Amazon.com, Inc. · AMZN · FY2026 Q2 · Calendar Q3 2026

Amazon pairs accelerating AWS growth with a heavier AI investment burden

The quarter supports a constructive operating trajectory: AWS, retail, and advertising all showed strong momentum, and management is investing heavily to capture AI demand. The evidence is balanced by substantial CapEx, margin, financing, and execution risks; the supplied analysis does not establish that future returns will offset those risks.

Reported After market closeNASDAQConsumer Cyclical $2742.85B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $5.75 Consensus $1.82
EPS surprise +215.9% Reported versus consensus
Reported revenue $200.61B Consensus $197.03B
Revenue surprise +1.8% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +15.3% Event window
SPY move +0.7% Same window
Abnormal move +14.6% Stock minus SPY
Volume 3.1× Versus trailing sessions
Subsequent drift -1.9% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2026 Q2

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Why did AMZN rise 15.3% after beating EPS estimates in FY2026 Q2?What changed in AMZN's guidance and outlook in FY2026 Q2?Give me the bull and bear case for AMZN after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, the supplied analysis describes faster AWS growth, a higher 2026 CapEx plan of approximately $220 billion versus the prior $200 billion estimate, a larger AWS backlog, and continued expansion of AI products and delivery services. Guidance sentiment remained maintained.

Guidance delta

Management maintained Q3 guidance despite a seasonal slowdown; the supplied analysis does not identify a quantitative guidance change.

Key takeaways

  • AWS growth accelerated as AI workloads and core services reinforced demand.
  • Management plans approximately $220 billion of 2026 cash CapEx for data centers and server capacity, up from the prior $200 billion estimate.
  • Retail and advertising remained strong, while new AI products expanded Amazon's services stack.
  • The central tension is whether demand and expected data-center returns can justify the scale of investment.

Management priorities

  • Expand data-center and server capacity for AI demand.
  • Develop Bedrock Agents, Amazon Q, Continuum, and related AI services.
  • Extend fast-delivery, grocery, Amazon Now, and supply-chain offerings.
  • Evaluate broader commercialization of Trainium chips.

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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. 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 $2.34
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Analyst Consensus ?

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

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$254.98Previous close
$1Low
$248.19Average
$390High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainSep 3, 2026
Wedbush Outperform OutperformMaintainJul 31, 2026
UBS Buy BuyMaintainJul 31, 2026
Truist Securities Buy BuyMaintainJul 31, 2026
Telsey Advisory Group Outperform OutperformMaintainJul 31, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $254.98. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$200$251.55 -21.6%Sep 17, 2026
Wells FargoKen Gawrelski$338$254.98 +32.6%Sep 3, 2026
Evercore ISIAnalyst unavailable$355$256.26 +39.2%Aug 28, 2026
Roth CapitalAnalyst unavailable$325$271.58 +27.5%Aug 3, 2026
RBC CapitalBrad Erickson$330$270.17 +29.4%Jul 31, 2026
See 343 more

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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
+0.8%FY2026 Q1 · Calendar Q2 2026

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-07-31T00:08:10.512240+00:00
  2. FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
  3. Polygon adjusted daily market bars · 2026-09-23T08:40:51.275637+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T08:40:51.272819+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 2026-09-23. For educational purposes only; not investment advice.