Amazon is scheduled to report its second-quarter 2026 financial results on July 30 after market close at 4 PM EDT, with a conference call to follow at 2 PM PT. Analysts expect total revenue of approximately $196.71 billion and earnings of $1.82 per share.
Investors will closely watch AWS growth and margins, which are central to Amazon's profitability story. AWS margin for Q2 is expected to be approximately 33.8%, up from 32.9% in the prior quarter but down from the 37.7% level expected last October. The $100 billion annual revenue milestone for AWS — which Microsoft's Azure crossed this quarter, as reported in today's issue — puts competitive pressure on Amazon's cloud division.
AI infrastructure spending will also be a key focus. Amazon has been investing heavily in custom AI chips (Trainium and Inferentia) and building out data center capacity to meet surging demand for AI workloads. The balance between aggressive AI investment and margin expansion will be closely scrutinized.
Amazon's results come during a pivotal week for tech earnings. Microsoft reported on July 29, beating estimates with Azure crossing $100 billion in annual revenue. Samsung also posted record profits on AI chip demand. Apple reports on July 31, making this the most concentrated period of big-tech earnings in recent memory.
The results will also provide insight into consumer spending trends, as Amazon's e-commerce business remains a bellwether for retail health. Prime Day activity earlier in July and the broader consumer environment will factor into the topline numbers.
