Amazon.com opens the
books on Thursday evening.

Aws Growth Acceleration

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AWS revenue growth accelerated for the fifth straight quarter to 36.7% year-over-year, reaching a $169 billion annualized run rate and a record backlog of $496 billion.

"Revenue growth of 36.7% year-over-year, accelerating for the fifth straight quarter, our fastest growth in 18 quarters back when AWS was less than half its current revenue size. We added over $4.6 billion in revenue quarter-over-quarter, about 80% more than our largest increase ever. Our backlog stands at $496 billion, growing triple digits year-over-year. AWS is now a $169 billion annualized revenue run rate business..."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026

Capex Increase Ai Aws

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Amazon increased its 2026 cash CapEx forecast from $200 billion to $220 billion, with the majority supporting AI and AWS, yet anticipates this investment will still not fully meet demand in 2026 and 2027.

"Earlier this year, we said we plan to invest approximately $200 billion in cash CapEx in 2026, the majority of which to support AI and AWS... We now believe we will spend approximately $220 billion in cash CapEx in 2026. The higher cost of memory pushing this number up from our prior estimate of about $200 billion. Even at that amount, we will still not have enough capacity to meet all the demand we have in 2026, and I believe this dynamic will also be true in 2027, too."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026

Amazon Ads Growth

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Amazon Ads demonstrated strong growth, generating $19.8 billion in revenue, up 26% year-over-year, driven by Sponsored Products and AI-powered tools like Ads Agent.

"Moving on to Amazon Ads, we saw strong growth across our offerings, generating $19.8 billion of revenue, up 26% year-over-year. Sponsored Products continues to be our largest offering and a key driver of growth... Advertisers using Ads Agent targeting see 8% lower cost per impression and 6% lower cost per acquisition, and we've expanded it to 11 new countries this year."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026

Ai Product Adoption

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Amazon Q is gaining significant momentum with major enterprise customers like 3M and BMW, while Alexa for Shopping's active users nearly doubled to over 350 million in the last 12 months.

"Q has momentum, with 3M, Allianz, AstraZeneca, Autodesk, BMW, Exxon, FINRA, Hyundai, Intuit, Mondelēz International, Moody's, the NBA, the NFL, Sun Life, and Southwest Airlines all using it... Over 350 million customers have used it in the last 12 months, and engagement accelerated in Q2, with active users nearly doubling and interactions up over 5x year-over-year."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026

Custom Chips Strategy

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Amazon's custom chips business, featuring AI-focused Trainium and CPU-focused Graviton, boasts an annual revenue run rate over $25 billion, with significant multi-year commitments from major customers like Anthropic and OpenAI, uniquely positioning it in the AI inflection.

"I mentioned earlier that our chips revenue run rate is now over $25 billion. We are unusually well-positioned for this AI inflection, given our leading price-performance chips in both AI with Trainium and CPU with Graviton. In addition to the two leading AI labs in the world, Anthropic and OpenAI, making multi-year, multi-gigawatt commitments to Trainium, an increasing number of AI startups are also adopting Trainium... Graviton is used by 98% of our top 1,000 EC2 customers. The revenue commitments have increased nearly three times quarter-over-quarter, and Graviton5 is growing nearly 2x faster as Graviton4 did."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026

Stores Delivery Speed Innovation

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Amazon achieved record delivery speeds in the first half of the year, offering millions of items for same-day delivery with Prime and providing 30-minute or less delivery through Amazon Now in over 250 cities across 9 countries.

"We continue speeding up overall delivery and once again achieved record delivery speeds for customers in the first half of the year. We offer millions of items for same-day delivery with Prime, up to 40 times more selection than a typical big box retail store, and our same-day network continues to expand. Globally, we delivered over 40% more items same day or overnight in the first 6 months of the year than the same period last year. We also continued to expand our ultra-fast service, Amazon Now, which offers delivery in 30 minutes or less on thousands of everyday essentials. We added 80 new cities and towns across the U.S. and several major cities in Egypt in Q2, and Amazon Now is available in 9 countries and over 250 cities and towns globally."

- Andy Jassy, CEO - Q2 FY26 Earnings Call - July 30, 2026