Amazon Q2 2026 Results: AWS +36.7%, Capex and Cash Flow

Amazon's share price surged 20.6% in measured trading around its earnings call, propelled by accelerating growth in its cloud division and results that substantially topped expectations. Total revenue expanded 19.6% year-over-year to $200.6B, while diluted earnings per share reached $5.75, beating the analyst consensus of about $1.83 by 215%. That massive earnings surge was heavily magnified by $53.4B in pre-tax non-operating income, primarily tied to Anthropic, but core operational performance also strengthened. Operating margin, the share of revenue left after covering operating expenses, expanded by 2.3 percentage points over the prior-year period to 13.7%. This profitability gain was driven by Amazon Web Services, where revenue accelerated 36.7% year-over-year to $42.2B as management emphasized that customer demand for cloud infrastructure continues to outrun available supply.