MSX US Stock Daily Observation: Amazon Q2 2026 Earnings: AWS Records Fastest Growth in Five Years
- Core View: Amazon's quarterly results were broadly strong, with AWS revenue growth hitting an 18-quarter high. However, weaker-than-expected guidance for the next quarter and higher capital expenditure revisions have put pressure on near-term earnings expectations.
- Key Factors:
- Total revenue was $200.606 billion, surpassing market expectations of ~$197 billion; AWS revenue was $42.232 billion, up 37% YoY, the fastest growth in 18 quarters.
- EPS reached $5.75, significantly beating expectations, but this included a one-time non-operating gain of $53.4 billion from the investment in Anthropic; excluding this, core operating profit was $27.461 billion, up 43% YoY, with operating margin improving to 13.7%.
- Next-quarter guidance was underwhelming: 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 was raised to $220 billion, mainly due to rising memory costs.
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Today's Observation
Amazon's quarterly revenue and AWS growth both exceeded expectations across the board. Revenue came in at $200.606 billion, surpassing expectations of approximately $197 billion; AWS revenue reached $42.232 billion, up 37% year-over-year, marking the fastest growth in 18 quarters. EPS of $5.75 significantly beat expectations by $1.84, but this was primarily driven by a one-time non-operating gain of $53.4 billion (mainly from the appreciation of its Anthropic investment). Excluding this, core operating profit stood at $27.461 billion, up 43% year-over-year, which is equally strong. Next quarter's guidance was weaker: Q3 revenue guidance midpoint of $199.5 billion came in below the consensus estimate of approximately $204 billion; operating profit guidance midpoint of $24.5 billion also slightly missed expectations of approximately $24.79 billion. Combined with full-year capital expenditure raised to $220 billion (due to rising memory costs), these factors together weighed on market expectations for the coming quarter.
Data Snapshot
Revenue of $200.606 billion, exceeding expectations of approximately $197 billion
AWS revenue of $42.232 billion, up 37% year-over-year, the fastest growth in 18 quarters
EPS of $5.75 beat expectations by $1.84, including a one-time gain of $53.4 billion from the Anthropic investment
Core operating profit of $27.461 billion (excluding one-time gains), up 43% year-over-year
Operating margin of 13.7%, compared to 11.4% in the same period last year
Next quarter guidance: Q3 revenue midpoint of $199.5 billion (below expectations of $204 billion); operating profit midpoint of $24.5 billion (below expectations of $24.79 billion)
Full-year capital expenditure raised to $220 billion due to rising memory costs
MSX View
The real highlight of this earnings report is AWS's 37% growth rate—the fastest in 18 quarters—indicating that cloud computing demand is still accelerating rather than running out of steam. The surge in EPS 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% year-over-year. The hidden concern lies in next quarter's guidance: both revenue and operating profit guidance came in slightly below market expectations, and with capital expenditure still being raised, this suggests that AWS's robust growth is currently being driven by heavy capital investment. Whether this can translate into higher profit margins will be the key metric to watch over the coming quarters.
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Risk Disclosure: Macroeconomic conditions and US stock market volatility are significant. This content is provided solely for academic and research observation purposes by the Mattone Research Institute and does not constitute any investment advice.
