 | 95,778 | 157,785 | 183,241 |
| Fulfillment | 25,976 | 29,633 | 50,569 | 56,922 |
| Technology and infrastructure | 27,166 | 33,158 | 50,160 | 62,725 |
| Sales and marketing | 11,416 | 11,698 | 21,179 | 22,012 |
| General and administrative | 2,965 | 2,788 | 5,593 | 5,375 |
| Other operating expense (income), net | 199 | 90 | 507 | 537 |
| Total operating expenses | 148,531 | 173,145 | 285,793 | 330,812 |
| Operating income | 19,171 | 27,461 | 37,576 | 51,313 |
| Interest income | 1,085 | 1,295 | 2,151 | 2,430 |
| Interest expense | (516) | (1,314) | (1,057) | (2,114) |
| Other income (expense), net | 1,117 | 53,415 | 3,866 | 69,062 |
| Total non-operating income | 1,686 | 53,396 | 4,960 | 69,378 |
| Income before income taxes | 20,857 | 80,857 | 42,536 | 120,691 |
| Provision for income taxes | (2,678) | (18,199) | (7,231) | (27,759) |
| Equity-method investment activity, net of tax | (15) | (11) | (14) | (30) |
| Net income | 18,164 | 62,647 | 35,291 | 92,902 |
| Basic earnings per share | 1.71 | 5.82 | 3.32 | 8.64 |
| Diluted earnings per share | 1.68 | 5.75 | 3.27 | 8.53 |
| Weighted-average shares used in computation of earnings per share: | ||||
| Basic | 10,637 | 10,769 | 10,620 | 10,756 |
| Diluted | 10,806 | 10,903 | 10,800 | 10,889 |
Consolidated Balance Sheets
(in millions, except per share data)
| Description | December 31, 2025 | June 30, 2026 (unaudited) |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 86,810 | 78,213 |
| Marketable securities | 36,219 | 44,775 |
| Inventories | 38,325 | 38,184 |
| Accounts receivable, net and other | 67,729 | 88,092 |
| Total current assets | 229,083 | 249,264 |
| Property and equipment, net | 357,025 | 446,046 |
| Operating leases | 86,054 | 92,743 |
| Goodwill | 23,273 | 23,504 |
| Other assets | 122,607 | 284,132 |
| Total assets | 818,042 | 1,095,689 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 121,909 | 147,440 |
| Accrued expenses and other | 75,520 | 73,406 |
| Unearned revenue | 20,576 | 20,428 |
| Total current liabilities | 218,005 | 241,274 |
| Long-term lease liabilities | 87,339 | 94,338 |
| Long-term debt | 65,648 | 128,894 |
| Other long-term liabilities | 35,985 | 79,563 |
| Commitments and contingencies (Note 4) | ||
| Stockholders’ equity: | ||
| Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding) | — | — |
| Common stock ($0.01 par value; 100,000 shares authorized; 11,246 and 11,298 shares issued; 10,731 and 10,783 shares outstanding) | 112 | 113 |
| Treasury stock, at cost | (7,837) | (7,837) |
| Additional paid-in capital | 140,024 | 149,619 |
| Accumulated other comprehensive income (loss) | 28,230 | 66,287 |
| Retained earnings | 250,536 | 343,438 |
| Total stockholders’ equity | 411,065 | 551,620 |
| Total liabilities and stockholders’ equity | 818,042 | 1,095,689 |
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Three months ended June 30, 2025 | Three months ended June 30, 2026 | Six months ended June 30, 2025 | Six months ended June 30, 2026 | Twelve months ended June 30, 2025 | Twelve months ended June 30, 2026 |
|---|---|---|---|---|---|---|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 69,893 | 104,692 | 82,312 | 90,106 | 71,673 | 61,453 |
| OPERATING ACTIVITIES: | ||||||
| Net income | 18,164 | 62,647 | 35,291 | 92,902 | 70,623 | 135,281 |
| Adjustments to reconcile net income to net cash from operating activities: | ||||||
| Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other | 15,227 | 19,988 | 29,489 | 38,933 | 58,562 | 75,200 |
| Stock-based compensation | 6,534 | 6,038 | 10,223 | 10,070 | 20,551 | 19,314 |
| Non-operating expense (income), net | (1,258) | (53,381) | (4,075) | (69,013) | (4,702) | (79,818) |
| Deferred income taxes | 11 | 17,691 | 518 | 30,489 | (2,407) | 41,441 |
| Changes in operating assets and liabilities: | ||||||
| Inventories | (4,054) | (1,818) | (5,276) | (196) | (5,851) | 2,078 |
| Accounts receivable, net and other | (1,125) | (8,204) | 122 | (13,954) | (4,602) | (21,409) |
| Other assets | (2,971) | (4,717) | (6,373) | (8,528) | (15,100) | (17,787) |
| Accounts payable | 7,058 | 9,442 | (1,985) | 705 | 6,264 | 13,921 |
| Accrued expenses and other | (4,952) | (2,018) | (9,013) | (10,063) | (4,842) | (6,069) |
| Unearned revenue | (119) | (281) | 609 | 74 | 2,641 | (749) |
| Net cash provided by (used in) operating activities | 32,515 | 45,387 | 49,530 | 71,419 | 121,137 | 161,403 |
| INVESTING ACTIVITIES: | ||||||
| Purchases of property and equipment | (32,183) | (54,208) | (57,202) | (98,411) | (107,656) | (173,028) |
| Proceeds from property and equipment sales and incentives | 815 | 1,132 | 1,579 | 2,101 | 4,703 | 4,021 |
| Acquisitions, net of cash acquired, non-marketable investments, and other, net | (1,700) | (24,359) | (1,652) | (39,767) | (4,809) | (41,956) |
| Sales and maturities of marketable securities | 11,441 | 24,196 | 19,178 | 41,882 | 30,924 | 67,090 |
| Purchases of marketable securities | (17,797) | (26,006) | (31,130) | (49,262) | (46,731) | (72,902) |
| Net cash provided by (used in) investing activities | (39,424) | (79,245) | (69,227) | (143,457) | (123,569) | (216,775) |
| FINANCING ACTIVITIES: | ||||||
| Proceeds from short-term debt, and other | 2,093 | 9,368 | 3,908 | 15,386 | 8,187 | 20,798 |
| Repayments of short-term debt, and other | (1,392) | (9,573) | (3,474) | (15,682) | (7,901) | (20,634) |
| Proceeds from long-term debt | — | 13,557 | 746 | 66,998 | 746 | 81,925 |
| Repayments of long-term debt | (2,751) | (2,752) | (2,751) | (2,752) | (7,434) | (5,022) |
| Principal repayments of finance leases | (411) | (395) | (821) | (863) | (1,556) | (1,599) |
| Principal repayments of financing obligations | (78) | (59) | (194) | (174) | (694) | (308) |
| Net cash provided by (used in) financing activities | (2,539) | 10,146 | (2,586) | 62,913 | (8,652) | 75,160 |
| Foreign currency effect on cash, cash equivalents, and restricted cash | 1,008 | (53) | 1,424 | (54) | 864 | (314) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (8,440) | (23,765) | (20,859) | (9,179) | (10,220) | 19,474 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | 61,453 | 80,927 | 61,453 | 80,927 | 61,453 | 80,927 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 12, 2026 · How we verify