Amazon.com, Inc. · AMZN · FY2025 Q2 · Calendar Q3 2025

Amazon Q2: AWS AI demand and logistics momentum lead the story

The call supports a constructive operating picture for Amazon: demand across AWS, advertising and retail remained healthy, while logistics and automation were presented as efficiency levers. The main counterweights are AWS capacity constraints, tariff uncertainty and the investment required to sustain AI and fulfillment expansion.

Reported After market closeNASDAQConsumer Cyclical $2705.63B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.68 Consensus $1.31
EPS surprise +28.2% Reported versus consensus
Reported revenue $167.70B Consensus $161.78B
Revenue surprise +3.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -8.3% Event window
SPY move -1.6% Same window
Abnormal move -6.6% Stock minus SPY
Volume 3.1× Versus trailing sessions
Subsequent drift +6.6% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2025 Q2

Transcript, numbers and history already loaded
Why did AMZN fall 8.3% after beating EPS estimates in FY2025 Q2?What changed in AMZN's guidance and outlook in FY2025 Q2?Give me the bull and bear case for AMZN after FY2025 Q2 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

The supplied analysis emphasizes continued investment in AI infrastructure, robotics and delivery, alongside new AI services, Alexa+ expansion and Project Kuiper progress. It also identifies AWS capacity constraints and tariff uncertainty as the key issues tempering the positive demand picture.

Guidance delta

Management maintained Q3 guidance and described the outlook as robust, while continuing to monitor tariffs and macroeconomic conditions.

Key takeaways

  • Management attributed the quarter's performance to stores, advertising, AWS growth and a record Prime Day.
  • AWS demand was strong, but management cited short-term capacity constraints involving power and chips.
  • The company highlighted faster delivery, robotics and fulfillment automation as efficiency priorities.
  • Advertising revenue growth was supported by partnerships with Roku and Disney.
  • Management discussed new AI services, custom chips, Alexa+ expansion and Project Kuiper progress.

Management priorities

  • Expand same-day and next-day delivery coverage
  • Roll out Alexa+ internationally and explore monetization
  • Add AI services and continue custom-chip development
  • Advance Project Kuiper toward commercial service
  • Increase investment in robotics, fulfillment automation and cloud infrastructure

Follow AMZN with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
AMZN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $0.80 Q4 '23 actual $1.00, beat Q1 '24 estimate $0.83 Q1 '24 actual $0.98, beat Q2 '24 estimate $1.03 Q2 '24 actual $1.26, beat Q3 '24 estimate $1.14 Q3 '24 actual $1.43, beat Q2 '25 estimate $1.31 Q2 '25 actual $1.68, beat Q3 '25 estimate $1.57 Q3 '25 actual $1.95, beat Q4 '25 estimate $1.97 Q4 '25 actual $1.95, miss Q1 '26 estimate $1.63 Q1 '26 actual $2.78, beat Q2 '26 estimate $1.82 Q2 '26 actual $5.75, beat Q3 '26 estimate $1.96 Q4 '26 estimate $2.41 Q1 '27 estimate $2.33
Show less

Analyst Consensus ?

ConsensusBuy91 ratings
Bullish8391.2%
Neutral77.7%
Bearish11.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$250.71Current
$1Low
$249.5Average
$390High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Rosenblatt Buy BuyMaintainSep 30, 2026
Wells Fargo Overweight OverweightMaintainSep 3, 2026
Wedbush Outperform OutperformMaintainJul 31, 2026
UBS Buy BuyMaintainJul 31, 2026
Truist Securities Buy BuyMaintainJul 31, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $250.71. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Rosenblatt SecuritiesScott Devitt$360$246.67 +43.6%Sep 30, 2026
UBSAnalyst unavailable$200$251.55 -20.2%Sep 17, 2026
Wells FargoKen Gawrelski$338$254.98 +34.8%Sep 3, 2026
Evercore ISIAnalyst unavailable$355$256.26 +41.6%Aug 28, 2026
Roth CapitalAnalyst unavailable$325$271.58 +29.6%Aug 3, 2026
See 344 more

Track every rating change on AMZN the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content.…

Historical context

All AMZN earnings
+15.3%FY2026 Q2 · Calendar Q3 2026+0.8%FY2026 Q1 · Calendar Q2 2026+9.6%FY2025 Q3 · Calendar Q4 2025

Consumer Cyclical peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
NKE NIKE, Inc. FY2027 Q1 · Calendar Q4 2026 +10.0% -0.7% Nike’s performance categories grow as resets weigh on FY27 outlook
CCL Carnival Corporation & plc FY2026 Q3 · Calendar Q3 2026 +5.9% +13.4% Carnival posts record Q3 as demand and efficiency offset fuel costs
DRI Darden Restaurants, Inc. FY2027 Q1 · Calendar Q3 2026 0.0% -3.0% Darden reaffirms FY2027 outlook as brands deliver mixed comp growth
AZO AutoZone, Inc. FY2026 Q4 · Calendar Q3 2026 +3.6% +3.3% AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan
LEN-B Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — — Lennar: Efficiency Gains Offset Housing-Market Pressures
LEN Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — -4.1% Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the AMZN recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-05T12:20:42.485844+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T12:20:42.483125+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.