Amazon — 2026Q3 财报

“Net sales increased 20% to $200.6 billion in the second quarter, compared with $167.7 billion in second quarter 2025.”

Net sales rose 20% year-over-year to $200.6 billion, up from $167.7 billion in the year-ago quarter.

“AWS net sales increased 37%—its fastest growth in 18 quarters—to a $169 billion annualized revenue run rate”

AWS reaccelerated to 37% growth — its fastest in 18 quarters — reaching a $169 billion annualized revenue run rate.

“Net income increased to $62.6 billion in the second quarter, or $5.75 per diluted share, compared with $18.2 billion, or $1.68 per diluted share, in second quarter 2025.”

Net income more than tripled to $62.6 billion, or $5.75 per diluted share, versus $18.2 billion ($1.68 per diluted share) a year earlier.

“Second quarter 2026 net income includes non-operating pre-tax other income of $53.4 billion, primarily from our investments in Anthropic.”

The bottom line was swollen by a $53.4 billion non-operating pre-tax gain, primarily from Amazon's investments in Anthropic — not by operations.

“Free cash flow decreased to an outflow of $7.6 billion for the trailing twelve months, driven primarily by a year-over-year increase of $66.1 billion in purchases of property and equipment, net of proceeds from sales and incentives. This increase primarily reflects investments in artificial intelligence.”

Trailing-twelve-month free cash flow swung to a $7.6 billion outflow as property-and-equipment purchases rose $66.1 billion year-over-year, an increase the release ties primarily to artificial-intelligence investments.

“Revenue growth of 36.7% year-over-year, accelerating for the fifth straight quarter, our fastest growth in 18 quarters back when AWS was less than half its current revenue size.”

CEO Andy Jassy stressed that AWS's 36.7% year-over-year growth marked a fifth consecutive quarter of acceleration and its fastest pace in 18 quarters, achieved on a far larger revenue base than back then.

“We now believe we will spend approximately $220 billion in cash CapEx in 2026. The higher cost of memory pushing this number up from our prior estimate of about $200 billion.”

Jassy raised the 2026 cash capex outlook to approximately $220 billion, up from the prior estimate of about $200 billion, attributing the increase to the higher cost of memory.

“Even at that amount, we will still not have enough capacity to meet all the demand we have in 2026, and I believe this dynamic will also be true in 2027, too.”

Jassy warned that even at that spending level Amazon will not have enough capacity to meet all of its 2026 demand, and he expects the same supply-demand imbalance in 2027.