AMAZON · NASDAQ: AMZN
Amazon (AMZN) Stock Research
Research Amazon (AMZN) earnings, business trends, valuation context, institutional ownership, risks, and the next investor checkpoints.
- Latest financial period
- Q2 2026
- Latest filing
- Jul 30, 2026
- Research updated
- Sep 15, 2026
01
Reported evidence
Latest AMZN financial snapshot
Q2 2026 · filed Jul 30, 202602
Latest filing analysis
What changed in the latest reported period
Q2 2026 net sales increased 20% year over year to $200.61 billion.
AWS sales increased 37% to $42.23 billion, its fastest reported growth in 18 quarters, and AWS operating income rose 64% to $16.62 billion.
North America sales increased 16% to $116.18 billion and segment operating income rose 21% to $9.12 billion.
International sales increased 15% to $42.20 billion and segment operating income rose 15% to $1.72 billion.
GAAP net income reached $62.65 billion, but included $53.40 billion of non-operating pre-tax other income primarily related to Anthropic investments.
03
BasisPilot
What matters for AMZN now
AWS growth and margin
AWS revenue grew 37% and operating margin reached 39.4%. AI infrastructure demand, capacity availability and price-performance remain the core variables.
Evidence checkpointRetail profitability
North America operating margin held at 7.9%, while International margin increased to 4.1%. Fulfillment productivity and shipping costs shape durability.
Evidence checkpointEarnings quality
Q2 net income included $53.40 billion of non-operating pre-tax income primarily from Anthropic investments, so operating income is a cleaner measure of core performance.
Evidence checkpointCapital intensity
Amazon is expanding AI and logistics infrastructure. Investors should compare capital spending with AWS growth, operating cash flow and free cash flow.
Evidence checkpointAdvertising and marketplace
Higher-margin services including advertising, third-party seller services and subscriptions can change retail economics beyond first-party online sales.
Evidence checkpoint04
Revenue mix
How Amazon makes money
05
Historical filings
AMZN earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q2 2026 | $200.6B | 20% | 5.75 | Jul 30, 2026 |
06
Valuation context
AMZN valuation
Evaluate AMZN through revenue growth, margins, cash generation and the expectations implied by the market price. BasisPilot does not display an undated valuation multiple.
07
SEC 13F
Institutional ownership
15
BasisPilot Insights
Latest Amazon research
Oct 31, 2026
Nasdaq's October 30 Selloff: Why AI Spending Fears Hit the Whole Technology Trade
The Nasdaq lost 2.86% on October 30 as AI capital-spending concerns spread beyond Amazon and Intel. Examine sector breadth, valuations, rates and next week's tests.
Oct 30, 2026Amazon Q3 2026 Earnings: AWS Grows 39% While $220 Billion AI Spending Tests Free Cash Flow
Amazon reported $201.9B in Q3 sales and 39.3% AWS growth but a $42.4B trailing free-cash-flow outflow. Analyze AI capex, holiday guidance and risks.
Oct 28, 2026UPS Raises Its 2026 Outlook: Can Better Parcel Economics Outrun Shrinking Low-Margin Volume?
UPS grew Q3 revenue 6.7%, raised its full-year outlook and reported stronger domestic unit economics. Examine adjusted margins, Amazon volume cuts and cash flow.
Oct 26, 2026UPS Faces a Margin Test Before Peak Season: Can Fewer Amazon Parcels Mean Better Profits?
UPS reports Q3 earnings on Oct. 27, after lifting its 2026 outlook. Examine the Amazon volume shift, adjusted margins, operating cash and fuel-price risks.
Oct 25, 2026Microsoft, Alphabet and Amazon Face an AI Earnings Test After the Tech Selloff
A historical earnings preview of Microsoft, Alphabet and Amazon, with links to the published results and analysis of cloud demand, AI investment and cash flow.
14
Decision support
Risks and next checkpoints
AWS growth depends on AI and cloud demand, data-center capacity, energy availability and competition from other hyperscale platforms.
Retail margins remain sensitive to consumer demand, product mix, fulfillment productivity, transportation costs and wage inflation.
Large infrastructure commitments can pressure free cash flow if capacity deployment runs ahead of customer utilization.
Anthropic and other equity investments can create large non-operating gains or losses that distort net income and EPS comparisons.
Marketplace regulation, antitrust actions, product-liability claims and seller quality controls can increase costs or require business changes.
Amazon's scale creates cybersecurity, service-availability, labor, supply-chain and international regulatory risks.
16
FAQ
AMZN investor questions
What was Amazon's latest quarterly revenue?
Amazon reported $200.61 billion of Q2 2026 net sales, up 20% year over year, and $27.46 billion of GAAP operating income.
How fast is AWS growing?
AWS sales increased 37% to $42.23 billion and operating income increased 64% to $16.62 billion, producing a 39.4% segment operating margin.
Why was Amazon's Q2 net income unusually high?
Net income of $62.65 billion included $53.40 billion of non-operating pre-tax income primarily related to Anthropic investments, so EPS alone overstates core operating growth.
Were Amazon's retail segments profitable?
North America produced $9.12 billion of operating income at a 7.9% margin, while International produced $1.72 billion at a 4.1% margin.
Can AMZN 13F data show institutions' cost basis?
No. Form 13F reports delayed quarter-end positions and reported value, not real-time trades or institutions' true historical cost.
What should AMZN investors monitor next?
Key checkpoints are AWS growth and margin, returns on AI capital spending, North America and International retail margins, free cash flow, advertising and third-party seller services.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.