Amazon Q2 net income +245% on $62.8B Anthropic mark-to-market gain; operating income +43%, AWS +37%

Filed July 31, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

• high

  Net income surged 245% YoY to $62.6B, but operating income rose only 43% to $27.5B — the $44.4B gap came from a $62.8B unrealized gain on Anthropic preferred stock (H1 2026) and $15.5B higher income tax expense, not operational improvement.

  MD&A: Other income; Notes: Anthropic investment verify on EDGAR →
• high

  AWS revenue growth accelerated to 37% YoY (from 17% prior year), reaching $42.2B in Q2 2026, driven by increased customer usage and AI workload adoption. Unrecognized AWS commitments rose from $195B to $496B, including new $100B+ contracts with OpenAI and Anthropic tied to AWS chip performance.

  MD&A: AWS sales; Notes: Customer commitments verify on EDGAR →
• high

  Capital expenditures nearly doubled to $96.3B for H1 2026 (vs $55.6B prior year), primarily for AWS infrastructure. Free cash flow turned negative at -$7.6B TTM (vs +$18.2B prior year) as capex growth outpaced operating cash flow gains.

  MD&A: Capital expenditures; Free cash flow verify on EDGAR →