Amazon.com, Inc. · 2026 Q2

Consensus vs reported

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2026 Q2 preview

Reported this quarter

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What we learned

1. AWS accelerated and got more profitable in the same quarter. Revenue +37% to $42.2B — the fastest in 18 quarters, against 28% one quarter earlier — with operating margin up 650 bps to 39.4% and segment operating income up 64%.
2. 242% EPS growth was overwhelmingly a mark-up. Net income included $53.4B of non-operating pre-tax other income, primarily the Anthropic stake . Operating income of $27.5B, +43% , is the repeatable number.
3. Trailing free cash flow turned negative — a $33 billion swing. −$7.6B against +$25.9B a year earlier, on property and equipment purchases running at a $169.0B trailing pace, +64% .
4. Amazon's version of that burn differs from Meta's in one measurable way. Trailing operating cash flow rose 33% to $161.4B alongside the capex. The cash generation is growing with the spending rather than standing still underneath it.
5. The forward number actually missed and the stock rose 8% anyway. Q3 guidance of $197.0–202.0B puts the midpoint below the ~$204.1B modelled, with management noting the Prime Day timing shift costs nearly 400 bps of the growth rate.

Read the full analysis: Amazon Q2 2026: AWS Reaccelerates to 37% Growth, Stock Jumps 8%+ After Hours →

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Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.

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