Amazon on Thursday reported record second-quarter results, with total net sales climbing 20% to $200.6 billion and its cloud unit AWS accelerating to 37% annual growth, its fastest pace in 18 quarters.
AWS Hits $169 Billion Run Rate
AWS delivered $42.2 billion of revenue, above the $40.54 billion Wall Street had modeled, and generated $16.6 billion of operating income at a 39.4% margin. Amazon CEO Andy Jassy told investors that "AWS is booming, growing 36.7% year-over-year in Q2, and our AI and Chips businesses each eclipsed run rates of more than $25 billion." The annualised revenue run rate for AWS is now roughly $169 billion.
Anthropic Mark-Up Powers Net Income
Net income surged to $62.6 billion, or $5.75 per diluted share, versus $18.2 billion a year earlier. Amazon said Q2 included $53.4 billion of non-operating pre-tax income "primarily from its investments in Anthropic," the AI-safety lab whose Claude models run on AWS Trainium silicon under a strategic multibillion-dollar partnership Amazon extended in late 2024.
Capex, Advertising And Q3 Guide
Trailing-12-month capex hit $169 billion, up 64%, as Amazon pours cash into AI data centers, custom chips and Anthropic capacity. Advertising services revenue grew 26% to $19.8 billion. For Q3 the company guided to $197B-$202B in sales and $22.5B-$26.5B of operating income. Shares jumped more than 9% in after-hours trading. The print echoes the AI-capex boom that also dominated Alphabet's Q2 2026 and Microsoft Azure's $100B run rate, and comes as Meta's $145 billion capex guide spooked its investors.
Reporting based on coverage from CNBC, Yahoo Finance/Quartz and Amazon's investor release.