Amazon Q2 Revenue Hits $200.6B, AWS Growth Surges 37% YoY

Amazon Q2 revenue reached $200.6B with 20% YoY growth. AWS expanded 37%, marking an 18-quarter high. Capex raised to $220B, driving FCF negative.

Woofun AI reports that Amazon’s Q2 2026 revenue totaled $200.6 billion, representing a 20% year-over-year increase and exceeding market forecasts. Operating profit climbed 43% to $27.5 billion. AWS generated $42.2 billion in revenue, a 37% year-over-year rise, marking the fastest expansion rate in 18 quarters and surpassing the 31% estimate. AWS operating profit grew 64% to $16.6 billion.

Net income reached $62.6 billion, largely driven by $53.4 billion in pre-tax investment gains from Anthropic share appreciation. Amazon increased its annual capital expenditure guidance from $200 billion to $220 billion. Trailing twelve-month free cash flow turned negative at -$7.6 billion, down from $18.2 billion, due to higher AI infrastructure spending. Shares rose nearly 9% in after-hours trading.