Amazon reported its second-quarter 2026 earnings, with revenue hitting $200.6 billion, up 20% year over year. Operating income came in at $27.5 billion, up 43%, and revenue beat analyst expectations.
AWS brought in $42.2 billion, up 37% — the fastest growth the cloud division has posted in 18 quarters. Analysts were expecting around 31%. AWS operating profit jumped 64% to $16.6 billion.
Net income swelled to $62.6 billion, but that includes a $53.4 billion pretax investment gain, mostly from the appreciation of Amazon's stake in Anthropic.
Amazon also raised its capex plan for the year from $200 billion to $220 billion. Free cash flow over the trailing twelve months flipped from positive $18.2 billion to negative $7.6 billion, largely due to increased spending on AI-related equipment. After the report, Amazon shares rose nearly 9% in after-hours trading.