MSX US Stock Daily Watch: Amazon Q2 2026 Earnings: AWS Posts Fastest Growth in Five Years
- Key Takeaway: Amazon delivered a robust quarterly report overall, with AWS revenue growth hitting an 18-quarter high. However, weaker-than-expected guidance for the next quarter and increased capital expenditure guidance weighed on sentiment regarding near-term performance.
- Key Metrics:
- Total revenue was $200.606 billion, beating market expectations of ~$197 billion; AWS revenue reached $42.232 billion, up 37% year-over-year, the fastest growth in 18 quarters.
- EPS came in at $5.75, significantly beating expectations, but includes a one-time non-operating gain of $53.4 billion from its investment in Anthropic. Excluding this, core operating profit was $27.461 billion, up 43% year-over-year, with operating margin improving to 13.7%.
- Next-quarter guidance was soft: Q3 revenue midpoint of $199.5 billion (below the expected $204 billion), operating profit midpoint of $24.5 billion (below the expected $24.79 billion); full-year capital expenditure guidance was raised to $220 billion, primarily due to rising memory costs.
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Today's Observation
Amazon's quarterly revenue and AWS growth both surpassed expectations across the board. Revenue came in at $200.606 billion, beating the ~$197 billion estimate; AWS revenue reached $42.232 billion, up 37% YoY, marking the fastest growth in 18 quarters. EPS of $5.75 significantly beat expectations by $1.84, but mainly due to a one-time non-operating gain of $53.4 billion (primarily from the appreciation of its Anthropic investment). Excluding that, core operating profit was $27.461 billion, up 43% YoY—also strong. Next quarter's guidance was weaker: Q3 revenue guidance midpoint of $199.5 billion, below the consensus estimate of ~$204 billion; operating profit guidance midpoint of $24.5 billion, also slightly below the ~$24.79 billion expectation. Combined with full-year capex raised to $220 billion (due to rising memory costs), these factors together weighed on market expectations for the coming quarter.
Data in One Minute
Revenue: $200.606 billion, beating estimates of ~$197 billion
AWS revenue: $42.232 billion, up 37% YoY, fastest growth in 18 quarters
EPS: $5.75, beating by $1.84, including a one-time gain of $53.4 billion from Anthropic investment
Core operating profit: $27.461 billion (excluding one-time gains), up 43% YoY
Operating margin: 13.7%, compared to 11.4% in the same period last year
Next quarter guidance: Q3 revenue midpoint of $199.5 billion (below the $204 billion estimate); operating profit midpoint of $24.5 billion (below the $24.79 billion estimate)
Full-year capex raised to $220 billion due to rising memory costs
MSX View
The real highlight of this earnings report is AWS's 37% growth—the fastest in 18 quarters—showing that cloud computing demand is still accelerating, not running on fumes. The EPS surge to $5.75 is largely driven by a one-time gain from the appreciation of the Anthropic investment, which is unrelated to core operations. What matters is the more solid figure of core operating profit at $27.461 billion, up 43% YoY. The concern lies in next quarter's guidance: both revenue and operating profit guidance came in slightly below market expectations, and with capex still being raised, this suggests AWS's strong growth is currently being fueled by heavy capital spending. Whether it can translate into higher profit margins is the key storyline to watch over the coming quarters.
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