Amazon delivered another solid quarter with notable Amazon Web Services (AWS) growth, stemming from demand from both AI and non-AI. The company’s financial performance justified the high investments, driven by continued cloud migrations and expanding enterprise adoption.
| Financial indicators | Q2 2025 (US$ million) | Q2 2026 (US$ million) | Percentage change |
| Revenue | 167,702 | 200,606 | +19.6% |
| North America | 100,068 | 116,177 | +16.1% |
| International | 36,761 | 42,197 | +14.8% |
| AWS | 30,873 | 42,232 | +36.8% |
| Operating income | 19,171 | 27,461 | +43.2% |
| North America | 7,517 | 9,123 | +21.4% |
| International | 1,494 | 1,717 | +14.9% |
| AWS | 10,160 | 16,621 | +63.6% |
| Net income | 18,164 | 62,647 | +244.9% |
| Operating cash flow (TTM) | 121,137 | 161,403 | +33.2% |
Revenue increased 19.6% year-on-year to US$200.6 billion in Q2 2026, driven by AWS as well as the shift of Prime Day from Q3 to Q2 for most of the large countries. Operating income growth benefited from US$600 million worth of tariff-related refunds in U.S. and a fair value change in energy contracts secured amounting to approximately US$600 million.
North America segment operating margin improved from 7.5% to 7.9% quarter-on-quarter in Q2 2026. International segment operating margin remained stable at 4.1%.
Despite heavy investments, AWS operating margin grew from 32.9% to 39.4%. The AWS operating margin
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